M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Pfizer Inc to acquire Seagen Inc.
Announced Mar 13, 2023 · Closed Dec 14, 2023
Deal value$43.00BEV $42.45B
Premium42.0%To unaffected price
EV / Adj. EBITDA—21.6x EV / Revenue
ConsiderationAll cash$229.00 per share
Transaction
- Acquirer
- Pfizer Inc (PFE)
- Target
- Seagen Inc.
- Buyer type
- Strategic
- Offer price per share
- $229.00
- Enterprise value
- $42.45B
- Status
- Closed Dec 14, 2023
Deal protections
- Break fee (target pays)
- $1.65B · 3.8%
- Reverse fee (buyer pays)
- $2.22B · 5.2%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Guggenheim
- To the target
- Centerview
- Centerview fee
- $88.0M
Sector context · Healthcare
- Comparable deals
- 76 in the prior 24 months
- Premium
- 42.0% vs. 47.3% sector median
- EV / Adj. EBITDA
- Sector median 21.1x
- Break fee
- 3.8% vs. 3.4% sector median
Timeline
- AnnouncedMar 13, 2023
- Proxy filedApr 14, 2023
- Definitive proxyApr 24, 2023
- Shareholder voteMay 30, 2023
- ClosedDec 14, 2023
Valuation · fairness opinions
Trading comparables$109.15$131.70
Precedent transactions$111.15$203.65
Discounted cash flow$179.40$231.80
Analyst price targets$141.00$215.00
Precedent transactions$225.90$258.20
Offer $229.00
Implied value per Seagen Inc. share by analysis, from Centerview · DCF discount rate 8.5%–9.5%.