Filing Flows › Amphastar Pharmaceuticals (AMPH) › Takeover & LBO
Is Amphastar Pharmaceuticals (AMPH) a takeover target?
A leveraged buyout at today's price plus 30% ($34.61 a share) would return about 0% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $20.08 a share (−25% against today's $26.62). Historically 6.3% of companies with its figures were bought within a year (1.26× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $34.61 | today's $26.62 plus 30% |
| × shares | 44.2 million | |
| = Equity value | $1.5B | |
| + Debt refinanced | $612M | |
| − Cash | $290M | |
| = Enterprise value | $1.9B | 12.7× EBITDA of $146M |
| Fees | $37.0M | 2% of the price |
| New debt | $805M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $1.1B | 57% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $737M | $148M | $61.6M | $40.0M | $765M |
| Year 2 | $749M | $150M | $58.5M | $43.2M | $722M |
| Year 3 | $764M | $153M | $55.2M | $47.1M | $675M |
| Year 4 | $783M | $157M | $51.6M | $51.6M | $623M |
| Year 5 | $806M | $162M | $47.7M | $56.9M | $566M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 10.2× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $1.7B | |
| − Debt left | $566M | |
| = Buyer's equity | $1.1B | |
| Money multiple | 1.00× | on $1.1B put in |
| Buyer's yearly return (IRR) | 0.1% |
Price against return
What the buyer makes at other premiums over today's $26.62; the IRR reaches 20% at $20.08 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $29.28 | 5.2% |
| 20% | $31.94 | 2.5% |
| 30% | $34.61 | 0.1% |
| 40% | $37.27 | −2.0% |
| 50% | $39.93 | −3.8% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $730M | |
| EBITDA, last 12 months | $146M | 20.0% of revenue |
| Depreciation and amortization | $32.1M | |
| Capital spending | $31.7M | |
| Debt | $612M | |
| Cash | $290M | |
| Share price | $26.62 | on Oct 9, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 1.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 25% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Amphastar Pharmaceuticals would cost about $35.94 a share, $1.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $32.48 | $1.4B |
| Median | 35% | $35.94 | $1.6B |
| High end (a quarter paid more) | 45% | $38.60 | $1.7B |
The odds, from history
Historically 6.3% of companies with its figures were bought within a year (1.26× the average). Its figures put it in decile 8 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Amphastar Pharmaceuticals' latest quarter
Amphastar Pharmaceuticals, Q3 2026: revenue $208M (+8% year over year), operating margin 24.5%, net earnings $37.8M, operating cash flow $43.3M. The chart follows the revenue to costs, profit and cash.
Questions
Is Amphastar Pharmaceuticals being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Amphastar Pharmaceuticals?
A leveraged buyout at today's price plus 30% ($34.61 a share) would return about 0% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $20.08 a share (−25% against today's $26.62).
What would a takeover of Amphastar Pharmaceuticals cost?
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Amphastar Pharmaceuticals would cost about $35.94 a share, $1.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.