M&A · Healthcare · Pharmaceutical Preparations
Alexion Pharmaceuticals, Inc. to acquire Portola Pharmaceuticals Inc
Announced May 5, 2020 · Closed Jul 2, 2020
Deal value$1.41BEV $1.33B
Premium132.0%To unaffected price
EV / Adj. EBITDA—11.4x EV / Revenue
ConsiderationAll cash$18.00 per share
Transaction
- Acquirer
- Alexion Pharmaceuticals, Inc.
- Target
- Portola Pharmaceuticals Inc
- Buyer type
- Strategic
- Offer price per share
- $18.00
- Enterprise value
- $1.33B
- Status
- Closed Jul 2, 2020
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
- Centerview fee
- $25.8M
Classification
- Sector
- Healthcare
- Industry
- Pharmaceutical Preparations
Timeline
- AnnouncedMay 5, 2020
- Tender offerMay 27, 2020
- ClosedJul 2, 2020
Valuation · fairness opinions
Trading comparables$5.65$9.45
Trading comparables$6.40$9.20
Precedent transactions$6.65$10.45
Precedent transactions$9.20$13.40
Discounted cash flow$13.90$19.00
Offer $18.00
Implied value per Portola Pharmaceuticals Inc share by analysis, from Centerview · DCF discount rate 9.5%–11.5%.