(Reuters) -Sun Pharmaceutical Industries Limited said on Thursday it will acquire U.S.-based Concert Pharmaceuticals for $576 million in cash to gain access to an experimental drug for treating patchy baldness.
Concert’s lead candidate, deuruxolitinib, is being evaluated as a treatment for autoimmune condition alopecia areata, which results in patchy hair loss.
India’s Sun Pharma said it will commence a tender offer to acquire Concert at $8 per share, a premium of 16% to the stock’s last close.
Concert stockholders will also receive a contingent value right entitling them an additional amount of up to $3.50 per share of common stock in cash, contingent on sales milestones.
(Reporting by Bhanvi Satija in Bengaluru; Editing by Shinjini Ganguli)
