M&A · Healthcare · Pharmaceutical Preparations
Alfasigma S.p.A. to acquire Intercept Pharmaceuticals, Inc.
Announced Sep 26, 2023 · Closed Nov 8, 2023
Deal value$794MEV $881M
Premium82.0%To unaffected price
EV / Adj. EBITDA—2.9x EV / Revenue
ConsiderationAll cash$19.00 per share
Transaction
- Acquirer
- Alfasigma S.p.A.
- Target
- Intercept Pharmaceuticals, Inc.
- Buyer type
- Strategic
- Offer price per share
- $19.00
- Enterprise value
- $881M
- Status
- Closed Nov 8, 2023
Deal protections
- Break fee (target pays)
- $34.0M · 4.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- PJT Partners
- To the target
- Barclays, Centerview
Sector context · Healthcare
- Comparable deals
- 91 in the prior 24 months
- Premium
- 82.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 4.3% vs. 3.5% sector median
Timeline
- AnnouncedSep 26, 2023
- Tender offerOct 11, 2023
- ClosedNov 8, 2023
Valuation · fairness opinions
Trading comparablesBarclays$11.50$17.25
Precedent transactionsBarclays$15.50$22.50
Discounted cash flowBarclays$17.50$19.25
Analyst price targetsBarclays$10.00$20.00
Trading comparablesCenterview$11.50$17.25
Precedent transactionsCenterview$15.50$22.50
Discounted cash flowCenterview$17.50$19.25
Analyst price targetsCenterview$10.00$20.00
Precedent transactionsCenterview$14.50$19.25
Offer $19.00
Implied value per Intercept Pharmaceuticals, Inc. share by analysis, from Barclays and Centerview.