M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Johnson & Johnson to acquire Abiomed Inc
Announced Nov 1, 2022 · Closed Dec 22, 2022
Deal value$16.60BEV $16.60B
Premium47.0%To unaffected price
EV / Adj. EBITDA49.2x15.7x EV / Revenue
ConsiderationAll cash$380.00 per share
Transaction
- Acquirer
- Johnson & Johnson (JNJ)
- Target
- Abiomed Inc
- Buyer type
- Strategic
- Offer price per share
- $380.00
- Enterprise value
- $16.60B
- Status
- Closed Dec 22, 2022
Deal protections
- Break fee (target pays)
- $550M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- JPMorgan
- To the target
- Goldman Sachs
Sector context · Healthcare
- Comparable deals
- 69 in the prior 24 months
- Premium
- 47.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- 49.2x vs. 17.4x sector median
- Break fee
- 3.3% vs. 3.4% sector median
Timeline
- AnnouncedNov 1, 2022
- Tender offerNov 15, 2022
- ClosedDec 22, 2022
Valuation · fairness opinions
Discounted cash flow$334.00$441.00
Future share price$259.00$498.00
Premiums paid$299.00$446.00
Precedent transactions$189.00$285.00
Offer $380.00
Implied value per Abiomed Inc share by analysis, from Goldman Sachs · DCF discount rate 11.5%–13%.