New Delhi, May 14 -- Zydus Lifesciences Ltd is set to acquire a US-based pharmaceutical firm, which is focussed on oncology supportive-care, to strengthen its commercial oncology footprint after outbidding a local specialty drugmaker.
The Mumbai-listed company said in an exchange filing on Wednesday that its subsidiary Zydus Worldwide DMCC will acquire all outstanding shares of Nasdaq-listed Assertio Holdings Inc in an all-cash transaction.
Zydus will acquire each outstanding share of Assertio for $23.50 in cash, representing a total consideration of around $166.4 million (Rs 1,596 crore) on a fully diluted basis, the filing showed.
The transaction will be implemented through a tender offer followed by a merger, under which Zydus' subsidiary Zara Merger Sub Inc will merge with Assertio, with Assertio continuing as the surviving entity.
The deal is expected to close within this financial year, subject to customary closing conditions.
Separately, Illinois-headquartered Assertio said it terminated its earlier agreement with US-based specialty pharma company Garda Therapeutics after determining that Zydus' offer was superior. The company said Zydus' bid represents a 30.6% premium to the original Garda deal and a 75.8% premium to Assertio's unaffected share price.
In April, Assertio had agreed to be acquired by Garda Therapeutics in an all-cash tender offer priced at $18 per share, valuing the company at about $125.1 million.
Earlier this month, Garda revised its proposal with a 21.1% premium over the previous offer as Assertio engaged with multiple potential bidders during its "window-shop" period. During this period, the company received an improved proposal and subsequently negotiated in good faith with Garda, as required under the merger agreement terms.
For Zydus, the acquisition will provide an immediate US specialty oncology commercial footprint and a platform to expand its oncology specialty portfolio. The company said Assertio's network of more than 170 community oncology accounts and its buy-and-bill infrastructure provide a ready-made base to build a broader oncology platform.
"This transaction represents a strategic step in strengthening our specialty and oncology footprint in the US," said Sharvil Patel, managing director of Zydus Lifesciences. "Assertio brings a focussed commercial platform and an approved oncology asset that aligns well with our long-term strategy of building differentiated, durable specialty businesses globally," he added.
Assertio's portfolio includes novel therapies such as ROLVEDON, which was approved by the US Food and Drug Administration (USFDA) under a Biologics License Application (BLA). ROLVEDON is used to prevent febrile neutropenia, a condition marked by fever and low neutrophil counts in adult cancer patients undergoing myelosuppressive chemotherapy.
As of calendar year 2025, Assertio's revenue rose 13.5% to $68.23 million from $60.09 million a year ago, the filing showed.
Published by HT Digital Content Services with permission from VC Circle.