M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Merck & Co., Inc. to acquire Acceleron Pharma Inc
Announced Sep 30, 2021 · Closed Nov 22, 2021
Deal value$11.50BEV $11.16B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$180.00 per share
Transaction
- Acquirer
- Merck & Co., Inc. (MRK)
- Target
- Acceleron Pharma Inc
- Buyer type
- Strategic
- Offer price per share
- $180.00
- Enterprise value
- $11.16B
- Status
- Closed Nov 22, 2021
Deal protections
- Break fee (target pays)
- $345M · 3.0%
- Reverse fee (buyer pays)
- $750M · 6.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Credit Suisse, Goldman Sachs
- To the target
- Centerview, JPMorgan
Sector context · Healthcare
- Comparable deals
- 27 in the prior 24 months
- Premium
- Sector median 44.0%
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 3.0% vs. 3.3% sector median
Timeline
- AnnouncedSep 30, 2021
- Tender offerOct 12, 2021
- ClosedNov 22, 2021