M&A · Healthcare · Pharmaceutical Preparations
Pfizer Inc to acquire Biohaven Pharmaceutical Holding Co Ltd.
Announced May 10, 2022 · Closed Oct 3, 2022
Deal value$11.60BEV $11.01B
Premium78.6%To unaffected price
EV / Adj. EBITDA—14.9x EV / Revenue
ConsiderationAll cash$148.50 per share
Transaction
- Acquirer
- Pfizer Inc (PFE)
- Target
- Biohaven Pharmaceutical Holding Co Ltd. (BHVN)
- Buyer type
- Strategic
- Offer price per share
- $148.50
- Enterprise value
- $11.01B
- Status
- Closed Oct 3, 2022
Deal protections
- Break fee (target pays)
- $450M · 3.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- Centerview
- Centerview fee
- $93.0M
Sector context · Healthcare
- Comparable deals
- 42 in the prior 24 months
- Premium
- 78.6% vs. 44.0% sector median
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- 3.9% vs. 3.4% sector median
Timeline
- AnnouncedMay 10, 2022
- Proxy filedJul 1, 2022
- Definitive proxyAug 30, 2022
- Shareholder voteSep 29, 2022
- ClosedOct 3, 2022
Valuation · fairness opinions
Trading comparables$83.00$126.00
Precedent transactions$132.00$176.00
Discounted cash flow$139.00$177.00
Analyst price targets$135.00$182.00
Precedent transactions$121.00$137.00
Offer $148.50
Implied value per Biohaven Pharmaceutical Holding Co Ltd. share by analysis, from Centerview · DCF discount rate 9%–12%.