Garda Therapeutics to Acquire Assertio for $18/Share, $125.1M Deal
Assertio agreed to be acquired by Garda Therapeutics at $18 per share in cash, representing $125.1 million total consideration plus a contingent value right tied to Sprix milestones. Concurrently, Assertio divested all non-Rolvedon assets to Cosette for $35 million upfront and additional earnouts.
1. Acquisition Agreement Terms
Assertio’s board unanimously approved the definitive agreement with Garda Therapeutics under which Garda will launch a tender offer at $18 per share in cash, aggregating to $125.1 million. Shareholders will also receive a non-tradeable contingent value right linked to future Sprix milestones, and a 20-day window-shop period allows for superior proposals.
2. Asset Divestiture to Cosette
In tandem with the Garda Transaction, Assertio sold its non-Rolvedon assets—including Indocin, Sympazan, Cambia, Zipsor and Otrexup—to Cosette Pharmaceuticals for $35 million upfront plus product milestone earnouts, with only the Sprix-related milestones flowing through to the contingent value right.
3. Transaction Timeline and Approvals
The tender offer is expected to commence within approximately 10 business days and close in the second quarter of 2026, subject to tendering of a majority of shares and customary closing conditions. No regulatory approvals are anticipated, and remaining shares will be acquired in a second-step merger at the same price, after which Assertio will delist from Nasdaq.