Filing Flows › Lantheus Holdings (LNTH) › Takeover & LBO
Is Lantheus Holdings (LNTH) a takeover target?
A leveraged buyout at today's price plus 30% ($130.60 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $70.48 a share (−30% against today's $100.46). Historically 4.2% of companies with its figures were bought within a year (0.83× the average). Latest signal (2026-09-08): Merger proxy (DEFM14A).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $130.60 | today's $100.46 plus 30% |
| × shares | 68.4 million | |
| = Equity value | $8.9B | |
| + Debt refinanced | $572M | |
| − Cash | $684M | |
| = Enterprise value | $8.8B | 23.1× EBITDA of $382M |
| Fees | $176M | 2% of the price |
| New debt | $2.1B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $6.9B | 77% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.6B | $391M | $161M | $181M | $1.9B |
| Year 2 | $1.6B | $401M | $147M | $199M | $1.7B |
| Year 3 | $1.7B | $412M | $132M | $219M | $1.5B |
| Year 4 | $1.7B | $423M | $115M | $242M | $1.3B |
| Year 5 | $1.8B | $436M | $96.4M | $266M | $994M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 17.7× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $7.7B | |
| − Debt left | $994M | |
| = Buyer's equity | $6.7B | |
| Money multiple | 0.98× | on $6.9B put in |
| Buyer's yearly return (IRR) | −0.5% |
Price against return
What the buyer makes at other premiums over today's $100.46; the IRR reaches 20% at $70.48 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $110.51 | 4.1% |
| 20% | $120.55 | 1.7% |
| 30% | $130.60 | −0.5% |
| 40% | $140.64 | −2.4% |
| 50% | $150.69 | −4.1% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.6B | |
| EBITDA, last 12 months | $382M | 24.4% of revenue |
| Depreciation and amortization | $91.0M | |
| Capital spending | $16.4M | |
| Debt | $572M | |
| Cash | $684M | |
| Share price | $100.46 | 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 2.4% 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 21% 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, Lantheus Holdings would cost about $135.62 a share, $9.3B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $122.56 | $8.4B |
| Median | 35% | $135.62 | $9.3B |
| High end (a quarter paid more) | 45% | $145.67 | $10.0B |
The odds, from history
Historically 4.2% of companies with its figures were bought within a year (0.83× the average). Its figures put it in decile 4 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.
Rumors and deal signals
- 2026-09-08 · DEFM14A · Merger proxy (DEFM14A)
- 2026-08-26 · deal · Agreed sale to Curium US Holdings LLC at $102.5 cash a share · pending
Lantheus Holdings' latest quarter
Lantheus Holdings, Q3 2026: revenue $390M (+2% year over year), operating margin 8.3%, net earnings $22.4M, operating cash flow $102M. The chart follows the revenue to costs, profit and cash.
Questions
Is Lantheus Holdings being acquired?
The latest signal on file is from 2026-09-08: Merger proxy (DEFM14A). A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy Lantheus Holdings?
A leveraged buyout at today's price plus 30% ($130.60 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $70.48 a share (−30% against today's $100.46).
What would a takeover of Lantheus Holdings 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, Lantheus Holdings would cost about $135.62 a share, $9.3B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.