M&A · Healthcare · Pharmaceutical Preparations
Shin Nippon Biomedical Laboratories, Ltd. to acquire Satsuma Pharmaceuticals, Inc.
Announced Apr 16, 2023 · Closed Jun 8, 2023
Deal value$30MEV $14M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$0.91 per share
Transaction
- Acquirer
- Shin Nippon Biomedical Laboratories, Ltd.
- Target
- Satsuma Pharmaceuticals, Inc.
- Buyer type
- Strategic
- Offer price per share
- $0.91
- Enterprise value
- $14M
- Status
- Closed Jun 8, 2023
Deal protections
- Break fee (target pays)
- $0.9M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Lazard, Houlihan Lokey
- Houlihan Lokey fee
- $1.4M
Sector context · Healthcare
- Comparable deals
- 77 in the prior 24 months
- Premium
- Sector median 49.0%
- EV / Adj. EBITDA
- Sector median 21.1x
- Break fee
- 3.0% vs. 3.5% sector median
Timeline
- AnnouncedApr 16, 2023
- Tender offerMay 5, 2023
- ClosedJun 8, 2023
Valuation · fairness opinions
Liquidation$0.65$0.79
Offer $0.91
Implied value per Satsuma Pharmaceuticals, Inc. share by analysis, from Houlihan Lokey.