M&A · Healthcare · Pharmaceutical Preparations
Novartis AG to acquire Chinook Therapeutics, Inc.
Announced Jun 11, 2023 · Closed Aug 11, 2023
Deal value$3.20BEV $2.56B
Premium67.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$40.00 per share
Transaction
- Acquirer
- Novartis AG (NVS)
- Target
- Chinook Therapeutics, Inc.
- Buyer type
- Strategic
- Offer price per share
- $40.00
- Enterprise value
- $2.56B
- Status
- Closed Aug 11, 2023
Deal protections
- Break fee (target pays)
- $112M · 3.5%
- Reverse fee (buyer pays)
- $192M · 6.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview, MTS Health Partners
- Centerview fee
- $58.0M
Sector context · Healthcare
- Comparable deals
- 82 in the prior 24 months
- Premium
- 67.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- 3.5% vs. 3.5% sector median
Timeline
- AnnouncedJun 11, 2023
- Proxy filedJun 27, 2023
- Definitive proxyJul 10, 2023
- Shareholder voteAug 2, 2023
- ClosedAug 11, 2023
Valuation · fairness opinions
Discounted cash flow$32.00$38.35
Analyst price targets$30.00$51.00
Premiums paid$35.00$43.00
Offer $40.00
Implied value per Chinook Therapeutics, Inc. share by analysis, from Centerview · DCF discount rate 11.5%–13.5%.