M&A · Healthcare · Pharmaceutical Preparations
Xeris Pharmaceuticals Inc to acquire Strongbridge Biopharma plc
Announced May 24, 2021 · Closed Oct 5, 2021
Deal value$184MEV $130M
Premium12.9%To unaffected price
EV / Adj. EBITDA—4.0x EV / Revenue
ConsiderationAll stock$2.72 per share
Transaction
- Acquirer
- Xeris Pharmaceuticals Inc (XERS)
- Target
- Strongbridge Biopharma plc (SBBP)
- Buyer type
- Strategic
- Offer price per share
- $2.72
- Enterprise value
- $130M
- Status
- Closed Oct 5, 2021
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- MTS Health Partners, Leerink Partners
- Leerink Partners fee
- $3.0M
Sector context · Healthcare
- Comparable deals
- 18 in the prior 24 months
- Premium
- 12.9% vs. 44.0% sector median
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- Sector median 3.1%
Timeline
- AnnouncedMay 24, 2021
- Proxy filedJul 29, 2021
- Definitive proxyJul 29, 2021
- Shareholder voteSep 8, 2021
- ClosedOct 5, 2021
Valuation · fairness opinions
Trading comparables$3.55$4.60
Trading comparables$3.80$5.45
Discounted cash flow$5.00$9.55
Discounted cash flow$4.70$9.00
Trading comparables$3.60$4.50
Offer $2.72
Implied value per Strongbridge Biopharma plc share by analysis, from Leerink Partners · DCF discount rate 10.5%–14.5%.