Sun Pharmaceutical Industries Limited executed a definitive agreement to acquire Concert Pharmaceuticals, Inc. for approximately $510 million.
The transaction is subject to the tender of a majority of the outstanding shares of Concert's common stock, as well as the receipt of applicable regulatory approvals and other customary closing conditions. The transaction was approved by the Boards of Directors of Sun Pharmaceutical. Concert board of directors unanimously approved the transaction. The transaction is expected to be completed in the first quarter of 2023. The tender offer commenced on February 2, 2023 and will expire on March 3, 2023. Moelis & Company LLC is serving as financial advisor to Sun Pharma, and William H. Aaronson, David R. Bauer, Veronica M. Wissel and William A. Curran of Davis Polk & Wardwell LLP is serving as legal advisor. MTS Health Partners, L.P. and Chestnut Partners, Inc. are serving as financial advisors to Concert, and John M. Mutkoski, Andrew H. Goodman and Tevia K. Pollard of Goodwin Procter LLP is serving as legal advisor. In addition, MTS Securities, LLC (an affiliate of MTS Health Partners, L.P.) provided an opinion to the Board of Directors of Concert regarding the fairness of the offer consideration to be received by the holders of Concert common stock in the transaction. Computershare Trust Company, N.A. acted as depository to the transaction and MacKenzie Partners, Inc. acted as information agent. Jessica Delbaum, Jonathan Cheng, Mathias Stöcker, and Rebecca McCraw of Shearman & Sterling LLP acted as legal advisor to Sun Pharmaceutical Industries Limited.