Sun Pharmaceutical Industries Limited (together with its subsidiaries and/or associated companies, “Sun Pharma”), today announced the successful completion of its acquisition of Concert Pharmaceuticals, Inc. Deuruxolitinib, a novel, deuterated, oral JAK1/2 inhibitor, is being developed by Concert Pharmaceuticals, Inc., a late-stage clinical biopharmaceutical company, for the potential treatment of adult patients with moderate to severe alopecia areata.
Abhay Gandhi, CEO North America of Sun Pharma, stated, “We are thrilled to add deuruxolitinib, a late-stage, potentially best-in-class treatment for alopecia areata, to our growing global dermatology portfolio and expand our footprint in the Boston biotech cluster. “This purchase is an opportunity to bring deuruxolitinib to market internationally and make a substantial difference to alopecia areata patients around the world by bringing together Concert’s skilled team with Sun Pharma’s global reach and commercial skills,” Sun Pharma said of the acquisition.
Sun Pharma’s tender offer to purchase all of the outstanding shares of Concert’s common stock for (i) $8.00 per share in cash, subject to any applicable withholding of taxes and without interest (the “Common Cash Amount”), plus (ii) one non-transferable contingent value right (each a “CVR”) per share (the “Common CVR Amount” and together with the Common Cash Amount, the “Offer Price”), which represents the concomitant cash and contingent value. According to the depositary for the tender offer, 48,220,511 shares of Concert’s common stock—or roughly 75.2% of the total number of shares of Concert’s outstanding common stock—had been legally tendered and not withdrawn as of the tender offer’s expiration.
After the tendered shares were accepted, Sun Pharma completed the acquisition of Concert by merging a wholly owned subsidiary of Sun Pharma with and into Concert, in which I each share of Concert’s common stock that was not tendered into the offer (other than shares that were (a) held in Concert’s treasury, (b) owned by Sun Pharma, any subsidiary of Sun Pharma, or any subsidiary of Concert, or (c) held by Concert stockholders who had properly
Preferred Stock was converted into the right to receive (1) the Common Cash Amount multiplied by 1,000, in cash, subject to any applicable withholding of taxes and without interest, plus (2) the Common CVR Amount multiplied by 1,000, subject to any applicable withholding of taxes and without interest, which represents the right to receive Preferred Stock (other than shares (a) held in Concert’s treasury or (b) shares held by Concert stockholders who properly demanded appraisal for their shares under Delaware law).
Through the deal, Sun Pharma acquired full ownership of Concert. The common stock of Concert will no longer be listed for trading on the Nasdaq Global Market. For additional background on the acquisition, please read the announcement press release here. About Deuruxolitinib and alopecia areata An experimental oral selective inhibitor of the Janus kinases JAK1 and JAK2 is known as deuruxolitinib. Deuruxolitinib recently retained its Fast Track designation for the treatment of alopecia areata while also maintaining its Breakthrough Therapy designation for the treatment of adult patients with moderate to severe alopecia areata.
About Sun Pharma
With annual revenues of more than US$ 5.1 billion, Sun Pharmaceutical Industries Limited (Sun Pharma) is the fourth-largest speciality generic pharmaceutical firm in the world. With the help of more than 40 production facilities, we supply more than 100 nations with high-quality, reasonably priced medications that are dependable among patients and medical experts.
About Alopecia Areata
An autoimmune condition called alopecia areata causes the immune system to target hair follicles, leading to partial or total hair loss on the scalp and body. Up to 2.5% of people in the United States and the rest of the world could develop alopecia areata in their lifetime. 1,2,3 The scalp is the most usually affected location, however any hair-bearing site can be affected alone or along with the scalp. The condition can start at any stage in life and can affect both men and women. Anxiety and depression are two major psychological effects that can be brought on by alopecia areata. Alopecia areata can currently only be treated with a few different methods.
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