M&A · Healthcare · Pharmaceutical Preparations
UCB S.A. to acquire Zogenix, Inc.
Announced Jan 19, 2022 · Closed Mar 7, 2022
Deal value$1.46BEV $1.50B
Premium66.0%To unaffected price
EV / Adj. EBITDA—23.6x EV / Revenue
ConsiderationAll cash$26.00 per share
Transaction
- Acquirer
- UCB S.A.
- Target
- Zogenix, Inc.
- Buyer type
- Strategic
- Offer price per share
- $26.00
- Enterprise value
- $1.50B
- Status
- Closed Mar 7, 2022
Deal protections
- Break fee (target pays)
- $59.0M · 4.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Lazard, Barclays
- To the target
- BofA Securities, Leerink Partners
- BofA Securities fee
- $21.0M
- Leerink Partners fee
- $21.0M
Sector context · Healthcare
- Comparable deals
- 34 in the prior 24 months
- Premium
- 66.0% vs. 45.0% sector median
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 4.1% vs. 3.3% sector median
Timeline
- AnnouncedJan 19, 2022
- Tender offerFeb 1, 2022
- ClosedMar 7, 2022
Valuation · fairness opinions
Trading comparablesBofA Securities$13.75$29.50
Precedent transactionsBofA Securities$18.25$47.00
Precedent transactionsBofA Securities$18.75$50.50
Discounted cash flowBofA Securities$21.75$27.00
52-week trading rangeBofA Securities$11.25$23.43
Discounted cash flowLeerink Partners$20.00$25.00
Trading comparablesLeerink Partners$11.75$25.75
Trading comparablesLeerink Partners$15.50$30.25
Precedent transactionsLeerink Partners$17.75$33.75
Precedent transactionsLeerink Partners$24.00$38.75
Offer $26.00
Implied value per Zogenix, Inc. share by analysis, from BofA Securities and Leerink Partners · DCF discount rate 9%–12%.