M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Boston Scientific Corp to acquire Silk Road Medical Inc
Announced Jun 18, 2024 · Closed Sep 17, 2024
Deal value$1.26BEV $1.31B
Premium27.0%To unaffected price
EV / Adj. EBITDA—7.1x EV / Revenue
ConsiderationAll cash$27.50 per share
Transaction
- Acquirer
- Boston Scientific Corp (BSX)
- Target
- Silk Road Medical Inc (SILK)
- Buyer type
- Strategic
- Offer price per share
- $27.50
- Enterprise value
- $1.31B
- Status
- Closed Sep 17, 2024
Deal protections
- Break fee (target pays)
- $37.9M · 3.0%
- Reverse fee (buyer pays)
- $69.5M · 5.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- BofA Securities
- BofA Securities fee
- $25.0M
Sector context · Healthcare
- Comparable deals
- 108 in the prior 24 months
- Premium
- 27.0% vs. 63.5% sector median
- EV / Adj. EBITDA
- Sector median 17.2x
- Break fee
- 3.0% vs. 3.5% sector median
Timeline
- AnnouncedJun 18, 2024
- Proxy filedJul 19, 2024
- Definitive proxyJul 29, 2024
- Shareholder voteSep 5, 2024
- ClosedSep 17, 2024
Valuation · fairness opinions
Trading comparables$13.80$25.20
Precedent transactions$19.80$29.70
Discounted cash flow$15.45$25.15
52-week trading range$6.29$33.79
Analyst price targets$17.24$24.76
Offer $27.50
Implied value per Silk Road Medical Inc share by analysis, from BofA Securities · DCF discount rate 11.7%–14.5%.