M&A · Healthcare · Pharmaceutical Preparations
Vertex Pharmaceuticals Inc to acquire Alpine Immune Sciences, Inc.
Announced Apr 10, 2024 · Closed May 20, 2024
Deal value$4.90BEV $4.86B
Premium67.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$65.00 per share
Transaction
- Acquirer
- Vertex Pharmaceuticals Inc (VRTX)
- Target
- Alpine Immune Sciences, Inc.
- Buyer type
- Strategic
- Offer price per share
- $65.00
- Enterprise value
- $4.86B
- Status
- Closed May 20, 2024
Deal protections
- Break fee (target pays)
- $173M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Lazard
- To the target
- Centerview
- Centerview fee
- $60.0M
Sector context · Healthcare
- Comparable deals
- 108 in the prior 24 months
- Premium
- 67.0% vs. 53.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 3.5% vs. 3.5% sector median
Timeline
- AnnouncedApr 10, 2024
- Tender offerApr 22, 2024
- ClosedMay 20, 2024
Valuation · fairness opinions
Discounted cash flow$51.75$63.80
Analyst price targets$41.00$55.00
52-week trading range$54.50$66.20
52-week trading range$52.00$60.30
Offer $65.00
Implied value per Alpine Immune Sciences, Inc. share by analysis, from Centerview · DCF discount rate 12%–14%.