Mar. 6 at 2:24 PM
$DAWN announced it was being acquired by Servier this morning for a market cap of
$2.5B. The attachment compares DAWN's M&A exit enterprise valuation & analyst consensus revenue estimates to 8 commercial-stage peers that exited at roughly the same valuation.
Our estimated enterprise value takes DAWN's
$441MM 12/31/25 net cash & assumes a net
$100MM outflow for Mersana (net of Mersana cash acquired).
We will update the attachment with DAWN mgmt/BOD forecast when available (when they file their 14A or 14D9 with the SEC in roughly 1 month).
FWIW DAWN's M&A multiples appear, more or less, consistent with all peers at 4.1X Year 4 & 0.35X cumulative 10-year revenues.
This is not investment advice. However, the DAWN exit may shine a spotlight on other oncology focused M&A candidates including
$SNDX $IOVA $URGN
$XBI
