M&A · Healthcare · Pharmaceutical Preparations
Jazz Pharmaceuticals plc to acquire GW Pharmaceuticals PLC
Announced Feb 3, 2021 · Closed May 5, 2021
Deal value$7.20BEV $7.20B
Premium53.0%To unaffected price
EV / Adj. EBITDA—14.8x EV / Revenue
ConsiderationCash and stock
Transaction
- Acquirer
- Jazz Pharmaceuticals plc (JAZZ)
- Target
- GW Pharmaceuticals PLC
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $7.20B
- Status
- Closed May 5, 2021
Deal protections
- Break fee (target pays)
- $71.5M · 1.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- Committed · BofA Securities, JPMorgan, Barclays, Citigroup, Credit Suisse, MUFG +2
Advisors
- To the acquirer
- Evercore, Guggenheim
- To the target
- Goldman Sachs, Centerview
- Centerview fee
- $36.0M
Sector context · Healthcare
- Comparable deals
- 8 in the prior 24 months
- Premium
- 53.0% vs. 48.9% sector median
- EV / Adj. EBITDA
- Sector median 11.5x
- Break fee
- 1.0% vs. 2.9% sector median
Timeline
- AnnouncedFeb 3, 2021
- Proxy filedMar 5, 2021
- Definitive proxyMar 15, 2021
- Shareholder voteApr 23, 2021
- ClosedMay 5, 2021
Valuation · fairness opinions
Trading comparablesCenterview$147.60$230.45
Precedent transactionsCenterview$180.80$263.60
Discounted cash flowCenterview$200.20$247.95
Precedent transactionsCenterview$201.70$259.35
52-week trading rangeGoldman Sachs$209.00$249.00
52-week trading rangeGoldman Sachs$190.00$241.00
Implied value per GW Pharmaceuticals PLC share by analysis, from Centerview and Goldman Sachs · DCF discount rate 9.5%–11.5%.