M&A · Healthcare · Pharmaceutical Preparations
Amgen Inc to acquire Horizon Therapeutics Public Ltd Co
Announced Dec 12, 2022 · Closed Oct 6, 2023
Deal value$28.30BEV $28.30B
Premium47.9%To unaffected price
EV / Adj. EBITDA21.6x7.6x EV / Revenue
ConsiderationAll cash$116.50 per share
Transaction
- Acquirer
- Amgen Inc (AMGN)
- Target
- Horizon Therapeutics Public Ltd Co
- Buyer type
- Strategic
- Offer price per share
- $116.50
- Enterprise value
- $28.30B
- Status
- Closed Oct 6, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $974M · 3.4%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- PJT Partners, Citigroup
- To the target
- Morgan Stanley, JPMorgan
- Morgan Stanley fee
- $80.0M
Sector context · Healthcare
- Comparable deals
- 73 in the prior 24 months
- Premium
- 47.9% vs. 47.0% sector median
- EV / Adj. EBITDA
- 21.6x vs. 18.4x sector median
- Break fee
- Sector median 3.4%
Timeline
- AnnouncedDec 12, 2022
- Proxy filedDec 30, 2022
- Definitive proxyJan 23, 2023
- Shareholder voteFeb 24, 2023
- ClosedOct 6, 2023
Valuation · fairness opinions
Discounted cash flow$101.00$133.00
Sum of the parts$102.00$113.00
Premiums paid$109.00$130.00
Premiums paid$102.00$131.00
Analyst price targets$74.00$146.00
Offer $116.50
Implied value per Horizon Therapeutics Public Ltd Co share by analysis, from Morgan Stanley · DCF discount rate 8.9%–10.2%.