Fairness opinions › Segments
Pharmaceutical Services fairness opinions
20 public-company healthcare transactions in Pharmaceutical Services, 2010-2024, 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
9.9x / 12.4x / 14.5x
Q1 / median / Q3 · n=19
EV / LTM revenue
1.77x / 2.24x / 3.63x
Q1 / median / Q3 · n=20
DCF discount rate (midpoint)
8.0% / 10.0% / 12.0%
Q1 / median / Q3 · n=20
Pharmaceutical Services transactions with a fairness opinion, 2010-2024. 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 Pharmaceutical Services
J.P. Morgan (3) · Morgan Stanley (3) · Goldman Sachs (3) · Centerview Partners (2) · Barclays (2) · Jefferies (2) · Moelis & Company (1) · Raymond James (1)
All Pharmaceutical Services transactions
| Announced | Target | Acquirer | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|
| 2024-11-06 | Avid Bioservices | GHO Capital Partners / Ampersand Capital Partners | $1.1B | — | 7.86x | 12.0%–17.0% | Moelis & Company |
| 2024-02-28 | Societal CDMO | CoreRx | $144M | 11.4x | 1.71x | 14.5%–16.5% | Raymond James |
| 2024-02-05 | Catalent | Novo Holdings / Novo Nordisk | $17B | 22.9x | 3.75x | 9.8%–10.9% | Citi |
| 2023-05-10 | Syneos Health | Elliott Investment Management / Patient Square Capital / Veritas Capital | $7.1B | 9.7x | 1.38x | 12.0%–14.0% | Centerview Partners |
| 2021-04-15 | PPD | Thermo Fisher Scientific | $20B | 20.3x | 3.83x | 7.5%–8.5% | J.P. Morgan |
| 2021-02-24 | PRA Health Sciences | ICON | $12B | 19.2x | 3.12x | 7.5%–10.0% | Centerview Partners, BofA Securities, UBS |
| 2019-08-07 | Cambrex | Permira Funds | $2.4B | 14.5x | 3.55x | 7.5%–8.4% | Morgan Stanley |
| 2018-07-03 | Juniper Pharmaceuticals | Catalent | $128M | 9.9x | 1.97x | 14.0%–16.0% | Rothschild & Co |
| 2017-06-19 | Parexel International | Pamplona Capital Management | $5.0B | 13.9x | 2.39x | 8.5%–10.0% | Goldman Sachs |
| 2017-06-06 | Albany Molecular Research | Carlyle Group / GTCR | $1.6B | 11.5x | 2.20x | 7.8%–9.8% | Credit Suisse |
| 2017-05-15 | Patheon NV | Thermo Fisher Scientific | $7.4B | 16.4x | 3.66x | 7.7%–8.9% | Morgan Stanley |
| 2016-05-03 | Quintiles | IMS Health | $10B | 10.8x | 2.18x | 7.8%–8.3% | Barclays |
| 2016-05-03 | IMS Health | Quintiles | $13B | 13.5x | 4.09x | 7.8%–8.3% | Barclays |
| 2014-11-03 | Covance | Laboratory Corporation of America | $5.6B | 12.6x | 2.21x | 8.0%–10.0% | Goldman Sachs |
| 2013-11-18 | Patheon | JLL Partners | $2.6B | 12.7x | 2.27x | 9.0%–11.0% | RBC Capital Markets, Jefferies |
| 2012-04-10 | eResearch Technology | Genstar Capital | $423M | 7.7x | 2.13x | 11.0%–12.0% | J.P. Morgan |
| 2011-10-03 | Pharmaceutical Product Development | Hellman & Friedman and The Carlyle Group | $3.9B | 11.4x | 2.56x | 8.5%–9.5% | Morgan Stanley, Lazard |
| 2011-05-04 | Kendle International | INC Research Holdings | $367M | 9.9x | 1.10x | 11.5%–13.5% | J.P. Morgan |
| 2010-12-27 | ReSearch Pharmaceutical Services | Warburg Pincus | $227M | 12.4x | 0.89x | 12.0%–13.0% | Jefferies |
| 2010-05-06 | inVentiv Health | Thomas H. Lee Partners | $1.2B | 7.3x | 1.18x | 9.5%–10.5% | 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.