M&A · Healthcare · Pharmaceutical Preparations
Servier S.A.S. to acquire Day One Biopharmaceuticals, Inc.
Announced Mar 6, 2026 · Closed Apr 23, 2026
Deal value$2.50BEV $2.30B
Premium68.0%To unaffected price
EV / Adj. EBITDA—14.6x EV / Revenue
ConsiderationAll cash$21.50 per share
Transaction
- Acquirer
- Servier S.A.S.
- Target
- Day One Biopharmaceuticals, Inc. (DAWN)
- Buyer type
- Strategic
- Offer price per share
- $21.50
- Enterprise value
- $2.30B
- Status
- Closed Apr 23, 2026
Deal protections
- Break fee (target pays)
- $87.7M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Centerview
- Centerview fee
- $60.0M
Sector context · Healthcare
- Comparable deals
- 95 in the prior 24 months
- Premium
- 68.0% vs. 53.0% sector median
- EV / Adj. EBITDA
- Sector median 13.4x
- Break fee
- 3.5% vs. 3.3% sector median
Timeline
- AnnouncedMar 6, 2026
- Tender offerMar 26, 2026
- ClosedApr 23, 2026
Valuation · fairness opinions
Trading comparables$11.80$20.00
Precedent transactions$17.25$25.40
Discounted cash flow$14.70$17.35
Analyst price targets$17.00$30.00
Discounted cash flow$16.55$20.55
Offer $21.50
Implied value per Day One Biopharmaceuticals, Inc. share by analysis, from Centerview · DCF discount rate 12.5%–15.5%.