Biotech M&A Model (Excel) — Merck/Pandion $1.85bn Deal Teardown | rNPV · Football Field · ASC 805

Description
Complete, deal-specific teardown of Merck's $1.85bn acquisition of Pandion Therapeutics (Feb 2021) - a real announced transaction reconstructed from public SEC filings, not a blank fill-in template.

A textbook single-asset, pre-revenue biotech takeout: no earnings, no EBITDA, no debt, no CVR - so value lives entirely in risk-adjusted pipeline NPV. That makes it the cleanest possible teaching and reference case for the biotech-IB toolkit.
What's inside - 17 integrated tabs, 751 live formulas, zero errors:

- Drivers - one control panel + 3-way scenario switch (Base / Upside / Downside)
- rNPV - PT101 (lead, full risk-adjusted DCF) + sum-of-parts pipeline (SLE, PT002, PT627, PT001, Astellas royalty)
- Valuation Summary + the acquirer-WACC bridge (why Merck pays $60)
- Trading comparables, precedent transactions, premium paid
- Football field - six methods vs the $60.00 offer
- Sources & Uses; ASC 805 PPA (business-combination / asset-acquisition toggle)
- Accretion / Dilution (GAAP & non-GAAP); Pro forma statements; Synergies
- Sensitivity grids (WACC x PoS x peak sales); Scenario summary
- Error Checks - 8 integrity checks; master flag reads ALL OK

Bundle: the Excel model + a 5-page Methodology & User Guide (rNPV theory, PoS benchmarks, the acquirer-WACC bridge, ASC 805) + a 6-slide editable Deal Book.
Who it's for: healthcare and biotech investment-banking, equity-research, private-equity and corporate-development analysts; MBA and interview-prep candidates; anyone who wants a worked rNPV plus full M&A-consequences case sourced to public filings.

Built while working in investment banking at JPMorgan, with an MBA - following the exact framework top-tier banks use on real healthcare M&A transactions. All inputs sourced from public SEC filings; educational reconstruction, not investment advice.

Questions, or want a custom deal teardown? Message me through my Eloquens channel - and if the model helps you, please leave a review.