Zydus Lifesciences to acquire Assertio Holdings in US$166.4M deal to expand US oncology portfolio

USA—Zydus Lifesciences has agreed to acquire all outstanding common shares of Assertio Holdings in an all-cash transaction valued at approximately US$166.4 million.

The acquisition will be carried out through Zydus Worldwide DMCC, a subsidiary of Zydus, and marks another major step in the company’s efforts to strengthen its specialty pharmaceutical business in the United States.

Under the agreement, Zydus will acquire Assertio shares at US$23.50 per share in cash.

The offer represents a 30.6% premium over Garda Therapeutics’ earlier US$18.00 per share bid announced on 8 April 2026 and a 7.8% premium over Garda’s revised US$21.80 per share offer made on 4 May 2026.

Assertio’s Board of Directors determined that the Zydus proposal constituted a “superior proposal” under the terms of the revised Garda merger agreement.

Focus on Oncology and specialty therapies

The acquisition will give Zydus access to Assertio’s commercial infrastructure in the US specialty pharmaceutical market, particularly in oncology supportive care and pain management therapies.

Assertio’s portfolio includes Rolvedon (eflapegrastim-xnst), a long-acting granulocyte colony-stimulating factor biologic approved by the US Food and Drug Administration for the prevention of febrile neutropenia in adult cancer patients undergoing myelosuppressive chemotherapy.

Assertio’s board also highlighted the certainty attached to the Zydus proposal, noting that the transaction carries no financing contingency and is fully guaranteed by a financially strong Zydus entity.

The structure gives Assertio direct recourse in the event of a breach or failure to close the transaction.

Heather Mason, chairperson of Assertio’s board, said the company conducted a comprehensive strategic review before approving the deal.

She added that the board carefully assessed the transaction’s value, execution certainty, and overall terms before concluding that the Zydus offer represented the best available option for shareholders.

Tender offer and delisting plans

Zydus will shortly begin a tender offer to acquire all outstanding Assertio shares.

The transaction is expected to close during the second quarter of 2026, subject to customary closing conditions, including the tender of a majority of Assertio’s shares.

Once the tender process concludes, Zydus plans to acquire any remaining shares through a second-step merger at the same price of US$23.50 per share.

Following completion, Assertio’s common stock will be delisted from Nasdaq.

Moelis & Company is serving as financial adviser to Assertio, while Gibson, Dunn & Crutcher is acting as legal counsel.

Longacre Square Partners is advising on strategy and communications.

Zydus expands global specialty business

The Assertio acquisition continues Zydus’ broader expansion into specialty and high-value pharmaceutical markets globally.

In December 2025, the company signed an exclusive licensing and supply agreement with Formycon for FYB206, a biosimilar version of MSD’s Keytruda (Pembrolizumab), covering the US and Canadian markets.

In separate developments announced this week, Zydus also revealed that its board will meet on 19 May 2026 to consider a share buyback proposal, a move that boosted investor sentiment and lifted the company’s shares by nearly 6% in trading.