Fairness opinions › By year
Healthcare fairness opinions, 2021
13 public-company healthcare transactions announced in 2021 with a fairness opinion in the SEC filing.
2021 valuation benchmarks
EV / LTM EBITDA
15.3x / 18.4x / 25.7x
Q1 / median / Q3 · n=12
EV / LTM revenue
3.67x / 4.40x / 7.54x
Q1 / median / Q3 · n=13
DCF discount rate (midpoint)
8.0% / 8.0% / 10.0%
Q1 / median / Q3 · n=13
Transactions announced in 2021. 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 |
|---|---|---|---|---|---|---|---|---|
| 2021-12-20 | Cerner | Oracle | Digital / HealthTech | $29B | 15.2x | 5.00x | 7.2%–8.5% | Centerview Partners |
| 2021-11-23 | Nutex Health | Clinigence Health | Physician Groups | $1.6B | 10.0x | 4.40x | 9.5%–13.8% | The Benchmark |
| 2021-09-02 | Hill-Rom Holdings | Baxter International | Medical Devices and Supplies | $12B | 17.6x | 3.89x | 7.0%–9.0% | BofA Securities, Goldman Sachs |
| 2021-08-19 | Inovalon Holdings | Nordic Capital / Insight Partners | Digital / HealthTech | $7.3B | 26.9x | 9.42x | 8.0%–9.0% | Evercore, J.P. Morgan |
| 2021-07-29 | Misonix | Bioventus | Medical Devices and Supplies | $518M | — | 6.48x | 10.3%–12.3% | J.P. Morgan, Perella Weinberg Partners |
| 2021-04-15 | PPD | Thermo Fisher Scientific | Pharmaceutical Services | $20B | 20.3x | 3.83x | 7.5%–8.5% | J.P. Morgan |
| 2021-04-12 | Luminex | DiaSorin | Diagnostics / Life Sciences | $1.8B | 22.2x | 3.72x | 7.5%–8.5% | Perella Weinberg Partners |
| 2021-04-12 | Nuance Communications | Microsoft | Digital / HealthTech | $19B | 45.9x | 13.53x | 8.0%–9.0% | Evercore |
| 2021-03-15 | GenMark Diagnostics | Roche | Diagnostics / Life Sciences | $1.8B | 120.8x | 8.59x | 10.0%–12.0% | J.P. Morgan |
| 2021-02-24 | PRA Health Sciences | ICON | Pharmaceutical Services | $12B | 19.2x | 3.12x | 7.5%–10.0% | Centerview Partners, BofA Securities, UBS |
| 2021-01-12 | Cantel Medical | STERIS | Medical Devices and Supplies | $4.3B | 16.2x | 3.63x | 9.3%–10.0% | Centerview Partners |
| 2021-01-06 | Change Healthcare | Optum | Digital / HealthTech | $14B | 13.8x | 4.46x | 6.8%–7.8% | |
| 2021-01-04 | Magellan Health | Centene | Managed Care | $2.0B | 15.6x | 0.45x | 7.0%–8.0% | Goldman Sachs, Guggenheim Securities |