M&A · Healthcare · Pharmaceutical Preparations
Supernus, Inc. to acquire Adamas Pharmaceuticals Inc
Announced Oct 11, 2021 · Closed Nov 24, 2021
Deal value$400MEV $441M
Premium—To unaffected price
EV / Adj. EBITDA—5.3x EV / Revenue
ConsiderationAll cash$8.10 per share
Transaction
- Acquirer
- Supernus, Inc. (SUPN)
- Target
- Adamas Pharmaceuticals Inc
- Buyer type
- Strategic
- Offer price per share
- $8.10
- Enterprise value
- $441M
- Status
- Closed Nov 24, 2021
Deal protections
- Break fee (target pays)
- $16.0M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Jefferies
- To the target
- Lazard
- Lazard fee
- $9.0M
Sector context · Healthcare
- Comparable deals
- 29 in the prior 24 months
- Premium
- Sector median 45.0%
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 4.0% vs. 3.3% sector median
Timeline
- AnnouncedOct 11, 2021
- Tender offerOct 12, 2021
- ClosedNov 24, 2021
Valuation · fairness opinions
Discounted cash flow$7.35$8.20
Trading comparables$4.10$6.15
Precedent transactions$4.70$8.50
Trading comparables$6.30$8.35
Offer $8.10
Implied value per Adamas Pharmaceuticals Inc share by analysis, from Lazard · DCF discount rate 11%–13%.