Assertio Holdings Inc. (NASDAQ: ASRT) announced that Garda Therapeutics has increased its acquisition offer to $21.80 per share in cash, representing a total value of $153.2 million. The companies entered into an amended merger agreement on May 1, 2026.

The revised offer represents a 21.1% increase from Garda's original proposal made on April 8, 2026, and a 63.1% premium to Assertio's stock price on March 20, 2026, before significant trading volume movement occurred.

The increased consideration followed what the company described as a "window-shop" period during which Assertio engaged with multiple parties and received what it termed a Superior Proposal. After negotiations, Assertio's board determined that Garda's enhanced offer represents the most favorable outcome for shareholders.

"Garda's decision to increase its offer underscores both the competitive dynamics of the process and the underlying value of Assertio," stated Heather Mason, Chair of the Assertio Board of Directors.

Under the amended agreement terms, Garda will acquire all outstanding Assertio shares through a tender offer, with any remaining shares purchased through a second-step merger at the same $21.80 price. The transaction eliminates the contingent value right included in the original proposal.

The deal remains subject to customary closing conditions, including the tender of a majority of outstanding shares. Completion is expected in the second quarter of 2026, after which Assertio's common stock will be delisted from Nasdaq.

On April 8, 2026, Assertio completed the sale of its non-Rolvedon assets to Cosette Pharmaceuticals. The company has withdrawn its 2026 guidance and will not hold its planned first quarter conference call due to the pending transaction.

Moelis & Company serves as Assertio's financial advisor, with Gibson, Dunn & Crutcher providing legal counsel.