M&A · Healthcare · Pharmaceutical Preparations
ONO Pharmaceutical Co., Ltd. to acquire Deciphera Pharmaceuticals, Inc.
Announced Apr 29, 2024 · Closed Jun 11, 2024
Deal value$2.40BEV $2.32B
Premium74.7%To unaffected price
EV / Adj. EBITDA—14.2x EV / Revenue
ConsiderationCash and stock$25.60 per share
Transaction
- Acquirer
- ONO Pharmaceutical Co., Ltd.
- Target
- Deciphera Pharmaceuticals, Inc.
- Buyer type
- Strategic
- Offer price per share
- $25.60
- Enterprise value
- $2.32B
- Status
- Closed Jun 11, 2024
Deal protections
- Break fee (target pays)
- $78.8M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities
- To the target
- JPMorgan
- JPMorgan fee
- $46.0M
Sector context · Healthcare
- Comparable deals
- 106 in the prior 24 months
- Premium
- 74.7% vs. 63.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 3.3% vs. 3.5% sector median
Timeline
- AnnouncedApr 29, 2024
- Tender offerMay 13, 2024
- ClosedJun 11, 2024
Valuation · fairness opinions
Trading comparables$10.25$31.60
Precedent transactions$15.80$34.05
Discounted cash flow$21.80$24.75
Offer $25.60
Implied value per Deciphera Pharmaceuticals, Inc. share by analysis, from JPMorgan · DCF discount rate 10.25%–12.25%.