M&A · Healthcare · Biological Products, (No Diagnostic Substances)
AstraZeneca PLC to acquire Fusion Pharmaceuticals Inc.
Announced Mar 19, 2024 · Closed Jun 4, 2024
Deal value$2.00BEV $1.53B
Premium97.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$21.00 per share
Transaction
- Acquirer
- AstraZeneca PLC (AZN)
- Target
- Fusion Pharmaceuticals Inc. (FUSN)
- Buyer type
- Strategic
- Offer price per share
- $21.00
- Enterprise value
- $1.53B
- Status
- Closed Jun 4, 2024
Deal protections
- Break fee (target pays)
- $71.7M · 3.6%
- Reverse fee (buyer pays)
- $102M · 5.1%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
- Centerview fee
- $54.0M
Sector context · Healthcare
- Comparable deals
- 107 in the prior 24 months
- Premium
- 97.0% vs. 52.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 3.6% vs. 3.5% sector median
Timeline
- AnnouncedMar 19, 2024
- Proxy filedApr 10, 2024
- Definitive proxyApr 25, 2024
- Shareholder voteMay 29, 2024
- ClosedJun 4, 2024
Valuation · fairness opinions
Discounted cash flow$17.05$22.60
Analyst price targets$10.00$20.00
Premiums paid$16.50$21.80
Offer $21.00
Implied value per Fusion Pharmaceuticals Inc. share by analysis, from Centerview · DCF discount rate 14%–16%.