M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Advaxis, Inc. to acquire Ayala Pharmaceuticals, Inc.
Announced Oct 19, 2022 · Closed Jan 25, 2023
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Advaxis, Inc.
- Target
- Ayala Pharmaceuticals, Inc.
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Jan 25, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Cantor Fitzgerald
- To the target
- Torreya Partners
- Cantor Fitzgerald fee
- $1.3M
Sector context · Healthcare
- Comparable deals
- 66 in the prior 24 months
- Premium
- Sector median 47.0%
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- Sector median 3.4%
Timeline
- AnnouncedOct 19, 2022
- Proxy filedDec 12, 2022
- Definitive proxyDec 12, 2022
- Shareholder voteJan 13, 2023
- ClosedJan 25, 2023
Valuation · fairness opinions
Discounted cash flow$9.75$10.26
Trading comparables$3.24$16.36
Trading comparables$2.15$9.99
Discounted cash flow$8.87$15.17
Implied value per Ayala Pharmaceuticals, Inc. share by analysis, from Cantor Fitzgerald · DCF discount rate 13.5%–16.5%.