M&A · Healthcare · Pharmaceutical Preparations
Sumitovant Biopharma Ltd. to acquire Myovant Sciences Ltd.
Announced Oct 24, 2022 · Closed Mar 10, 2023
Deal value$1.70B
Premium50.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$27.00 per share
Transaction
- Acquirer
- Sumitovant Biopharma Ltd.
- Target
- Myovant Sciences Ltd.
- Buyer type
- Strategic
- Offer price per share
- $27.00
- Enterprise value
- —
- Status
- Closed Mar 10, 2023
Deal protections
- Break fee (target pays)
- $55.3M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · SMBC Nikko
Advisors
- To the acquirer
- JPMorgan
- To the target
- Goldman Sachs
Sector context · Healthcare
- Comparable deals
- 68 in the prior 24 months
- Premium
- 50.0% vs. 46.5% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 3.3% vs. 3.4% sector median
Timeline
- AnnouncedOct 24, 2022
- Proxy filedDec 8, 2022
- Definitive proxyJan 23, 2023
- Shareholder voteMar 1, 2023
- ClosedMar 10, 2023
Valuation · fairness opinions
Premiums paid$25.34$36.39
Premiums paid$20.65$26.04
Offer $27.00
Implied value per Myovant Sciences Ltd. share by analysis, from Goldman Sachs · DCF discount rate 12%–14%.