Fairness opinions › By year
Healthcare fairness opinions, 2013
8 public-company healthcare transactions announced in 2013 with a fairness opinion in the SEC filing.
2013 valuation benchmarks
EV / LTM EBITDA
9.2x / 11.9x / 24.3x
Q1 / median / Q3 · n=8
EV / LTM revenue
0.96x / 2.02x / 3.99x
Q1 / median / Q3 · n=8
DCF discount rate (midpoint)
8.0% / 11.0% / 21.0%
Q1 / median / Q3 · n=8
Transactions announced in 2013. 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 |
|---|---|---|---|---|---|---|---|---|
| 2013-12-16 | Solta Medical | Valeant Pharmaceuticals International | Medical Devices and Supplies | $293M | 11.2x | 1.77x | 19.6%–23.6% | Piper Sandler |
| 2013-11-18 | Patheon | JLL Partners | Pharmaceutical Services | $2.6B | 12.7x | 2.27x | 9.0%–11.0% | RBC Capital Markets, Jefferies |
| 2013-11-13 | Rochester Medical | C. R. Bard | Medical Devices and Supplies | $262M | 13.1x | 3.25x | 16.4%–18.6% | |
| 2013-09-24 | Greenway Medical Technologies | Vista Equity Partners | Digital / HealthTech | $644M | 33.9x | 4.24x | 9.0%–10.0% | J.P. Morgan |
| 2013-08-02 | Theragenics | Juniper Investment | Medical Devices and Supplies | $68.0M | 9.6x | 0.87x | 20.0%–24.0% | Brown Gibbons Lang Securities |
| 2013-07-30 | Health Management Associates | Community Health Systems | Hospitals | $7.3B | 9.1x | 1.24x | 7.0%–8.0% | Morgan Stanley, Lazard, UBS |
| 2013-06-24 | Vanguard Health Systems | Tenet Healthcare | Hospitals | $4.3B | 8.1x | 0.71x | 7.5%–8.0% | J.P. Morgan |
| 2013-04-29 | Conceptus | Bayer HealthCare | Medical Devices and Supplies | $1.1B | 28.0x | 6.79x | 9.0%–12.0% | Goldman Sachs |