M&A · Healthcare · Pharmaceutical Preparations
Sumitovant Biopharma to acquire Urovant Sciences Ltd.
Announced Nov 12, 2020 · Closed Mar 29, 2021
Deal value$681MEV $681M
Premium96.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$16.25 per share
Transaction
- Acquirer
- Sumitovant Biopharma
- Target
- Urovant Sciences Ltd.
- Buyer type
- Strategic
- Offer price per share
- $16.25
- Enterprise value
- $681M
- Status
- Closed Mar 29, 2021
Deal protections
- Break fee (target pays)
- $13.6M · 2.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Citigroup
Advisors
- To the acquirer
- Citigroup
- To the target
- Lazard
Classification
- Sector
- Healthcare
- Industry
- Pharmaceutical Preparations
Timeline
- AnnouncedNov 12, 2020
- Proxy filedDec 29, 2020
- Definitive proxyFeb 19, 2021
- Shareholder voteMar 23, 2021
- ClosedMar 29, 2021
Valuation · fairness opinions
Discounted cash flow$13.30$17.35
Discounted cash flow$19.45$25.00
Discounted cash flow$8.20$13.45
Trading comparables$7.50$9.60
Precedent transactions$10.75$19.05
Offer $16.25
Implied value per Urovant Sciences Ltd. share by analysis, from Lazard · DCF discount rate 8.5%–11.5%.