LAKE FOREST: Assertio Holdings, a drug company, has agreed to be bought by another company called Garda Therapeutics.
Under the deal, Garda will pay $18 per share in cash. That adds up to a total of $125.1 million. Shareholders will also get a special future payment, called a “contingent value right,” tied to one of Assertio’s drugs, Sprix.
The offer price is a 34.6% premium over where the company’s stock was trading just before a big price jump on March 20. It is even higher—62.2%—compared to the average price over the past 60 days.
Before the sale to Garda can go through, Assertio is selling most of its other drugs to a different company, Cosette Pharmaceuticals. These include Indocin, Sympazan, Cambia, Zipsor, and Otrexup. Cosette will pay $35 million upfront, plus possible future payments.
The only drug Assertio is keeping for now is Rolvedon, which will go to Garda as part of the main deal, a statement said.
Heather Mason, who chairs Assertio’s board, said the company spent months looking at all its options. They talked to more than 35 possible buyers. In the end, the board decided this two-part deal—selling to Garda and selling off the other drugs to Cosette—was best for shareholders.
Mark Reisenauer, the company’s CEO, said the deal gives shareholders a sure way to get value for their shares at a time when the drug business is changing fast.
Garda will start a “tender offer,” which is a way to buy shares directly from stockholders. The deal still needs a majority of shareholders to agree to sell their shares. No government approvals are expected. The sale should close in the second quarter of 2026.
There is a 20-day “window-shop” period where Assertio can still talk to other buyers. If a better offer comes along, Assertio can take it, but they would have to pay a reduced breakup fee.
Once the deal is finished, Assertio’s stock will no longer trade on the Nasdaq stock market.
The board of directors has voted yes on the deal and is telling shareholders to do the same.