Fairness opinions › By year
Healthcare fairness opinions, 2017
28 public-company healthcare transactions announced in 2017 with a fairness opinion in the SEC filing.
2017 valuation benchmarks
EV / LTM EBITDA
10.3x / 14.3x / 16.8x
Q1 / median / Q3 · n=23
EV / LTM revenue
1.22x / 2.56x / 3.96x
Q1 / median / Q3 · n=28
DCF discount rate (midpoint)
8.0% / 9.0% / 11.0%
Q1 / median / Q3 · n=28
Transactions announced in 2017. 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 |
|---|---|---|---|---|---|---|---|---|
| 2017-12-19 | Kindred Healthcare | Humana/TPG/WCAS | Hospitals | $4.1B | 8.0x | 0.68x | 8.5%–9.5% | Barclays, Guggenheim Securities |
| 2017-12-07 | Entellus Medical | StrykerCorp. | Medical Devices and Supplies | $697M | — | 5.76x | 10.0%–12.0% | Piper Sandler |
| 2017-12-04 | Exactech | TPG | Medical Devices and Supplies | $737M | 15.0x | 2.73x | 8.5%–9.5% | J.P. Morgan |
| 2017-12-03 | Aetna | CVS Health | Managed Care | $71B | 12.1x | 1.18x | 7.0%–8.5% | Allen, Barclays, Goldman Sachs, Centerview Partners |
| 2017-12-03 | CVS Health | Aetna | Pharmacy / Infusion | $90B | 7.2x | 0.49x | 7.0%–8.5% | Allen, Barclays, Goldman Sachs, Centerview Partners |
| 2017-11-16 | Almost Family | LHC Group | Home-Based Services | $933M | 14.3x | 1.16x | 8.5%–10.0% | Jefferies, Guggenheim Securities |
| 2017-11-16 | LHC Group | Almost Family | Home-Based Services | $1.3B | 15.5x | 1.25x | 8.5%–10.0% | Jefferies, Guggenheim Securities |
| 2017-10-30 | Advanced Accelerator Applications | Novartis | Diagnostics / Life Sciences | $3.9B | — | 17.73x | 14.2%–15.2% | Jefferies |
| 2017-09-06 | Landauer | Fortive | Outsourced Services | $757M | 18.2x | 4.88x | 8.8%–9.8% | Lazard |
| 2017-08-29 | Advisory Board Healthcare | Optum | Outsourced Services | $1.3B | 10.3x | 2.36x | 7.5%–8.8% | Allen |
| 2017-08-07 | NxStage Medical | Fresenius Medical Care AG & Co. KGaA | Medical Devices and Supplies | $1.9B | 29.7x | 3.96x | 10.5%–12.5% | Piper Sandler |
| 2017-08-02 | PharMerica | KKR | Pharmacy / Infusion | $1.4B | 9.6x | 0.60x | 8.0%–9.0% | UBS, BofA Securities |
| 2017-07-24 | WebMD | Internet Brands | Digital / HealthTech | $2.9B | 11.9x | 3.96x | 8.0%–10.0% | J.P. Morgan |
| 2017-06-28 | Spectranetics | Philips | Medical Devices and Supplies | $1.9B | — | 6.25x | 9.5%–11.5% | J.P. Morgan |
| 2017-06-19 | Parexel International | Pamplona Capital Management | Pharmaceutical Services | $5.0B | 13.9x | 2.39x | 8.5%–10.0% | Goldman Sachs |
| 2017-06-12 | Miramar Labs | Sientra | Medical Devices and Supplies | $29.4M | — | 1.21x | 17.4% | Canaccord Genuity |
| 2017-06-06 | Albany Molecular Research | Carlyle Group / GTCR | Pharmaceutical Services | $1.6B | 11.5x | 2.20x | 7.8%–9.8% | Credit Suisse |
| 2017-05-15 | Patheon NV | Thermo Fisher Scientific | Pharmaceutical Services | $7.4B | 16.4x | 3.66x | 7.7%–8.9% | Morgan Stanley |
| 2017-05-05 | VWR | Avantor | Diagnostics / Life Sciences | $6.6B | 12.6x | 1.42x | 7.8%–9.3% | |
| 2017-04-23 | C. R. Bard | Becton Dickinson | Medical Devices and Supplies | $25B | 20.1x | 6.47x | 6.0%–7.0% | Goldman Sachs |
| 2017-04-14 | Alere | Abbott Laboratories | Diagnostics / Life Sciences | $7.1B | 14.3x | 2.95x | 8.3%–9.8% | J.P. Morgan |
| 2017-04-11 | Alliance Healthcare Services | Tahoe Investment Group Co. | Specialty Outpatient Facilities | $683M | 5.7x | 1.33x | 9.0%–10.0% | Lazard |
| 2017-04-03 | Syneron Medical / Candela | Apax Partners | Medical Devices and Supplies | $340M | 16.8x | 1.14x | 15.5%–17.5% | Barclays |
| 2017-03-14 | Air Methods | American Securities | Medical Transportation | $2.5B | 7.6x | 1.96x | 9.5%–10.5% | Centerview Partners |
| 2017-02-14 | Cynosure | Hologic | Medical Devices and Supplies | $1.7B | 21.6x | 3.34x | 14.0%–16.0% | Leerink Partners |
| 2017-02-13 | ZELTIQ Aesthetics | Allergan | Medical Devices and Supplies | $2.4B | 32.9x | 5.03x | 10.1%–11.8% | Guggenheim Securities |
| 2017-01-10 | Derma Sciences | Integra Lifesciences | Medical Devices and Supplies | $248M | — | 3.03x | 13.0%–15.0% | Greenhill |
| 2017-01-09 | Surgical Care Affiliates | Optum | Specialty Outpatient Facilities | $3.3B | 16.4x | 2.75x | 6.5%–7.5% | J.P. Morgan |