M&A · Healthcare · Pharmaceutical Preparations
Bristol Myers Squibb Co to acquire Turning Point Therapeutics, Inc.
Announced Jun 3, 2022 · Closed Aug 17, 2022
Deal value$4.10BEV $3.79B
Premium122.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$76.00 per share
Transaction
- Acquirer
- Bristol Myers Squibb Co (BMY)
- Target
- Turning Point Therapeutics, Inc. (TPTX)
- Buyer type
- Strategic
- Offer price per share
- $76.00
- Enterprise value
- $3.79B
- Status
- Closed Aug 17, 2022
Deal protections
- Break fee (target pays)
- $138M · 3.4%
- Reverse fee (buyer pays)
- $138M · 3.4%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Gordon Dyal
- To the target
- Goldman Sachs
Sector context · Healthcare
- Comparable deals
- 44 in the prior 24 months
- Premium
- 122.0% vs. 45.5% sector median
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- 3.4% vs. 3.4% sector median
Timeline
- AnnouncedJun 3, 2022
- Tender offerJun 17, 2022
- ClosedAug 17, 2022
Valuation · fairness opinions
Other analysis$61.10$80.30
Premiums paid$54.66$75.49
Offer $76.00
Implied value per Turning Point Therapeutics, Inc. share by analysis, from Goldman Sachs · DCF discount rate 10.5%–12.5%.