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Concert Pharma Soars on Acquisition by Sun Pharma
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Concert Pharma Soars on Acquisition by Sun Pharma

Shares of clinical-stage company Concert Pharmaceuticals (NASDAQ:CNCE) are rising today after Indian Pharma major Sun Pharmaceutical Industries agreed to acquire all outstanding shares of Concert via a tender offer at $8 per share. This translates to a total equity value of $576 million.

Moreover, Concert investors will also get a non-tradeable contingent value right (CVR) to pocket an additional $3.50 per share in cash. This will be payable on certain net sales milestones for deuruxolitinib.

Concert is a leader in deuterium use in medicinal chemistry and deuruxolitinib, its lead candidate, is targeted for the treatment of Alopecia Areata. Sun will now focus on a New Drug Application of the drug with the U.S. FDA in H1 2023.

The move is part of Sun’s push in the global dermatology and ophthalmology markets. The acquisition is anticipated to be completed in Q1 2023. Concert shares are up nearly 20% so far today and have gained about 176% over the past year.

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