INDUSTRY UPDATE │ SEPTEMBER 2015

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HEALTHCARE & LIFE SCIENCES

0

INDUSTRY UPDATE │ SEPTEMBER 2015


PAGE |


WHATWE’RE READING

1

CONTENTS

PUBLIC MARKETS OVERVIEW

EQUITY MARKETS OVERVIEW

M&A OVERVIEW

DEBT MARKETS OVERVIEW

HEALTHCARE & LIFE SCIENCES PUBLIC COMPARABLES

M&A TRANSACTIONS

CONTACTS

Turner BredrupManaging [email protected]+1 (804) 915-0110

James ClarkManaging [email protected]+1 (804) 915-0119

Cheairs PorterManaging [email protected]+1 (804) 915-0130

Geoff SmithManaging [email protected]+1 (804) 915-0195

Andy [email protected]+1 (415) 217-3419

Paul [email protected]+1 (804) 932-1326

Whit [email protected]+1 (804) 932-1321

Jacques FuVice [email protected]+1 (804) 915-0185

Andy HewlettVice [email protected]+1 (415) 217-3427

Bill KayserVice [email protected]+1 (804) 915-0180

Nick OwensVice [email protected]+1 (804) 887-6027

MANAGED CARE AND HOSPITALS | ACCELERATION IN WAKE OF ACA

Following five years of significant deal activity, 2015 is on pace to notch the mostU.S. hospital deals since 1999, with 71 announced through the end of August. In apiece from August 21st, the Wall Street Journal examines the rationale underlyingthe M&A activity in the managed care and healthcare provider spaces, as well asthe unfolding anti-trust reviews from the FTC and the Justice Department. Hospitalsand managed care providers are striving to gain scale to offer a complete rangeof services and cover a wide geographic area, but regulators are concerned thatsuch activity may harm end consumers. The larger systems argue that thecoordination of all aspects of patients’ care can improve health and be moreefficient, but the regulatory meetings will ultimately decide the fate of theproposed mega-mergers. On Tuesday, a Senate subcommittee is set to heartestimony from the chief executives of Aetna Inc., which plans to acquire HumanaInc., and Anthem Inc., which is seeking to buy Cigna Corp., while UnitedHealthGroup Inc., the remaining large insurer, won’t be testifying. A link to the article canbe found here. (A subscription to the Wall Street Journal may be required)



PHARMACEUTICAL DRUGS | A CHALLENGE TO BRAND NAME DRUGS

Pharmaceutical trade groups are asking Congress to exempt drug patents fromthe Inter Partes Review process, a faster and less costly process than the currentfederal review used by generic drug companies to challenge brand namepatents. Analysis from the Congressional Budget Office found that the proposedpatent law change could cost federal healthcare programs $1.3 billion over adecade by delaying new generic medicines from reaching the market. Thecurrent system, created by a 1984 law, requires the FDA to wait 2.5 years beforeapproving generic versions of medicines whose patents are being challenged incourt, allowing a greater window of time for brand-name drugs to profit. The WallStreet Journal analyzes the argument between allowing pharma companies toachieve brand-name financial success versus unnecessarily delaying the entranceof generic, low-cost alternatives to the market. A link to the article can be foundhere. (A subscription to the Wall Street Journal may be required)

PHARMACEUTICAL DRUGS | TUBERCULOSIS PRICE INCREASE RESCINDED

The Nasdaq Biotechnology Index fell more than 4 percent as investors worry aboutpossible government action to control pharmaceutical prices. The most recentcommentary from politicians regarding potential price gouging is focused onTuring Pharmaceuticals, which last month acquired Daraprim, a 62-year-old drugused to treat a serious parasitic infection, and raised its price to $750 per tablet,from $13.50 post-acquisition. The cases of Daraprim and of the tuberculosis drug,Cycloserine, are examples of a relatively new business strategy — acquiring old,neglected drugs, often for rare diseases, and turning them into costly “specialty”drugs. A link to the article can be found here.

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http://www.wsj.com/article_email/health-care-providers-insurers-supersize-1442850400-lMyQjAxMTI1NjI5MTYyOTEyWj

http://www.wsj.com/articles/drug-industry-bill-would-raise-medicare-costs-1441063248

http://www.nytimes.com/2015/09/22/business/big-price-increase-for-tb-drug-is-rescinded.html?ref=health

PAGE |

PUBLICMARKETS OVERVIEW

2

Key Trading Statistics (detail begins on page 6)

Public Company Sector Performance

(12-month % change in stock price)



Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Clinical Laboratories 2 $31,456 (5.0%) 8.6% 2.2x 10.9x 2.0x 9.8x

Contract Pharma Manufacturing 2 5,594 11.3% 73.4% 3.4x 14.9x 3.2x 13.2x

Contract Research Organizations 9 $38,260 (0.5%) 16.6% 2.9x 14.4x 2.8x 13.2x

Disease Management 2 8,887 (9.4%) 8.3% 2.1x 14.6x 2.0x 12.3x

Emergency Serv ices 1 $2,114 (11.2%) (36.2%) 2.1x 8.1x 2.0x 7.8x

Healthcare Staffing 5 19,786 10.9% 21.7% 1.5x 16.3x 1.3x 13.4x

HMO - Medical 10 $310,932 (6.0%) 36.6% 0.8x 9.7x 0.7x 9.4x

Information Serv ices 14 40,709 (3.8%) 3.8% 5.0x 18.0x 4.3x 15.8x

Specialty Managed Care 3 $7,057 10.6% 11.4% 1.2x 8.5x 6.6x 5.0x

Specialty Pharmacy 1 2,691 2.2% NM 1.0x NM 1.0x NM

Retail Pharmacy 3 $246,533 0.0% 32.6% 0.9x 11.6x 0.8x 12.0x

Specialty Pharmacy Management 2 73,837 (2.8%) 22.3% 0.7x 10.3x 0.7x 9.9x

Dental Products 3 $107,136 (3.4%) 9.9% 3.0x 14.5x 3.0x 12.8x

Durable Medical Equipment 3 10,941 (11.7%) 14.7% 1.8x 13.4x 1.8x 12.2x

Life Sciences Tools 4 $121,505 (3.5%) 4.3% 2.7x 13.8x 3.3x 14.2x

Medical Devices and Products 14 618,427 (3.8%) 13.6% 3.6x 14.0x 3.6x 12.8x

Medical / Surgical / Dental Supplies & Distribution 6 $123,519 (5.4%) 12.7% 0.3x 13.0x 0.3x 10.4x

Acute-Care Hospitals 4 116,631 0.4% 1.7% 1.2x 8.6x 1.2x 8.1x

Assisted Liv ing 3 $12,965 (27.0%) (21.5%) 2.8x 14.5x 2.3x 13.4x

Diagnostic Imaging 3 9,154 (6.2%) (8.1%) 1.6x 9.1x 1.8x 9.4x

Dialysis Serv ices 2 $58,230 (10.0%) 4.9% 1.9x 10.7x 1.9x 10.3x

Home Care, Hospice, and Home Infusion 6 6,014 13.3% 47.8% 1.3x 12.7x 1.3x 11.9x

Long-Term Care 3 $6,992 (4.1%) 5.3% 1.0x 11.1x 0.8x 8.3x

Physician Practice Management 2 10,267 20.5% 44.3% 3.2x 15.8x 3.0x 15.0x

Behavioral Health / Management 6 $28,770 (4.1%) 10.0% 1.6x 10.7x 1.4x 10.0x

Surgicenters / Rehabilitation 5 19,582 1.1% 21.3% 2.3x 13.7x 2.1x 11.2x

Payor, Provider, & Pharmacy Support Serv ices 54 $787,855 (2.5%) 30.5% 1.3x 12.0x 1.2x 11.2x

Products & Devices 30 $981,528 (6.3%) 3.8% 3.2x 12.8x 3.1x 11.9x

Provider-Based Serv ices 34 $268,604 (1.1%) 14.6% 2.0x 11.2x 1.9x 10.4x

HW&Co. HCLS Composite Index 118 $2,037,987 (1.8%) 14.4% 2.4x 12.4x 2.3x 11.5x

S&P 500 (6.4%) (1.6%)

Pro

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cts

&

De

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es

Pro

vid

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Ba

sed

Se

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es

Median TEV/

Forward MulitplesSectorNumber of

Companies

Aggregate

Enterprise Value

($ mm)

Median TEV/

LTM Multiples

Pa

yo

r, P

rov

ide

r, &

Ph

arm

ac

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up

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Contract Pharma Manufacturing

