M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Johnson & Johnson to acquire Shockwave Medical, Inc.
Announced Apr 5, 2024 · Closed May 31, 2024
Deal value$13.10BEV $13.10B
Premium17.0%To unaffected price
EV / Adj. EBITDA—17.9x EV / Revenue
ConsiderationAll cash$335.00 per share
Transaction
- Acquirer
- Johnson & Johnson (JNJ)
- Target
- Shockwave Medical, Inc.
- Buyer type
- Strategic
- Offer price per share
- $335.00
- Enterprise value
- $13.10B
- Status
- Closed May 31, 2024
Deal protections
- Break fee (target pays)
- $448M · 3.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- JPMorgan
- To the target
- Perella Weinberg
- Perella Weinberg fee
- $92.7M
Sector context · Healthcare
- Comparable deals
- 107 in the prior 24 months
- Premium
- 17.0% vs. 53.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 3.4% vs. 3.5% sector median
Timeline
- AnnouncedApr 5, 2024
- Proxy filedApr 18, 2024
- Definitive proxyApr 29, 2024
- Shareholder voteMay 29, 2024
- ClosedMay 31, 2024
Valuation · fairness opinions
Precedent transactions$163.00$289.00
Precedent transactions$180.00$317.00
Discounted cash flow$237.00$357.00
Analyst price targets$165.00$290.00
Analyst price targets$165.00$361.00
Offer $335.00
Implied value per Shockwave Medical, Inc. share by analysis, from Perella Weinberg · DCF discount rate 11.25%–12.75%.