The Life Sciences and M&A teams advised Centerview Partners as exclusive financial advisor to Morphic Holding (NASDAQ: MORF) in its definitive agreement to be acquired by Eli Lilly and Company (NYSE: LLY). Lilly will commence a tender offer to acquire all outstanding shares of Morphic for a purchase price of $57 per share in cash (an aggregate purchase price of approximately $3.2 billion) payable at closing.
The transaction is not subject to any financing condition and is expected to close in the third quarter of 2024, subject to customary closing conditions, including the tender of a majority of the outstanding shares of Morphic's common stock. Following the successful closing of the tender offer, Lilly will acquire any shares of Morphic that are not tendered in the tender offer through a second-step merger at the same consideration as paid in the tender offer. The purchase price payable at closing represents a premium of approximately 79.0% to the closing stock price on July 5, 2024, and 87.2% to the 30-day volume-weighted average trading price of Morphic's common stock ended on July 5, 2024, the last trading day before the announcement of the transaction.
Centerview Partners, based in New York and with offices in London, Paris, San Francisco and Menlo Park, operates an international investment banking advisory practice across all sectors, specializing in independent advice and other client services capitalizing on the experience of its principals. Since its founding in 2006, the firm has advised clients on nearly $4 trillion in transactions.
The Goodwin team was led by Stuart Cable, James Matarese and Blake Liggio.
For additional details on the acquisition, please read Morphic’s press release.