Home Care, Hospice, and Home Infusion

Physician Practice Management

HMO - Medical

Contract Research Organizations

Specialty Pharmacy Management

Healthcare Staffing

Surgicenters / Rehabilitation


Durable Medical Equipment

Medical Devices and Products

Medical / Surgical / Dental Supplies & Distribution

HW&Co. HCLS Composite Index

Specialty Managed Care

Behavioral Health / Management

Dental Products

Clinical Laboratories

Disease Management

Long-Term Care

Dialysis Services

Life Sciences Tools

Information Services

Acute-Care Hospitals

Specialty Pharmacy

S&P 500

Diagnostic Imaging

Assisted Living

Emergency Services

(60.0%) (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0%

PAGE |

EQUITYMARKETS OVERVIEW

3

Healthcare & Life Sciences Industry Stock Performance

Top 25 Equity Offerings

(by proceeds)

184.6%

140.2%

159.0%



40

60

80

100

120

140

160

180

200

220

Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15

S&P 500 Dow Jones U.S. Health Care Index HW&Co. HCLS Index

Closing Date Issuer Ticker Transaction Type Gross Proceeds ($ mm)

08/10/15 Acadia Healthcare Co Inc ACHC Follow-On $407.2

08/21/15 Intrexon Corp XON Follow-On 230.0

08/04/15 Integra LifeSciences Hldg Corp IART Follow-On 201.3

08/05/15 Aimmune Therapeutics Inc AIMT IPO 184.0

08/11/15 PTC Therapeutics Inc PTCT Convertible 175.0

08/05/15 Surgical Care Affiliates Inc SCAI Follow-On 151.8

08/14/15 Cocrystal Pharma Inc COCP Follow-On 150.0

08/07/15 XenoPort Inc XNPT Follow-On 150.0

08/11/15 Global Blood Therapeutics Inc GBT IPO 138.0

08/05/15 Dermira Inc DERM Follow-On 111.3

08/13/15 LDR Holding Corp LDRH Follow-On 92.0

08/12/15 Inotek Pharmaceuticals Corp ITEK Follow-On 79.2

08/05/15 Corium International Inc CORI Follow-On 52.0

08/11/15 Akebia Therapeutics Inc AKBA Follow-On 50.0

08/04/15 Zynerba Pharmaceuticals Inc ZYNE IPO 48.3

08/05/15 Hemispherx BioPharma Inc HEB Follow-On 47.3

08/14/15 WaferGen Bio-systems Inc WGBS Follow-On 34.5

08/28/15 Nobilis Health Corp NHC Follow-On 33.0

08/21/15 Mast Therapeutics Inc MSTX Follow-On 30.0

08/18/15 Rigel Pharmaceuticals Inc RIGL Follow-On 30.0

08/26/15 Axogen Inc AXGN Follow-On 17.5

08/19/15 MediciNova Inc MNOV Follow-On 17.5

08/25/15 EnteroMedics Inc ETRM Follow-On 17.4

08/03/15 Abeona Therapeutics Inc ABEO Follow-On 15.6

08/25/15 Skyline Medical Inc SKLN Follow-On 15.0

PAGE |

M&A OVERVIEW

4

Announced Healthcare & Life Sciences M&A

Healthcare & Life Sciences M&A Trends

Announced Private Equity M&A Activity

QUARTERLY M&A ACTIVITY

HEALTHCARE TRANSACTION HIGHLIGHTS

ANNOUNCED HEALTHCARE & LIFE SCIENCES TRANSACTIONS

MEDIAN HEALTHCARE & LIFE SCIENCES TRANSACTION MULTIPLES

PEG INVESTMENTS BY SEGMENT (LAST 3 YEARS) PEG INVESTMENTS AND EXITS

Note: Transactions based on publicly available information

LTM DEAL STATISTICS



221

291

200 209

304

248

304290 279

292 303 312

260

12

22

1612

18

15

22

1411

1511

13

8

0

50

100

150

200

250

300

350

3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Nu

mb

er

of Tr

an

sac

tio

ns

PEG Acquirer Strategic Acquirer

69

94

113

79

42

7165 65

61 62

32

60 62

95

49 50

80

120

139144 143

72

0

20

40

60

80

100

120

140

160

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015YTD

Nu

mb

er

of Tr

an

sac

tio

ns

Number of Investments Number of Exits

$110.6

$141.4

$101.6 $108.2

$236.6

$346.4

0

200

400

600

800

1,000

1,200

1,400

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

2010 2011 2012 2013 2014 2015YTD

Nu

mb

er o

f Tran

sac

tion

sAg

gre

ga

te T

ran

sac

tio

n V

alu

e

($ in

billio

ns)

Aggregate Deal Value Number of Transactions

12.8x

11.1x 10.9x 10.0x

13.6x 14.3x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

0.0x

3.0x

6.0x

9.0x

12.0x

15.0x

18.0x

21.0x

2010 2011 2012 2013 2014 2015YTD

EV

/ LTM S

ale

s Mu

ltiple

EV

/ L

TM E

BIT

DA

Mu

ltip

le

TEV / LTM EBITDA TEV / LTM Sales

Aggregate Number Median Transaction Multiples

Value ($bn) of Deals TEV/Rev TEV/EBITDA

$497.6 1,318 2.20x 13.6x

Announced Target Buyer

8/24/2015 Renal Ventures Management, LLC DaVita HealthCare Partners Inc. (NYSE:DVA)

8/24/2015 Physicians Immediate Med P.C. CRH Healthcare, LLC

8/22/2015 Dialysis Newco, Inc. U.S. Renal Care Inc.

8/21/2015 Prairie Community Health, Inc. Horizon Health Care, Inc.

8/21/2015 Monte Nido & Affiliates, LLC Lev ine Leichtman Capital Partners

8/10/2015 North American Dental Group, LLC ABRY Partners, LLC; The Riv erside Company

8/6/2015 ADP Adv ancedMD, Inc. Marlin Equity Partners, LLC

8/6/2015 World of Weed, Inc. Med-Cannabis Pharma, Inc. (OTCBB:MCPI)

8/4/2015 Bay Area Anesthesia, LLC AmSurg Corp. (NasdaqGS:AMSG)

8/4/2015 Lifeline Cryogenics, LLC California Cryobank Stem Cell Serv ices LLC

HC&LS Industry Number of

Segment Companies

Healthcare Facilities 50

Healthcare Serv ices 45

Healthcare Equipment 21

Pharmaceuticals 19

Healthcare Technology 16

Life Sciences Tools & Serv ices 14

Healthcare Supplies 11

Healthcare Distributors 6

Biotechnology 3

Managed Healthcare 3

PAGE |

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

2010 2011 2012 2013 2014 1H15A

ve

rag

e S

pre

ad

Ov

er

LIB

OR

Revolving Credit / Term Loan A Weighted-Average Institutional

DEBTMARKETS OVERVIEW

5

Key Credit Statistics

QUARTERLY HEALTHCARE LOAN VOLUME AVERAGE SPREAD ON HEALTHCARE LOANS

Select Healthcare & Life Sciences Debt Offerings

(by deal amount)

CREDIT METRICS AVERAGE SECONDARY SPREAD



$0

$3

$6

$9

$12

$15

$18

$21

$24

2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15

Loa

n V

olu

me

by

Qu

art

er

($ in

billio

ns)

Pro Rata Institutional

L + 0

L + 200

L + 400

L + 600

L + 800

2Q10 1Q11 4Q11 3Q12 2Q13 1Q14 4Q14

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

0.0x

2.0x

4.0x

6.0x

Debt/EBITDA Senior Debt/EBITDA EBITDA/Cash

Interest

EBITDA -

Capex/Cash

Interest

EB

ITD

A M

ultip

le

2010 2011 2012 2013 2014 2015 YTD

Date Effective Borrower Name Description Amount ($ mm) Tranche Rating Spread

08/12/15 Aetna Inc Hospital/medical serv ice plans $16,200.0 Bridge Loan NR / NR L+ 100

08/05/15 St Jude Medical Inc Electromedical equipment 3,700.0 Bridge Loan NR / NR L+ 100

08/17/15 Aetna Inc Hospital/medical serv ice plans 3,200.0 Term Loan NR / NR L+ 100

08/21/15 St Jude Medical Inc Electromedical equipment 2,600.0 Delay Draw Term Loan NR / NR L+ 113

08/21/15 St Jude Medical Inc Electromedical equipment 2,600.0 Term Loan NR / NR L+ 113

08/14/15 AMAG Pharmaceuticals Inc Pharmaceutical preparations 800.0 Term Loan B Ba2 / BB L+ 375

08/14/15 Patterson Cos Inc Medical and hospital equipment 300.0 Term Loan B NR / NR L+ 425

08/04/15 Ardent Medical Serv ices Inc General med'l/surgical hospitals 250.0 Term Loan B NR / NR L+ 550

08/14/15 Albany Molecular Research Inc Medicinals and botanicals 230.0 Term Loan B B1 / B+ L+ 475

PAGE |

PUBLIC COMPARABLES

6

Payor, Provider, & Pharmacy Support Services

As of August 31, 2015.



