CNCE Concert Pharmaceuticals Inc

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)

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