Filing Flows › Corcept Therapeutics (CORT) › Takeover & LBO
Is Corcept Therapeutics (CORT) a takeover target?
A leveraged buyout at today's price plus 30% ($105.46 a share) would return about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 2.5% of companies with its figures were bought within a year (0.51× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $105.46 | today's $81.12 plus 30% |
| × shares | 123.2 million | |
| = Equity value | $13.0B | |
| + Debt refinanced | $0 | |
| − Cash | $371M | |
| = Enterprise value | $12.6B | 111.6× EBITDA of $113M |
| Fees | $252M | 2% of the price |
| New debt | $622M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $12.3B | 95% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.0B | $122M | $47.6M | $54.4M | $568M |
| Year 2 | $1.1B | $130M | $43.4M | $65.8M | $502M |
| Year 3 | $1.2B | $138M | $38.4M | $77.3M | $425M |
| Year 4 | $1.2B | $143M | $32.5M | $88.6M | $336M |
| Year 5 | $1.3B | $148M | $25.7M | $99.5M | $237M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 85.1× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $12.6B | |
| − Debt left | $237M | |
| = Buyer's equity | $12.3B | |
| Money multiple | 1.01× | on $12.3B put in |
| Buyer's yearly return (IRR) | 0.1% |
Price against return
What the buyer makes at other premiums over today's $81.12.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $89.23 | 3.8% |
| 20% | $97.34 | 1.9% |
| 30% | $105.46 | 0.1% |
| 40% | $113.57 | −1.5% |
| 50% | $121.68 | −2.9% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $964M | |
| EBITDA, last 12 months | $113M | 11.7% of revenue |
| Depreciation and amortization | $2.2M | |
| Capital spending | $3.5M | |
| Debt | $0 | |
| Cash | $371M | |
| Share price | $81.12 | on Oct 30, 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, Corcept Therapeutics would cost about $109.51 a share, $13.5B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $98.97 | $12.2B |
| Median | 35% | $109.51 | $13.5B |
| High end (a quarter paid more) | 45% | $117.62 | $14.5B |
The odds, from history
Historically 2.5% of companies with its figures were bought within a year (0.51× the average). Its figures put it in decile 2 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.
Corcept Therapeutics' latest quarter
Corcept Therapeutics, Q3 2026: revenue $340M (+64% year over year), operating margin 33.7%, net earnings $127M, operating cash flow $143M. The chart follows the revenue to costs, profit and cash.
Questions
Is Corcept Therapeutics being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Corcept Therapeutics?
A leveraged buyout at today's price plus 30% ($105.46 a share) would return about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Corcept Therapeutics 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, Corcept Therapeutics would cost about $109.51 a share, $13.5B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.