India’s Sun Pharmaceutical Industries Ltd said it plans to acquire US-based Concert Pharmaceuticals Inc for $576 million. The acquisition is expected to strengthen Sun Pharma’s presence in the US market – the largest pharmaceutical market in the world.
Concert Pharmaceuticals is a late-stage biotechnology company that specialises in developing deuruxolitinib, a potential best-in-class oral JAK inhibitor to treat alopecia areata. It also has a pipeline of drugs that are currently in various stages of development, including treatments for CNS disorders, respiratory diseases, and kidney diseases.
“There is a significant unmet need in the alopecia areata space and we aim to build on Concert’s commitment to supporting the Alopecia Areata patient community. We are well-positioned to successfully bring this product to market globally. I look forward to welcoming the exceptionally talented Concert team who have worked tirelessly to develop the product to bring it to market,” Abhay Gandhi, CEO North America, Sun Pharma, said in a press release.
The acquisition will help strengthen Sun Pharma’s expansion and presence in the US market. The company has been focusing on expanding its product portfolio in the US and has been actively pursuing strategic acquisitions.
The acquisition of Concert Pharmaceuticals is also expected to provide Sun Pharma with access to Concert’s innovative drug development platform that will likely generate a pipeline of new drug candidates.
The acquisition is subject to regulatory approvals and is expected to be completed in the first quarter of 2023. Following the acquisition, Concert Pharmaceuticals will become a wholly owned subsidiary of Sun Pharma.