M&A · Healthcare · Pharmaceutical Preparations
Sun Pharma to acquire Concert Pharmaceuticals, Inc.
Announced Jan 19, 2023 · Closed Mar 6, 2023
Deal value$576MEV $481M
Premium16.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationNot disclosed$8.00 per share
Transaction
- Acquirer
- Sun Pharma
- Target
- Concert Pharmaceuticals, Inc. (CNCE)
- Buyer type
- Strategic
- Offer price per share
- $8.00
- Enterprise value
- $481M
- Status
- Closed Mar 6, 2023
Deal protections
- Break fee (target pays)
- $20.0M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Moelis
- To the target
- MTS Health Partners
- MTS Health Partners fee
- $15.0M
Sector context · Healthcare
- Comparable deals
- 74 in the prior 24 months
- Premium
- 16.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 3.5% vs. 3.4% sector median
Timeline
- AnnouncedJan 19, 2023
- Tender offerFeb 2, 2023
- ClosedMar 6, 2023
Valuation · fairness opinions
Discounted cash flow$4.50$5.70
Discounted cash flow$7.10$8.70
Trading comparables$4.80$8.10
Precedent transactions$13.40$19.70
Offer $8.00
Implied value per Concert Pharmaceuticals, Inc. share by analysis, from MTS Health Partners · DCF discount rate 14%–16%.