Goldman Sachs: healthcare fairness opinions
43 opinions in healthcare transactions, 2010-2026 — 36 to the target board, 3 to the acquirer, 4 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 |
|---|---|---|---|---|---|---|---|
| 2026-06-25 | BIO-TECHNE | Merck | Diagnostics / Life Sciences | $11B | 26.2x | 9.33x | 9.0%–10.5% |
| 2026-03-02 | Select Medical | WCAS, et. al. | Hospitals | $3.9B | 8.0x | 0.68x | 10.0%–12.0% |
| 2025-10-20 | Hologic | Blackstone / TPG | Medical Devices and Supplies | $18B | 14.1x | 4.53x | 8.5%–10.5% |
| 2025-09-22 | Premier | Patient Square Capital | Outsourced Services | $2.6B | 10.9x | 2.68x | 8.5%–10.5% |
| 2025-03-19 | ProAssurance | The Doctors | Outsourced Services | $1.3B | 12.4x | 1.13x | 7.5%–9.0% |
| 2025-01-10 | Akoya Biosciences | Quanterix | Diagnostics / Life Sciences | $286M | — | 3.33x | 12.5%–15.3% |
| 2023-10-17 | Olink Holding AB | Thermo Fisher Scientific | Diagnostics / Life Sciences | $3.0B | 591.4x | 14.79x | 10.5%–11.5% |
| 2023-08-07 | Tabula Rasa HealthCare | Nautic Partners / ExactCare Pharmacy | Digital / HealthTech | $570M | 27.1x | 1.58x | 13.0%–15.5% |
| 2022-11-01 | Abiomed | Johnson & Johnson | Medical Devices and Supplies | $17B | 55.9x | 12.83x | 11.5%–13.0% |
| 2022-09-05 | Signify Health | CVS Health | Physician Groups | $7.3B | 33.0x | 8.60x | 9.5%–11.5% |
| 2022-05-24 | Covetrus | Clayton, Dubilier & Rice | Distribution and Equipment Services | $4.0B | 14.0x | 0.81x | 9.0%–11.5% |
| 2022-01-10 | Apria | Owens & Minor | Distribution and Equipment Services | $1.7B | 12.0x | 1.48x | 7.5%–9.0% |
| 2021-09-02 | Hill-Rom Holdings | Baxter International | Medical Devices and Supplies | $12B | 17.6x | 3.89x | 7.0%–9.0% |
| 2021-01-04 | Magellan Health | Centene | Managed Care | $2.0B | 15.6x | 0.45x | 7.0%–8.0% |
| 2020-08-02 | Varian Medical Systems | Siemens Healthineers | Medical Devices and Supplies | $16B | 29.4x | 5.18x | 8.0%–9.0% |
| 2019-07-29 | Genomic Health | Exact Sciences | Diagnostics / Life Sciences | $2.4B | 32.2x | 5.27x | 9.0%–10.0% |
| 2019-03-27 | WellCare Health Plans | Centene | Managed Care | $17B | 14.5x | 0.62x | 7.0%–8.3% |
| 2018-07-23 | LifePoint Health | Apollo Global Management | Hospitals | $5.6B | 7.5x | 0.88x | 7.0%–8.5% |
| 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% |
| 2017-06-19 | Parexel International | Pamplona Capital Management | Pharmaceutical Services | $5.0B | 13.9x | 2.39x | 8.5%–10.0% |
| 2017-04-23 | C. R. Bard | Becton Dickinson | Medical Devices and Supplies | $25B | 20.1x | 6.47x | 6.0%–7.0% |
| 2016-10-31 | Team Health Holdings | Blackstone | Physician Groups | $5.9B | 11.5x | 1.27x | 7.5%–8.5% |
| 2016-08-09 | Press Ganey Holdings | EQT | Digital / HealthTech | $2.4B | 16.1x | 6.28x | 8.0%–10.0% |
| 2016-05-27 | FEI | Thermo Fisher Scientific | Diagnostics / Life Sciences | $4.1B | 15.1x | 3.73x | 9.5%–11.5% |
| 2016-04-27 | ExamWorks Group | Leonard Green & Partners | Physician Groups | $2.0B | 11.5x | 2.05x | 7.0%–8.0% |
| 2015-08-06 | Merge Healthcare | IBM Watson Health | Digital / HealthTech | $1.0B | 19.5x | 3.97x | 10.0%–12.0% |
| 2015-05-13 | Pall | Danaher | Diagnostics / Life Sciences | $14B | 20.5x | 4.88x | 9.0%–11.0% |
| 2014-11-03 | Covance | Laboratory Corporation of America | Pharmaceutical Services | $5.6B | 12.6x | 2.21x | 8.0%–10.0% |
| 2014-06-15 | Covidien | Medtronic | Medical Devices and Supplies | $56B | 17.5x | 4.94x | 8.0%–9.0% |