Stock Price

% Change 52 Week

8/31/2015 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA

Clinical Laboratories

Laboratory Corp. of America Holdings 117.81 (0.1%) 9.9% 131.19 95.61 11,911 6,787 619 18,095 7,056 1,414 1,108 Jun-15 Dec-14 8,481 1,706 1,258 2.6x 12.8x 2.1x 10.6x

Quest Diagnostics Inc. 67.80 (9.9%) 7.3% 89.00 56.27 9,733 3,748 150 13,361 7,551 1,469 1,158 Jun-15 Dec-14 7,536 1,495 1,194 1.8x 9.1x 1.8x 8.9x

Number of Companies 2 Median: (5.0%) 8.6% Total $21,643 $31,456 $14,607 $16,017 2.2x 10.9x 2.0x 9.8x

Market Cap. Weighted Average: (4.5%) 8.7% 2.2x 11.1x 2.0x 9.9x

Contract Pharma Manufacturing

Cambrex Corporation. 47.81 19.5% 118.1% 53.99 15.76 1,500 60 63 1,497 395 106 83 Jun-15 Dec-14 430 122 99 3.8x 14.2x 3.5x 12.3x

West Pharmaceutical Serv ices, Inc. 55.85 3.2% 28.6% 61.73 43.11 4,021 327 252 4,096 1,401 263 174 Jun-15 Dec-14 1,414 290 191 2.9x 15.6x 2.9x 14.1x

Number of Companies 2 Median: 11.3% 73.4% Total $5,521 $5,594 $1,796 $1,844 3.4x 14.9x 3.2x 13.2x

Market Cap. Weighted Average: 7.6% 52.9% 3.2x 15.2x 3.1x 13.6x


Albany Molecular Research Inc. $19.94 (1.0%) 0.7% $23.95 $13.73 $707 $202 $43 $866 $320 $35 $13 Jun-15 Dec-14 $380 $68 $44 2.7x 24.9x 2.3x 12.8x

Catalent, Inc. 31.79 (0.5%) 47.9% 34.42 21.21 3,951 1,888 151 5,721 1,831 419 278 Jun-15 Jun-15 1,901 463 331 3.1x 13.7x 3.0x 12.4x

Charles River Laboratories International, Inc. 68.89 (4.8%) 16.6% 84.69 55.47 3,223 773 151 3,861 1,317 291 197 Jun-15 Dec-14 1,345 321 243 2.9x 13.3x 2.9x 12.0x

ICON Public Limited Company 77.00 18.7% 55.4% 84.14 49.67 4,610 60 107 4,478 1,555 311 255 Jun-15 Dec-14 1,587 338 281 2.9x 14.4x 2.8x 13.3x

INC Research Holdings, Inc. 41.01 18.6% NM 51.69 19.61 2,307 475 99 2,684 860 181 124 Jun-15 Dec-14 907 202 183 3.1x 14.8x 3.0x 13.3x

PAREXEL International Corporation 65.72 (1.1%) 16.4% 76.17 52.19 3,637 354 207 3,784 2,016 297 212 Jun-15 Jun-15 2,175 352 260 1.9x 12.7x 1.7x 10.7x

PRA Health Sciences, Inc. 37.63 12.5% NM 43.44 18.47 2,264 944 61 3,147 1,312 187 101 Jun-15 Dec-14 1,369 239 216 2.4x 16.8x 2.3x 13.2x

Quintiles Transnational Holdings Inc. 74.51 6.9% 32.8% 80.45 51.09 9,143 2,491 804 10,831 4,229 751 628 Jun-15 Dec-14 4,354 785 665 2.6x 14.4x 2.5x 13.8x

WuXi PharmaTech (Cayman) Inc. 42.26 (1.8%) 14.2% 46.14 32.40 2,998 341 254 2,889 738 134 86 Jun-15 Dec-14 798 170 115 3.9x 21.6x 3.6x 17.0x



Disease Management

Alere Inc. $51.97 0.8% 46.6% $55.99 $34.74 $4,455 $3,599 $465 $8,200 $2,544 $538 $223 Jun-15 Dec-14 $2,560 $581 $496 3.2x 15.2x 3.2x 14.1x

Healthways Inc. 12.21 (19.5%) (30.1%) 23.30 11.37 438 254 5 687 773 49 28 Jun-15 Dec-14 778 65 14 0.9x 14.0x 0.9x 10.6x



Emergency Services

Air Methods Corp. $37.45 (11.2%) (36.2%) $60.12 $34.25 $1,472 $664 $29 $2,114 $1,028 $260 $179 Jun-15 Dec-14 $1,053 $270 $186 2.1x 8.1x 2.0x 7.8x

Number of Companies 1 Median: (11.2%) (36.2%) Total $1,472 $2,114 $1,028 $1,053 2.1x 8.1x 2.0x 7.8x

Market Cap. Weighted Average: (11.2%) (36.2%) 2.1x 8.1x 2.0x 7.8x

Healthcare Staffing

AMN Healthcare Serv ices Inc. $33.60 26.4% 122.2% $37.25 $14.96 $1,601 $226 $14 $1,813 $1,222 $111 $93 Jun-15 Dec-14 $1,398 $143 $114 1.5x 16.3x 1.3x 12.7x

Envision Healthcare Holdings, Inc. 40.97 10.9% 12.1% 45.95 30.48 7,610 2,237 173 9,704 4,907 593 427 Jun-15 Dec-14 5,438 659 475 2.0x 16.4x 1.8x 14.7x

Cross Country Healthcare, Inc. 13.89 30.8% 74.1% 15.62 7.86 448 72 9 511 756 25 17 Jun-15 Dec-14 768 33 23 0.7x 20.4x 0.7x 15.6x

On Assignment Inc. 35.98 (4.0%) 21.7% 41.49 25.98 1,894 830 42 2,682 1,934 194 155 Jun-15 Dec-14 2,014 234 154 1.4x 13.8x 1.3x 11.4x

Team Health Holdings, Inc. 58.74 0.4% 0.4% 70.21 50.83 4,255 868 51 5,076 3,221 322 225 Jun-15 Dec-14 3,528 379 236 1.6x 15.7x 1.4x 13.4x



TEV/ Fwd MultiplesForward Twelve Month

EstimateCompany NameLTM

Period

Latest

FYE Date

TEV/ LTM MultiplesEquity

Mkt.

Value

Total DebtCash and

Equiv.

Total Ent.

Value

(TEV)

Latest Twelve Months

(LTM)

PAGE |

PUBLIC COMPARABLES

7





Stock Price

% Change 52 Week


HMO - Medical

Commercial:

Aetna Inc. $114.52 (2.9%) 39.4% $134.40 $71.81 $39,932 $8,384 $1,126 $47,251 $59,724 $5,159 $4,511 Jun-15 Dec-14 $60,659 $5,315 $4,871 0.8x 9.2x 0.8x 8.9x

Anthem, Inc. 141.05 (16.0%) 21.1% 173.59 108.92 36,897 18,352 1,553 53,695 76,608 6,587 5,794 Jun-15 Dec-14 78,144 5,334 4,749 0.7x 8.2x 0.7x 10.1x

Cigna Corp(1) 140.79 (0.0%) 48.8% 170.68 85.75 36,253 5,196 1,969 39,569 36,644 3,930 3,601 Jun-15 Dec-14 38,104 4,117 3,508 1.1x 10.1x 1.0x 9.6x

Health Net, Inc.(2) 64.06 2.9% 35.7% 76.67 42.61 4,951 610 757 4,804 15,602 380 361 Jun-15 Dec-14 16,720 580 567 0.3x 12.6x 0.3x 8.3x

Humana Inc.(3) 182.79 (14.8%) 42.0% 219.79 121.04 27,092 4,432 2,250 29,274 52,131 2,596 2,323 Jun-15 Dec-14 54,783 2,823 2,448 0.6x 11.3x 0.5x 10.4x

UnitedHealth Group Incorporated 115.70 (3.8%) 33.5% 126.21 80.72 110,327 18,104 7,887 122,159 138,211 12,292 11,203 Jun-15 Dec-14 154,419 12,999 11,223 0.9x 9.9x 0.8x 9.4x



Government:

Centene Corp. $61.72 (18.1%) 58.0% $83.00 $37.53 $7,350 $1,149 $1,967 $6,687 $18,548 $732 $632 Jun-15 Dec-14 $22,417 $807 $693 0.4x 9.1x 0.3x 8.3x

Molina Healthcare, Inc. 74.59 2.5% 55.9% 82.37 40.79 4,181 920 2,014 3,087 11,619 416 334 Jun-15 Dec-14 14,266 521 419 0.3x 7.4x 0.2x 5.9x

