M&A · Healthcare · Pharmaceutical Preparations
Amgen Inc to acquire Five Prime Therapeutics, Inc.
Announced Mar 4, 2021 · Closed Apr 16, 2021
Deal value$1.90BEV $1.86B
Premium79.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$38.00 per share
Transaction
- Acquirer
- Amgen Inc (AMGN)
- Target
- Five Prime Therapeutics, Inc.
- Buyer type
- Strategic
- Offer price per share
- $38.00
- Enterprise value
- $1.86B
- Status
- Closed Apr 16, 2021
Deal protections
- Break fee (target pays)
- $76.0M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Lazard
- Lazard fee
- $33.8M
Sector context · Healthcare
- Comparable deals
- 12 in the prior 24 months
- Premium
- 79.0% vs. 52.8% sector median
- EV / Adj. EBITDA
- Sector median 11.6x
- Break fee
- 4.0% vs. 2.9% sector median
Timeline
- AnnouncedMar 4, 2021
- Tender offerMar 18, 2021
- ClosedApr 16, 2021
Valuation · fairness opinions
Discounted cash flow$26.95$33.05
Trading comparables$11.95$17.25
Precedent transactions$18.75$25.20
Trading comparables$29.25$40.60
52-week trading range$26.25$38.05
Offer $38.00
Implied value per Five Prime Therapeutics, Inc. share by analysis, from Lazard · DCF discount rate 10%–12%.