M&A · Healthcare · Pharmaceutical Preparations
Eli Lilly & Co to acquire DICE Therapeutics, Inc.
Announced Jun 20, 2023 · Closed Aug 9, 2023
Deal value$2.29BEV $2.19B
Premium42.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$48.00 per share
Transaction
- Acquirer
- Eli Lilly & Co (LLY)
- Target
- DICE Therapeutics, Inc.
- Buyer type
- Strategic
- Offer price per share
- $48.00
- Enterprise value
- $2.19B
- Status
- Closed Aug 9, 2023
Deal protections
- Break fee (target pays)
- $92.0M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
- Centerview fee
- $44.0M
Sector context · Healthcare
- Comparable deals
- 83 in the prior 24 months
- Premium
- 42.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- 4.0% vs. 3.5% sector median
Timeline
- AnnouncedJun 20, 2023
- Tender offerJun 30, 2023
- ClosedAug 9, 2023
Valuation · fairness opinions
Discounted cash flow$31.75$39.60
Analyst price targets$38.00$77.00
Premiums paid$50.80$60.95
Offer $48.00
Implied value per DICE Therapeutics, Inc. share by analysis, from Centerview · DCF discount rate 12%–14%.