M&A · Healthcare · Pharmaceutical Preparations
Sanofi to acquire Kadmon Holdings, Inc.
Announced Sep 8, 2021 · Closed Nov 9, 2021
Deal value$1.90BEV $2.07B
Premium79.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$9.50 per share
Transaction
- Acquirer
- Sanofi (SNY)
- Target
- Kadmon Holdings, Inc.
- Buyer type
- Strategic
- Offer price per share
- $9.50
- Enterprise value
- $2.07B
- Status
- Closed Nov 9, 2021
Deal protections
- Break fee (target pays)
- $60.1M · 3.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Cantor Fitzgerald, Moelis
- Cantor Fitzgerald fee
- $15.0M
Sector context · Healthcare
- Comparable deals
- 26 in the prior 24 months
- Premium
- 79.0% vs. 43.0% sector median
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 3.2% vs. 3.3% sector median
Timeline
- AnnouncedSep 8, 2021
- Proxy filedSep 21, 2021
- Definitive proxyOct 4, 2021
- Shareholder voteNov 5, 2021
- ClosedNov 9, 2021
Valuation · fairness opinions
Trading comparablesCantor Fitzgerald$2.73$7.27
Precedent transactionsCantor Fitzgerald$6.66$10.25
Precedent transactionsCantor Fitzgerald$5.63$10.01
Discounted cash flowCantor Fitzgerald$8.33$11.99
Discounted cash flowMoelis$8.50$12.21
Trading comparablesMoelis$4.73$7.25
Trading comparablesMoelis$6.24$11.74
Precedent transactionsMoelis$3.85$7.23
Precedent transactionsMoelis$7.82$12.35
Offer $9.50
Implied value per Kadmon Holdings, Inc. share by analysis, from Cantor Fitzgerald and Moelis · DCF discount rate 9.5%–11.5%.