Amneal Pharmaceuticals Inc "AMRX/Kashiv deal Proxy: Key highlights from the..."

Research evidence excerpt

Amneal Pharmaceuticals Inc "AMRX/Kashiv deal Proxy: Key highlights from the..."

Global Research

30 June 2026ab

Amneal Pharmaceuticals Inc Equities

United StatesAMRX/Kashiv deal Proxy: Key highlights from the

document Pharmaceuticals

12-month rating Buy *

12m price target US$19.00Biosimilar vertical integration a smart strategy

We view the recently announced AMRX/Kashiv deal as a step in the right direction to

bulk up presence in biosimilars (see our prior note). Here, we highlight key takeaways Price (29 Jun 2026) US$17.29

from the Proxy statement (link) that became available yesterday. RIC: AMRX.O BBG: AMRX US

Bilateral process with multiple rounds of price negotiation Trading data and key metrics

52-wk range US$17.32-7.82

The process appears to have been a bilateral negotiation rather than a competitive

auction, with no indication of additional bidders involved. Kashiv had indicated it would Market cap. US$5.42b

explore strategic alternatives, including a potential sale process, but there was no Shares o/s 313m (COM)

indication that a broader auction or outreach to other buyers took place. The Free float 50%

negotiation included multiple rounds of price discussions, with Kashiv initially proposing Avg. daily volume ('000) 1,823

$900m upfront, which Amneal’s Independent Committee (IC) viewed as high, given Avg. daily value (m) US$25.5

differences in forecasts and development timelines. The IC pushed for lower upfront Common s/h equity (12/26E) US$0.08b

consideration and a greater mix of milestone and royalty payments. Kashiv ultimately P/BV (12/26E) 74.2x

reduced its ask to $750m and held this level as “best and final,” with the final structure Net debt to EBITDA (12/26E) 2.8x

reflecting a trade-off between upfront price and contingent payments.