Concert Pharmaceuticals Shares Rally on Takeover by Sun
19 Enero 2023 - 9:40AM
Noticias Dow Jones
By Colin Kellaher
Shares of Concert Pharmaceuticals Inc. jumped 20% on Thursday
after the late-stage biotechnology company agreed to be acquired by
India's Sun Pharmaceutical Industries Ltd. for an initial $576
million in cash.
Under the deal, Concert investors would receive $8 a share in
cash, a 16% premium to Wednesday's closing price of $6.90, along
with contingent value rights worth up to an additional $3.50 a
share, bringing the potential value of the deal to $11.50 a share,
roughly 67% above Wednesday's close.
The contingent value rights are linked to Concert's
deuruxolitinib drug candidate for alopecia areata, a chronic
autoimmune skin disease for which there are currently limited
treatment options.
The deal is slate to close during the current quarter.
Concert shares were recently changing hands at $8.28, up
20%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 19, 2023 10:25 ET (15:25 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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