M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Adaptimmune Therapeutics PLC to acquire TCR2 Therapeutics Inc.
Announced Mar 6, 2023 · Closed Jun 1, 2023
Deal value$103MEV $49M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$2.66 per share
Transaction
- Acquirer
- Adaptimmune Therapeutics PLC (ADAPY)
- Target
- TCR2 Therapeutics Inc.
- Buyer type
- Strategic
- Offer price per share
- $2.66
- Enterprise value
- $49M
- Status
- Closed Jun 1, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $2.4M · 2.3%
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- TD Cowen, Piper Sandler
- To the target
- Not disclosed
- TD Cowen fee
- $2.0M
Sector context · Healthcare
- Comparable deals
- 74 in the prior 24 months
- Premium
- Sector median 47.1%
- EV / Adj. EBITDA
- Sector median 21.1x
- Break fee
- Sector median 3.5%
Timeline
- AnnouncedMar 6, 2023
- Proxy filedApr 20, 2023
- Definitive proxyApr 20, 2023
- Shareholder voteMay 30, 2023
- ClosedJun 1, 2023
Valuation · fairness opinions
Trading comparablesTD Cowen$1.10$4.45
Trading comparablesTD Cowen$3.85$8.45
Precedent transactionsTD Cowen$3.60$6.05
Discounted cash flowTD Cowen$1.80$3.65
Discounted cash flowTD Cowen$2.75$4.20
Discounted cash flowPiper Sandler$0.83$3.75
Offer $2.66
Implied value per TCR2 Therapeutics Inc. share by analysis, from TD Cowen and Piper Sandler.