Perella Weinberg Partners: healthcare fairness opinions
11 opinions in healthcare transactions, 2010-2026 — 7 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 |
|---|---|---|---|---|---|---|---|
| 2026-01-15 | Penumbra | Boston Scientific | Medical Devices and Supplies | $15B | 57.7x | 10.82x | 9.0%–11.0% |
| 2025-01-10 | Akoya Biosciences | Quanterix | Diagnostics / Life Sciences | $286M | — | 3.33x | 12.5%–15.3% |
| 2024-04-05 | Shockwave Medical | Johnson & Johnson | Medical Devices and Supplies | $13B | 58.5x | 13.80x | 11.3%–12.8% |
| 2022-10-11 | SeaSpine Holdings | Orthofix Medical | Medical Devices and Supplies | $280M | — | 1.03x | 10.5%–12.5% |
| 2021-07-29 | Misonix | Bioventus | Medical Devices and Supplies | $518M | — | 6.48x | 10.3%–12.3% |
| 2021-04-12 | Luminex | DiaSorin | Diagnostics / Life Sciences | $1.8B | 22.2x | 3.72x | 7.5%–8.5% |
| 2016-06-27 | HeartWare International | Medtronic | Medical Devices and Supplies | $1.1B | — | 4.47x | 10.0%–11.0% |
| 2016-04-19 | Hansen Medical | Auris Surgical Robotics | Medical Devices and Supplies | $80.0M | — | 4.44x | 13.0%–14.0% |
| 2014-10-05 | CareFusion | Becton Dickinson | Medical Devices and Supplies | $13B | 13.0x | 3.14x | 8.0%–9.0% |
| 2014-06-15 | Covidien | Medtronic | Medical Devices and Supplies | $56B | 17.5x | 4.94x | 8.0%–9.0% |
| 2010-06-09 | Eclipsys | Allscripts-Misys Healthcare Solutions | Digital / HealthTech | $1.3B | 14.9x | 2.47x | 10.3%–11.3% |
Segments: Medical Devices and Supplies (8) · Diagnostics / Life Sciences (2) · Digital / HealthTech (1)
Discount rates Perella Weinberg Partners has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Penumbra 2026 | 9.0%–11.0% | perpetuity growth | 3.5%–4.5% | $255.00–$420.00 |
| Akoya Biosciences 2025 | 12.5%–15.3% | perpetuity growth | 2.0%–4.0% | $0.85–$10.25 |
| Shockwave Medical 2024 | 11.3%–12.8% | perpetuity growth | 3.0%–5.0% | $237.00–$357.00 |
| SeaSpine Holdings 2022 | 10.5%–11.5% | perpetuity growth | 3.0%–5.0% | $6.00–$11.00 |
| Misonix 2021 | 8.5%–9.5% | perpetuity growth | 3.0%–4.0% | $26.55–$38.54 |
| Luminex 2021 | 7.5%–8.5% | perpetuity growth | 2.5%–3.5% | $28.94–$39.57 |
| HeartWare International 2016 | 10.0%–11.0% | perpetuity growth | 2.0%–3.0% | $28.50–$78.00 |
| Hansen Medical 2016 | 13.0%–14.0% | perpetuity growth | 3.0%–4.0% | $0.76–$7.68 |
| CareFusion 2014 | 8.0%–9.0% | perpetuity growth | 1.5%–2.5% | $46.00–$63.25 |
| Covidien 2014 | 8.0%–9.0% | perpetuity growth | 2.0%–3.0% | $80.00–$110.00 |
| Eclipsys 2010 | 10.3%–11.3% | exit multiple | 11.0x–12.0x | $18.85–$21.28 |
Peer companies Perella Weinberg Partners selects most often
NuVasive, Inc. (3) · Smith & Nephew plc (3) · Glaukos Corporation (2) · Insulet Corporation (2) · iRhythm Technologies, Inc. (2) · DexCom, Inc. (2) · Inspire Medical Systems, Inc. (2) · Vericel Corporation (2) · CONMED Corporation (2) · Integra LifeSciences Holdings Corporation (2) · Anika Therapeutics, Inc. (2) · Hologic, Inc. (2) · Qiagen N.V. (2) · Johnson & Johnson (2) · Abbott Laboratories (2) · Baxter International Inc. (2) · St. Jude Medical, Inc. (2) · C. R. Bard, Inc. (2) · Thermo Fisher Scientific Inc. (2) · Danaher Corporation (2)
Precedent transactions Perella Weinberg Partners cites most often
Wright Medical Group N.V. / Stryker Corporation (3) · Millipore Corporation / Merck KGaA (3) · Vocera Communications, Inc. / Stryker Corporation (2) · Intersect ENT, Inc. / Medtronic PLC (2) · BioTelemetry, Inc. / Philips Healthcare N.V. (2) · The Spectranetics Corporation / Philips Healthcare N.V. (2) · Preventice Solutions, Inc. / Boston Scientific Corporation (2) · Gen-Probe Incorporated / Hologic, Inc. (2) · Given Imaging Ltd. / Covidien plc (2) · Nobel Biocare Holding AG / Danaher Corporation (2) · ArthroCare Corporation / Smith & Nephew plc (2) · Gambro AB / Baxter International Inc. (2) · Life Technologies Corporation / Thermo Fisher Scientific Inc. (2)