M&A · Healthcare · Pharmaceutical Preparations
Mannkind Corp to acquire scPharmaceuticals Inc.
Announced Aug 25, 2025 · Closed Oct 7, 2025
Deal value$303MEV $302M
Premium—To unaffected price
EV / Adj. EBITDA—6.0x EV / Revenue
ConsiderationAll cash$5.35 per share
Transaction
- Acquirer
- Mannkind Corp (MNKD)
- Target
- scPharmaceuticals Inc. (SCPH)
- Buyer type
- Strategic
- Offer price per share
- $5.35
- Enterprise value
- $302M
- Status
- Closed Oct 7, 2025
Deal protections
- Break fee (target pays)
- $9.5M · 3.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Jefferies
- To the target
- Leerink Partners
Sector context · Healthcare
- Comparable deals
- 95 in the prior 24 months
- Premium
- Sector median 67.0%
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.1% vs. 3.4% sector median
Timeline
- AnnouncedAug 25, 2025
- Tender offerSep 8, 2025
- ClosedOct 7, 2025
Valuation · fairness opinions
Discounted cash flow$4.61$5.16
Trading comparables$4.39$6.23
Precedent transactions$2.58$4.82
52-week trading range$6.79$7.47
Premiums paid$3.89$6.30
Offer $5.35
Implied value per scPharmaceuticals Inc. share by analysis, from Leerink Partners · DCF discount rate 14%–15.5%.