Universal American Corp 7.15 (30.3%) (16.4%) 11.16 6.73 577 85 128 535 1,947 (7) (18) Jun-15 Dec-14 1,668 32 21 0.3x NM 0.3x 16.7x

WellCare Health Plans, Inc. 90.67 5.8% 37.7% 97.58 55.43 3,996 1,213 1,340 3,870 13,775 408 373 Jun-15 Dec-14 13,921 559 484 0.3x 9.5x 0.3x 6.9x



Information Services

Data/Analytics:

Castlight Health, Inc. $5.29 (39.4%) (55.6%) $15.10 $4.73 $499 $0 $32 $334 $61 ($79) ($81) Jun-15 Dec-14 $76 ($64) ($66) 5.5x NM 4.4x NM

Inovalon Holdings, Inc. 21.89 (17.6%) NM 33.75 17.78 3,234 290 194 2,727 387 139 119 Jun-15 Dec-14 433 159 133 7.0x 19.7x 6.3x 17.1x

National Research Corp. 31.99 (0.3%) (16.9%) 40.10 27.54 379 7 41 345 100 30 26 Jun-15 Dec-14 103 31 27 3.5x 11.6x 3.3x 11.3x

Number of Companies 3 Median: (17.6%) (36.2%) Total $4,111 $345 $548 $612 5.5x 15.6x 4.4x 14.2x


eHealth:

WebMD Health Corp. $41.13 (10.4%) (14.9%) $49.32 $34.48 $1,517 $952 $757 $1,712 $598 $122 $104 Jun-15 Dec-14 $629 $187 $122 2.9x 14.0x 2.7x 9.2x

Number of Companies 1 Median: (10.4%) (14.9%) Total $1,517 $1,712 $598 $629 2.9x 14.0x 2.7x 9.2x


Hospital/Physician:

Allscripts Healthcare Solutions, Inc. $13.77 (2.1%) (6.8%) $15.41 $11.00 $2,601 $663 $77 $3,196 $1,373 $80 ($6) Jun-15 Dec-14 $1,406 $245 $150 2.3x NM 2.3x 13.1x

Athenahealth, Inc. 132.97 14.0% (7.9%) 153.25 107.88 5,138 301 105 5,323 835 62 (0) Jun-15 Dec-14 919 168 81 6.4x NM 5.8x 31.7x

Cerner Corporation 61.76 (8.2%) 7.1% 75.72 55.75 21,312 623 294 21,376 3,812 1,070 808 Jul-15 Jan-15 4,538 1,461 1,085 5.6x 20.0x 4.7x 14.6x

Computer Programs & Systems Inc. 46.02 (12.1%) (25.1%) 64.86 43.10 520 0 26 483 193 43 40 Jun-15 Dec-14 189 39 35 2.5x 11.1x 2.6x 12.3x

HMS Holdings Corp. 10.45 (38.7%) (54.3%) 23.69 8.11 925 198 150 973 453 87 34 Jun-15 Dec-14 466 111 49 2.1x 11.2x 2.1x 8.8x

MedAssets, Inc. 21.12 1.2% (8.2%) 23.90 17.00 1,267 841 10 2,098 750 219 104 Jun-15 Dec-14 763 234 82 2.8x 9.6x 2.7x 9.0x

Merge Healthcare Incorporated(4) 7.09 55.5% 172.7% 7.13 2.04 689 219 20 938 228 39 30 Jun-15 Dec-14 251 54 30 4.1x 23.8x 3.7x 17.3x

Premier, Inc. 35.65 (7.0%) 12.9% 39.81 29.29 1,346 18 147 977 1,007 329 275 Jun-15 Jun-15 1,156 439 342 1.0x 3.0x 0.8x 2.2x

Quality Systems Inc. 13.59 (14.2%) (13.2%) 18.75 12.00 820 0 105 703 494 52 39 Jun-15 Mar-15 509 77 40 1.4x 13.5x 1.4x 9.2x

The Advisory Board Company 48.63 (4.2%) (2.0%) 60.38 37.47 2,070 564 50 2,584 666 62 26 Jun-15 Dec-14 773 171 44 3.9x NM 3.3x 15.1x



Forward Twelve Month

EstimateTEV/ LTM Multiples TEV/ Fwd Multiples

Total Ent.

Value

(TEV)


(LTM)LTM

Period

Latest

FYE DateCompany Name

Equity

Mkt.

Value

Total DebtCash and

Equiv.

(1) To be acquired by Anthem (NYSE:ANTM) in a $54.2 billion transaction announced July 24, 2015.

(2) To be acquired by Centene (NYSE:CNC) in a $6.3 billion transaction announced July 2, 2015.

(3) To be acquired by Aetna (NYSE:AET) in a $37.0 billion transaction announced July 3, 2015.

(4) To be acquired by IBM (NYSE:IBM) in a $1.0 billion transaction announced August 6, 2015.

PAGE |

PUBLIC COMPARABLES

8





Stock Price

% Change 52 Week


Specialty Managed Care

Assurant Inc. $74.35 12.9% 11.4% $80.08 $59.73 $4,968 $1,267 $1,297 $4,937 $10,569 $629 $493 Jun-15 Dec-14 $8,255 $980 $796 0.5x 7.8x 0.6x 5.0x

CorVel Corporation 30.03 (16.4%) (26.6%) 41.47 28.08 598 0 27 571 495 62 43 Jun-15 Mar-15 NA NA NA 1.2x 9.2x NA NA

HealthEquity, Inc. 29.32 10.6% 51.3% 34.56 16.11 1,663 0 109 1,548 107 29 22 Jul-15 Jan-15 123 38 25 14.5x NM 12.5x NM



Retail Pharmacy

CVS Health Corporation $102.40 0.0% 28.9% $113.58 $77.40 $114,483 $13,145 $1,244 $126,230 $145,577 $10,920 $8,976 Jun-15 Dec-14 $151,094 $980 NA 0.9x 11.6x 0.8x NM

Walgreens Boots Alliance, Inc. 86.55 0.8% 43.0% 97.30 58.39 94,537 16,247 4,449 106,617 93,979 6,395 4,927 May-15 Aug-14 103,529 7,473 6,000 1.1x 16.7x 1.0x 14.3x

Rite Aid Corporation 8.25 (5.4%) 32.6% 9.36 4.42 8,373 7,444 153 13,686 27,853 1,274 825 Aug-15 Feb-15 30,639 1,409 876 0.5x 10.7x 0.4x 9.7x



Specialty Pharmacy

Diplomat Pharmacy, Inc. $39.49 2.2% NM $52.33 $15.45 $2,513 $191 $17 $2,691 $2,640 $44 $30 Jun-15 Dec-14 $2,796 $46 $71 1.0x NM 1.0x NM

Number of Companies 1 Median: 2.2% NM Total $2,513 $2,691 $2,640 $2,796 1.0x NM 1.0x NM

Market Cap. Weighted Average: 2.2% NM 1.0x NM 1.0x NM

Specialty Pharmacy Management

Express Scripts Holding Company $83.60 (4.1%) 13.1% $94.61 $68.06 $56,491 $16,734 $721 $72,513 $102,445 $6,820 $4,776 Jun-15 Dec-14 $103,973 $7,032 $6,607 0.7x 10.6x 0.7x 10.3x

PharMerica Corporation 32.72 (1.6%) 31.5% 36.96 19.42 996 350 21 1,324 2,003 134 87 Jun-15 Dec-14 1,995 139 86 0.7x 9.9x 0.7x 9.5x



TEV/ LTM Multiples TEV/ Fwd MultiplesCompany Name

Equity

Mkt.

Value

Total DebtCash and

Equiv.

Total Ent.

Value

(TEV)


(LTM)LTM

Period

Latest

FYE Date


Estimate

PAGE |

PUBLIC COMPARABLES

9

Products & Devices


(1) To be acquired by DENTSPLY International (NYSE:XRAY) in a $5.5 billion transaction announced September 15, 2015.



