M&A · Healthcare · Pharmaceutical Preparations
Gilead Sciences, Inc. to acquire CymaBay Therapeutics, Inc.
Announced Feb 12, 2024 · Closed Mar 22, 2024
Deal value$4.30BEV $4.03B
Premium27.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$32.50 per share
Transaction
- Acquirer
- Gilead Sciences, Inc. (GILD)
- Target
- CymaBay Therapeutics, Inc.
- Buyer type
- Strategic
- Offer price per share
- $32.50
- Enterprise value
- $4.03B
- Status
- Closed Mar 22, 2024
Deal protections
- Break fee (target pays)
- $152M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- BofA Securities, Guggenheim
- To the target
- Centerview, Lazard
- Centerview fee
- $44.0M
- Lazard fee
- $30.0M
Sector context · Healthcare
- Comparable deals
- 104 in the prior 24 months
- Premium
- 27.0% vs. 52.5% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 3.5% vs. 3.5% sector median
Timeline
- AnnouncedFeb 12, 2024
- Tender offerFeb 23, 2024
- ClosedMar 22, 2024
Valuation · fairness opinions
Trading comparablesCenterview$21.60$34.50
Precedent transactionsCenterview$24.40$38.45
Discounted cash flowCenterview$27.75$32.15
Analyst price targetsCenterview$20.00$36.00
Precedent transactionsCenterview$38.55$51.40
Discounted cash flowLazard$28.00$32.65
Trading comparablesLazard$19.30$23.50
Precedent transactionsLazard$22.75$31.25
Trading comparablesLazard$40.80$51.45
52-week trading rangeLazard$29.05$39.05
Offer $32.50
Implied value per CymaBay Therapeutics, Inc. share by analysis, from Centerview and Lazard · DCF discount rate 11.5%–13.5%.