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HEALTHCARE M&A AND VALUATION
NEWS & INSIGHTS

Diagnostic Tools EBITDA Multiples: Abcam PLC Acquired by Danaher (~29x 2023 EBITDA)

On August 28th, 2023, life sciences giant Danaher Corporation announced its acquisition of Abcam plc, a leading provider of research antibodies and proteins, for a hefty $5.7 billion (total enterprise value). The deal marks a significant move for Danaher as it seeks to strengthen its foothold in the growing life sciences research market. Danaher paid $24.00 per share for Abcam, translating to a price-to-EBITDA multiple of around 29x estimated 2023 EBITDA, per the fairness opinion, and ~22.4x estimated 2024 EBITDA of $266m. 


Diagnostic Tools EBITDA Multiples


The implied multiple was on the high end of the range compared to other diagnostics and life sciences tools companies.


Abcam Acquisition by Danaher
Diagnostics / Life Sciences EBITDA Multiples

The high-end multiple is likely primarily a factor of Abcam's elevated margins and lofty projected growth. According to the fairness opinion, Abcam's EBITDA is expected to grow at a 21.6% compound annual growth rate over the next five years.



About Scope Research


The Scope Research Healthcare M&A Valuation Database currently has financial details for 180 diagnostics and life sciences deals going back to 2010, 77 of which include reported EBITDA multiples. The diagnostics / life sciences database can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.


Don't hesitate to reach out to Will Hamilton at will@scoperesearch.co with questions about your specific situation.




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