M&A · Healthcare · Pharmaceutical Preparations
QOL Medical, LLC to acquire Evoke Pharma Inc
Announced Nov 4, 2025 · Closed Dec 17, 2025
Deal value$17MEV $10M
Premium139.7%To unaffected price
EV / Adj. EBITDA—0.8x EV / Revenue
ConsiderationAll cash$11.00 per share
Transaction
- Acquirer
- QOL Medical, LLC
- Target
- Evoke Pharma Inc (EVOK)
- Buyer type
- Strategic
- Offer price per share
- $11.00
- Enterprise value
- $10M
- Status
- Closed Dec 17, 2025
Deal protections
- Break fee (target pays)
- $1.5M · 8.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Stifel
- Stifel fee
- $2.0M
Sector context · Healthcare
- Comparable deals
- 95 in the prior 24 months
- Premium
- 139.7% vs. 59.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 8.7% vs. 3.4% sector median
Timeline
- AnnouncedNov 4, 2025
- Tender offerNov 17, 2025
- ClosedDec 17, 2025
Valuation · fairness opinions
Trading comparables$4.50$10.90
Precedent transactions$9.15$14.72
Discounted cash flow$7.09$8.22
Premiums paid$7.73$8.15
Premiums paid$7.92$8.21
Offer $11.00
Implied value per Evoke Pharma Inc share by analysis, from Stifel · DCF discount rate 17%–19%.