M&A · Healthcare · Pharmaceutical Preparations
Novo Nordisk a S to acquire Dicerna Pharmaceuticals Inc
Announced Nov 18, 2021 · Closed Dec 28, 2021
Deal value$3.30BEV $3.13B
Premium80.0%To unaffected price
EV / Adj. EBITDA—16.3x EV / Revenue
ConsiderationAll cash$38.25 per share
Transaction
- Acquirer
- Novo Nordisk a S (NVO)
- Target
- Dicerna Pharmaceuticals Inc (DRNA)
- Buyer type
- Strategic
- Offer price per share
- $38.25
- Enterprise value
- $3.13B
- Status
- Closed Dec 28, 2021
Deal protections
- Break fee (target pays)
- $100M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview, Leerink Partners
- Centerview fee
- $50.0M
- Leerink Partners fee
- $2.0M
Sector context · Healthcare
- Comparable deals
- 30 in the prior 24 months
- Premium
- 80.0% vs. 45.0% sector median
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 3.0% vs. 3.3% sector median
Timeline
- AnnouncedNov 18, 2021
- Tender offerNov 24, 2021
- ClosedDec 28, 2021
Valuation · fairness opinions
Discounted cash flowCenterview$27.75$36.70
Analyst price targetsCenterview$23.00$35.00
Premiums paidCenterview$34.05$42.55
Discounted cash flowLeerink Partners$31.75$43.50
Premiums paidLeerink Partners$35.75$46.25
Analyst price targetsLeerink Partners$23.00$35.00
Offer $38.25
Implied value per Dicerna Pharmaceuticals Inc share by analysis, from Centerview and Leerink Partners · DCF discount rate 10%–12%.