M&A · Healthcare · Pharmaceutical Preparations
Equillium, Inc. to acquire Metacrine, Inc.
Announced Sep 6, 2022 · Terminated Dec 23, 2022
Deal value—
Premium25.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Equillium, Inc. (EQ)
- Target
- Metacrine, Inc. (MTCR)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Terminated Dec 23, 2022
Deal protections
- Break fee (target pays)
- $1.3M
- Reverse fee (buyer pays)
- $1.8M
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- MTS Health Partners
Sector context · Healthcare
- Comparable deals
- 60 in the prior 24 months
- Premium
- 25.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- Sector median 3.4%
Timeline
- AnnouncedSep 6, 2022
- Proxy filedNov 10, 2022
- Definitive proxyNov 10, 2022
- Shareholder voteDec 20, 2022
- TerminatedDec 23, 2022
Valuation · fairness opinions
Liquidation$1.80$3.60
Discounted cash flow$7.00$15.10
Trading comparables$125.00$175.00
Trading comparables$3.70$5.05
Trading comparables$300.00$615.00
Implied value per Metacrine, Inc. share by analysis.