Filing Flows › PTC Therapeutics (PTCT) › Takeover & LBO
Is PTC Therapeutics (PTCT) a takeover target?
A leveraged buyout at today's price plus 30% ($77.96 a share) would return a loss of about 6% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 3.9% of companies with its figures were bought within a year (0.78× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $77.96 | today's $59.97 plus 30% |
| × shares | 83.5 million | |
| = Equity value | $6.5B | |
| + Debt refinanced | $592M | |
| − Cash | $2.1B | |
| = Enterprise value | $5.0B | 23.8× EBITDA of $209M |
| Fees | $99.4M | 2% of the price |
| New debt | $1.1B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $3.9B | 77% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.1B | $202M | $87.8M | $94.8M | $1.1B |
| Year 2 | $1.1B | $199M | $80.6M | $98.1M | $955M |
| Year 3 | $1.1B | $199M | $73.1M | $104M | $851M |
| Year 4 | $1.1B | $202M | $65.1M | $111M | $740M |
| Year 5 | $1.2B | $208M | $56.6M | $121M | $619M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 16.6× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $3.5B | |
| − Debt left | $619M | |
| = Buyer's equity | $2.8B | |
| Money multiple | 0.73× | on $3.9B put in |
| Buyer's yearly return (IRR) | −6.2% |
Price against return
What the buyer makes at other premiums over today's $59.97.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $65.97 | −0.4% |
| 20% | $71.96 | −3.6% |
| 30% | $77.96 | −6.2% |
| 40% | $83.96 | −8.5% |
| 50% | $89.95 | −10.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.2B | |
| EBITDA, last 12 months | $209M | 18.1% of revenue |
| Depreciation and amortization | $61.0M | |
| Capital spending | $8.4M | |
| Debt | $592M | |
| Cash | $2.1B | |
| Share price | $59.97 | 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 -3.0% 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 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, PTC Therapeutics would cost about $80.96 a share, $6.8B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $73.16 | $6.1B |
| Median | 35% | $80.96 | $6.8B |
| High end (a quarter paid more) | 45% | $86.96 | $7.3B |
The odds, from history
Historically 3.9% of companies with its figures were bought within a year (0.78× 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.
PTC Therapeutics' latest quarter
PTC Therapeutics, Q3 2026: revenue $358M (+70% year over year), operating margin 7.0%, net loss $51.7M, operating cash flow −$25.3M. The chart follows the revenue to costs, profit and cash.
Questions
Is PTC Therapeutics being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy PTC Therapeutics?
A leveraged buyout at today's price plus 30% ($77.96 a share) would return a loss of about 6% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of PTC 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, PTC Therapeutics would cost about $80.96 a share, $6.8B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.