M&A · Healthcare · Pharmaceutical Preparations
Regeneron Pharmaceuticals, Inc. to acquire Decibel Therapeutics, Inc.
Announced Aug 9, 2023 · Closed Sep 25, 2023
Deal value$109MEV $71M
Premium43.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$4.00 per share
Transaction
- Acquirer
- Regeneron Pharmaceuticals, Inc. (REGN)
- Target
- Decibel Therapeutics, Inc. (DBTX)
- Buyer type
- Strategic
- Offer price per share
- $4.00
- Enterprise value
- $71M
- Status
- Closed Sep 25, 2023
Deal protections
- Break fee (target pays)
- $6.5M · 6.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview, Leerink Partners
- Centerview fee
- $6.0M
Sector context · Healthcare
- Comparable deals
- 87 in the prior 24 months
- Premium
- 43.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 6.0% vs. 3.5% sector median
Timeline
- AnnouncedAug 9, 2023
- Tender offerAug 25, 2023
- ClosedSep 25, 2023
Valuation · fairness opinions
Discounted cash flow$2.80$3.45
Analyst price targets$2.00$23.00
Premiums paid$3.90$6.15
Offer $4.00
Implied value per Decibel Therapeutics, Inc. share by analysis, from Centerview · DCF discount rate 16.5%–18.5%.