M&A · Healthcare · Laboratory Apparatus & Furniture
Bioventus Inc. to acquire Misonix Inc
Announced Jul 29, 2021 · Closed Oct 29, 2021
Deal value$518MEV $500M
Premium—To unaffected price
EV / Adj. EBITDA—7.3x EV / Revenue
ConsiderationCash and stock$28.00 per share
Transaction
- Acquirer
- Bioventus Inc. (BVS)
- Target
- Misonix Inc (MSON)
- Buyer type
- Strategic
- Offer price per share
- $28.00
- Enterprise value
- $500M
- Status
- Closed Oct 29, 2021
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Wells Fargo
Advisors
- To the acquirer
- Perella Weinberg, Morgan Stanley
- To the target
- JPMorgan
- Perella Weinberg fee
- $3.5M
- JPMorgan fee
- $8.0M
Sector context · Healthcare
- Comparable deals
- 21 in the prior 24 months
- Premium
- Sector median 45.0%
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- Sector median 3.3%
Timeline
- AnnouncedJul 29, 2021
- Proxy filedSep 24, 2021
- Definitive proxySep 24, 2021
- Shareholder voteOct 26, 2021
- ClosedOct 29, 2021
Valuation · fairness opinions
Trading comparablesPerella Weinberg$24.36$42.03
Trading comparablesPerella Weinberg$23.61$41.12
Trading comparablesPerella Weinberg$29.83$38.62
Trading comparablesPerella Weinberg$30.66$37.48
Trading comparablesPerella Weinberg$36.14$54.74
Precedent transactionsJPMorgan$16.10$31.80
Discounted cash flowJPMorgan$18.50$28.60
Discounted cash flowJPMorgan$23.50$33.60
Discounted cash flowJPMorgan$17.10$25.70
Offer $28.00
Implied value per Misonix Inc share by analysis, from Perella Weinberg and JPMorgan · DCF discount rate 7.75%–8.75%.