Filing Flows › Nurix Therapeutics (NRIX) › Takeover & LBO
Is Nurix Therapeutics (NRIX) a takeover target?
A leveraged buyout at today's price plus 30% ($34.84 a share) would return about 7% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 4.2% of companies with its figures were bought within a year (0.83× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $34.84 | today's $26.80 plus 30% |
| × shares | 116.2 million | |
| = Equity value | $4.0B | |
| + Debt refinanced | $0 | |
| − Cash | $720M | |
| = Enterprise value | $3.3B | 11.1× EBITDA of $298M |
| Fees | $66.5M | 2% of the price |
| New debt | $1.6B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $1.8B | 52% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $754M | $320M | $126M | $157M | $1.5B |
| Year 2 | $801M | $341M | $114M | $185M | $1.3B |
| Year 3 | $843M | $358M | $99.3M | $214M | $1.1B |
| Year 4 | $877M | $373M | $83.0M | $241M | $844M |
| Year 5 | $904M | $384M | $64.5M | $268M | $576M |
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 | $3.1B | |
| − Debt left | $576M | |
| = Buyer's equity | $2.5B | |
| Money multiple | 1.43× | on $1.8B put in |
| Buyer's yearly return (IRR) | 7.4% |
Price against return
What the buyer makes at other premiums over today's $26.80.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $29.48 | 17.5% |
| 20% | $32.16 | 11.8% |
| 30% | $34.84 | 7.4% |
| 40% | $37.52 | 3.9% |
| 50% | $40.20 | 1.0% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $702M | |
| EBITDA, last 12 months | $298M | 42.5% of revenue |
| Depreciation and amortization | $8.7M | |
| Capital spending | $9.5M | |
| Debt | $0 | |
| Cash | $720M | |
| Share price | $26.80 | 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 7.4% 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 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, Nurix Therapeutics would cost about $36.18 a share, $4.2B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $32.70 | $3.8B |
| Median | 35% | $36.18 | $4.2B |
| High end (a quarter paid more) | 45% | $38.86 | $4.5B |
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.
Nurix Therapeutics' latest quarter
Nurix Therapeutics, Q3 FY26: revenue $673M (85× year over year), operating margin 83.1%, net earnings $550M, operating cash flow $616M. The chart follows the revenue to costs, profit and cash.
Questions
Is Nurix Therapeutics being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Nurix Therapeutics?
A leveraged buyout at today's price plus 30% ($34.84 a share) would return about 7% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Nurix 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, Nurix Therapeutics would cost about $36.18 a share, $4.2B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.