Over the last decade, Danaher has spent ~$47bn on life sciences-related acquisitions. EBITDA (ex. spin-offs) has grown by $5.6bn over the same period, implying somewhere in the neighborhood of ~9% after-tax returns over that period (if anything, this is generous since my calculation implicitly gives acquisitions credit for all of the $5.6bn increase in EBITDA over the past 10 years)