M&A · Healthcare · Pharmaceutical Preparations
Elanco Animal Health Inc to acquire Kindred Biosciences, Inc.
Announced Jun 16, 2021 · Closed Aug 27, 2021
Deal value$440MEV $427M
Premium46.0%To unaffected price
EV / Adj. EBITDA—9.7x EV / Revenue
ConsiderationAll cash$9.25 per share
Transaction
- Acquirer
- Elanco Animal Health Inc (ELAN)
- Target
- Kindred Biosciences, Inc.
- Buyer type
- Strategic
- Offer price per share
- $9.25
- Enterprise value
- $427M
- Status
- Closed Aug 27, 2021
Deal protections
- Break fee (target pays)
- $15.5M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Barclays
- Barclays fee
- $6.8M
Sector context · Healthcare
- Comparable deals
- 20 in the prior 24 months
- Premium
- 46.0% vs. 44.0% sector median
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- 3.5% vs. 3.3% sector median
Timeline
- AnnouncedJun 16, 2021
- Proxy filedJul 9, 2021
- Definitive proxyJul 21, 2021
- Shareholder voteAug 25, 2021
- ClosedAug 27, 2021
Valuation · fairness opinions
Discounted cash flow$5.34$7.57
Offer $9.25
Implied value per Kindred Biosciences, Inc. share by analysis, from Barclays.