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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Concert Pharmaceuticals Inc | NASDAQ:CNCE | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.37 | 8.78 | 8.00 | 0 | 01:00:00 |
From Jul 2022 to Jul 2024
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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