| 2013-04-29 | Conceptus | Bayer HealthCare | Medical Devices and Supplies | $1.1B | 28.0x | 6.79x | 9.0%–12.0% |
| 2012-10-24 | PSS World Medical | McKesson | Distribution and Equipment Services | $1.9B | 10.6x | 0.84x | 8.0%–10.5% |
| 2012-07-09 | AMERIGROUP | Wellpoint Healthcare Networks | Managed Care | $4.8B | 12.3x | 0.53x | 9.5%–11.5% |
| 2012-04-18 | Catalyst Health Solutions | SXC Health Solutions | Managed Care | $4.7B | 19.1x | 0.72x | 8.0%–9.5% |
| 2011-10-24 | HealthSpring | Cigna | Managed Care | $3.8B | 7.0x | 0.71x | 10.0%–12.0% |
| 2011-02-14 | Emergency Medical Services | Clayton, Dubilier & Rice | Physician Groups | $3.2B | 10.2x | 1.12x | 9.5%–10.5% |
| 2011-02-07 | Beckman Coulter | Danaher | Diagnostics / Life Sciences | $6.8B | 8.4x | 1.86x | 7.0%–9.0% |
| 2010-12-13 | Dionex | Thermo Fisher Scientific | Diagnostics / Life Sciences | $2.0B | 17.8x | 4.44x | 8.0%–10.0% |
| 2010-09-07 | ResCare | Onex | Behavioral Health | $549M | 5.3x | 0.34x | 8.0%–9.0% |
| 2010-05-24 | Odyssey Healthcare | Gentiva Health Services | Home-Based Services | $939M | 9.8x | 1.33x | 9.5%–11.0% |
| 2010-05-17 | Virtual Radiologic | Providence Equity Partners | Physician Groups | $294M | 9.5x | 2.19x | 9.0%–11.0% |
| 2010-05-17 | Psychiatric Solutions | Universal Health Services | Behavioral Health | $3.0B | 8.7x | 1.60x | 7.5%–9.0% |
| 2010-05-06 | inVentiv Health | Thomas H. Lee Partners | Pharmaceutical Services | $1.2B | 7.3x | 1.18x | 9.5%–10.5% |
Segments: Diagnostics / Life Sciences (8) · Medical Devices and Supplies (7) · Managed Care (6) · Physician Groups (5) · Digital / HealthTech (3) · Distribution and Equipment Services (3) · Pharmaceutical Services (3) · Hospitals (2) · Outsourced Services (2) · Behavioral Health (2) · Pharmacy / Infusion (1) · Home-Based Services (1)
Discount rates Goldman Sachs has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| BIO-TECHNE 2026 | 9.0%–10.5% | exit multiple | 3.2%–5.4% | $58.00–$72.00 |
| Select Medical 2026 | 10.0%–12.0% | perpetuity growth | 1.5%–2.5% | $15.04–$25.33 |
| Hologic 2025 | 8.5%–10.5% | perpetuity growth | 2.0%–3.0% | $66.67–$99.09 |
| Premier 2025 | 8.5%–10.5% | perpetuity growth | 1.0%–2.0% | $27.59–$36.58 |
| ProAssurance 2025 | 7.5%–9.0% | exit multiple | 0.7x–1.1x | $16.81–$28.93 |
| Akoya Biosciences 2025 | 12.0%–15.0% | exit multiple | 11.0x–12.0x | $35.73–$46.20 |
| Olink Holding AB 2023 | 11.0%–12.0% | perpetuity growth | 3.5%–4.5% | $18.76–$24.36 |
| Tabula Rasa HealthCare 2023 | 13.0%–15.5% | perpetuity growth | 2.5%–3.5% | $5.01–$10.48 |
| Abiomed 2022 | 11.5%–13.0% | exit multiple | 7.4%–9.6% | $334.00–$441.00 |
| Signify Health 2022 | 9.5%–11.5% | exit multiple | 0.9%–4.6% | $22.23–$30.43 |
| Covetrus 2022 | 9.0%–11.5% | perpetuity growth | 2.5%–3.5% | $14.76–$27.02 |
| Apria 2022 | 7.5%–9.0% | perpetuity growth | 0.0%–2.0% | $31.74–$43.99 |
| Magellan Health 2021 | 7.0%–8.0% | exit multiple | -0.6%–1.7% | $85.55–$100.89 |
| Varian Medical Systems 2020 | 8.0%–9.0% | perpetuity growth | 2.3%–2.8% | $153.00–$198.00 |
| Genomic Health 2019 | 9.0%–10.0% | perpetuity growth | 2.0%–4.0% | $49.03–$69.83 |
| WellCare Health Plans 2019 | 7.0%–8.3% | perpetuity growth | 2.3%–2.8% | $286.00–$413.00 |
| LifePoint Health 2018 | 7.0%–8.5% | exit multiple | 6.0x–7.5x | $58.90–$89.05 |
| Aetna 2017 | 6.5%–7.5% | perpetuity growth | 1.5%–2.5% | $159.50–$235.50 |
| CVS Health 2017 | 6.5%–7.5% | perpetuity growth | 1.5%–2.5% | $159.50–$235.50 |
