M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Roche Holdings, Inc. to acquire GenMark Diagnostics, Inc.
Announced Mar 15, 2021 · Closed Apr 22, 2021
Deal value$1.80BEV $1.79B
Premium43.0%To unaffected price
EV / Adj. EBITDA—10.4x EV / Revenue
ConsiderationAll cash$24.05 per share
Transaction
- Acquirer
- Roche Holdings, Inc.
- Target
- GenMark Diagnostics, Inc.
- Buyer type
- Strategic
- Offer price per share
- $24.05
- Enterprise value
- $1.79B
- Status
- Closed Apr 22, 2021
Deal protections
- Break fee (target pays)
- $61.5M · 3.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Citigroup
- To the target
- JPMorgan
- JPMorgan fee
- $28.0M
Sector context · Healthcare
- Comparable deals
- 13 in the prior 24 months
- Premium
- 43.0% vs. 52.9% sector median
- EV / Adj. EBITDA
- Sector median 11.6x
- Break fee
- 3.4% vs. 3.0% sector median
Timeline
- AnnouncedMar 15, 2021
- Tender offerMar 25, 2021
- ClosedApr 22, 2021
Valuation · fairness opinions
Trading comparables$7.75$19.25
Precedent transactions$8.75$21.50
Discounted cash flow$14.75$21.25
Offer $24.05
Implied value per GenMark Diagnostics, Inc. share by analysis, from JPMorgan · DCF discount rate 10%–12%.