Assertio Holdings, Inc. (NASDAQ: ASRT) announced that it has entered into an Amended and Restated Merger Agreement with Garda Therapeutics, Inc. The new agreement increases Garda’s offer to acquire all outstanding shares of Assertio to $21.80 per share in cash, representing a 21.1% premium over Garda’s original offer on April 8 2026 and a 63.1% premium to Assertio’s unaffected stock price on March 20 2026. The updated deal values the transaction at approximately $153.2 million, up from the $125.1 million value of the original offer, and eliminates the contingent value right that was previously tied to a Sprix milestone.
The transaction is fully financed with committed equity and debt. Garda has pledged $22.2 million in equity and $130 million in debt, ensuring that the tender offer can commence on May 4 2026 and that the deal is expected to close in the second quarter of 2026.
Assertio has recently sold its non‑Rolvedon assets to Cosette Pharmaceuticals for $35 million upfront, a move that has streamlined its portfolio and sharpened its focus on the Rolvedon franchise. The asset sale has strengthened Assertio’s balance sheet and made it a more attractive acquisition target for Garda.
Garda’s confidence in Assertio’s oncology platform is underscored by the sweetened offer and the removal of the contingent value right. The streamlined portfolio, combined with Garda’s broader oncology strategy, positions the combined company to accelerate growth in high‑margin therapeutic areas.
Heather Mason, Chair of the Assertio Board, said, “We are pleased with this outcome, which reflects the Board's focus throughout this disciplined and comprehensive process on delivering the best possible result for Assertio's stockholders. Garda's decision to increase its offer underscores both the competitive dynamics of the process and the underlying value of Assertio.”
The announcement was well received by investors, reflecting confidence in the improved terms and the strategic fit between the two companies.
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