The average takeover premium for an orphan drug company is 50% (as compared to 30% for normal takeovers).
Moloch
I’d be interested to see the source of your 50% statistic as I haven’t been able to find acquisition takeover premium information specifically for orphan drug companies. Is this figure based on more recent deals?
I did post on takeover premiums for biotechs in December 2021. At that time, Evaluate was reporting a 100% premium average for drug developer acquisitions, with this percentage calculated using the 30 day VWAP.
Using Biopharmadive’s M & A tracker, and confining the calculation to deals with disclosed details, I found an 89.1% premium average paid for drug developer acquisitions in 2022 and 2023. However, Biopharmadive’s premiums are calculated using the previous day closing price, which in my opinion tends to distort the picture as there is so frequently a rise in shareprice leading into acquisition deal announcements. Using previous day closing price inevitably reduces the premium percentage.
There have been two orphan disease company M & As so far this year. Ipsen was reported to have acquired Albirio, paying 104% premium to 30 day VWAP and Amryt was acquired by Chiesi @ 107% premium to the previous day closing price.
The average takeover premium for an orphan drug company is 50%...
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