M&A · Healthcare · Pharmaceutical Preparations
Sanofi to acquire Provention Bio, Inc.
Announced Mar 13, 2023 · Closed Apr 27, 2023
Deal value$2.90BEV $2.82B
Premium273.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$25.00 per share
Transaction
- Acquirer
- Sanofi (SNY)
- Target
- Provention Bio, Inc.
- Buyer type
- Strategic
- Offer price per share
- $25.00
- Enterprise value
- $2.82B
- Status
- Closed Apr 27, 2023
Deal protections
- Break fee (target pays)
- $100M · 3.4%
- Reverse fee (buyer pays)
- $158M · 5.4%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- PJT Partners
- To the target
- BofA Securities, Centerview
- BofA Securities fee
- $29.1M
- Centerview fee
- $23.8M
Sector context · Healthcare
- Comparable deals
- 76 in the prior 24 months
- Premium
- 273.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- Sector median 21.1x
- Break fee
- 3.4% vs. 3.5% sector median
Timeline
- AnnouncedMar 13, 2023
- Tender offerMar 24, 2023
- ClosedApr 27, 2023
Valuation · fairness opinions
Trading comparablesBofA Securities$10.10$17.60
Precedent transactionsBofA Securities$13.70$22.90
Discounted cash flowBofA Securities$16.70$21.60
52-week trading rangeBofA Securities$3.40$10.60
Analyst price targetsBofA Securities$15.00$30.00
Trading comparablesCenterview$8.90$18.80
Precedent transactionsCenterview$12.90$24.60
Discounted cash flowCenterview$16.70$21.60
Analyst price targetsCenterview$15.00$30.00
Precedent transactionsCenterview$10.10$14.40
Offer $25.00
Implied value per Provention Bio, Inc. share by analysis, from BofA Securities and Centerview · DCF discount rate 12%–15%.