M&A · Healthcare · Pharmaceutical Preparations
Novartis AG to acquire Regulus Therapeutics Inc.
Announced Apr 30, 2025 · Closed Jun 25, 2025
Deal value$800MEV $425M
Premium108.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$7.00 per share
Transaction
- Acquirer
- Novartis AG (NVS)
- Target
- Regulus Therapeutics Inc. (RGLS)
- Buyer type
- Strategic
- Offer price per share
- $7.00
- Enterprise value
- $425M
- Status
- Closed Jun 25, 2025
Deal protections
- Break fee (target pays)
- $27.3M · 3.4%
- Reverse fee (buyer pays)
- $42.0M · 5.2%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Evercore
Sector context · Healthcare
- Comparable deals
- 91 in the prior 24 months
- Premium
- 108.0% vs. 66.0% sector median
- EV / Adj. EBITDA
- Sector median 13.8x
- Break fee
- 3.4% vs. 3.5% sector median
Timeline
- AnnouncedApr 30, 2025
- Tender offerMay 27, 2025
- ClosedJun 25, 2025
Valuation · fairness opinions
Discounted cash flow$2.45$5.90
Analyst price targets$6.00$28.00
Premiums paid$5.20$7.10
Offer $7.00
Implied value per Regulus Therapeutics Inc. share by analysis, from Evercore · DCF discount rate 15.5%–18.5%.