M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Coherus BioSciences, Inc. to acquire Surface Oncology, Inc.
Announced Jun 16, 2023 · Closed Sep 8, 2023
Deal value$40MEV $40M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$5.28 per share
Transaction
- Acquirer
- Coherus BioSciences, Inc. (CHRS)
- Target
- Surface Oncology, Inc.
- Buyer type
- Strategic
- Offer price per share
- $5.28
- Enterprise value
- $40M
- Status
- Closed Sep 8, 2023
Deal protections
- Break fee (target pays)
- $2.0M · 5.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Truist Securities
- To the target
- Wedbush
Sector context · Healthcare
- Comparable deals
- 83 in the prior 24 months
- Premium
- Sector median 50.0%
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- 5.0% vs. 3.5% sector median
Timeline
- AnnouncedJun 16, 2023
- Proxy filedJul 26, 2023
- Definitive proxyJul 26, 2023
- Shareholder voteSep 8, 2023
- ClosedSep 8, 2023