M&A · Healthcare · Pharmaceutical Preparations
Cycle Group Holdings Limited to acquire Applied Therapeutics, Inc.
Announced Dec 11, 2025 · Closed Feb 3, 2026
Deal value$13MEV $1M
Premium—To unaffected price
EV / Adj. EBITDA—0.8x EV / Revenue
ConsiderationAll cash$0.09 per share
Transaction
- Acquirer
- Cycle Group Holdings Limited
- Target
- Applied Therapeutics, Inc. (APLT)
- Buyer type
- Strategic
- Offer price per share
- $0.09
- Enterprise value
- $1M
- Status
- Closed Feb 3, 2026
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Aquilo Partners
Sector context · Healthcare
- Comparable deals
- 97 in the prior 24 months
- Premium
- Sector median 60.0%
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- Sector median 3.3%
Timeline
- AnnouncedDec 11, 2025
- Tender offerDec 29, 2025
- ClosedFeb 3, 2026