Fairness opinions › Segments
Diagnostics / Life Sciences fairness opinions
30 public-company healthcare transactions in Diagnostics / Life Sciences, 2010-2026, each with the banker's fairness opinion from the SEC filing: the DCF discount rate and terminal assumptions, the selected companies and precedent transactions, and the deal terms.
Valuation benchmarks
EV / LTM EBITDA
13.1x / 17.7x / 31.4x
Q1 / median / Q3 · n=24
EV / LTM revenue
1.99x / 4.49x / 7.96x
Q1 / median / Q3 · n=30
DCF discount rate (midpoint)
9.0% / 11.0% / 14.0%
Q1 / median / Q3 · n=30
Diagnostics / Life Sciences transactions with a fairness opinion, 2010-2026. Multiples are enterprise value over the last-twelve-months figure disclosed in the filing; the discount rate is the midpoint of the range the banker used in its DCF.
Bankers most often engaged in Diagnostics / Life Sciences
Goldman Sachs (8) · J.P. Morgan (4) · Centerview Partners (2) · Perella Weinberg Partners (2) · Morgan Stanley (2) · BroadOak Capital Partners (1) · Lazard (1) · Craig-Hallum (1)
All Diagnostics / Life Sciences transactions
| Announced | Target | Acquirer | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|
| 2026-07-27 | Lantheus | Curium | $7.0B | 14.1x | 4.54x | 8.8%–10.7% | |
| 2026-07-22 | BioLife Solutions | Repligen | $1.5B | 60.0x | 15.59x | 12.5%–15.0% | |
| 2026-07-20 | Personalis | Tempus | $1.5B | — | 18.99x | 16.5%–19.0% | |
| 2026-06-25 | BIO-TECHNE | Merck | $11B | 26.2x | 9.33x | 9.0%–10.5% | Goldman Sachs |
| 2026-02-17 | Masimo | Danaher | $9.9B | 21.2x | 6.50x | 10.8%–11.8% | Centerview Partners |
| 2025-11-19 | Exact Sciences | Abbott | $21B | 44.2x | 6.41x | 10.5%–12.5% | Centerview Partners |
| 2025-06-23 | Enzo Biochem | Battery Ventures | $37.0M | — | 1.35x | 12.0%–16.0% | BroadOak Capital Partners |
| 2025-01-10 | Akoya Biosciences | Quanterix | $286M | — | 3.33x | 12.5%–15.3% | Perella Weinberg Partners, Goldman Sachs |
| 2023-10-17 | Olink Holding AB | Thermo Fisher Scientific | $3.0B | 591.4x | 14.79x | 10.5%–11.5% | J.P. Morgan, Goldman Sachs |
| 2023-08-28 | Abcam | Danaher | $5.7B | 29.1x | 11.05x | 8.9%–10.8% | Morgan Stanley, Lazard |
| 2023-01-31 | Chembio Diagnostics | Biosynex SA | $17.2M | — | 0.55x | 16.0%–20.0% | Craig-Hallum |
| 2022-07-07 | Meridian Bioscience | SD Biosensor / SJL Partners | $1.5B | 17.6x | 5.07x | 9.5%–11.0% | Rothschild & Co |
| 2021-04-12 | Luminex | DiaSorin | $1.8B | 22.2x | 3.72x | 7.5%–8.5% | Perella Weinberg Partners |
| 2021-03-15 | GenMark Diagnostics | Roche | $1.8B | 120.8x | 8.59x | 10.0%–12.0% | J.P. Morgan |
| 2019-07-29 | Genomic Health | Exact Sciences | $2.4B | 32.2x | 5.27x | 9.0%–10.0% | Goldman Sachs |
| 2018-05-16 | Abaxis | Zoetis | $1.9B | 41.3x | 7.75x | 11.8%–13.8% | Piper Sandler |
| 2017-10-30 | Advanced Accelerator Applications | Novartis | $3.9B | — | 17.73x | 14.2%–15.2% | Jefferies |
| 2017-05-05 | VWR | Avantor | $6.6B | 12.6x | 1.42x | 7.8%–9.3% | |
| 2017-04-14 | Alere | Abbott Laboratories | $7.1B | 14.3x | 2.95x | 8.3%–9.8% | J.P. Morgan |
| 2016-07-27 | Sequenom | Laboratory Corporation of America | $379M | — | 3.01x | 15.0%–17.0% | J.P. Morgan |
| 2016-05-27 | FEI | Thermo Fisher Scientific | $4.1B | 15.1x | 3.73x | 9.5%–11.5% | Goldman Sachs |
| 2015-10-20 | Clarient | NeoGenomics | $248M | 14.4x | 1.83x | 8.0%–10.0% | Houlihan Lokey |
| 2015-06-04 | Bio-Reference Laboratories | Opko Health | $1.5B | 12.1x | 1.59x | 8.5%–10.5% | Allen |
| 2015-05-13 | Pall | Danaher | $14B | 20.5x | 4.88x | 9.0%–11.0% | Goldman Sachs |
| 2014-08-27 | Corgenix Medical | Orgentec Diagnostika | $16.0M | 8.4x | 1.00x | 15.0%–20.0% | Inverness Advisors |
| 2012-06-04 | MEDTOX Scientific | Laboratory Corporation of America | $241M | 12.7x | 2.03x | 10.0%–12.0% | Lazard Middle Market |
| 2012-04-30 | Gen-Probe | Hologic | $3.8B | 16.1x | 5.85x | 7.2% | Morgan Stanley |
| 2011-02-07 | Beckman Coulter | Danaher | $6.8B | 8.4x | 1.86x | 7.0%–9.0% | Goldman Sachs |
| 2011-01-24 | Genoptix | Novartis AG | $470M | 11.0x | 2.38x | 10.0%–13.0% | Barclays |
| 2010-12-13 | Dionex | Thermo Fisher Scientific | $2.0B | 17.8x | 4.44x | 8.0%–10.0% | Goldman Sachs |
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.