Novartis Acquisition: Building the Value Case for a 48% Premium Deal
Built live deal materials framing strategic rationale and shareholder value for a major pharma acquisition
Sarthi Goyal
Senior Associate at WNS
From their time as
Senior Associate
WNS • 2024 - 2026
Overview
When Novartis announced its acquisition of a spun-off entity from Everdity Biosciences, Sarthi was assigned to build the live deal materials that would accompany the mandate. The deal involved a corporate spin-off followed by a targeted acquisition, and Novartis paid a 48% premium on the transaction.
The Story
When Novartis announced its acquisition of a spun-off entity from Everdity Biosciences, Sarthi was assigned to build the live deal materials that would accompany the mandate. The deal involved a corporate spin-off followed by a targeted acquisition, and Novartis paid a 48% premium on the transaction.
His task was to build the case for why that premium made sense. He structured the output as a presentation with two main sections. On one side, he mapped the deal structure visually, showing how the spin-off worked and how the acquisition sat within it, alongside real-time share price data and his own premium calculations. On the other side, he built the strategic rationale: how the acquisition would strengthen Novartis's European operations, how it opened a new neurology segment, and what the revenue trajectory would look like as products moved through development.
He closed the piece with a structured pros-and-cons assessment of whether the deal made sense at that valuation. The final output went directly into the live mandate and was used by the deal team in client-facing settings.