Fairness opinions › By year
Healthcare fairness opinions, 2010
19 public-company healthcare transactions announced in 2010 with a fairness opinion in the SEC filing.
2010 valuation benchmarks
EV / LTM EBITDA
9.5x / 11.8x / 17.0x
Q1 / median / Q3 · n=19
EV / LTM revenue
1.18x / 1.60x / 3.70x
Q1 / median / Q3 · n=19
DCF discount rate (midpoint)
10.0% / 12.0% / 13.0%
Q1 / median / Q3 · n=19
Transactions announced in 2010. 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.
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|---|
| 2010-12-27 | ReSearch Pharmaceutical Services | Warburg Pincus | Pharmaceutical Services | $227M | 12.4x | 0.89x | 12.0%–13.0% | Jefferies |
| 2010-12-13 | Dionex | Thermo Fisher Scientific | Diagnostics / Life Sciences | $2.0B | 17.8x | 4.44x | 8.0%–10.0% | Goldman Sachs |
| 2010-11-01 | Pet DRx | VCA | Professional Services | $61.5M | 9.8x | 0.87x | 15.0%–25.0% | Roth Capital Partners |
| 2010-09-27 | Nighthawk Radiology Holdings | Virtual Radiologic | Physician Groups | $207M | 12.9x | 1.63x | 9.0%–10.5% | Morgan Stanley |
| 2010-09-07 | ResCare | Onex | Behavioral Health | $549M | 5.3x | 0.34x | 8.0%–9.0% | Goldman Sachs |
| 2010-08-17 | Osteotech | Medtronic | Medical Devices and Supplies | $123M | 11.8x | 1.26x | 14.0%–19.0% | Deutsche Bank |
| 2010-07-28 | HealthGrades | Vestar Capital Partners | Digital / HealthTech | $294M | 17.0x | 4.32x | 11.6%–13.3% | Citi |
| 2010-07-12 | Micrus Endovascular | Johnson & Johnson | Medical Devices and Supplies | $397M | 23.1x | 3.70x | 11.0%–13.0% | Lazard |
| 2010-06-14 | Somanetics | Covidien | Medical Devices and Supplies | $250M | 20.5x | 4.39x | 11.8%–13.8% | Leerink Partners |
| 2010-06-09 | Eclipsys | Allscripts-Misys Healthcare Solutions | Digital / HealthTech | $1.3B | 14.9x | 2.47x | 10.3%–11.3% | William Blair, UBS, Perella Weinberg Partners |
| 2010-06-01 | ev3 | Covidien | Medical Devices and Supplies | $2.5B | 27.9x | 4.78x | 10.5%–12.0% | J.P. Morgan, Piper Sandler |
| 2010-05-24 | Odyssey Healthcare | Gentiva Health Services | Home-Based Services | $939M | 9.8x | 1.33x | 9.5%–11.0% | Goldman Sachs |
| 2010-05-17 | Virtual Radiologic | Providence Equity Partners | Physician Groups | $294M | 9.5x | 2.19x | 9.0%–11.0% | Goldman Sachs |
| 2010-05-17 | Psychiatric Solutions | Universal Health Services | Behavioral Health | $3.0B | 8.7x | 1.60x | 7.5%–9.0% | Goldman Sachs |
| 2010-05-06 | HealthTronics | Endo Health Solutions | Specialty Outpatient Facilities | $315M | 8.7x | 1.48x | 11.5%–13.5% | Lazard Middle Market |
| 2010-05-06 | inVentiv Health | Thomas H. Lee Partners | Pharmaceutical Services | $1.2B | 7.3x | 1.18x | 9.5%–10.5% | Goldman Sachs |
| 2010-04-16 | Phase Forward | Oracle | Digital / HealthTech | $685M | 11.6x | 2.78x | 12.0%–13.0% | Thomas Weisel Partners |
| 2010-04-14 | Dialysis Corporation of America | U.S. Renal Care | Specialty Outpatient Facilities | $112M | 14.1x | 1.13x | 12.0%–16.0% | Dresner Partners |
| 2010-04-05 | Symyx Technologies | Accelrys | Digital / HealthTech | $105M | 10.1x | 1.23x | 14.0%–18.0% | UBS |