M&A · Healthcare · Laboratory Analytical Instruments
Berkeley Lights, Inc. to acquire IsoPlexis Corp
Announced Dec 21, 2022 · Closed Mar 21, 2023
Deal value$58MEV $51M
Premium—To unaffected price
EV / Adj. EBITDA—2.7x EV / Revenue
ConsiderationAll stock$1.46 per share
Transaction
- Acquirer
- Berkeley Lights, Inc. (BLI)
- Target
- IsoPlexis Corp (ISO)
- Buyer type
- Strategic
- Offer price per share
- $1.46
- Enterprise value
- $51M
- Status
- Closed Mar 21, 2023
Deal protections
- Break fee (target pays)
- $2.3M · 4.0%
- Reverse fee (buyer pays)
- $2.3M · 4.0%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- TD Cowen
- To the target
- Evercore
- TD Cowen fee
- $3.0M
- Evercore fee
- $3.0M
Sector context · Healthcare
- Comparable deals
- 73 in the prior 24 months
- Premium
- Sector median 47.5%
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 4.0% vs. 3.4% sector median
Timeline
- AnnouncedDec 21, 2022
- Proxy filedFeb 13, 2023
- Definitive proxyFeb 13, 2023
- Shareholder voteMar 16, 2023
- ClosedMar 21, 2023
Valuation · fairness opinions
Trading comparablesTD Cowen$0.93$2.65
Trading comparablesTD Cowen$1.16$3.73
Trading comparablesTD Cowen$1.53$4.06
Trading comparablesTD Cowen$4.07$9.05
Trading comparablesTD Cowen$3.94$9.49
Discounted cash flowEvercore$1.78$2.34
Discounted cash flowEvercore$2.67$3.36
Discounted cash flowEvercore$7.22$9.17
Future share priceEvercore$0.53$0.75
Future share priceEvercore$1.72$2.36
Offer $1.46
Implied value per IsoPlexis Corp share by analysis, from TD Cowen and Evercore.