5 big deal reports: Sun Pharma’s $576M pact for Concert Pharma

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By Davit Kirakosyan

Investing.com -- Among the biggest deal dispatches this past week, Sun Pharmaceutical said it would take out Concert Pharma, and Microsoft’s bid to acquire Activision may face an EU antitrust warning. Here’s the full list, as covered in real time on InvestingPro. Sign up to get this news first.

Sun Pharma-Concert Pharma

Sun Pharmaceutical Industries Ltd. (NS:SUN) announced an all-cash acquisition of Concert Pharmaceuticals Inc (NASDAQ:CNCE) for $8 per share, or $576 million. In addition, Concert stockholders will receive a non-tradeable contingent value right for up to $3.50 per share of common stock on achievement of certain time-based net sales milestones for its lead product candidate deuruxolitinib.

Concert Pharma surged more than 20% on Thursday following the announcement.

Emerson Electric offers $7.6B for National Instruments

Emerson Electric (NYSE:EMR) said on Tuesday that it offered to buy National Instruments (NASDAQ:NATI) for $53 per share in cash, in a deal valuing the business at $7.6B.

Emerson CEO Lal Karsanbhai said they had to make their interest in National Instruments public, despite Emerson's preference for a private agreement, due to NI’s announcement of a strategic review and what he the lack of cooperation in working towards a premium cash transaction over the past eight months. Karsanbhai also mentioned that Emerson is disappointed that NI chose to implement a poison pill instead of engaging in discussions about a potential deal, and that it did not respond to their latest offer sent on January 11.

National Instruments shares surged more than 10% on the announcement Tuesday, and further gained on Friday after Bernstein highlighted possible alternative suitors to Emerson. The firm views NI as "a classic takeout target" and says with an undisturbed EV of

National Instruments shares closed the week with a 15% gain. Emerson Electric shares dropped nearly 7% on Tuesday following the announcement, closing the week more than 10% lower.

Shockwave Medical to buy Neovasc

Neovasc (NASDAQ:NVCN) shares soared more than 29% after Shockwave Medical (NASDAQ:SWAV) agreed to acquire the company of $27.25 per share in cash, for an enterprise value of approximately $100M. In addition, Neovasc shareholders will receive deferred payments of up to approximately $47M on the achievement of future regulatory milestones in the form of a contingent value right (CVR) per common share to receive payment upon final FDA premarket approval to market the Neovasc Reducer in the U.S. for treatment of angina.

SWAV shares fell more than 4% on Tuesday and closed the week with around a 10% loss.

Microsoft-Activision in more trouble

Microsoft (NASDAQ:MSFT) may soon receive an antitrust warning from the EU regarding its $69 billion acquisition of Activision Blizzard (NASDAQ:ATVI), according to Reuters. The European Commission is said to be preparing a statement outlining their concerns about the deal and may send it to Microsoft in the near future. The Commission has until April 11 to make a decision on the deal. Microsoft has stated that they are working with the Commission to address any concerns and that their “goal is to bring more games to more people, and this deal will further that goal.”

Following the announcement, Activision Blizzard shares fell more than 2% on Tuesday and closed the week with a nearly 4% loss. Microsoft gained 1.3% for the week.

Snowflake-SnowConvert

Snowflake Inc (NYSE:SNOW) announced said it will buy SnowConvert from Mobilize.Net to accelerate legacy migrations to the data cloud. Snowflake shares dropped 3% on Thursday following the announcement, but recovered on Friday, closing the week with a nearly 3% gain.

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