M&A · Healthcare · Services-Commercial Physical & Biological Research
eMed, LLC to acquire Science 37 Holdings, Inc.
Announced Jan 29, 2024 · Closed Mar 12, 2024
Deal value$38M
Premium21.3%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$5.75 per share
Transaction
- Acquirer
- eMed, LLC
- Target
- Science 37 Holdings, Inc.
- Buyer type
- Strategic
- Offer price per share
- $5.75
- Enterprise value
- —
- Status
- Closed Mar 12, 2024
Deal protections
- Break fee (target pays)
- $1.4M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- William Blair
Sector context · Healthcare
- Comparable deals
- 103 in the prior 24 months
- Premium
- 21.3% vs. 53.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 3.7% vs. 3.5% sector median
Timeline
- AnnouncedJan 29, 2024
- Tender offerFeb 12, 2024
- ClosedMar 12, 2024
Valuation · fairness opinions
Discounted cash flow$4.62$11.10
Liquidation$2.99$4.24
Offer $5.75
Implied value per Science 37 Holdings, Inc. share by analysis, from William Blair · DCF discount rate 22%–24%.