M&A · Financials · Miscellaneous Business Credit Institution
Runway Growth Finance Corp. to acquire SWK Holdings Corp
Announced Oct 9, 2025 · Closed Apr 6, 2026
Deal value$220M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock
Transaction
- Acquirer
- Runway Growth Finance Corp. (RWAY)
- Target
- SWK Holdings Corp (SWKH)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Apr 6, 2026
Deal protections
- Break fee (target pays)
- $8.2M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Stifel
- Stifel fee
- $2.4M
Sector context · Financials
- Comparable deals
- 56 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 12.5x
- Break fee
- 3.7% vs. 3.7% sector median
Timeline
- AnnouncedOct 9, 2025
- Proxy filedMar 3, 2026
- Definitive proxyMar 3, 2026
- Shareholder voteMar 31, 2026
- ClosedApr 6, 2026
Valuation · fairness opinions
Discounted cash flow$10.44$12.95
Discounted cash flow$9.18$10.40
Implied value per SWK Holdings Corp share by analysis, from Stifel · DCF discount rate 11%–15%.