M&A · Healthcare · Pharmaceutical Preparations
Collegium Pharmaceutical, Inc to acquire Biodelivery Sciences International Inc
Announced Feb 14, 2022 · Closed Mar 22, 2022
Deal value$604MEV $562M
Premium54.0%To unaffected price
EV / Adj. EBITDA10.3x3.4x EV / Revenue
ConsiderationAll cash$5.60 per share
Transaction
- Acquirer
- Collegium Pharmaceutical, Inc (COLL)
- Target
- Biodelivery Sciences International Inc (BDSI)
- Buyer type
- Strategic
- Offer price per share
- $5.60
- Enterprise value
- $562M
- Status
- Closed Mar 22, 2022
Deal protections
- Break fee (target pays)
- $18.1M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Jefferies
- To the target
- Moelis
Sector context · Healthcare
- Comparable deals
- 36 in the prior 24 months
- Premium
- 54.0% vs. 45.5% sector median
- EV / Adj. EBITDA
- 10.3x vs. 20.4x sector median
- Break fee
- 3.0% vs. 3.4% sector median
Timeline
- AnnouncedFeb 14, 2022
- Tender offerFeb 14, 2022
- ClosedMar 22, 2022
Valuation · fairness opinions
Discounted cash flow$4.65$5.95
Discounted cash flow$4.85$6.20
Precedent transactions$5.15$5.85
Trading comparables$3.35$4.80
Trading comparables$3.30$4.15
Offer $5.60
Implied value per Biodelivery Sciences International Inc share by analysis, from Moelis.