M&A · Healthcare · In Vitro & In Vivo Diagnostic Substances
Quidel Corp to acquire Ortho Clinical Diagnostics Holdings plc
Announced Dec 23, 2021 · Closed May 27, 2022
Deal value$6.00BEV $7.89B
Premium25.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$24.68 per share
Transaction
- Acquirer
- Quidel Corp (QDEL)
- Target
- Ortho Clinical Diagnostics Holdings plc (OCDX)
- Buyer type
- Strategic
- Offer price per share
- $24.68
- Enterprise value
- $7.89B
- Status
- Closed May 27, 2022
Deal protections
- Break fee (target pays)
- $208M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Perella Weinberg, JPMorgan
- Perella Weinberg fee
- $8.3M
Sector context · Healthcare
- Comparable deals
- 32 in the prior 24 months
- Premium
- 25.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 3.5% vs. 3.3% sector median
Timeline
- AnnouncedDec 23, 2021
- Proxy filedApr 11, 2022
- Definitive proxyApr 11, 2022
- Shareholder voteMay 16, 2022
- ClosedMay 27, 2022
Valuation · fairness opinions
Analyst price targets$23.20$29.69
Trading comparables$17.31$25.63
Trading comparables$19.25$28.21
Trading comparables$18.11$26.70
Trading comparables$18.16$26.76
Offer $24.68
Implied value per Ortho Clinical Diagnostics Holdings plc share by analysis, from Perella Weinberg · DCF discount rate 7%–8%.