M&A · Healthcare · Pharmaceutical Preparations
Invox Pharma Ltd to acquire F-star Therapeutics, Inc.
Announced Jun 23, 2022 · Closed Mar 9, 2023
Deal value$153MEV $94M
Premium—To unaffected price
EV / Adj. EBITDA—4.5x EV / Revenue
ConsiderationAll cash$7.12 per share
Transaction
- Acquirer
- Invox Pharma Ltd
- Target
- F-star Therapeutics, Inc. (FSTX)
- Buyer type
- Strategic
- Offer price per share
- $7.12
- Enterprise value
- $94M
- Status
- Closed Mar 9, 2023
Deal protections
- Break fee (target pays)
- $7.3M · 4.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- PJT Partners
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $1.0M
Sector context · Healthcare
- Comparable deals
- 47 in the prior 24 months
- Premium
- Sector median 46.5%
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 4.7% vs. 3.4% sector median
Timeline
- AnnouncedJun 23, 2022
- Tender offerJul 7, 2022
- ClosedMar 9, 2023
Valuation · fairness opinions
Premiums paid$6.97$9.95
Premiums paid$5.48$7.83
52-week trading range$12.31$14.21
Analyst price targets$15.00$35.00
Offer $7.12
Implied value per F-star Therapeutics, Inc. share by analysis, from Morgan Stanley.