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Sun Pharma has announced that it will acquire all outstanding shares of Concert Pharmaceuticals through a tender offer for an upfront payment of $8.00 per share of common stock in cash, or $576 million in equity value. The upfront payment of $8.00 per share of common stock in cash represents a premium of approximately 33% to Concert's 30-day volume weighted average price as of January 18, 2023, the last trading day prior to today's announcement. Concert is a late-stage biotechnology company pioneering the use of deuterium in medicinal chemistry. Concert has an extensive patent portfolio, including its lead product candidate deuruxolitinib - an oral inhibitor of Janus kinases JAK1 and JAK2 for the treatment of Alopecia Areata, an autoimmune dermatological disease - which is in late-stage development. It has completed the evaluation of the efficacy and safety of deuruxolitinib in adult patients with moderate to severe Alopecia Areata in its THRIVE-AA Phase 3 clinical program and two open label, long-term extension studies are ongoing in North America and Europe. Sun Pharma's immediate focus would be to follow Concert's plan to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) in the first half of 2023.

Sun Pharmaceutical Industries, India's largest drugmaker by revenue, reported a better-than-expected 5.2 per cent rise in third-quarter profit on Tuesday, driven by higher sales of its specialty drugs. The company, known for its consumer healthcare products such as Revital vitamins and pain relief medicine Volini, said it earned a consolidated net profit of 21.66 billion rupees ($265.23 million) in three months ended Dec. 31, up from 20.59 billion rupees last year. Analysts, on average, had expected the company to report a profit of 21.26 billion rupees, according to Refinitiv IBES data. Total revenue from operations climbed nearly 14 per cent to 112.41 billion rupees. Input costs rose 8.5 per cent. Drug sales in India rose 7.1 per cent to 33.92 billion rupees, whereas sales in the United States climbed 16.6 per cent to 34.66 billion rupees, with each of the two regions accounting for 31 per cent of the company's total consolidated sales. The company, founded in 1983, makes over-the-counter medications, anti-retrovirals and active pharmaceutical ingredients for chronic and acute treatments.