M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Rocket Pharmaceuticals, Inc. to acquire Renovacor, Inc.
Announced Sep 20, 2022 · Closed Dec 1, 2022
Deal value$53M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$2.60 per share
Transaction
- Acquirer
- Rocket Pharmaceuticals, Inc. (RCKT)
- Target
- Renovacor, Inc.
- Buyer type
- Strategic
- Offer price per share
- $2.60
- Enterprise value
- —
- Status
- Closed Dec 1, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Leerink Partners
- To the target
- Wells Fargo
- Leerink Partners fee
- $1.8M
Sector context · Healthcare
- Comparable deals
- 61 in the prior 24 months
- Premium
- Sector median 50.0%
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- Sector median 3.4%
Timeline
- AnnouncedSep 20, 2022
- Proxy filedOct 31, 2022
- Definitive proxyOct 31, 2022
- Shareholder voteNov 30, 2022
- ClosedDec 1, 2022
Valuation · fairness opinions
Discounted cash flow$13.00$15.95
Trading comparables$0.90$1.15
Offer $2.60
Implied value per Renovacor, Inc. share by analysis, from Leerink Partners · DCF discount rate 11.5%–13.5%.