M&A · Healthcare · Pharmaceutical Preparations
Harmony Biosciences Holdings, Inc. to acquire Zynerba Pharmaceuticals, Inc.
Announced Aug 14, 2023 · Closed Oct 11, 2023
Deal value$60MEV $24M
Premium226.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$1.11 per share
Transaction
- Acquirer
- Harmony Biosciences Holdings, Inc. (HRMY)
- Target
- Zynerba Pharmaceuticals, Inc.
- Buyer type
- Strategic
- Offer price per share
- $1.11
- Enterprise value
- $24M
- Status
- Closed Oct 11, 2023
Deal protections
- Break fee (target pays)
- $4.5M · 7.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- MTS Health Partners
Sector context · Healthcare
- Comparable deals
- 88 in the prior 24 months
- Premium
- 226.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 7.5% vs. 3.5% sector median
Timeline
- AnnouncedAug 14, 2023
- Tender offerAug 28, 2023
- ClosedOct 11, 2023
Valuation · fairness opinions
Discounted cash flow$1.57$2.48
Discounted cash flow$2.06$3.23
Discounted cash flow$2.16$3.37
Discounted cash flow$1.37$2.21
Discounted cash flow$1.00$2.15
Offer $1.11
Implied value per Zynerba Pharmaceuticals, Inc. share by analysis, from MTS Health Partners.