Stock Price

% Change 52 Week


Dental Products

3M Company 142.14 (10.6%) (1.3%) 170.50 130.60 88,801 8,517 2,983 93,870 31,120 8,516 7,133 Jun-15 Dec-14 30,840 8,608 7,173 3.0x 11.0x 3.0x 10.9x

DENTSPLY International Inc. 52.41 0.7% 9.9% 57.61 43.83 7,327 1,200 96 8,278 2,782 573 450 Jun-15 Dec-14 2,721 604 516 3.0x 14.5x 3.0x 13.7x

Sirona Dental Systems Inc.(1) 95.38 (3.4%) 17.0% 105.37 74.38 5,328 80 423 4,988 1,146 280 244 Jun-15 Sep-14 1,150 391 293 4.4x 17.8x 4.3x 12.8x



Durable Medical Equipment

Hill-Rom Holdings, Inc. 52.84 2.5% 20.6% 57.95 39.58 2,997 578 123 3,462 1,894 274 175 Jun-15 Sep-14 1,904 308 219 1.8x 12.6x 1.8x 11.3x

Invacare Corporation 17.59 (19.1%) 14.7% 23.59 11.65 572 48 23 597 1,214 1 (23) Jun-15 Dec-14 1,162 11 (15) 0.5x NM 0.5x NM

ResMed Inc. 51.94 (11.7%) (2.1%) 75.33 45.58 7,298 301 717 6,882 1,679 482 409 Jun-15 Jun-15 1,771 524 441 4.1x 14.3x 3.9x 13.1x



Life Sciences Tools

Agilent Technologies Inc. 36.31 (11.8%) (36.5%) 59.40 33.57 12,098 1,655 2,075 11,681 6,979 1,198 912 Jul-15 Oct-14 4,041 868 752 1.7x 9.8x 2.9x 13.5x

Becton, Dickinson and Company 141.02 0.4% 20.4% 154.98 112.15 29,650 13,171 1,559 41,224 9,410 2,417 1,733 Jun-15 Sep-14 10,290 2,695 2,160 4.4x 17.1x 4.0x 15.3x

Thermo Fisher Scientific, Inc. 125.37 (3.3%) 4.3% 141.25 14.00 49,958 14,064 768 63,215 16,854 4,026 2,308 Jun-15 Dec-14 16,809 4,253 3,808 3.8x 15.7x 3.8x 14.9x

VWR Corporation 26.25 (3.7%) NM 28.83 20.60 3,448 2,067 130 5,385 4,327 456 332 Jun-15 Dec-14 4,295 464 383 1.2x 11.8x 1.3x 11.6x



Medical Devices and Products

Abbott Laboratories 45.29 (6.8%) 7.2% 51.74 39.28 67,502 8,778 4,048 65,221 20,502 4,638 3,229 Jun-15 Dec-14 20,647 5,089 4,075 3.2x 14.1x 3.2x 12.8x

Baxter International Inc. 38.45 (42.3%) (48.7%) 75.36 34.50 20,976 14,230 6,680 28,559 16,326 4,049 3,036 Jun-15 Dec-14 9,873 1,571 940 1.7x 7.1x 2.9x 18.2x

Boston Scientific Corporation 16.74 (8.4%) 32.0% 18.62 11.10 22,498 5,112 903 26,707 7,272 1,741 1,009 Jun-15 Dec-14 7,430 2,049 1,254 3.7x 15.3x 3.6x 13.0x

ConforMIS, Inc. 16.00 0.0% NM 26.93 15.55 651 11 14 647 59 (45) (47) Jun-15 Dec-14 65 (51) (54) 10.9x NM 10.0x NM

CR Bard Inc. 193.79 13.8% 30.6% 202.47 141.49 14,379 1,400 1,098 14,676 3,377 1,048 873 Jun-15 Dec-14 3,415 1,024 838 4.3x 14.0x 4.3x 14.3x

Danaher Corp. 87.02 0.8% 13.6% 92.92 70.12 59,477 3,163 3,342 59,369 20,288 4,604 3,630 Jul-15 Dec-14 20,183 4,750 3,734 2.9x 12.9x 2.9x 12.5x

Hanger, Inc. 17.93 (22.0%) (20.0%) 26.79 17.04 616 540 5 1,151 1,061 156 117 Jun-14 Dec-13 1,072 163 116 1.1x 7.4x 1.1x 7.0x

Hologic Inc. 38.81 8.5% 56.1% 43.00 22.70 10,937 3,942 885 13,993 2,641 964 464 Jun-15 Sep-14 2,693 1,018 892 5.3x 14.5x 5.2x 13.7x

Johnson & Johnson 93.98 (6.2%) (9.4%) 109.49 81.79 260,241 19,307 10,639 245,594 71,882 23,498 19,784 Jun-15 Dec-14 70,684 23,648 19,985 3.4x 10.5x 3.5x 10.4x

K2M Group Holdings, Inc. 21.23 (18.8%) 49.4% 26.29 12.31 878 0 29 849 201 (14) (40) Jun-15 Dec-14 217 0 (33) 4.2x NM 3.9x NM

Medtronic plc 72.29 (5.3%) 13.2% 79.50 55.54 102,232 35,600 2,979 118,999 23,127 7,024 5,232 Jul-15 Apr-15 28,748 9,980 8,420 5.1x 16.9x 4.1x 11.9x

Stryker Corporation 98.65 2.6% 18.4% 105.34 77.87 37,147 3,469 3,626 36,336 9,818 2,623 2,242 Jun-15 Dec-14 9,969 2,638 2,475 3.7x 13.9x 3.6x 13.8x

Teleflex Incorporated 130.80 1.6% 19.5% 140.50 101.95 5,441 1,112 325 6,230 1,802 410 309 Jun-15 Dec-14 1,821 485 402 3.5x 15.2x 3.4x 12.8x

Zemach Hammerman Ltd. 2.56 (2.4%) (8.5%) 2.66 2.09 46 78 8 97 50 1 0 Jun-15 Dec-14 NA NA NA 1.9x NM NA NA



Medical / Surgical / Dental Supplies & Distribution

AmerisourceBergen Corporation 100.04 (11.1%) 29.3% 120.68 74.32 21,629 3,750 2,555 22,824 132,080 1,544 1,319 Jun-15 Sep-14 135,096 2,088 1,871 0.2x 14.8x 0.2x 10.9x

Cardinal Health, Inc. 82.27 (6.7%) 11.6% 91.91 71.72 26,932 5,493 4,616 27,809 102,531 2,694 2,243 Jun-15 Jun-15 114,036 3,063 2,834 0.3x 10.3x 0.2x 9.1x

Henry Schein, Inc. 136.81 (3.4%) 14.3% 149.95 109.34 11,410 736 47 12,668 10,419 890 736 Jun-15 Dec-14 10,641 924 766 1.2x 14.2x 1.2x 13.7x

McKesson Corporation 197.58 (16.7%) 1.3% 243.61 160.10 45,918 9,796 5,635 51,595 183,115 4,237 3,311 Jun-15 Mar-15 193,758 5,235 4,648 0.3x 12.2x 0.3x 9.9x

Owens & Minor Inc. 33.99 2.0% (1.2%) 36.35 31.55 2,142 575 201 2,516 9,691 258 213 Jun-15 Dec-14 9,848 278 215 0.3x 9.8x 0.3x 9.1x

Patterson Companies, Inc. 45.83 (4.2%) 13.8% 53.07 39.28 4,618 1,726 186 6,107 4,579 440 384 Aug-15 Apr-15 5,415 464 405 1.3x 13.9x 1.1x 13.2x



TEV/ LTM Multiples TEV/ Fwd MultiplesCash and

Equiv.Company Name

Equity

Mkt.

Value

Total Debt

Total Ent.

Value

(TEV)


(LTM)LTM

Period

Latest

FYE Date


Estimate

PAGE |

PUBLIC COMPARABLES

10

Provider-Based Services




Stock Price

% Change 52 Week


Acute-Care Hospitals

Community Health Systems, Inc. $53.70 (2.9%) (1.1%) $65.00 $44.74 $6,345 $16,937 $365 $23,524 $19,491 $2,917 $1,786 Jun-15 Dec-14 $20,010 $3,065 $1,828 1.2x 8.1x 1.2x 7.7x

HCA Holdings, Inc. 86.62 5.9% 24.1% 95.49 43.91 35,964 29,904 673 66,569 38,429 7,699 5,838 Jun-15 Dec-14 39,640 7,852 5,920 1.7x 8.6x 1.7x 8.5x

LifePoint Health, Inc. 78.13 3.8% 4.5% 88.18 62.95 3,470 2,211 423 5,375 4,963 628 350 Jun-15 Dec-14 5,206 708 419 1.1x 8.6x 1.0x 7.6x

Tenet Healthcare Corp. 49.23 (7.4%) (19.5%) 63.61 41.47 4,902 14,754 299 21,163 17,568 2,187 1,336 Jun-15 Dec-14 18,432 2,304 1,390 1.2x 9.7x 1.1x 9.2x



Assisted Living

Brookdale Senior Liv ing Inc. $27.42 (27.2%) (21.5%) $39.89 $26.79 $5,059 $6,476 $78 $11,457 $4,151 $792 ($43) Jun-15 Dec-14 $4,995 $856 $54 2.8x 14.5x 2.3x 13.4x

Capital Senior Liv ing Corp. 20.84 (19.1%) (8.9%) 27.75 20.11 615 724 39 1,299 398 70 16 Jun-15 Dec-14 410 82 18 3.3x 18.6x 3.2x 15.9x

