M&A · Healthcare · Pharmaceutical Preparations
Cyclo Therapeutics, Inc. to acquire Applied Molecular Transport Inc.
Announced Sep 21, 2023 · Closed Dec 27, 2023
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Cyclo Therapeutics, Inc. (CYTH)
- Target
- Applied Molecular Transport Inc. (AMTI)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Dec 27, 2023
Deal protections
- Break fee (target pays)
- $0.6M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- MTS Health Partners
- MTS Health Partners fee
- $0.5M
Sector context · Healthcare
- Comparable deals
- 90 in the prior 24 months
- Premium
- Sector median 50.0%
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- Sector median 3.5%
Timeline
- AnnouncedSep 21, 2023
- Proxy filedNov 21, 2023
- Definitive proxyNov 21, 2023
- Shareholder voteDec 26, 2023
- ClosedDec 27, 2023
Valuation · fairness opinions
Trading comparables$3.35$7.15
Discounted cash flow$1.90$3.20
Discounted cash flow$46.00$90.00
Precedent transactions$14.25$23.55
Liquidation$0.32$0.51
Implied value per Applied Molecular Transport Inc. share by analysis, from MTS Health Partners.