Centerview Partners: healthcare fairness opinions
17 opinions in healthcare transactions, 2015-2026 — 13 to the target board, 3 to the acquirer, 1 to a special committee. Each links to the filing and the full summary of analyses.
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2026-02-17 | Masimo | Danaher | Diagnostics / Life Sciences | $9.9B | 21.2x | 6.50x | 10.8%–11.8% |
| 2025-11-19 | Exact Sciences | Abbott | Diagnostics / Life Sciences | $21B | 44.2x | 6.41x | 10.5%–12.5% |
| 2025-07-21 | ZimVie | ARCHIMED | Medical Devices and Supplies | $730M | 10.8x | 1.61x | 11.5%–13.5% |
| 2025-03-06 | Walgreens | Sycamore Partners | Pharmacy / Infusion | $24B | 52.4x | 0.16x | 9.3%–10.8% |
| 2024-02-26 | Agiliti | Thomas H. Lee Partners | Distribution and Equipment Services | $2.5B | 9.4x | 2.13x | 10.0%–11.5% |
| 2023-05-10 | Syneos Health | Elliott Investment Management / Patient Square Capital / Veritas Capital | Pharmaceutical Services | $7.1B | 9.7x | 1.38x | 12.0%–14.0% |
| 2023-02-08 | Oak Street Health | CVS Health | Physician Groups | $11B | — | 4.90x | 11.3%–13.5% |
| 2021-12-20 | Cerner | Oracle | Digital / HealthTech | $29B | 15.2x | 5.00x | 7.2%–8.5% |
| 2021-02-24 | PRA Health Sciences | ICON | Pharmaceutical Services | $12B | 19.2x | 3.12x | 7.5%–10.0% |
| 2021-01-12 | Cantel Medical | STERIS | Medical Devices and Supplies | $4.3B | 16.2x | 3.63x | 9.3%–10.0% |
| 2018-11-12 | Athenahealth | Veritas Capital / Evergreen Coast Capital | Digital / HealthTech | $5.7B | 15.5x | 4.24x | 10.5%–12.0% |
| 2018-03-08 | Express Scripts Holding | Cigna | Managed Care | $62B | 11.6x | 0.75x | 8.0%–9.5% |
| 2017-12-03 | Aetna | CVS Health | Managed Care | $71B | 12.1x | 1.18x | 7.0%–8.5% |
| 2017-12-03 | CVS Health | Aetna | Pharmacy / Infusion | $90B | 7.2x | 0.49x | 7.0%–8.5% |
| 2017-03-14 | Air Methods | American Securities | Medical Transportation | $2.5B | 7.6x | 1.96x | 9.5%–10.5% |
| 2015-07-22 | Thoratec | St. Jude Medical | Medical Devices and Supplies | $3.3B | 26.5x | 6.39x | 9.5%–11.0% |
| 2015-05-21 | Omnicare | CVS Health | Pharmacy / Infusion | $12B | 15.8x | 1.87x | 8.0%–9.5% |
Segments: Medical Devices and Supplies (3) · Pharmacy / Infusion (3) · Diagnostics / Life Sciences (2) · Pharmaceutical Services (2) · Digital / HealthTech (2) · Managed Care (2) · Distribution and Equipment Services (1) · Physician Groups (1) · Medical Transportation (1)
Discount rates Centerview Partners has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Masimo 2026 | 10.8%–11.8% | exit multiple | 15.0x–19.0x | $165.00–$212.00 |
| Exact Sciences 2025 | 10.5%–12.5% | perpetuity growth | 3.0%–5.0% | $78.70–$136.35 |
| ZimVie 2025 | 11.5%–13.5% | perpetuity growth | 2.5%–3.5% | $15.75–$22.00 |
| Walgreens 2025 | 9.3%–10.8% | exit multiple | 5.0x–7.0x | $10.80–$19.10 |
| Agiliti 2024 | 10.0%–11.5% | exit multiple | 7.5x–10.0x | $8.65–$14.10 |
| Syneos Health 2023 | 12.0%–14.0% | perpetuity growth | 2.5%–3.5% | $30.50–$47.00 |
| Oak Street Health 2023 | 11.3%–13.5% | perpetuity growth | 2.5%–3.5% | $29.50–$48.30 |
| Cerner 2021 | 7.2%–8.5% | perpetuity growth | 2.5%–3.5% | $76.00–$116.00 |
| PRA Health Sciences 2021 | 8.5%–10.0% | perpetuity growth | 2.5%–3.5% | $113.00–$165.00 |
| Cantel Medical 2021 | 9.3%–10.0% | perpetuity growth | 3.8%–4.5% | $67.00–$91.00 |
| Athenahealth 2018 | 10.5%–12.0% | exit multiple | 10.5x–12.5x | $121.00–$148.00 |
| Express Scripts Holding 2018 | 8.0%–9.5% | perpetuity growth | 1.0%–2.0% | $78.00–$109.00 |
| Aetna 2017 | 6.5%–7.5% | perpetuity growth | 2.0%–3.0% | $170.00–$263.00 |
| CVS Health 2017 | 6.5%–7.5% | perpetuity growth | 2.0%–3.0% | $170.00–$263.00 |
| Air Methods 2017 | 9.5%–10.5% | perpetuity growth | 1.0%–2.5% | $36.20–$50.20 |
| Thoratec 2015 | 9.5%–11.0% | perpetuity growth | 1.0%–3.0% | $53.95–$76.85 |
Peer companies Centerview Partners selects most often
CVS Health Corporation (3) · Anthem (3) · Merit Medical Systems, Inc. (2) · ResMed Inc. (2) · Envista Holdings Corporation (2) · Henry Schein, Inc. (2) · ICON plc (2) · IQVIA Holdings Inc. (2) · Medpace Holdings, Inc. (2) · Allscripts Healthcare Solutions, Inc. (2) · NextGen Healthcare, Inc. (2) · Integra LifeSciences Holdings Corporation (2) · Walgreens Boots Alliance, Inc. (2) · McKesson Corporation (2) · Cardinal Health, Inc. (2) · AmerisourceBergen Corporation (2) · United Health (2) · Cigna (2) · Humana (2) · Walmart (2)
Precedent transactions Centerview Partners cites most often
IMS Health Holdings, Inc. / Quintiles Transnational Holdings Inc. (2) · Cotiviti Holdings, Inc. / Verscend Technologies, Inc. (2) · ABILITY Network Inc. / Inovalon Holdings, Inc. (2) · eviCore healthcare / Express Scripts Holding Company (2) · Brightree LLC / ResMed Inc. (2) · Altegra Health, Inc. / Emdeon Inc. (2) · Nobel Biocare Holding AG / Danaher Corporation (2) · Cigna (Terminated) / Anthem (2) · Humana (Terminated) / Aetna (2) · Health Net / Centene Corporation (2) · AMIL Participações / UnitedHealth Group (2) · Coventry Health Care / Aetna (2) · Amerigroup / WellPoint Health Networks (2) · HealthSpring / Cigna (2) · Sierra Health Services / UnitedHealth Group (2)