Filing Flows › ANI Pharmaceuticals (ANIP) › Takeover & LBO
Is ANI Pharmaceuticals (ANIP) a takeover target?
A leveraged buyout at today's price plus 30% ($89.35 a share) would return about 17% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 3.2% of companies with its figures were bought within a year (0.64× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $89.35 | today's $68.73 plus 30% |
| × shares | 21.9 million | |
| = Equity value | $2.0B | |
| + Debt refinanced | $301M | |
| − Cash | $360M | |
| = Enterprise value | $1.9B | 8.0× EBITDA of $236M |
| Fees | $38.0M | 2% of the price |
| New debt | $1.2B | 5.2× EBITDA at 7.65% a year; the limit that binds: 65% of the price |
| Buyer's own money | $703M | 36% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.1B | $255M | $94.4M | $127M | $1.1B |
| Year 2 | $1.1B | $272M | $84.8M | $151M | $957M |
| Year 3 | $1.2B | $287M | $73.2M | $174M | $783M |
| Year 4 | $1.2B | $299M | $59.9M | $198M | $585M |
| Year 5 | $1.3B | $308M | $44.8M | $220M | $366M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 6.1× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $1.9B | |
| − Debt left | $366M | |
| = Buyer's equity | $1.5B | |
| Money multiple | 2.17× | on $703M put in |
| Buyer's yearly return (IRR) | 16.8% |
Price against return
What the buyer makes at other premiums over today's $68.73.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $75.60 | 24.9% |
| 20% | $82.48 | 20.7% |
| 30% | $89.35 | 16.8% |
| 40% | $96.22 | 12.6% |
| 50% | $103.09 | 8.7% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $978M | |
| EBITDA, last 12 months | $236M | 24.1% of revenue |
| Depreciation and amortization | $85.8M | |
| Capital spending | $16.5M | |
| Debt | $301M | |
| Cash | $360M | |
| Share price | $68.73 | on Nov 6, 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 8.0% 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 12% 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, ANI Pharmaceuticals would cost about $92.79 a share, $2.0B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $83.85 | $1.8B |
| Median | 35% | $92.79 | $2.0B |
| High end (a quarter paid more) | 45% | $99.66 | $2.2B |
The odds, from history
Historically 3.2% of companies with its figures were bought within a year (0.64× the average). Its figures put it in decile 3 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.
ANI Pharmaceuticals' latest quarter
ANI Pharmaceuticals, Q3 2026: revenue $291M (+28% year over year), operating margin 18.0%, net earnings $35.1M, operating cash flow $83.8M. The chart follows the revenue to costs, profit and cash.
Questions
Is ANI Pharmaceuticals being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy ANI Pharmaceuticals?
A leveraged buyout at today's price plus 30% ($89.35 a share) would return about 17% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of ANI 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, ANI Pharmaceuticals would cost about $92.79 a share, $2.0B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.