M&A · Healthcare · Pharmaceutical Preparations
Assertio Holdings, Inc. to acquire Spectrum Pharmaceuticals Inc
Announced Apr 25, 2023 · Closed Aug 1, 2023
Deal value$234MEV $222M
Premium65.0%To unaffected price
EV / Adj. EBITDA—22.0x EV / Revenue
ConsiderationAll stock$1.14 per share
Transaction
- Acquirer
- Assertio Holdings, Inc. (ASRT)
- Target
- Spectrum Pharmaceuticals Inc (SPPI)
- Buyer type
- Strategic
- Offer price per share
- $1.14
- Enterprise value
- $222M
- Status
- Closed Aug 1, 2023
Deal protections
- Break fee (target pays)
- $8.3M · 3.5%
- Reverse fee (buyer pays)
- $8.3M · 3.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Leerink Partners, H.C. Wainwright
- To the target
- Guggenheim
- Leerink Partners fee
- $4.3M
- Guggenheim fee
- $2.0M
Sector context · Healthcare
- Comparable deals
- 78 in the prior 24 months
- Premium
- 65.0% vs. 49.0% sector median
- EV / Adj. EBITDA
- Sector median 21.1x
- Break fee
- 3.5% vs. 3.5% sector median
Timeline
- AnnouncedApr 25, 2023
- Proxy filedJun 15, 2023
- Definitive proxyJun 15, 2023
- Shareholder voteJul 27, 2023
- ClosedAug 1, 2023
Valuation · fairness opinions
Trading comparablesLeerink Partners$4.55$7.25
Trading comparablesLeerink Partners$4.80$6.30
Trading comparablesLeerink Partners$1.40$2.50
Trading comparablesLeerink Partners$1.45$2.40
Discounted cash flowLeerink Partners$1.15$1.45
Discounted cash flowGuggenheim$0.88$0.97
Discounted cash flowGuggenheim$7.34$8.06
Offer $1.14
Implied value per Spectrum Pharmaceuticals Inc share by analysis, from Leerink Partners and Guggenheim · DCF discount rate 10%–13%.