Fairness opinions › By year
Healthcare fairness opinions, 2019
9 public-company healthcare transactions announced in 2019 with a fairness opinion in the SEC filing.
2019 valuation benchmarks
EV / LTM EBITDA
12.7x / 14.6x / 31.4x
Q1 / median / Q3 · n=8
EV / LTM revenue
0.49x / 3.55x / 4.73x
Q1 / median / Q3 · n=9
DCF discount rate (midpoint)
8.0% / 10.0% / 11.0%
Q1 / median / Q3 · n=9
Transactions announced in 2019. 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 |
|---|---|---|---|---|---|---|---|---|
| 2019-12-09 | Diplomat Pharmacy | UnitedHealth Group | Pharmacy / Infusion | $898M | 12.1x | 0.18x | 10.5% | |
| 2019-11-04 | Wright Medical Group | StrykerCorp. | Medical Devices and Supplies | $4.1B | 14.6x | 3.49x | 7.0%–8.4% | Guggenheim Securities |
| 2019-08-07 | Cambrex | Permira Funds | Pharmaceutical Services | $2.4B | 14.5x | 3.55x | 7.5%–8.4% | Morgan Stanley |
| 2019-07-29 | Genomic Health | Exact Sciences | Diagnostics / Life Sciences | $2.4B | 32.2x | 5.27x | 9.0%–10.0% | Goldman Sachs |
| 2019-06-12 | Medidata Solutions | Dassault Systemes | Digital / HealthTech | $5.8B | 32.4x | 7.84x | 8.9%–9.9% | Morgan Stanley |
| 2019-03-27 | WellCare Health Plans | Centene | Managed Care | $17B | 14.5x | 0.62x | 7.0%–8.3% | Goldman Sachs, Allen, Barclays |
| 2019-03-13 | Osiris Therapeutics | Smith & Nephew | Medical Devices and Supplies | $660M | 28.8x | 4.19x | 10.5%–12.5% | Cantor Fitzgerald |
| 2019-03-12 | Dental Care Plus Group | DentaQuest | Managed Care | $41.5M | 10.4x | 0.37x | 12.5%–16.0% | Mercer Capital |
| 2019-02-11 | CAS Medical Systems | Edwards Lifesciences | Medical Devices and Supplies | $100M | — | 4.06x | 9.0%–13.0% | William Blair |