Filing Flows › Indivior Pharmaceuticals (INDV) › Takeover & LBO
Is Indivior Pharmaceuticals (INDV) a takeover target?
A leveraged buyout at today's price plus 30% ($45.98 a share) would return about 9% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $37.54 a share (6% against today's $35.37). Historically 3.3% of companies with its figures were bought within a year (0.65× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $45.98 | today's $35.37 plus 30% |
| × shares | 122.0 million | |
| = Equity value | $5.6B | |
| + Debt refinanced | $488M | |
| − Cash | $305M | |
| = Enterprise value | $5.8B | 10.3× EBITDA of $565M |
| Fees | $116M | 2% of the price |
| New debt | $3.1B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $2.8B | 47% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.5B | $610M | $238M | $232M | $2.9B |
| Year 2 | $1.6B | $651M | $220M | $277M | $2.6B |
| Year 3 | $1.7B | $687M | $199M | $322M | $2.3B |
| Year 4 | $1.7B | $716M | $174M | $365M | $1.9B |
| Year 5 | $1.8B | $738M | $146M | $406M | $1.5B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 8.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $5.9B | |
| − Debt left | $1.5B | |
| = Buyer's equity | $4.4B | |
| Money multiple | 1.56× | on $2.8B put in |
| Buyer's yearly return (IRR) | 9.3% |
Price against return
What the buyer makes at other premiums over today's $35.37; the IRR reaches 20% at $37.54 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $38.91 | 17.9% |
| 20% | $42.44 | 13.1% |
| 30% | $45.98 | 9.3% |
| 40% | $49.52 | 6.2% |
| 50% | $53.05 | 3.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.4B | |
| EBITDA, last 12 months | $565M | 41.1% of revenue |
| Depreciation and amortization | $7.0M | |
| Capital spending | $65.0M | |
| Debt | $488M | |
| Cash | $305M | |
| Share price | $35.37 | 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 16% 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, Indivior Pharmaceuticals would cost about $47.75 a share, $5.8B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $43.15 | $5.3B |
| Median | 35% | $47.75 | $5.8B |
| High end (a quarter paid more) | 45% | $51.29 | $6.3B |
The odds, from history
Historically 3.3% of companies with its figures were bought within a year (0.65× 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.
Indivior Pharmaceuticals' latest quarter
Indivior Pharmaceuticals, Q3 2026: revenue $356M (+13% year over year), operating margin 50.6%, net earnings $137M, operating cash flow $97.0M. The chart follows the revenue to costs, profit and cash.
Questions
Is Indivior Pharmaceuticals being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Indivior Pharmaceuticals?
A leveraged buyout at today's price plus 30% ($45.98 a share) would return about 9% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $37.54 a share (6% against today's $35.37).
What would a takeover of Indivior 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, Indivior Pharmaceuticals would cost about $47.75 a share, $5.8B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.