Filing Flows › TG Therapeutics (TGTX) › Takeover & LBO
Is TG Therapeutics (TGTX) a takeover target?
A leveraged buyout at today's price plus 30% ($71.98 a share) would return about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $31.95 a share (−42% against today's $55.37). Historically 2.2% of companies with its figures were bought within a year (0.43× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $71.98 | today's $55.37 plus 30% |
| × shares | 157.3 million | |
| = Equity value | $11.3B | |
| + Debt refinanced | $745M | |
| − Cash | $552M | |
| = Enterprise value | $11.5B | 84.4× EBITDA of $136M |
| Fees | $230M | 2% of the price |
| New debt | $750M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $11.0B | 94% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $863M | $147M | $57.4M | $72.3M | $678M |
| Year 2 | $922M | $157M | $51.9M | $86.4M | $592M |
| Year 3 | $972M | $166M | $45.3M | $101M | $491M |
| Year 4 | $1.0B | $173M | $37.6M | $114M | $377M |
| Year 5 | $1.0B | $178M | $28.8M | $128M | $249M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 65.2× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $11.6B | |
| − Debt left | $249M | |
| = Buyer's equity | $11.4B | |
| Money multiple | 1.03× | on $11.0B put in |
| Buyer's yearly return (IRR) | 0.7% |
Price against return
What the buyer makes at other premiums over today's $55.37; the IRR reaches 20% at $31.95 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $60.91 | 4.3% |
| 20% | $66.44 | 2.4% |
| 30% | $71.98 | 0.7% |
| 40% | $77.52 | −0.9% |
| 50% | $83.05 | −2.3% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $800M | |
| EBITDA, last 12 months | $136M | 17.1% of revenue |
| Depreciation and amortization | $123K | |
| Capital spending | $491K | |
| Debt | $745M | |
| Cash | $552M | |
| Share price | $55.37 | on Oct 9, 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 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, TG Therapeutics would cost about $74.75 a share, $11.8B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $67.55 | $10.6B |
| Median | 35% | $74.75 | $11.8B |
| High end (a quarter paid more) | 45% | $80.29 | $12.6B |
The odds, from history
Historically 2.2% of companies with its figures were bought within a year (0.43× the average). Its figures put it in decile 1 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.
TG Therapeutics' latest quarter
TG Therapeutics, Q2 2026: revenue $240M (+70% year over year), operating margin 9.0%, net earnings $7.8M, operating cash flow $39.3M. The chart follows the revenue to costs, profit and cash.
Questions
Is TG Therapeutics being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy TG Therapeutics?
A leveraged buyout at today's price plus 30% ($71.98 a share) would return about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $31.95 a share (−42% against today's $55.37).
What would a takeover of TG 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, TG Therapeutics would cost about $74.75 a share, $11.8B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.