M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Regeneron Pharmaceuticals, Inc. to acquire Checkmate Pharmaceuticals, Inc.
Announced Apr 19, 2022 · Closed May 31, 2022
Deal value$250MEV $199M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$10.50 per share
Transaction
- Acquirer
- Regeneron Pharmaceuticals, Inc. (REGN)
- Target
- Checkmate Pharmaceuticals, Inc.
- Buyer type
- Strategic
- Offer price per share
- $10.50
- Enterprise value
- $199M
- Status
- Closed May 31, 2022
Deal protections
- Break fee (target pays)
- $8.8M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
- Centerview fee
- $6.3M
Sector context · Healthcare
- Comparable deals
- 42 in the prior 24 months
- Premium
- Sector median 45.0%
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- 3.5% vs. 3.4% sector median
Timeline
- AnnouncedApr 19, 2022
- Tender offerMay 2, 2022
- ClosedMay 31, 2022
Valuation · fairness opinions
Trading comparables$3.55$6.45
Precedent transactions$7.25$10.90
Discounted cash flow$4.65$6.75
Analyst price targets$6.00$9.00
Premiums paid$4.00$4.70
Offer $10.50
Implied value per Checkmate Pharmaceuticals, Inc. share by analysis, from Centerview · DCF discount rate 14%–16%.