M&A · Healthcare · Pharmaceutical Preparations
Pfizer Inc to acquire Global Blood Therapeutics, Inc.
Announced Aug 8, 2022 · Closed Oct 5, 2022
Deal value$5.40BEV $5.40B
Premium102.0%To unaffected price
EV / Adj. EBITDA—23.0x EV / Revenue
ConsiderationAll cash$68.50 per share
Transaction
- Acquirer
- Pfizer Inc (PFE)
- Target
- Global Blood Therapeutics, Inc.
- Buyer type
- Strategic
- Offer price per share
- $68.50
- Enterprise value
- $5.40B
- Status
- Closed Oct 5, 2022
Deal protections
- Break fee (target pays)
- $217M · 4.0%
- Reverse fee (buyer pays)
- $326M · 6.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview, JPMorgan
- Centerview fee
- $42.0M
Sector context · Healthcare
- Comparable deals
- 56 in the prior 24 months
- Premium
- 102.0% vs. 48.5% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 4.0% vs. 3.4% sector median
Timeline
- AnnouncedAug 8, 2022
- Proxy filedAug 19, 2022
- Definitive proxyAug 29, 2022
- Shareholder voteSep 30, 2022
- ClosedOct 5, 2022
Valuation · fairness opinions
Trading comparablesJPMorgan$21.25$88.50
Precedent transactionsJPMorgan$44.25$83.75
Discounted cash flowJPMorgan$52.25$65.50
Trading comparablesCenterview$35.85$71.65
Trading comparablesCenterview$25.45$52.90
Precedent transactionsCenterview$34.55$50.35
Discounted cash flowCenterview$56.35$65.25
Analyst price targetsCenterview$31.00$102.00
Offer $68.50
Implied value per Global Blood Therapeutics, Inc. share by analysis, from JPMorgan and Centerview · DCF discount rate 10.5%–13.5%.