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news.Zydus Lifesciences (Zydus) is set to acquire all outstanding Assertio common shares in a deal valued at around $166.4m, through its subsidiary Zydus Worldwide DMCC.
Upon completion of the tender, Zydus will acquire any remaining shares through a second-step merger at the same price. Credit: Piotr Swat / Shutterstock.com.
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The offer was approved by Assertio’s Board of Directors, following a revised merger agreement process and is considered a “superior proposal” compared to the previous agreement with Garda Therapeutics.
It represents a 30.6% premium over Garda’s earlier $18.00 per share all-cash offer on 8 April 2026 and a 7.8% premium to its revised $21.80 per share offer on 4 May 2026.
Assertio’s board considered Zydus’ execution profile, highlighting the absence of financing contingencies and that the offer is fully guaranteed by a creditworthy Zydus entity. This provides Assertio with direct recourse in case of any breach or failure to close.
The company’s product range features Rolvedon (eflapegrastim-xnst), a long-acting Granulocyte colony-stimulating factor (G-CSF) biologic.
It has received approval from the US Food and Drug Administration (FDA) for use in preventing febrile neutropenia in adult cancer patients undergoing myelosuppressive chemotherapy.
Assertio board chair Heather Mason said: “We are pleased that the comprehensive and disciplined strategic review process undertaken by the Board has yielded this outcome.
“After carefully evaluating all relevant factors, including price, certainty of value, execution risk and overall transaction terms, the board determined that the Zydus offer represents the best path available to Assertio shareholders. I want to thank everyone involved for their continued dedication throughout this process.”
Zydus will promptly begin a tender offer to acquire all outstanding Assertio shares for $23.50 each in cash.
The deal is expected to close in the second quarter of 2026, pending customary closing conditions, including the tender of a majority of Assertio’s outstanding shares.
Upon completion of the tender, Zydus will acquire any remaining shares through a second-step merger at the same price. Assertio’s common stock will be delisted from Nasdaq after the transaction.
Moelis & Company is acting as the financial adviser to Assertio. Gibson, Dunn & Crutcher is providing legal counsel while Longacre Square Partners is the strategy and communications adviser.
In December 2025, Formycon and Zydus entered an exclusive licensing and supply agreement for FYB206, a biosimilar of MSD’s Keytruda (Pembrolizumab), in Canada and the US.
