Assertio Holdings, Inc. (ASRT), on Wednesday, announced that Zydus Worldwide DMCC, a subsidiary of Zydus Lifesciences Ltd. (ZYDUSLIFE.BO,ZYDUSLIFE.NS), agreed to acquire Assertio for approximately $166.4 million in cash, or $23.50 per share.
The transaction is expected to close in the second quarter of 2026.
The offer represents a 30.6% premium to the $18 per share all-cash transaction with GUARD.ST announced on April 8.
The offer also represents a 7.8% premium to the revised $21.80 per share Garda transaction announced on May 4.
The transaction further represents a 75.8% premium to Assertio's unaffected closing stock price on March 20.
The company also said that the board determined that the Zydus offer constituted a "Superior Proposal" under the revised Garda merger agreement and authorized the termination of the Garda agreement to enter into the Zydus transaction.
Under the agreement, Zydus will commence a tender offer to acquire all outstanding shares of Assertio common stock for $23.50 per share in cash.
Following completion of the transaction, Assertio's common stock will no longer be listed on Nasdaq.
Zydus Lifesciences closed trading 0.92% higher at INR 939.25 on the National Stock Exchange.
In the pre-market trading, Assertio is 3.68% higher at $23.38 on the Nasdaq.
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