Five Star Quality Care Inc. 3.38 (27.0%) (27.2%) 5.07 3.08 166 80 22 208 1,115 17 (17) Jun-15 Dec-14 1,369 32 2 0.2x 12.2x 0.2x 6.5x



Long-Term Care

Kindred Healthcare Inc. $20.08 (12.4%) (2.8%) $24.66 $16.94 $1,684 $3,260 $120 $4,913 $6,003 $444 $289 Jun-15 Dec-14 $7,211 $629 $471 0.8x 11.1x 0.7x 7.8x

National Healthcare Corp. 60.36 (4.1%) 5.3% 66.50 54.33 860 45 72 885 892 107 71 Jun-15 Dec-14 NA NA NA 1.0x 8.3x NA NA

The Ensign Group, Inc. 46.95 1.3% 34.1% 54.08 33.17 1,200 50 51 1,193 1,155 96 73 Jun-15 Dec-14 1,290 135 109 1.0x 12.4x 0.9x 8.9x



Diagnostic Imaging

Alliance Healthcare Serv ices, Inc. $14.32 (22.1%) (49.7%) $31.01 $12.72 $152 $543 $43 $731 $448 $115 $57 Jun-15 Dec-14 NA NA NA 1.6x 6.4x NA NA

RadNet, Inc. 6.14 (5.7%) (8.1%) 10.35 5.88 273 647 5 916 755 101 43 Jun-15 Dec-14 771 125 48 1.2x 9.1x 1.2x 7.3x

Varian Medical Systems, Inc. 81.25 (6.2%) (4.4%) 96.67 76.73 8,021 494 951 7,506 3,093 659 592 Jul-15 Sep-14 3,109 653 583 2.4x 11.4x 2.4x 11.5x



Dialysis Services

DaVita HealthCare Partners Inc. $75.64 (9.7%) 1.3% $85.17 $71.50 $16,300 $9,211 $934 $24,699 $13,290 $2,415 $1,800 Jun-15 Dec-14 $13,673 $2,523 $1,897 1.9x 10.2x 1.8x 9.8x

Fresenius Medical Care AG & Co. KGAA 76.54 (10.2%) 8.4% 92.14 56.98 23,314 9,272 582 33,531 16,982 3,005 2,285 Jun-15 Dec-14 16,896 3,110 2,389 2.0x 11.2x 2.0x 10.8x



Home Care, Hospice, and Home Infusion

Home Care / Hospice:

Addus HomeCare Corporation $28.74 2.6% 31.2% $30.90 $17.02 $317 $4 $42 $278 $332 $25 $20 Jun-15 Dec-14 $344 $27 $22 0.8x 11.4x 0.8x 10.3x

Almost Family Inc. 44.30 15.4% 58.3% 50.48 25.01 435 47 6 479 506 37 33 Jul-15 Dec-14 535 40 35 0.9x 13.1x 0.9x 11.9x

Amedisys Inc. 38.64 24.6% 84.7% 48.34 19.03 1,301 96 33 1,364 1,204 89 65 Jun-15 Dec-14 1,243 110 79 1.1x 15.3x 1.1x 12.4x

Chemed Corp. 136.35 9.8% 29.1% 153.98 97.85 2,307 160 33 2,434 1,496 205 178 Jun-15 Dec-14 1,528 226 183 1.6x 11.9x 1.6x 10.8x

LHC Group, Inc. 43.30 17.8% 68.2% 51.83 22.37 778 41 18 815 756 72 61 Jun-15 Dec-14 795 75 64 1.1x 11.4x 1.0x 10.9x



Home Infusion:

BioScrip, Inc. $2.43 (31.5%) (71.3%) $8.75 $1.30 $167 $419 $1 $643 $1,022 ($52) ($73) Jun-15 Dec-14 $983 $20 ($265) 0.6x NM 0.7x 31.4x

Number of Companies 1 Median: (31.5%) (71.3%) Total $167 $643 $1,022 $983 0.6x NM 0.7x 31.4x

Market Cap. Weighted Average: (31.5%) (71.3%) 0.6x NM 0.7x 31.4x

Total Ent.

Value

(TEV)


(LTM)LTM

Period

Latest

FYE Date


EstimateCompany Name

Equity

Mkt.

Value

Total DebtCash and

Equiv.

TEV/ Fwd MultiplesTEV/ LTM Multiples

PAGE |

PUBLIC COMPARABLES

11



Provider-Based Services


(1) To be acquired by TeamHealth (NYSE:TMH) in a $1.6 billion transaction announced August 4, 2015.

(2) Figures are adjusted for minority interest.

Stock Price

% Change 52 Week


Physician Practice Management

Multispecialty / Primary Care:

IPC Healthcare, Inc.(1) 79.40 60.8% 64.3% 80.09 36.12 1,383 90 12 1,461 714 70 65 Jun-15 Dec-14 752 72 63 2.0x 20.8x 1.9x 20.3x

Number of Companies 1 Median: 60.8% 64.3% Total $1,383 $1,461 $714 $752 2.0x 20.8x 1.9x 20.3x


Specialty:

MEDNAX, Inc. 80.55 13.2% 40.7% 86.09 49.82 7,578 1,297 65 8,805 2,593 589 535 Jun-15 Dec-14 2,800 630 564 3.4x 14.9x 3.1x 14.0x



Behavioral Health / Management

AAC Holdings, Inc. 23.61 (39.2%) NM 46.60 15.09 529 76 45 557 158 31 25 Jun-15 Dec-14 190 41 26 3.5x 18.1x 2.9x 13.7x

Acadia Healthcare Company, Inc. 73.03 (1.5%) 42.6% 85.62 46.87 5,232 1,953 35 7,150 1,409 301 252 Jun-15 Dec-14 1,767 397 319 5.1x 23.8x 4.0x 18.0x

Civ itas Solutions, Inc. 24.26 9.4% NM 26.13 11.88 897 652 17 1,530 1,343 143 72 Jun-15 Sep-14 1,365 152 64 1.1x 10.7x 1.1x 10.0x

Magellan Health, Inc. 56.00 (17.2%) 0.3% 73.00 52.37 1,506 265 168 1,509 4,044 233 177 Jun-15 Dec-14 4,545 283 107 0.4x 6.5x 0.3x 5.3x

Providence Serv ice Corp. 44.83 (6.7%) (1.5%) 55.99 34.03 720 488 145 1,141 1,862 111 62 Jun-15 Dec-14 2,046 125 61 0.6x 10.3x 0.6x 9.1x

Universal Health Serv ices Inc. 137.14 5.8% 19.8% 148.57 95.63 13,580 3,035 42 16,884 8,576 1,585 1,198 Jun-15 Dec-14 9,642 1,684 1,319 2.0x 10.6x 1.8x 10.0x



Surgicenters / Rehabilitation

Surgery Centers(2):

AmSurg Corp. 78.42 16.5% 45.8% 87.21 47.68 3,799 2,249 126 6,089 2,297 340 294 Jun-15 Dec-14 2,513 478 NA 2.7x 17.9x 2.4x 12.7x

Surgical Care Affiliates, Inc. 36.55 (3.8%) 22.8% 40.99 26.55 1,443 804 78 2,169 935 146 96 Jun-15 Dec-14 1,019 173 NA 2.3x 14.8x 2.1x 12.5x



Rehabilitation:

HEALTHSOUTH Corp. 42.70 (1.1%) 8.4% 48.37 35.84 3,905 2,126 46 6,235 2,678 622 502 Jun-15 Dec-14 3,036 677 547 2.3x 10.0x 2.1x 9.2x

Select Medical Holdings Corporation 12.90 (21.1%) (8.0%) 17.20 11.46 1,695 2,476 25 4,451 3,165 367 293 Jun-15 Dec-14 3,714 411 315 1.4x 12.1x 1.2x 10.8x

US Physical Therapy Inc. 45.95 (7.8%) 28.7% 56.37 34.00 571 43 13 638 313 53 45 Jun-15 Dec-14 329 49 48 2.0x 12.1x 1.9x 12.9x



TEV/ LTM Multiples TEV/ Fwd MultiplesTotal Ent.

Value

(TEV)


(LTM)LTM

Period

Latest

FYE Date


EstimateCompany Name

Equity

Mkt.

Value

Total DebtCash and

Equiv.

PAGE |

M&A TRANSACTIONS

12

Announced U.S. Healthcare & Life Sciences M&A



Enterprise Enterprise Value / LTM Private Equity

Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

hoh18.75

8/31/2015 SLT® Surgical Laser Business PhotoMedex Technology, Inc. DaLian Jikang Medical Systems Import &

Export Co., LTD.

$1.5 - - - No

8/31/2015 Scioderm, LLC Morgenthaler; Technology Partners;

Redmile Group, LLC

Amicus Therapeutics, Inc.