| Parexel International 2017 | 8.5%–10.0% | perpetuity growth | 2.5%–3.5% | $60.33–$90.45 |
| C. R. Bard 2017 | 6.0%–7.0% | perpetuity growth | 1.0%–1.5% | $234.53–$313.83 |
| Team Health Holdings 2016 | 7.5%–8.5% | perpetuity growth | 2.0%–3.0% | $43.20–$74.65 |
| Press Ganey Holdings 2016 | 7.5%–9.0% | perpetuity growth | 3.5%–4.5% | $26.75–$49.50 |
| FEI 2016 | 9.5%–11.5% | perpetuity growth | 2.5%–3.5% | $79.81–$111.30 |
| ExamWorks Group 2016 | 7.0%–8.0% | perpetuity growth | 3.0%–4.0% | $29.06–$55.39 |
| Merge Healthcare 2015 | 10.0%–12.0% | exit multiple | 4.4%–7.8% | $5.87–$8.24 |
| Pall 2015 | 9.0%–11.0% | perpetuity growth | 3.0%–4.0% | $73.00–$113.00 |
| Covance 2014 | 8.0%–10.0% | perpetuity growth | 2.5%–3.5% | $87.58–$134.41 |
| Covidien 2014 | 8.0%–9.0% | perpetuity growth | 1.0%–2.0% | $71.85–$94.02 |
| Conceptus 2013 | 9.0%–12.0% | exit multiple | 3.0x–5.0x | $22.00–$36.30 |
| PSS World Medical 2012 | 6.3%–8.3% | perpetuity growth | 1.0%–2.5% | $23.13–$45.05 |
| AMERIGROUP 2012 | 9.5%–11.5% | perpetuity growth | 1.5%–3.5% | $70.21–$112.59 |
| Catalyst Health Solutions 2012 | 8.0%–9.5% | perpetuity growth | 2.5%–3.5% | $50.97–$90.22 |
| HealthSpring 2011 | 10.0%–12.0% | exit multiple | 5.0x–6.5x | $54.12–$70.67 |
| Emergency Medical Services 2011 | 9.5%–10.5% | perpetuity growth | 1.5%–2.5% | $55.49–$72.16 |
| Beckman Coulter 2011 | 7.0%–9.0% | perpetuity growth | 1.0%–3.0% | $62.20–$115.80 |
| Dionex 2010 | 8.0%–10.0% | exit multiple | 12.0x–17.0x | $98.72–$139.27 |
| ResCare 2010 | 8.0%–9.0% | perpetuity growth | -1.0%–1.0% | $10.47–$17.15 |
| Odyssey Healthcare 2010 | 9.5%–11.0% | perpetuity growth | 1.0%–3.0% | $20.23–$28.64 |
| Virtual Radiologic 2010 | 9.0%–11.0% | perpetuity growth | 2.0%–3.0% | $13.87–$18.88 |
| Psychiatric Solutions 2010 | 7.5%–9.0% | perpetuity growth | 2.0%–3.0% | $22.67–$43.18 |
| inVentiv Health 2010 | 9.5%–10.5% | perpetuity growth | 0.0%–2.0% | $24.65–$34.34 |
Peer companies Goldman Sachs selects most often
Bruker Corporation (4) · Agilent Technologies, Inc. (3) · Thermo Fisher Scientific Inc. (3) · LHC Group, Inc. (3) · Amedisys, Inc. (3) · MEDNAX, Inc. (3) · PerkinElmer, Inc. (3) · Humana Inc. (3) · Danaher Corporation (2) · Edwards Lifesciences Corporation (2) · DexCom, Inc. (2) · Insulet Corporation (2) · Stryker Corporation (2) · Globus Medical, Inc. (2) · Laboratory Corporation of America Holdings (2) · Quest Diagnostics Incorporated (2) · Tenet Healthcare Corporation (2) · Universal Health Services, Inc. (2) · Abbott Laboratories (2) · Baxter International Inc. (2)
Precedent transactions Goldman Sachs cites most often
First Health Group Corp. / Coventry Health Care, Inc. (4) · HealthSpring, Inc. / Cigna Corporation (4) · Cotiviti Holdings, Inc. / Verscend Technologies, Inc. (3) · WellChoice, Inc. / WellPoint, Inc. (3) · Coventry Health Care, Inc. / Aetna Inc. (3) · Health Net, Inc. / Centene Corporation (3) · Humana Inc. / Aetna Inc. (3) · Sierra Health Services, Inc. / UnitedHealth Group Incorporated (3) · PacifiCare Health Systems, Inc. / UnitedHealth Group Incorporated (3) · Oxford Health Plans, Inc. / UnitedHealth Group Incorporated (3) · Mid Atlantic Medical Services, Inc. / UnitedHealth Group Incorporated (3) · Integrated DNA Technologies, Inc. / Danaher Corporation (2) · HMS Holdings Corp. / Gainwell Acquisition Corp. (2) · Cigna Corporation / Anthem, Inc. (2) · Amil Participações S.A. / UnitedHealth Group Incorporated (2)