Specialty assets company Garda Therapeutics has acquired Assertio and its chemotherapy supportive care treatment Rolbedone for $125.1 million, as well as a conditional value right (CVR) for another of the company’s drugs.
In connection with this transaction, Assertio sold its remaining assets to Cossette Pharmaceuticals, a New Jersey generic and branded drug manufacturer, for $35 million. These assets include Sympazan, an add-on therapy to limit seizures associated with Lennox-Gastaut syndrome, and a portfolio of branded nonsteroidal anti-inflammatory drugs (NSAIDs).
Garda has also provided a non-tradable CVR relating to future milestones for Sprix, one of the drugs sold by Assertio. Sprix is an intranasal medication for the management of moderate to severe acute pain.
Garuda, a privately held company focused on capturing and maximizing the market potential of mid-sized specialty pharmaceutical assets, paid $18 per share of Assertio on March 20, before the company reported fourth-quarter results and signaled a potential sale on a conference call, a nearly 35% premium to the company’s unaffected stock price.
Over the last 11 days of March, Assertio stock rose from $13.75 to $19.88, and closed yesterday at $18.41. Both companies announced the acquisition minutes after the market closed.
Assertio said Wednesday that the transaction is expected to close in the second quarter of 2026.
According to Assertio’s earnings report, Rolvedon had sales of $60 million in 2024 and $68 million last year.
During the company’s conference call last month, Assertio Chief Operating Officer Paul Schwichtenberg said the company expects Rolbedone sales to exceed $100 million “in the next few years.”
With its $248 million acquisition of cash-strapped Spectrum Pharmaceuticals in 2023, Asertio acquired Rolbedone less than a year after the drug was approved. The FDA has approved an injection to reduce the likelihood of neutropenia-related infections in adults with non-myeloid malignancies who are taking myelosuppressive anticancer drugs.
The sale of Illinois-based Assertio follows the company’s “strategic review process,” which began in the first quarter of 2025.
“We considered multiple strategic paths, including a potential sale of the company, merger opportunities, monetization of Rolvedon, and continuing as an independent entity,” Heather Mason, chair of the Assertio board of directors, said in the release.
“The Company and its advisors have engaged more than 35 counterparties, including both strategic and financial buyers. After this thorough process, and with the agreed upon addition of incremental shop periods to ensure maximum value, the Board has determined that these transactions with Cosette and Garda provide the best outcome for our stockholders,” Mason added.
During the Lake Forest-based company’s quarterly conference call last month, Mark Reisenauer, who took over as CEO in October, said increased competition for acquisitions of mid-sized assets has made it difficult for Assertio to operate as usual.
“Our previous strategy of acquiring specialty products on the market is no longer capital efficient and is no longer a sustainable strategy to drive growth,” Reisenauer said at the time.
