Zydus to Acquire Assertio in $166 Million Deal

Assertio Holdings, Inc. announced that its Board of Directors has approved a definitive agreement for Zydus Lifesciences Limited, through its subsidiary Zydus Worldwide DMCC, to acquire all outstanding shares of Assertio common stock in an all-cash transaction valued at approximately $166.4 million.

Under the terms of the agreement, shareholders of Assertio will receive $23.50 per share in cash. The company said the offer was determined to be a “Superior Proposal” compared with its previously announced merger agreement with Garda Therapeutics, Inc.. Following the board’s decision, Assertio will terminate the revised Garda merger agreement that had been announced earlier this month and proceed with the transaction involving Zydus.

The acquisition represents a substantial premium for Assertio shareholders. According to the company, the $23.50-per-share offer is 30.6% higher than the original $18.00 per share cash proposal from Garda Therapeutics announced in April 2026. It also represents a 7.8% premium over the revised $21.80-per-share Garda offer disclosed on May 4, 2026. Additionally, the Zydus proposal reflects a 75.8% premium to Assertio’s unaffected closing stock price on March 20, 2026, before significant market activity surrounding the strategic review process began.

Assertio’s Board said several factors contributed to its decision to approve the Zydus transaction. Beyond the higher valuation, directors highlighted the financial certainty and execution strength of the Zydus proposal. The acquisition offer contains no financing contingencies and does not depend on third-party funding arrangements. The transaction is also fully guaranteed by a financially strong Zydus entity, giving Assertio direct legal recourse if the agreement is breached or the deal fails to close.

Heather Mason, Chair of Assertio’s Board of Directors, said the company’s extensive strategic review process ultimately delivered what the board considers the most favorable outcome for shareholders. She noted that the board evaluated multiple considerations, including transaction value, execution certainty, risk profile, and overall deal terms before concluding that the Zydus proposal offered the strongest path forward.

The acquisition further expands Zydus Lifesciences’ footprint in the U.S. pharmaceutical market. The India-based drugmaker has been pursuing international growth opportunities through acquisitions and partnerships aimed at strengthening its portfolio and commercial presence globally.

The transaction remains subject to customary closing conditions, including shareholder approval and regulatory clearances. If completed, the deal would bring Assertio into Zydus’ broader pharmaceutical operations while providing immediate cash value to Assertio investors.

The announcement marks the latest development in an increasingly competitive acquisition process surrounding Assertio, underscoring continued consolidation activity within the pharmaceutical and specialty therapeutics sector.