Fairness opinions › By year
Healthcare fairness opinions, 2011
18 public-company healthcare transactions announced in 2011 with a fairness opinion in the SEC filing.
2011 valuation benchmarks
EV / LTM EBITDA
8.5x / 9.7x / 12.3x
Q1 / median / Q3 · n=18
EV / LTM revenue
1.18x / 1.86x / 2.78x
Q1 / median / Q3 · n=18
DCF discount rate (midpoint)
10.0% / 12.0% / 12.0%
Q1 / median / Q3 · n=18
Transactions announced in 2011. 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 |
|---|---|---|---|---|---|---|---|---|
| 2011-12-15 | SonoSite | FUJIFILM Holdings | Medical Devices and Supplies | $995M | 21.1x | 2.70x | 11.0%–13.0% | J.P. Morgan |
| 2011-12-13 | Synovis Life Technologies | Baxter International | Medical Devices and Supplies | $260M | 17.1x | 3.32x | 20.1%–23.3% | Piper Sandler |
| 2011-11-07 | American Dental Partners | JLL Partners | Professional Services | $398M | 8.1x | 1.36x | 11.5%–13.5% | Greenhill, BofA Securities |
| 2011-10-24 | HealthSpring | Cigna | Managed Care | $3.8B | 7.0x | 0.71x | 10.0%–12.0% | Goldman Sachs |
| 2011-10-03 | Pharmaceutical Product Development | Hellman & Friedman and The Carlyle Group | Pharmaceutical Services | $3.9B | 11.4x | 2.56x | 8.5%–9.5% | Morgan Stanley, Lazard |
| 2011-09-22 | American Medical Alert | Tunstall Healthcare Group | Medical Devices and Supplies | $82.3M | 8.5x | 1.86x | 13.5%–15.5% | Houlihan Lokey |
| 2011-07-21 | Medco Health Solutions | Express Scripts Holding | Managed Care | $30B | 9.7x | 0.44x | 7.6%–9.1% | Citi |
| 2011-07-13 | Kinetic Concepts | Apax Partners, CPPIB and PSP Investments | Medical Devices and Supplies | $6.3B | 9.7x | 3.02x | 9.5%–11.5% | J.P. Morgan |
| 2011-06-27 | Continucare | Metropolitan Health Networks | Physician Groups | $416M | 9.2x | 1.25x | 11.5%–12.5% | UBS, Barrington Research, Morgan Joseph TriArtisan |
| 2011-05-16 | Orthovita | StrykerCorp. | Medical Devices and Supplies | $316M | 18.1x | 2.62x | 11.5%–12.5% | J.P. Morgan |
| 2011-05-04 | Kendle International | INC Research Holdings | Pharmaceutical Services | $367M | 9.9x | 1.10x | 11.5%–13.5% | J.P. Morgan |
| 2011-04-27 | Synthes | Johnson & Johnson | Medical Devices and Supplies | $17B | 9.6x | 4.09x | 8.5%–10.5% | Credit Suisse |
| 2011-04-11 | American Medical Systems | Endo Pharmaceuticals | Medical Devices and Supplies | $2.9B | 15.2x | 5.35x | 10.0%–11.0% | J.P. Morgan |
| 2011-03-28 | Rural/Metro | Warburg Pincus | Medical Transportation | $658M | 8.6x | 1.20x | 11.5%–12.5% | RBC Capital Markets, Moelis & Company |
| 2011-02-14 | Emergency Medical Services | Clayton, Dubilier & Rice | Physician Groups | $3.2B | 10.2x | 1.12x | 9.5%–10.5% | Goldman Sachs |
| 2011-02-07 | Beckman Coulter | Danaher | Diagnostics / Life Sciences | $6.8B | 8.4x | 1.86x | 7.0%–9.0% | Goldman Sachs |
| 2011-01-24 | Genoptix | Novartis AG | Diagnostics / Life Sciences | $470M | 11.0x | 2.38x | 10.0%–13.0% | Barclays |
| 2011-01-21 | NovaMed | Surgery Partners | Specialty Outpatient Facilities | $214M | 7.8x | 1.41x | 12.0%–16.0% | William Blair |