M&A · Healthcare · Pharmaceutical Preparations
Pfizer Inc to acquire Trillium Therapeutics Inc.
Announced Aug 23, 2021 · Closed Nov 17, 2021
Deal value$2.26BEV $2.09B
Premium204.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$18.50 per share
Transaction
- Acquirer
- Pfizer Inc (PFE)
- Target
- Trillium Therapeutics Inc.
- Buyer type
- Strategic
- Offer price per share
- $18.50
- Enterprise value
- $2.09B
- Status
- Closed Nov 17, 2021
Deal protections
- Break fee (target pays)
- $83.2M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
- Centerview fee
- $41.0M
Sector context · Healthcare
- Comparable deals
- 24 in the prior 24 months
- Premium
- 204.0% vs. 43.0% sector median
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- 3.7% vs. 3.1% sector median
Timeline
- AnnouncedAug 23, 2021
- Proxy filedSep 13, 2021
- Definitive proxySep 27, 2021
- Shareholder voteOct 26, 2021
- ClosedNov 17, 2021
Valuation · fairness opinions
Trading comparables$6.35$14.50
Precedent transactions$10.50$18.50
Discounted cash flow$11.50$15.25
Analyst price targets$14.00$24.00
Discounted cash flow$10.05$11.90
Offer $18.50
Implied value per Trillium Therapeutics Inc. share by analysis, from Centerview · DCF discount rate 11%–13%.