AMRX · Amneal Pharmaceuticals, Inc.

Amneal Pharmaceuticals announced a transformative acquisition of Kashiv BioSciences, a vertically integrated biosimilars company, positioning Amneal as a global biosimilar leader ahead of a projected $300 billion biologics loss-of-exclusivity wave. The transaction structure includes $375 million in cash and $375 million in equity (28.9 million shares) at closing, plus up to $350 million in regulatory milestones and long-term royalties. This balanced consideration structure, combined with expected financial synergies of $400–$500 million, is designed to maintain leverage discipline with a path to deleveraging below 3x net leverage by 2028. The acquisition is highly strategic, combining Kashiv's R&D and manufacturing capabilities with Amneal's commercial scale to enable multiple biosimilar launches annually. Concurrently, Amneal reported strong preliminary Q1 2026 results, with revenue growing 4% to $723 million and Adjusted EBITDA increasing 19% to $202 million, driven by strength in the Specialty segment (up 23%) and improved gross margins. Management raised full-year 2026 guidance for Adjusted EBITDA to $740–$770 million and Adjusted diluted EPS to $0.95–$1.05, reflecting confidence in the standalone business momentum. The transaction requires stockholder approval due to the equity issuance and is expected to close in the second half of 2026.