Columbia West Capital - Transaction Case Study
Fairness Opinion provided to Zila, Inc. for the proposed Acquisition by TOLMAR Holding, Inc.



  • Zila, Inc. (NASDAQ: ZILA) manufactures and markets both in-office and home-care use products that promote prevention, detection and treatment of oral cancer and periodontal disease
  • TOLMAR Holdings, Inc., a subsidiary of a $130 million market cap company QLT, Inc. (NASDAQ:QLTI), develops, manufactures, and distributes pharmaceutical and over the counter products
  • Zila, Inc. required a valuation and fairness opinion after it was approached to be acquired by TOLMAR


  • Developing and demonstrating full value of Zila, Inc.’s thinly traded equities, including the impact to holders of existing debt
  • Valuing a company with consistently negative financial results
  • Producing an thorough opinion in the short time afforded by Zila


  • CWC was able to assess company value through:

    • Conducting a full comparative market evaluation of Zila in comparison to its closest competitors 
    • Performing a discounted future cash flow analysis, including the testing of go forward assumptions
    • Providing thorough review of the company’s liquidity and capital position relative to the details of the merger terms
  • CWC developed a full valuation and opinion within 10 days of client engagement
  • As a result of CWC’s fairness opinion, the proposed deal proceeded into a merger agreement