Takeout multiples in the pharmaceutical industry-one of the very few sectors that remains heated by M&A-have risen dramatically in the last two years. And sources anticipated the takeout valuations in the sector, at least on the branded side, would stay at their loftier levels. Last October, Barr Laboratories Inc. closed on its $638 million, or 6.3-times-sales, stock acquisition of Duramed Pharmaceuticals Inc., a manufacturer of generic drugs. As one equity analyst pointed out, the takeout multiple for Duramed reflected the company’s status as a generic-drug maker, therefore it was lower than that of other U.S. pharmaceutical deals.
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