M&A · Healthcare · Pharmaceutical Preparations
AbbVie Inc. to acquire ImmunoGen, Inc.
Announced Nov 30, 2023 · Closed Feb 12, 2024
Deal value$10.10BEV $9.49B
Premium94.6%To unaffected price
EV / Adj. EBITDA—33.0x EV / Revenue
ConsiderationAll cash$31.26 per share
Transaction
- Acquirer
- AbbVie Inc. (ABBV)
- Target
- ImmunoGen, Inc.
- Buyer type
- Strategic
- Offer price per share
- $31.26
- Enterprise value
- $9.49B
- Status
- Closed Feb 12, 2024
Deal protections
- Break fee (target pays)
- $354M · 3.5%
- Reverse fee (buyer pays)
- $657M · 6.5%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Goldman Sachs, Lazard
Sector context · Healthcare
- Comparable deals
- 96 in the prior 24 months
- Premium
- 94.6% vs. 52.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 3.5% vs. 3.5% sector median
Timeline
- AnnouncedNov 30, 2023
- Proxy filedDec 21, 2023
- Definitive proxyJan 2, 2024
- Shareholder voteJan 31, 2024
- ClosedFeb 12, 2024
Valuation · fairness opinions
Other analysisGoldman Sachs$16.25$20.40
Premiums paidGoldman Sachs$18.80$25.05
Discounted cash flowLazard$16.25$20.40
Trading comparablesLazard$5.60$10.45
Precedent transactionsLazard$14.10$20.45
Premiums paidLazard$19.80$26.85
Offer $31.26
Implied value per ImmunoGen, Inc. share by analysis, from Goldman Sachs and Lazard · DCF discount rate 11%–13%.