M&A · Healthcare · Pharmaceutical Preparations
MorphoSys AG to acquire Constellation Pharmaceuticals Inc
Announced Jun 2, 2021 · Closed Jul 15, 2021
Deal value$1.70BEV $1.62B
Premium68.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$34.00 per share
Transaction
- Acquirer
- MorphoSys AG (MPSYF)
- Target
- Constellation Pharmaceuticals Inc (CNST)
- Buyer type
- Strategic
- Offer price per share
- $34.00
- Enterprise value
- $1.62B
- Status
- Closed Jul 15, 2021
Deal protections
- Break fee (target pays)
- $60.0M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Centerview
- Centerview fee
- $21.5M
Sector context · Healthcare
- Comparable deals
- 19 in the prior 24 months
- Premium
- 68.0% vs. 43.0% sector median
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- 3.5% vs. 3.1% sector median
Timeline
- AnnouncedJun 2, 2021
- Tender offerJun 16, 2021
- ClosedJul 15, 2021
Valuation · fairness opinions
Trading comparables$19.10$34.65
Trading comparables$14.45$23.95
Precedent transactions$28.60$45.40
Discounted cash flow$30.75$37.10
Discounted cash flow$23.15$28.65
Offer $34.00
Implied value per Constellation Pharmaceuticals Inc share by analysis, from Centerview · DCF discount rate 11%–13%.