M&A · Healthcare · Pharmaceutical Preparations
Ipsen, S.A. to acquire Epizyme, Inc.
Announced Jun 27, 2022 · Closed Aug 12, 2022
Deal value$247MEV $378M
Premium53.0%To unaffected price
EV / Adj. EBITDA—9.8x EV / Revenue
ConsiderationAll cash$1.45 per share
Transaction
- Acquirer
- Ipsen, S.A.
- Target
- Epizyme, Inc.
- Buyer type
- Strategic
- Offer price per share
- $1.45
- Enterprise value
- $378M
- Status
- Closed Aug 12, 2022
Deal protections
- Break fee (target pays)
- $9.9M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Barclays
- To the target
- Jefferies, MTS Health Partners
- MTS Health Partners fee
- $5.7M
Sector context · Healthcare
- Comparable deals
- 48 in the prior 24 months
- Premium
- 53.0% vs. 46.5% sector median
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 4.0% vs. 3.4% sector median
Timeline
- AnnouncedJun 27, 2022
- Tender offerJul 12, 2022
- ClosedAug 12, 2022
Valuation · fairness opinions
Other analysis$0.63$2.66
Discounted cash flow$0.20$1.95
Discounted cash flow$1.35$2.50
Trading comparables$0.25$0.90
Trading comparables$0.25$2.50
Offer $1.45
Implied value per Epizyme, Inc. share by analysis, from MTS Health Partners.