Assertio Holdings to be Acquired by Garda Therapeutics in a $125.1 Million Deal

Assertio Holdings, Inc. (ASRT) entered a merger agreement on April 8, 2026, to be acquired by Garda Therapeutics in a deal valued at $125.1 million.

Deal Structure:

Garda will commence a tender offer to acquire all outstanding shares of Assertio at an upfront price of $18 per share in cash, plus a non-tradeable CVR related to potential future milestones for Sprix.

The upfront cash price of $18 per share represents a 2.23% discount from the stock’s last close.

Company Profile:

Assertio is a specialty pharmaceutical company that markets and sells prescription medicines focused on neurology, hospital care, and pain and inflammation. It commercializes established products, including NSAIDs and treatments for conditions such as rheumatoid arthritis, migraine, and acute pain.

Garda is a pharmaceutical company that acquires, develops, and commercializes specialty drug assets, focusing on mid-sized therapies, particularly in oncology, to improve their market value and usage.

Deal Details and Timeline:

Assertio signed and finalized the Cosette Agreement, under which it will sell all non-Rolvedon assets to Cosette Pharmaceuticals.

Assertio sold several products, including Indocin, Sympazan, Sprix, Cambia, Zipsor, and the recently discontinued Otrexup, to Cosette. In return, it received $35 million upfront, with the possibility of additional payments if certain product milestones are met. These payments are all part of the total value of the Garda transaction.

The Garda Agreement includes a 20-day “window-shop” period, which will end on April 28, 2026.

The deal is expected to close in the second quarter of 2026.

Assertio hired Moelis & Co. to provide financial advice and Gibson, Dunn & Crutcher to handle legal matters.

Garda is purchasing Assertio at 7.28 times its EBITDA.

Deal Metrics:

For more in-depth information regarding this merger and acquisition transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Assertio Holdings, Inc. (ASRT) by Garda Therapeutics

The Deal Metrics page for each merger or acquisition includes:

– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.

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Editor’s Note: Baranjot Kaur contributed to this article