M&A · Healthcare · Biological Products, (No Diagnostic Substances)
AstraZeneca PLC to acquire Icosavax, Inc.
Announced Dec 11, 2023 · Closed Feb 20, 2024
Deal value$800MEV $695M
Premium43.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$15.00 per share
Transaction
- Acquirer
- AstraZeneca PLC (AZN)
- Target
- Icosavax, Inc. (ICVX)
- Buyer type
- Strategic
- Offer price per share
- $15.00
- Enterprise value
- $695M
- Status
- Closed Feb 20, 2024
Deal protections
- Break fee (target pays)
- $27.2M · 3.4%
- Reverse fee (buyer pays)
- $47.6M · 6.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
- Centerview fee
- $21.0M
Sector context · Healthcare
- Comparable deals
- 98 in the prior 24 months
- Premium
- 43.0% vs. 52.5% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 3.4% vs. 3.5% sector median
Timeline
- AnnouncedDec 11, 2023
- Tender offerDec 27, 2023
- ClosedFeb 20, 2024
Valuation · fairness opinions
Discounted cash flow$11.10$16.80
Analyst price targets$15.00$30.00
Premiums paid$15.75$18.35
Premiums paid$15.60$17.95
Offer $15.00
Implied value per Icosavax, Inc. share by analysis, from Centerview · DCF discount rate 13.75%–15.75%.