Specialty assets company Garda Therapeutics has acquired Assertio and its chemotherapy supportive care treatment Rolvedon for $125.1 million, plus a contingent value right (CVR) for another of its drugs.
In connection with the deal, Assertio has divested the rest of its assets to New Jersey generics and branded drugmaker Cosette Pharmaceuticals for $35 million. Those assets include Sympazan, an add-on therapy to limit seizures associated with Lennox‐Gastaut Syndrome, as well as a portfolio of branded non-steroidal anti-inflammatory drugs (NSAIDs).
Garda is also offering a non-tradeable CVR related to potential future milestones for Sprix, one of the meds Assertio has divested, which is an intranasal treatment to manage acute moderate to severe pain.
Privately-held Garda, which focuses on acquiring and maximizing the market potential of mid-sized specialty pharmaceutical assets, paid $18 per Assertio share, marking a nearly 35% premium on the company's unaffected stock price on March 20, before the company presented its fourth quarter earnings and hinted at its potential sale in a conference call.
In the final 11 days of March, Assertio’s share price increased from $13.75 to $19.88, before closing yesterday at $18.41. The companies announced the acquisition minutes after the market closed.
The deal is expected to close in 2026's second quarter, Assertio said Wednesday.
Rolvedon generated sales of $60 million in 2024 and $68 million last year, according to Assertio's earnings report.
During the company's conference call last month, Assertio’s chief operating officer Paul Schwichtenberg said that the company expected Rolvedon’s sales to exceed $100 million in the “next few years.”
With a $248 million buyout of cash-strapped Spectrum Pharmaceuticals in 2023, Assertio acquired Rolvedon less than a year after the drug was approved. The FDA signed off on the injection to lower the chance of neutropenia-related infection in adults with non-myeloid malignancies who are on myelosuppressive cancer drugs.
The sale of Illinois-based Assertio comes after a “strategic review process” at the company, which began in the first quarter of 2025.
“We evaluated multiple strategic pathways—including a potential sale of the company, merger opportunities, monetization of Rolvedon, and continuing as a standalone entity,” Heather Mason, the chair of Assertio’s board, said in a release.
“The company and its advisors engaged more than 35 counterparties, including both strategic and financial buyers. Following this thorough process—and with the addition under the agreement for an incremental shop period to ensure maximum value—the board has determined that these transactions with Cosette and Garda provide the best outcome for our shareholders," Mason added.
Last month, during the quarterly conference call for the Lake Forest-based company, Mark Reisenauer, who took over as CEO in October, said that increased competition to acquire mid-sized assets had made it difficult for Assertio to operate as it had in the past.
“Our prior strategy of acquiring on-market specialty products is no longer capital efficient or a sustainable strategy to fuel growth,” Reisenauer said at the time.