Filing Flows › Repligen (RGEN) › Takeover & LBO
Is Repligen (RGEN) a takeover target?
A leveraged buyout at today's price plus 30% ($228.05 a share) would return a loss of about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $228.05 | today's $175.42 plus 30% |
| × shares | 56.6 million | |
| = Equity value | $12.9B | |
| + Debt refinanced | $551M | |
| − Cash | $810M | |
| = Enterprise value | $12.6B | 130.3× EBITDA of $97.0M |
| Fees | $253M | 2% of the price |
| New debt | $534M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $12.4B | 96% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $870M | $105M | $40.8M | $32.8M | $501M |
| Year 2 | $929M | $112M | $38.3M | $41.3M | $460M |
| Year 3 | $980M | $118M | $35.2M | $49.9M | $410M |
| Year 4 | $1.0B | $123M | $31.3M | $58.5M | $351M |
| Year 5 | $1.1B | $127M | $26.9M | $66.9M | $284M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 99.6× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $12.6B | |
| − Debt left | $284M | |
| = Buyer's equity | $12.3B | |
| Money multiple | 1.00× | on $12.4B put in |
| Buyer's yearly return (IRR) | 0.0% |
Price against return
What the buyer makes at other premiums over today's $175.42.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $192.96 | 3.6% |
| 20% | $210.50 | 1.7% |
| 30% | $228.05 | 0.0% |
| 40% | $245.59 | −1.6% |
| 50% | $263.13 | −3.0% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $806M | |
| EBITDA, last 12 months | $97.0M | 12.0% of revenue |
| Depreciation and amortization | $78.8M | |
| Capital spending | $22.9M | |
| Debt | $551M | |
| Cash | $810M | |
| Share price | $175.42 | on Oct 16, 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 26% 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, Repligen would cost about $236.82 a share, $13.4B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $214.01 | $12.1B |
| Median | 35% | $236.82 | $13.4B |
| High end (a quarter paid more) | 45% | $254.36 | $14.4B |
Repligen's latest quarter
Repligen, Q3 2026: revenue $209M (+11% year over year), operating margin -14.1%, net loss $38.4M, operating cash flow $43.1M. The chart follows the revenue to costs, profit and cash.
Questions
Is Repligen being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Repligen?
A leveraged buyout at today's price plus 30% ($228.05 a share) would return a loss of about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Repligen 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, Repligen would cost about $236.82 a share, $13.4B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.