M&A · Healthcare · Pharmaceutical Preparations
Johnson & Johnson to acquire Intra-Cellular Therapies, Inc.
Announced Jan 13, 2025 · Closed Apr 2, 2025
Deal value$14.60BEV $14.14B
Premium60.0%To unaffected price
EV / Adj. EBITDA—23.0x EV / Revenue
ConsiderationAll cash$132.00 per share
Transaction
- Acquirer
- Johnson & Johnson (JNJ)
- Target
- Intra-Cellular Therapies, Inc. (ITCI)
- Buyer type
- Strategic
- Offer price per share
- $132.00
- Enterprise value
- $14.14B
- Status
- Closed Apr 2, 2025
Deal protections
- Break fee (target pays)
- $476M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Citigroup
- To the target
- Centerview, Jefferies
- Centerview fee
- $102M
Sector context · Healthcare
- Comparable deals
- 95 in the prior 24 months
- Premium
- 60.0% vs. 65.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.3% vs. 3.5% sector median
Timeline
- AnnouncedJan 13, 2025
- Proxy filedFeb 5, 2025
- Definitive proxyFeb 18, 2025
- Shareholder voteMar 27, 2025
- ClosedApr 2, 2025
Valuation · fairness opinions
Trading comparablesCenterview$64.50$96.40
Precedent transactionsCenterview$91.85$141.95
Discounted cash flowCenterview$102.90$127.70
Analyst price targetsCenterview$87.00$135.00
Precedent transactionsCenterview$111.45$152.75
Other analysisJefferies$102.40$169.05
Trading comparablesJefferies$64.50$96.40
Discounted cash flowJefferies$102.90$127.70
Offer $132.00
Implied value per Intra-Cellular Therapies, Inc. share by analysis, from Centerview and Jefferies · DCF discount rate 10.25%–12.25%.