Fairness opinions › By year
Healthcare fairness opinions, 2015
13 public-company healthcare transactions announced in 2015 with a fairness opinion in the SEC filing.
2015 valuation benchmarks
EV / LTM EBITDA
12.2x / 15.2x / 20.0x
Q1 / median / Q3 · n=13
EV / LTM revenue
1.71x / 2.01x / 4.38x
Q1 / median / Q3 · n=13
DCF discount rate (midpoint)
9.0% / 10.0% / 11.0%
Q1 / median / Q3 · n=13
Transactions announced in 2015. 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 |
|---|---|---|---|---|---|---|---|---|
| 2015-11-20 | Liberator Medical Holdings | C. R. Bard | Medical Devices and Supplies | $181M | 11.5x | 2.01x | 12.0%–16.0% | JMP Securities |
| 2015-10-20 | Clarient | NeoGenomics | Diagnostics / Life Sciences | $248M | 14.4x | 1.83x | 8.0%–10.0% | Houlihan Lokey |
| 2015-10-19 | Sorin | Cyberonics / LivaNova | Medical Devices and Supplies | $1.8B | 12.3x | 1.96x | 8.5%–10.5% | |
| 2015-09-15 | Sirona Dental Systems | DENTSPLY | Medical Devices and Supplies | $5.7B | 16.2x | 4.78x | 9.4%–10.4% | Jefferies |
| 2015-09-01 | Synergetics USA | Bausch Health Companies | Medical Devices and Supplies | $155M | 13.2x | 2.01x | 16.0%–20.0% | William Blair |
| 2015-08-06 | Merge Healthcare | IBM Watson Health | Digital / HealthTech | $1.0B | 19.5x | 3.97x | 10.0%–12.0% | Goldman Sachs |
| 2015-08-04 | IPC Healthcare | TeamHealth | Physician Groups | $1.6B | 22.5x | 2.14x | 6.5%–7.5% | Credit Suisse, Evercore |
| 2015-07-22 | Thoratec | St. Jude Medical | Medical Devices and Supplies | $3.3B | 26.5x | 6.39x | 9.5%–11.0% | Centerview Partners |
| 2015-07-02 | Health Net | Centene | Managed Care | $6.0B | 9.3x | 0.37x | 8.0%–9.0% | J.P. Morgan, Allen |
| 2015-06-04 | Bio-Reference Laboratories | Opko Health | Diagnostics / Life Sciences | $1.5B | 12.1x | 1.59x | 8.5%–10.5% | Allen |
| 2015-05-21 | Omnicare | CVS Health | Pharmacy / Infusion | $12B | 15.8x | 1.87x | 8.0%–9.5% | Centerview Partners, BofA Securities |
| 2015-05-13 | Pall | Danaher | Diagnostics / Life Sciences | $14B | 20.5x | 4.88x | 9.0%–11.0% | Goldman Sachs |
| 2015-03-30 | Catamaran | United HealthGroup | Managed Care | $14B | 15.2x | 0.61x | 8.5%–9.5% | Blackstone Advisory Partners |