M&A · Healthcare · Pharmaceutical Preparations
Indivior Inc. to acquire Opiant Pharmaceuticals, Inc.
Announced Nov 14, 2022 · Closed Mar 2, 2023
Deal value—
Premium195.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash
Transaction
- Acquirer
- Indivior Inc.
- Target
- Opiant Pharmaceuticals, Inc. (OPNT)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Mar 2, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Centerview
- To the target
- Lazard
- Lazard fee
- $4.0M
Sector context · Healthcare
- Comparable deals
- 71 in the prior 24 months
- Premium
- 195.0% vs. 46.5% sector median
- EV / Adj. EBITDA
- Sector median 18.4x
- Break fee
- Sector median 3.4%
Timeline
- AnnouncedNov 14, 2022
- Proxy filedDec 21, 2022
- Definitive proxyJan 4, 2023
- Shareholder voteMar 1, 2023
- ClosedMar 2, 2023
Valuation · fairness opinions
Discounted cash flow$14.40$16.89
Trading comparables$12.00$16.60
Precedent transactions$19.10$30.90
Premiums paid$13.50$18.65
Implied value per Opiant Pharmaceuticals, Inc. share by analysis, from Lazard · DCF discount rate 11.5%–13.5%.