M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Ironwood Pharmaceuticals Inc to acquire VectivBio Holding AG
Announced May 22, 2023 · Closed Jul 10, 2023
Deal value$1.00BEV $924M
Premium43.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$17.00 per share
Transaction
- Acquirer
- Ironwood Pharmaceuticals Inc (IRWD)
- Target
- VectivBio Holding AG (VECT)
- Buyer type
- Strategic
- Offer price per share
- $17.00
- Enterprise value
- $924M
- Status
- Closed Jul 10, 2023
Deal protections
- Break fee (target pays)
- $23.7M · 2.4%
- Reverse fee (buyer pays)
- $59.2M · 5.9%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Citigroup, JPMorgan, RBC Capital Markets, Wells Fargo
- To the target
- Centerview, BofA Securities
- Centerview fee
- $26.0M
Sector context · Healthcare
- Comparable deals
- 80 in the prior 24 months
- Premium
- 43.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- 2.4% vs. 3.5% sector median
Timeline
- AnnouncedMay 22, 2023
- Tender offerMay 31, 2023
- ClosedJul 10, 2023
Valuation · fairness opinions
Discounted cash flow$12.55$15.00
Analyst price targets$18.00$30.00
Premiums paid$19.05$22.60
Premiums paid$16.20$18.65
Offer $17.00
Implied value per VectivBio Holding AG share by analysis, from Centerview · DCF discount rate 12%–14%.