M&A · Healthcare · Pharmaceutical Preparations
Horizon Therapeutics Public Ltd Co to acquire Viela Bio, Inc.
Announced Feb 1, 2021 · Closed Mar 15, 2021
Deal value$3.05BEV $2.94B
Premium52.8%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$53.00 per share
Transaction
- Acquirer
- Horizon Therapeutics Public Ltd Co (HZNP)
- Target
- Viela Bio, Inc.
- Buyer type
- Strategic
- Offer price per share
- $53.00
- Enterprise value
- $2.94B
- Status
- Closed Mar 15, 2021
Deal protections
- Break fee (target pays)
- $107M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Goldman Sachs
- Goldman Sachs fee
- $45.8M
Sector context · Healthcare
- Comparable deals
- 7 in the prior 24 months
- Premium
- 52.8% vs. 45.0% sector median
- EV / Adj. EBITDA
- Sector median 11.5x
- Break fee
- 3.5% vs. 2.8% sector median
Timeline
- AnnouncedFeb 1, 2021
- Tender offerFeb 12, 2021
- ClosedMar 15, 2021
Valuation · fairness opinions
Discounted cash flow$48.40$58.03
Sum of the parts$49.97$58.83
Precedent transactions$49.25$75.60
Offer $53.00
Implied value per Viela Bio, Inc. share by analysis, from Goldman Sachs · DCF discount rate 10%–11.5%.