M&A · Healthcare · Pharmaceutical Preparations
Eli Lilly & Co to acquire Morphic Holding, Inc.
Announced Jul 8, 2024 · Closed Aug 16, 2024
Deal value$3.20BEV $2.81B
Premium79.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$57.00 per share
Transaction
- Acquirer
- Eli Lilly & Co (LLY)
- Target
- Morphic Holding, Inc.
- Buyer type
- Strategic
- Offer price per share
- $57.00
- Enterprise value
- $2.81B
- Status
- Closed Aug 16, 2024
Deal protections
- Break fee (target pays)
- $118M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Citigroup
- To the target
- Centerview
- Centerview fee
- $62.0M
Sector context · Healthcare
- Comparable deals
- 107 in the prior 24 months
- Premium
- 79.0% vs. 64.5% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 3.7% vs. 3.5% sector median
Timeline
- AnnouncedJul 8, 2024
- Tender offerJul 19, 2024
- ClosedAug 16, 2024
Valuation · fairness opinions
Other analysis$37.50$47.60
Analyst price targets$30.00$70.00
Analyst price targets$44.60$55.70
Offer $57.00
Implied value per Morphic Holding, Inc. share by analysis, from Centerview · DCF discount rate 13%–15%.