(NasdaqGM:FOLD)

$869.5 - - - Yes

8/31/2015 Nuvon, Inc. Javelin Venture Partners Cardiopulmonary Corp. - - - - No

8/31/2015 Medina Medical Inc. Kinled Holding Limited Medtronic plc (NYSE:MDT) - - - - No

8/31/2015 Golden Age Senior Liv ing, Portland, Oregon and

The Brook of Roscommon, Roscommon, Michigan

- National Health Investors Inc. (NYSE:NHI) $12.7 - - - No

8/31/2015 Autism Treatment Solutions, LLC - Butterfly Effects, LLC - - - - No

8/28/2015 CareSouth Health System, Inc. Capitol Partners L.L.C. EHHI Holdings, Inc. $170.0 1.6x - - No

8/28/2015 Vesocclude Medical LLC - Symmetry Surgical Inc.

(NasdaqGM:SSRG)

$4.0 - - - No

8/28/2015 Akron General Health System - The Cleveland Clinic Foundation - - - - No

8/27/2015 Calibrium LLC and MB2 LLC - Novo Nordisk A/S (CPSE:NOVO B) - - - - No

8/27/2015 Anderson Orthopaedic Clinic, Inc. - Physiotherapy Corporation - - - - No

8/27/2015 Central Emergency Medical Serv ices, Inc. - Priority Ambulance Holdings, Inc. - - - - No

8/27/2015 Comprehensive Drug Enterprises Ltd. and Taihao

and Polymed Therapeutics, Inc.

- Athenex - - - - No

8/27/2015 Parkwood Senior Liv ing Community Altru Health System Edgewood Management Group, LLC - - - - No

8/26/2015 Cambridge Endoscopic Devices, Inc. - White Sand Beach LLC $3.1 - - - No

8/26/2015 Triad Medical Group - IPC Healthcare, Inc. (NasdaqGS:IPCM) - - - - No

8/26/2015 Croft Liv ing Home Inc. - Main Pulze, Inc. - - - - No

8/26/2015 Camino del Rey - Main Pulze, Inc. - - - - No

8/26/2015 Verbal Applications Inc. - Medical Specialties Distributors, LLC - - - - No

8/26/2015 Therapy Plus of Wisconsin LLC - Physiotherapy Corporation - - - - No

8/26/2015 Integra Partners Holdings, LLC Peterson Partners LP Tufts Associated Health Plans, Inc. - - - - Yes

8/26/2015 Danville Ambulance Serv ice, Inc. - West Shore Advanced Life Support

Serv ice, Inc.

- - - - No

8/25/2015 Peachstate Health Management, LLC - Authentidate Holding Corp.

(NasdaqCM:ADAT)

- - - - No

8/25/2015 Twelve, Inc. Domain Associates, L.L.C.;

Morgenthaler; Versant Ventures, Inc.;

Longitude Capital Management Co.,

LLC

Medtronic plc (NYSE:MDT) $458.0 - - - No

8/25/2015 Diversified Healthcare Resources, Inc. - Cardon Outreach, LLC - - - - No

8/25/2015 Seasons Inpatient Hospice property located at

2195 West Diehl Road

- - $5.3 - - 14.4x No

8/25/2015 Mid-Michigan Dermatology, PLLC - Advanced Dermatology & Cosmetic

Surgery Inc.

- - - - No

8/25/2015 Navihealth, Inc. Universal American Corp (NYSE:UAM) Cardinal Health, Inc. (NYSE:CAH) $408.5 - - - No

8/25/2015 Cellular Research, Inc. Decheng Capital LLC Becton, Dickinson and Company

(NYSE:BDX)

- - - - No

8/25/2015 eyecarecenter, O.D., P.A., Certain Offices in North

Carolina and South Carolina

eyecarecenter, O.D., P.A. Clarkson Eyecare, Inc. - - - - No

8/24/2015 Renal Ventures Management, LLC - DaVita HealthCare Partners Inc.

(NYSE:DVA)

$415.0 - - - No

8/24/2015 Apismellis Homecare, LLC - Cornerstone Healthcare, Inc. - - - - No

8/24/2015 Healthcare Monitoring Systems, Inc. - American Medical Alert Corp. - - - - No

8/24/2015 CAO Pharmaceuticals Inc., Exclusive Worldwide

License Right For CZ-48

CAO Pharmaceuticals Inc. NMT Pharmaceuticals Pte. Ltd. - - - - No

8/24/2015 Cytovance Biologics, Inc. Great Point Partners, LLC Hepalink USA Inc. $205.7 - - - Yes

8/24/2015 B.O.N. Clinical Laboratories, Ltd. - Schryver Medical Sales And Marketing,

Inc.

- - - - No

8/24/2015 Physicians Immediate Med P.C. - CRH Healthcare, LLC - - - - No

8/24/2015 Pfizer Inc., Four Pharmaceutical Products Pfizer Inc. (NYSE:PFE) Alvogen, Inc. - - - - No

8/24/2015 Caverna Memorial Hospital, Inc. - Bowling Green-Warren County

Community Hospital Corporation

- - - - No

8/23/2015 Healix Infusion Therapy, Inc., 503B Compounding

Pharmacy Serv ices Div ision

Healix Infusion Therapy, Inc. QuVa Pharma, Inc. - - - - No

8/23/2015 Avalere Health LLC ABS Capital Partners, Inc. Inovalon Holdings, Inc.

(NasdaqGS:INOV)

$139.9 3.0x - - Yes

8/22/2015 Dialysis Newco, Inc. Frazier Healthcare Ventures; New

Enterprise Associates; Kaiser

Permanente Ventures

U.S. Renal Care Inc. - - - - No

8/21/2015 BioMarin Pharmaceutical Inc., All Worldwide

Rights to Talazoparib

BioMarin Pharmaceutical Inc.

(NasdaqGS:BMRN)

Medivation, Inc. (NasdaqGS:MDVN) $570.0 - - - No

8/21/2015 Prairie Community Health, Inc. - Horizon Health Care, Inc. - - - - No

8/21/2015 Monte Nido & Affiliates, LLC Centre Partners Management LLC Levine Leichtman Capital Partners - - - - Yes

8/20/2015 Millennium Anesthesia Care - MEDNAX, Inc. (NYSE:MD) - - - - No

PAGE |

M&A TRANSACTIONS

13

Announced U.S. Healthcare & Life Sciences M&A cont.





8/20/2015 Millennium Anesthesia Care - MEDNAX, Inc. (NYSE:MD) - - - - No

8/20/2015 Sprout Pharmaceuticals, Inc. - Valeant Pharmaceuticals International,

Inc. (TSX:VRX)

$1,000.0 - - - No

8/20/2015 HurryCane LLC Marketing Architects, Inc. Medical Depot, Inc. - - - - No

8/20/2015 Sports and Spinal Physical Therapy, Inc. - Orthology, Inc. - - - - No

8/20/2015 Tripex Pharmaceuticals, Quinsair Tripex Pharmaceuticals Raptor Pharmaceuticals Corp.

(NasdaqGM:RPTP)

- - - - No

8/20/2015 Killdeer Medical Clinic - Coal Country Community Health Center - - - - No

8/20/2015 High Country Health Care, P.C. - Centura Health Physician Group - - - - No

8/19/2015 Medical Lasers Manufacturer Inc. - Medifirst Solutions, Inc (OTCPK:MFST) - - - - No

8/19/2015 Animal Emergency & Specialty Center of

Chattanooga

- Innovetive Petcare Holdings, LLC - - - - No

8/19/2015 Kapa Biosystems, Inc. - Roche Holding AG (SWX:ROG) - - - - No

8/19/2015 The Regional Medical Center of Acadiana HCA MidAmerica Div ision Lafayette General Health System, Inc. - - - - No

8/18/2015 ALS Biopharma, LLC, Worldwide Intellectual

Property Rights for Portfolio of Prodrugs

ALS Biopharma, LLC Biohaven Pharmaceutical Holding

Company Limited

- - - - No

8/18/2015 Bridge Design Inc. - Ximedica, LLC - - - - No

8/18/2015 Associates of Digestive Health, LLC, GI Anesthesia

Business

Associates in Digestive Health, LLC CRH Medical Corporation (TSX:CRH) - - - - No

8/17/2015 Amber BioLife, Inc. - Zheng Yang Biomedical Technology Co.,

Ltd. (GTSM:4734)

$0.7 - - - No

8/17/2015 Bristol-Myers Squibb, IXEMPRA Bristol-Myers Squibb Company

(NYSE:BMY)

