M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Novo Nordisk a S to acquire Forma Therapeutics Holdings, Inc.
Announced Sep 1, 2022 · Closed Oct 14, 2022
Deal value$1.10BEV $1.02B
Premium52.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$20.00 per share
Transaction
- Acquirer
- Novo Nordisk a S (NVO)
- Target
- Forma Therapeutics Holdings, Inc.
- Buyer type
- Strategic
- Offer price per share
- $20.00
- Enterprise value
- $1.02B
- Status
- Closed Oct 14, 2022
Deal protections
- Break fee (target pays)
- $34.5M · 3.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
- Centerview fee
- $22.0M
Sector context · Healthcare
- Comparable deals
- 58 in the prior 24 months
- Premium
- 52.0% vs. 48.5% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 3.1% vs. 3.4% sector median
Timeline
- AnnouncedSep 1, 2022
- Tender offerSep 15, 2022
- ClosedOct 14, 2022
Valuation · fairness opinions
Discounted cash flow$10.80$12.55
Analyst price targets$23.00$53.00
Premiums paid$19.75$23.70
Offer $20.00
Implied value per Forma Therapeutics Holdings, Inc. share by analysis, from Centerview · DCF discount rate 13%–15%.