M&A · Healthcare · Pharmaceutical Preparations
AstraZeneca PLC to acquire Alexion Pharmaceuticals, Inc.
Announced Dec 12, 2020 · Closed Jul 21, 2021
Deal value$39.00BEV $38.62B
Premium45.0%To unaffected price
EV / Adj. EBITDA11.5x6.6x EV / Revenue
ConsiderationCash and stock$175.00 per share
Transaction
- Acquirer
- AstraZeneca PLC (AZN)
- Target
- Alexion Pharmaceuticals, Inc.
- Buyer type
- Strategic
- Offer price per share
- $175.00
- Enterprise value
- $38.62B
- Status
- Closed Jul 21, 2021
Deal protections
- Break fee (target pays)
- $1.18B · 3.0%
- Reverse fee (buyer pays)
- $1.42B · 3.6%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley, JPMorgan, Goldman Sachs
Advisors
- To the acquirer
- JPMorgan
- To the target
- BofA Securities
Sector context · Healthcare
- Comparable deals
- 3 in the prior 24 months
- Premium
- 45.0% vs. 114.0% sector median
- EV / Adj. EBITDA
- —
- Break fee
- 3.0% vs. 2.0% sector median
Timeline
- AnnouncedDec 12, 2020
- Proxy filedApr 13, 2021
- Definitive proxyApr 13, 2021
- Shareholder voteMay 11, 2021
- ClosedJul 21, 2021
Valuation · fairness opinions
Trading comparables$114.00$173.00
Trading comparables$141.00$204.00
Precedent transactions$144.00$221.00
Discounted cash flow$164.00$199.00
Discounted cash flow$162.00$197.00
Offer $175.00
Implied value per Alexion Pharmaceuticals, Inc. share by analysis, from BofA Securities · DCF discount rate 6%–7.5%.