Fairness opinions › Bankers
Morgan Stanley: healthcare fairness opinions
16 opinions in healthcare transactions, 2010-2026 — 16 to the target board. Each links to the filing and the full summary of analyses.
Opinions
16
2010-2026
Typical DCF discount rate
8.9%–10.3%
median of low / high · n=15
Terminal method
perpetuity growth 11 · exit multiple 4
Median disclosed fee
$23.9M
n=13
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2026-06-15 | Simulations Plus | Altaris | Digital / HealthTech | $375M | 16.7x | 4.66x | 9.4%–11.4% |
| 2025-03-06 | Walgreens | Sycamore Partners | Pharmacy / Infusion | $24B | 52.4x | 0.16x | 9.3%–10.8% |
| 2025-01-08 | Accolade | Transcarent | Digital / HealthTech | $621M | 35.5x | 1.33x | 13.2%–15.2% |
| 2025-01-06 | Inari Medical | Stryker | Medical Devices and Supplies | $4.9B | — | 8.13x | 9.5%–10.5% |
| 2023-09-05 | NextGen Healthcare | Thoma Bravo | Digital / HealthTech | $1.8B | 16.1x | 2.76x | 8.9%–10.6% |
| 2023-08-28 | Abcam | Danaher | Diagnostics / Life Sciences | $5.7B | 29.1x | 11.05x | 8.9%–10.8% |
| 2022-07-21 | 1Life Healthcare / One Medical | Amazon | Physician Groups | $3.9B | — | 3.58x | 12.9%–14.0% |
| 2020-08-05 | Livongo Health | Teladoc Health | Digital / HealthTech | $14B | 155.5x | 23.14x | 8.3%–10.2% |
| 2019-08-07 | Cambrex | Permira Funds | Pharmaceutical Services | $2.4B | 14.5x | 3.55x | 7.5%–8.4% |
| 2019-06-12 | Medidata Solutions | Dassault Systemes | Digital / HealthTech | $5.8B | 32.4x | 7.84x | 8.9%–9.9% |
| 2017-05-15 | Patheon NV | Thermo Fisher Scientific | Pharmaceutical Services | $7.4B | 16.4x | 3.66x | 7.7%–8.9% |
| 2014-01-30 | Accelrys | Dassault Systèmes SA | Digital / HealthTech | $750M | 16.3x | 3.55x | 8.3%–9.4% |
| 2013-07-30 | Health Management Associates | Community Health Systems | Hospitals | $7.3B | 9.1x | 1.24x | 7.0%–8.0% |
| 2012-04-30 | Gen-Probe | Hologic | Diagnostics / Life Sciences | $3.8B | 16.1x | 5.85x | 7.2% |
| 2011-10-03 | Pharmaceutical Product Development | Hellman & Friedman and The Carlyle Group | Pharmaceutical Services | $3.9B | 11.4x | 2.56x | 8.5%–9.5% |
| 2010-09-27 | Nighthawk Radiology Holdings | Virtual Radiologic | Physician Groups | $207M | 12.9x | 1.63x | 9.0%–10.5% |
Segments: Digital / HealthTech (6) · Pharmaceutical Services (3) · Diagnostics / Life Sciences (2) · Physician Groups (2) · Pharmacy / Infusion (1) · Medical Devices and Supplies (1) · Hospitals (1)
Discount rates Morgan Stanley has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Simulations Plus 2026 | 9.4%–11.4% | exit multiple | 4.0x–10.0x | $15.10–$26.70 |
| Walgreens 2025 | 9.0%–10.3% | exit multiple | -1.2%–2.6% | $11.60–$19.90 |
| Accolade 2025 | 13.2%–15.2% | perpetuity growth | 3.0%–4.0% | $4.85–$6.30 |
| Inari Medical 2025 | 9.5%–10.5% | perpetuity growth | 3.5%–4.5% | $55.25–$77.50 |
| NextGen Healthcare 2023 | 8.9%–10.6% | perpetuity growth | 2.0%–3.0% | $19.50–$28.00 |
| Abcam 2023 | 8.9%–10.8% | perpetuity growth | 3.0%–4.0% | $19.15–$30.00 |
| 1Life Healthcare / One Medical 2022 | 12.9%–14.0% | perpetuity growth | 3.0%–4.0% | $11.75–$21.50 |
| Livongo Health 2020 | 8.3%–10.2% | perpetuity growth | 2.5%–3.5% | $115.14–$195.33 |
| Cambrex 2019 | 7.5%–8.4% | perpetuity growth | 2.0%–2.5% | $47.00–$72.00 |
| Medidata Solutions 2019 | 8.9%–9.9% | perpetuity growth | 2.0%–4.0% | $63.00–$94.00 |
| Patheon NV 2017 | 7.7%–8.9% | perpetuity growth | 2.5%–3.5% | $31.00–$42.00 |
| Accelrys 2014 | 8.3%–9.4% | perpetuity growth | 1.0%–3.0% | $6.52–$13.04 |
| Health Management Associates 2013 | 7.0%–8.0% | exit multiple | 6.5x–7.5x | $9.00–$15.75 |
| Gen-Probe 2012 | 7.2% | exit multiple | 8.0x–11.0x | $67.00–$85.00 |
| Nighthawk Radiology Holdings 2010 | 9.0%–10.5% | perpetuity growth | 2.0%–3.0% | $4.03–$5.45 |
Peer companies Morgan Stanley selects most often
Definitive Healthcare Corp. (2) · GoodRx Holdings, Inc. (2) · Veeva Systems Inc. (2) · Teladoc Health, Inc. (2) · iRhythm Technologies, Inc. (2) · Waters Corporation (2) · Agilent Technologies, Inc. (2)
Precedent transactions Morgan Stanley cites most often
Capsugel S.A. / Lonza Group AG (2)
3,000+ healthcare deal-level valuation multiples
The Valuation database includes financial details for more than 3,000 healthcare M&A transactions, private and public, with deal-level multiples, categorized by segment, type, and year.