M&A · Healthcare · Biological Products, (No Diagnostic Substances)
United Therapeutics Corp to acquire Miromatrix Medical Inc.
Announced Oct 30, 2023 · Closed Dec 13, 2023
Deal value$89MEV $85M
Premium213.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$3.25 per share
Transaction
- Acquirer
- United Therapeutics Corp (UTHR)
- Target
- Miromatrix Medical Inc.
- Buyer type
- Strategic
- Offer price per share
- $3.25
- Enterprise value
- $85M
- Status
- Closed Dec 13, 2023
Deal protections
- Break fee (target pays)
- $4.0M · 4.5%
- Reverse fee (buyer pays)
- $8.0M · 9.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Piper Sandler, Craig-Hallum
- Piper Sandler fee
- $2.5M
Sector context · Healthcare
- Comparable deals
- 95 in the prior 24 months
- Premium
- 213.0% vs. 52.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 4.5% vs. 3.5% sector median
Timeline
- AnnouncedOct 30, 2023
- Tender offerNov 13, 2023
- ClosedDec 13, 2023
Valuation · fairness opinions
Trading comparables$1.99$3.91
Discounted cash flow$2.41$4.27
Precedent transactions$2.60$2.68
Precedent transactions$2.60$3.27
Precedent transactions$1.53$1.84
Offer $3.25
Implied value per Miromatrix Medical Inc. share by analysis, from Piper Sandler · DCF discount rate 11.8%–13.8%.