R-Pharm-US LLC - - - - No

8/17/2015 Gateway Rehabilitation Hospital and Highlands

Regional Rehabilitation Hospital

Elmcroft Assisted Liv ing LLC Vibra Healthcare, LLC - - - - No

8/14/2015 Learner's Digest International LLC Housatonic Partners Wolters Kluwer Health, Inc. $150.0 3.9x - - Yes

8/14/2015 Neurotech NA, Inc. Bio-Medical Research Limited Theragen LLC - - - - No

8/14/2015 Heart Hospital of BK, LLC Cardiovascular Care Group, Inc. United Surgical Partners International

Inc.; Dignity Health

- - - - No

8/13/2015 HASCO Medical, Inc. (OTCPK:HASC) Hasco Holdings, LLC WMK Inc. $48.8 0.5x 9.3x 11.1x No

8/13/2015 GeneWEAVE Biosciences Inc. X/Seed Capital Management Roche Molecular Systems Inc. $425.0 - - - No

8/13/2015 Sommerset Assisted Liv ing and Memory Care

Center located in Oklahoma City, Oklahoma

- Haverland Carter Lifestyle Group - - - - No

8/12/2015 Smith Premier Serv ices, Inc. J M Smith Corporation MedTrak Serv ices LLC - - - - No

8/11/2015 Stephen B. Meisel, M.D., A Medical Corporation - One Call Care Management, Inc. - - - - No

8/11/2015 AdeptBio LLC - Asterand Bioscience, Inc. - - - - No

8/10/2015 National Center on Institutions and Alternatives,

Inc.

- Woods Resources, Inc. - - - - No

8/10/2015 InSite Vision Incorporated (OTCPK:INSV) PTV Healthcare Capital; Coliseum

Capital Management, LLC; Broadfin

Capital, LLC; Ayer Capital

Management, LP

Sun Pharmaceutical Industries Limited

(NSEI :SUNPHARMA)

$55.7 12.4x NM - No

8/10/2015 Victory Medical Center Beaumont, LP Victory Parent Company, LLC The Medical Center of Southeast Texas,

LP

$21.0 - - - No

8/10/2015 North American Dental Group, LLC - ABRY Partners, LLC; The Riverside

Company

- - - - Yes

8/9/2015 Therakos, Inc. The Gores Group LLC Mallinckrodt Enterprises LLC $1,325.0 7.6x - - Yes

8/9/2015 Bioscrip PBM Serv ices, LLC, PBM Business Bioscrip PBM Serv ices, LLC ProCare Pharmacy Benefit Manager,

Inc.

$25.6 - - - No

8/9/2015 Response Genetics, Inc, Substantially All Assets

and Operations

Response Genetics, Inc

(OTCPK:RGDX.Q)

Cancer Genetics, Inc.

(NasdaqCM:CGIX)

$13.8 - - - No

8/7/2015 4.17% in Cytolumina Technologies Corp and

Fetolumina Technologies Corp

- TNK Therapeutics, Inc. $119.9 - - - No

8/7/2015 Practices of Ronald Stauber, Andres Cowley,

Monroe Scheiner

- Gastro Health, PL - - - - No

8/7/2015 RadNet, Inc., 10 New Jersey Imaging Centers RadNet, Inc. (NasdaqGM:RDNT) The New Jersey Imaging Network, LLC $35.5 - - - No

8/7/2015 Barnabas Health, Inc., Outpatient Imaging Center

in West Orange

Barnabas Health, Inc. The New Jersey Imaging Network, LLC - - - - No

8/6/2015 Tea Leaves Health - Everyday Health, Inc. (NYSE:EVDY) $50.0 - - - No

8/6/2015 nSpire Health, Inc., Clinical Trial Div ision nSpire Health, Inc. iCardiac Technologies, Inc. - - - - No

8/6/2015 Merge Healthcare Incorporated

(NasdaqGS:MRGE)

Prescott Group Capital Management

L.L.C.; Guggenheim Partners

Investment Management LLC; Nzc

Guggenheim Fund LLC; Verger Capital

Management, LLC

International Business Machines

Corporation (NYSE:IBM)

$975.3 4.3x 24.7x 32.6x No

8/6/2015 Newell Rubbermaid Inc., Rubbermaid Medical

Cart Business

Newell Rubbermaid Inc. (NYSE:NWL) Capsa Solutions, LLC - - - - No

8/6/2015 ADP AdvancedMD, Inc. Automatic Data Processing, Inc.

(NasdaqGS:ADP)

Marlin Equity Partners, LLC - - - - Yes

8/6/2015 North Bay Bioscience, LLC - Mesa Laboratories Inc.

(NasdaqGS:MLAB)

$11.3 - - - No

PAGE |

M&A TRANSACTIONS

14

Announced U.S. Healthcare & Life Sciences M&A cont.





8/6/2015 Theorem Clinical Research Inc. Nautic Partners, LLC Chiltern International Limited - - - - Yes

8/6/2015 Care Communications, Inc. - IOD Incorporated - - - - No

8/6/2015 World of Weed, Inc. - Med-Cannabis Pharma, Inc.

(OTCBB:MCPI)

- - - - No

8/5/2015 HerbalScience Group, Portfolio of 10 OTC Drug

Products & 8 Disease-specific Pharmaceutical

Products

HerbalScience Group LLC HSRx Group, LLC - - - - No

8/5/2015 Society43 LLC - - - - - - No

8/5/2015 Anesthesia Staffing Consultants, Inc. - NorthStar Anesthesia P.A. - - - - No

8/5/2015 Beloit Regional Hospice, Inc. - Beloit Health System, Inc. - - - - No

8/4/2015 ProTom International, LLC and ProTom

International, Inc.

- Imperium Partners Group $15.7 - - - No

8/4/2015 Citrus Hills Assisted Liv ing and Whittier Glen

Assisted Liv ing

- The Ensign Group, Inc.

(NasdaqGS:ENSG)

- - - - No

8/4/2015 Diffinity Genomics, Inc. Excell Partners, Inc.; LaunchCapital

LLC; Mass Medical Angels

Chiral Technologies, Inc. - - - - No

8/4/2015 IPC Healthcare, Inc. (NasdaqGS:IPCM) BlackRock Fund Advisors; Riverbridge

Partners, LLC; Clifton Park Capital

Management, LLC

Team Health Holdings, Inc. (NYSE:TMH) $1,476.1 2.1x 21.0x 22.8x Yes

8/4/2015 Hospital Physician Partners, Inc. Beecken Petty O'Keefe & Company Schumacher Group - - - - Yes

8/4/2015 Bay Area Anesthesia, LLC - AmSurg Corp. (NasdaqGS:AMSG) - - - - No

8/4/2015 Capital Senior Liv ing Corp., Community in Kansas Capital Senior Liv ing Corp. (NYSE:CSU) CPF Liv ing Communities $14.8 - - - No

8/4/2015 Lifeline Cryogenics, LLC - California Cryobank Stem Cell Serv ices

LLC

- - - - No

8/3/2015 Florida Pharmacy Solutions, Inc. - FPS Pharma Inc. (OTCPK:FPSU.F) $2.7 0.1x - - No

8/3/2015 Applied Strategies Consulting, LLC - Strategic Decisions Group International

LLC

- - - - No

8/3/2015 Foresight Biotherapeutics, Inc. MHR Fund Management LLC Shire plc (LSE:SHP) $300.0 - - - No

8/3/2015 Immuneering Corporation - Teva Pharmaceutical Industries Limited

(NYSE:TEVA)

- - - - No

8/3/2015 Integral Health Plan, Inc., Certain assets of

Medicaid Business

Integral Health Plan, Inc. Molina Healthcare of Florida, Inc. - - - - No

8/3/2015 Fleming County Hospital District - LifePoint Health, Inc. (NasdaqGS:LPNT) - - - - No

8/3/2015 Wilmot Cancer Institute University of Rochester Medical

Center, Endowment Arm

OmniSeq, LLC - - - - No

8/3/2015 Fifteen Assisted Liv ing Operations In Wisconsin - Bridgestone Liv ing, Inc. - - - - No

8/3/2015 Interface Associates, Inc. Telegraph Hill Partners Nitinol Devices & Components, Inc. - - - - Yes

8/3/2015 Forte Senior Liv ing Group - The Point Group, Inc. - - - - No

8/3/2015 Harmony Liv ing Centers, LLC - The Ensign Group, Inc.

(NasdaqGS:ENSG)

- - - - No

8/1/2015 Premier Physical Therapy & Wellness, LLC - Professional Orthopedic and Sports

Physical Therapy, P.C.

- - - - No

8/1/2015 River Oaks HCR ManorCare, Inc. Stonerise Healthcare LLC - - - - No

Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

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OUR FIRM



PAGE |

HARRIS WILLIAMS & CO.

Company Filings.

Capital IQ.

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S&P.

Reuters.

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16

SOURCES

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INDUSTRY UPDATE │ SEPTEMBER 2015