M&A · Healthcare · Pharmaceutical Preparations
Garda Therapeutics, Inc. to acquire Assertio Holdings, Inc.
Announced Apr 8, 2026 · Terminated May 13, 2026
Deal value$153MEV $169M
Premium63.1%To unaffected price
EV / Adj. EBITDA10.3x1.4x EV / Revenue
ConsiderationAll cash$21.80 per share
Transaction
- Acquirer
- Garda Therapeutics, Inc.
- Target
- Assertio Holdings, Inc. (ASRT)
- Buyer type
- Strategic
- Offer price per share
- $21.80
- Enterprise value
- $169M
- Status
- Terminated May 13, 2026
Deal protections
- Break fee (target pays)
- $4.8M · 3.1%
- Reverse fee (buyer pays)
- $4.8M · 3.1%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Moelis
Sector context · Healthcare
- Comparable deals
- 99 in the prior 24 months
- Premium
- 63.1% vs. 51.0% sector median
- EV / Adj. EBITDA
- 10.3x vs. 13.4x sector median
- Break fee
- 3.1% vs. 3.3% sector median
Timeline
- AnnouncedApr 8, 2026
- TerminatedMay 13, 2026