M&A · Healthcare · Pharmaceutical Preparations
MEI Pharma, Inc. to acquire Infinity Pharmaceuticals, Inc.
Announced Feb 23, 2023 · Terminated Jul 24, 2023
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- MEI Pharma, Inc. (MEIP)
- Target
- Infinity Pharmaceuticals, Inc. (INFI)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Terminated Jul 24, 2023
Deal protections
- Break fee (target pays)
- $2.9M
- Reverse fee (buyer pays)
- $4.0M
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Torreya Partners
- To the target
- Aquilo Partners
Sector context · Healthcare
- Comparable deals
- 77 in the prior 24 months
- Premium
- Sector median 47.1%
- EV / Adj. EBITDA
- Sector median 21.3x
- Break fee
- Sector median 3.5%
Timeline
- AnnouncedFeb 23, 2023
- Proxy filedJun 6, 2023
- Definitive proxyJun 6, 2023
- Shareholder voteJul 14, 2023
- TerminatedJul 24, 2023
Valuation · fairness opinions
Discounted cash flow$0.58$0.91
Discounted cash flow$0.60$0.74
Discounted cash flow$0.76$1.45
Discounted cash flow$0.68$0.94
Trading comparables$0.99$1.59
Implied value per Infinity Pharmaceuticals, Inc. share by analysis, from Torreya Partners · DCF discount rate 12%–15.7%.