M&A · Healthcare · Pharmaceutical Preparations
Eli Lilly & Co to acquire Akouos, Inc.
Announced Oct 18, 2022 · Closed Dec 1, 2022
Deal value$487MEV $388M
Premium78.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$12.50 per share
Transaction
- Acquirer
- Eli Lilly & Co (LLY)
- Target
- Akouos, Inc.
- Buyer type
- Strategic
- Offer price per share
- $12.50
- Enterprise value
- $388M
- Status
- Closed Dec 1, 2022
Deal protections
- Break fee (target pays)
- $17.5M · 3.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
- Centerview fee
- $14.2M
Sector context · Healthcare
- Comparable deals
- 65 in the prior 24 months
- Premium
- 78.0% vs. 46.5% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 3.6% vs. 3.4% sector median
Timeline
- AnnouncedOct 18, 2022
- Tender offerOct 31, 2022
- ClosedDec 1, 2022
Valuation · fairness opinions
Precedent transactions$8.35$14.50
Discounted cash flow$6.50$10.10
Analyst price targets$4.00$35.00
Precedent transactions$11.90$14.00
Offer $12.50
Implied value per Akouos, Inc. share by analysis, from Centerview · DCF discount rate 15%–17%.