M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Merck & Co., Inc. to acquire Harpoon Therapeutics, Inc.
Announced Jan 8, 2024 · Closed Mar 11, 2024
Deal value$680MEV $662M
Premium118.0%To unaffected price
EV / Adj. EBITDA—17.7x EV / Revenue
ConsiderationAll cash$23.00 per share
Transaction
- Acquirer
- Merck & Co., Inc. (MRK)
- Target
- Harpoon Therapeutics, Inc.
- Buyer type
- Strategic
- Offer price per share
- $23.00
- Enterprise value
- $662M
- Status
- Closed Mar 11, 2024
Deal protections
- Break fee (target pays)
- $23.9M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Evercore
- To the target
- Centerview
- Centerview fee
- $22.5M
Sector context · Healthcare
- Comparable deals
- 103 in the prior 24 months
- Premium
- 118.0% vs. 53.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 3.5% vs. 3.5% sector median
Timeline
- AnnouncedJan 8, 2024
- Proxy filedJan 29, 2024
- Definitive proxyFeb 8, 2024
- Shareholder voteMar 8, 2024
- ClosedMar 11, 2024
Valuation · fairness opinions
Discounted cash flow$14.35$18.15
Analyst price targets$8.00$30.00
Premiums paid$15.85$22.15
Offer $23.00
Implied value per Harpoon Therapeutics, Inc. share by analysis, from Centerview · DCF discount rate 14%–16%.