Filing Flows › Regeneron Pharmaceuticals (REGN) › Takeover & LBO
Is Regeneron Pharmaceuticals (REGN) a takeover target?
A leveraged buyout at today's price plus 30% ($1,173.77 a share) would return about 2% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. At $116.6B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect. Historically 3.0% of companies with its figures were bought within a year (0.6× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $1,173.77 | today's $902.90 plus 30% |
| × shares | 105.6 million | |
| = Equity value | $124.0B | |
| + Debt refinanced | $2.0B | |
| − Cash | $9.3B | |
| = Enterprise value | $116.6B | 21.7× EBITDA of $5.4B |
| Fees | $2.3B | 2% of the price |
| New debt | $29.6B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $89.4B | 75% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $18.2B | $5.8B | $2.3B | $1.9B | $27.7B |
| Year 2 | $19.5B | $6.2B | $2.1B | $2.2B | $25.5B |
| Year 3 | $20.6B | $6.5B | $1.9B | $2.6B | $22.8B |
| Year 4 | $21.4B | $6.8B | $1.7B | $3.0B | $19.8B |
| Year 5 | $22.1B | $7.0B | $1.5B | $3.4B | $16.5B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 16.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $115.0B | |
| − Debt left | $16.5B | |
| = Buyer's equity | $98.5B | |
| Money multiple | 1.10× | on $89.4B put in |
| Buyer's yearly return (IRR) | 2.0% |
Price against return
What the buyer makes at other premiums over today's $902.90.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $993.19 | 7.1% |
| 20% | $1,083.48 | 4.3% |
| 30% | $1,173.77 | 2.0% |
| 40% | $1,264.06 | −0.1% |
| 50% | $1,354.35 | −2.0% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $16.9B | |
| EBITDA, last 12 months | $5.4B | 31.8% of revenue |
| Depreciation and amortization | $513M | |
| Capital spending | $1.0B | |
| Debt | $2.0B | |
| Cash | $9.3B | |
| Share price | $902.90 | on Nov 6, 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 15% 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, Regeneron Pharmaceuticals would cost about $1,218.91 a share, $128.7B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $1,101.54 | $116.3B |
| Median | 35% | $1,218.91 | $128.7B |
| High end (a quarter paid more) | 45% | $1,309.20 | $138.3B |
The odds, from history
Historically 3.0% of companies with its figures were bought within a year (0.6× 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.
Regeneron Pharmaceuticals' latest quarter
Regeneron Pharmaceuticals, Q3 2026: revenue $5.1B (+36% year over year), operating margin 40.0%, net earnings $1.9B, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
Questions
Is Regeneron Pharmaceuticals being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Regeneron Pharmaceuticals?
A leveraged buyout at today's price plus 30% ($1,173.77 a share) would return about 2% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. At $116.6B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect.
What would a takeover of Regeneron 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, Regeneron Pharmaceuticals would cost about $1,218.91 a share, $128.7B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.