- Concert Pharmaceuticals ( NASDAQ: CNCE ) was up ~21% pre-market after Sun Pharma said it will acquire all the outstanding shares of the biotechnology company.
- Sun Pharma will pay an upfront cash payment of $8 per share, or equity consideration of $576M, and a contingent value right for up to $3.50 per share on achievement of certain net sales targets.
- Both the companies' boards have approved the transaction.
- The upfront cash payment represents a premium of ~33% to Concert's 30-day volume weighted average price as of Jan. 18.
- The transaction is expected to close in Q1.
- Source: Press Release
For further details see:
Concert Pharmaceuticals rises on Sun Pharma's acquisition announcement