M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Kyowa Kirin to acquire Orchard Therapeutics plc
Announced Oct 5, 2023 · Closed Jan 24, 2024
Deal value$387MEV $387M
Premium97.0%To unaffected price
EV / Adj. EBITDA—18.2x EV / Revenue
ConsiderationAll cash$16.00 per share
Transaction
- Acquirer
- Kyowa Kirin
- Target
- Orchard Therapeutics plc
- Buyer type
- Strategic
- Offer price per share
- $16.00
- Enterprise value
- $387M
- Status
- Closed Jan 24, 2024
Deal protections
- Break fee (target pays)
- $3.9M · 1.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Guggenheim
- Guggenheim fee
- $10.5M
Sector context · Healthcare
- Comparable deals
- 93 in the prior 24 months
- Premium
- 97.0% vs. 51.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 1.0% vs. 3.5% sector median
Timeline
- AnnouncedOct 5, 2023
- Proxy filedNov 3, 2023
- Definitive proxyNov 16, 2023
- Shareholder voteDec 19, 2023
- ClosedJan 24, 2024
Valuation · fairness opinions
Discounted cash flow$13.88$17.56
Offer $16.00
Implied value per Orchard Therapeutics plc share by analysis, from Guggenheim.