M&A · Healthcare · Pharmaceutical Preparations
Astellas Pharma Inc. to acquire IVERIC bio, Inc.
Announced Apr 30, 2023 · Closed Jul 11, 2023
Deal value$5.90BEV $5.47B
Premium64.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$40.00 per share
Transaction
- Acquirer
- Astellas Pharma Inc.
- Target
- IVERIC bio, Inc.
- Buyer type
- Strategic
- Offer price per share
- $40.00
- Enterprise value
- $5.47B
- Status
- Closed Jul 11, 2023
Deal protections
- Break fee (target pays)
- $222M · 3.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- JPMorgan
- To the target
- BofA Securities, Centerview
- BofA Securities fee
- $69.0M
- Centerview fee
- $56.9M
Sector context · Healthcare
- Comparable deals
- 79 in the prior 24 months
- Premium
- 64.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 21.1x
- Break fee
- 3.8% vs. 3.5% sector median
Timeline
- AnnouncedApr 30, 2023
- Proxy filedMay 23, 2023
- Definitive proxyJun 5, 2023
- Shareholder voteJul 6, 2023
- ClosedJul 11, 2023
Valuation · fairness opinions
Trading comparablesBofA Securities$25.20$40.70
Precedent transactionsBofA Securities$31.40$56.10
Discounted cash flowBofA Securities$30.40$37.20
52-week trading rangeBofA Securities$9.12$32.31
Analyst price targetsBofA Securities$19.00$43.00
Trading comparablesCenterview$25.25$37.65
Precedent transactionsCenterview$34.60$53.15
Discounted cash flowCenterview$32.10$36.05
Analyst price targetsCenterview$19.00$43.00
Discounted cash flowCenterview$34.05$43.80
Offer $40.00
Implied value per IVERIC bio, Inc. share by analysis, from BofA Securities and Centerview · DCF discount rate 11.5%–15%.