Fairness opinions › By year
Healthcare fairness opinions, 2023
10 public-company healthcare transactions announced in 2023 with a fairness opinion in the SEC filing.
2023 valuation benchmarks
EV / LTM EBITDA
16.1x
median · n=10
EV / LTM revenue
1.53x / 2.61x / 6.44x
Q1 / median / Q3 · n=10
DCF discount rate (midpoint)
10.0% / 11.0% / 13.0%
Q1 / median / Q3 · n=10
Transactions announced in 2023. 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 |
|---|---|---|---|---|---|---|---|---|
| 2023-10-17 | Olink Holding AB | Thermo Fisher Scientific | Diagnostics / Life Sciences | $3.0B | 591.4x | 14.79x | 10.5%–11.5% | J.P. Morgan, Goldman Sachs |
| 2023-09-05 | NextGen Healthcare | Thoma Bravo | Digital / HealthTech | $1.8B | 16.1x | 2.76x | 8.9%–10.6% | Morgan Stanley |
| 2023-08-28 | Abcam | Danaher | Diagnostics / Life Sciences | $5.7B | 29.1x | 11.05x | 8.9%–10.8% | Morgan Stanley, Lazard |
| 2023-08-07 | Tabula Rasa HealthCare | Nautic Partners / ExactCare Pharmacy | Digital / HealthTech | $570M | 27.1x | 1.58x | 13.0%–15.5% | Goldman Sachs |
| 2023-06-26 | Amedisys | UnitedHealth Group | Home-Based Services | $3.6B | 15.2x | 1.59x | 8.3%–10.5% | Guggenheim Securities |
| 2023-05-10 | Syneos Health | Elliott Investment Management / Patient Square Capital / Veritas Capital | Pharmaceutical Services | $7.1B | 9.7x | 1.38x | 12.0%–14.0% | Centerview Partners |
| 2023-02-09 | NuVasive | Globus Medical | Medical Devices and Supplies | $3.1B | 10.6x | 2.46x | 7.5%–9.5% | |
| 2023-02-08 | Cardiovascular Systems | Abbott | Medical Devices and Supplies | $850M | — | 3.32x | 10.5%–12.5% | J.P. Morgan |
| 2023-02-08 | Oak Street Health | CVS Health | Physician Groups | $11B | — | 4.90x | 11.3%–13.5% | Centerview Partners |
| 2023-01-31 | Chembio Diagnostics | Biosynex SA | Diagnostics / Life Sciences | $17.2M | — | 0.55x | 16.0%–20.0% | Craig-Hallum |