M&A · Healthcare · Pharmaceutical Preparations
Merck & Co., Inc. to acquire Imago BioSciences, Inc.
Announced Nov 21, 2022 · Closed Jan 11, 2023
Deal value$1.35BEV $1.34B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$36.00 per share
Transaction
- Acquirer
- Merck & Co., Inc. (MRK)
- Target
- Imago BioSciences, Inc.
- Buyer type
- Strategic
- Offer price per share
- $36.00
- Enterprise value
- $1.34B
- Status
- Closed Jan 11, 2023
Deal protections
- Break fee (target pays)
- $47.1M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Centerview
- Centerview fee
- $32.3M
Sector context · Healthcare
- Comparable deals
- 72 in the prior 24 months
- Premium
- Sector median 47.0%
- EV / Adj. EBITDA
- Sector median 18.4x
- Break fee
- 3.5% vs. 3.4% sector median
Timeline
- AnnouncedNov 21, 2022
- Tender offerDec 12, 2022
- ClosedJan 11, 2023
Valuation · fairness opinions
Discounted cash flow$27.05$33.00
Analyst price targets$25.00$35.00
Premiums paid$26.95$35.65
Offer $36.00
Implied value per Imago BioSciences, Inc. share by analysis, from Centerview · DCF discount rate 13.5%–15.5%.