M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Alcon Inc to acquire Aerie Pharmaceuticals Inc
Announced Aug 22, 2022 · Closed Nov 21, 2022
Deal value$770MEV $1.04B
Premium37.0%To unaffected price
EV / Adj. EBITDA—5.0x EV / Revenue
ConsiderationAll cash$15.25 per share
Transaction
- Acquirer
- Alcon Inc (ALC)
- Target
- Aerie Pharmaceuticals Inc
- Buyer type
- Strategic
- Offer price per share
- $15.25
- Enterprise value
- $1.04B
- Status
- Closed Nov 21, 2022
Deal protections
- Break fee (target pays)
- $27.0M · 3.5%
- Reverse fee (buyer pays)
- $65.0M · 8.4%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- Goldman Sachs
Sector context · Healthcare
- Comparable deals
- 57 in the prior 24 months
- Premium
- 37.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 3.5% vs. 3.4% sector median
Timeline
- AnnouncedAug 22, 2022
- Proxy filedSep 21, 2022
- Definitive proxyOct 7, 2022
- Shareholder voteNov 17, 2022
- ClosedNov 21, 2022
Valuation · fairness opinions
Analyst price targets$14.30$16.97
Premiums paid$14.95$25.50
52-week trading range$14.63$20.79
Offer $15.25
Implied value per Aerie Pharmaceuticals Inc share by analysis, from Goldman Sachs · DCF discount rate 10%–12%.