MergerMay 13, 2026, 09:07 AM
Assertio to be acquired by Zydus for $23.50/share, $166.4M total
AI Summary
Assertio Holdings, Inc. announced it will be acquired by Zydus Worldwide DMCC for $23.50 per share in cash, totaling approximately $166.4 million. The company's Board of Directors unanimously approved the definitive merger agreement, determining it to be a "Superior Proposal" compared to a previous agreement with Garda Therapeutics, Inc., which has now been terminated. The acquisition is structured as a cash tender offer followed by a second-step merger and is expected to close in the second quarter of 2026.
Key Highlights
- Zydus Worldwide DMCC to acquire Assertio Holdings for $23.50 per share in cash.
- Total cash consideration for the acquisition is approximately $166.4 million.
- Offer represents a 30.6% premium over the original $18.00/share Garda agreement.
- Offer represents a 75.8% premium to the unaffected closing stock price on March 20, 2026.
- Assertio's Board unanimously approved the Zydus offer and terminated the Garda agreement.
- Acquisition expected to close in the second quarter of 2026.
- Tender offer condition requires over 50% of outstanding shares to be tendered.
- Company must have Closing Net Cash of at least $95,000,000.