M&A · Healthcare · Pharmaceutical Preparations
Revolution Medicines, Inc. to acquire EQRx, Inc.
Announced Aug 1, 2023 · Closed Nov 9, 2023
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Revolution Medicines, Inc. (RVMD)
- Target
- EQRx, Inc. (EQRX)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Nov 9, 2023
Deal protections
- Break fee (target pays)
- $65.0M
- Reverse fee (buyer pays)
- $65.0M
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Guggenheim
- To the target
- Goldman Sachs, MTS Health Partners
- MTS Health Partners fee
- $2.5M
Sector context · Healthcare
- Comparable deals
- 88 in the prior 24 months
- Premium
- Sector median 50.0%
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- Sector median 3.5%
Timeline
- AnnouncedAug 1, 2023
- Proxy filedSep 29, 2023
- Definitive proxySep 29, 2023
- Shareholder voteNov 8, 2023
- ClosedNov 9, 2023
Valuation · fairness opinions
Trading comparables$14.75$30.00
Trading comparables$49.25$64.25
Discounted cash flow$5,840.00$7,620.00
Discounted cash flow$49.25$64.25
Implied value per EQRx, Inc. share by analysis, from MTS Health Partners.