M&A · Healthcare · Pharmaceutical Preparations
Gurnet Point Capital and Patient Square Capital to acquire Radius Health, Inc.
Announced Jun 23, 2022 · Closed Aug 15, 2022
Deal value$476MEV $595M
Premium—To unaffected price
EV / Adj. EBITDA—2.7x EV / Revenue
ConsiderationAll cash$10.00 per share
Transaction
- Acquirer
- Gurnet Point Capital and Patient Square Capital
- Target
- Radius Health, Inc.
- Buyer type
- Private equity
- Offer price per share
- $10.00
- Enterprise value
- $595M
- Status
- Closed Aug 15, 2022
Deal protections
- Break fee (target pays)
- $16.1M · 3.4%
- Reverse fee (buyer pays)
- $22.6M · 4.8%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- JPMorgan
- JPMorgan fee
- $17.2M
Sector context · Healthcare
- Comparable deals
- 47 in the prior 24 months
- Premium
- Sector median 46.5%
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 3.4% vs. 3.4% sector median
Timeline
- AnnouncedJun 23, 2022
- Tender offerJul 13, 2022
- ClosedAug 15, 2022
Valuation · fairness opinions
Trading comparables$2.25$8.50
Precedent transactions$4.00$14.50
Discounted cash flow$8.50$11.00
Offer $10.00
Implied value per Radius Health, Inc. share by analysis, from JPMorgan · DCF discount rate 9.5%–12.5%.