Summary

Other Scenarios:

Buyer: Adolor Corp (?985585) Last Price:   Market Cap.:  
Target: Axcan Pharma Inc. (USA) (?270076) Last Price: 23.34 Market Cap.: 1.29B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
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Business Relationship Summary:

Top Key Suppliers

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Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees n/a 480
Revenue Per Employee n/a 776,209.9
Total Revenue 24.9 92.9
Total Expenses 16.0 63.0
Other Revenue n/a n/a
Cost of Revenue 0.9 22.4
SG&A Expense 9.1 32.6
Research & Development 6.0 5.5
Other Operating Expense n/a n/a
Operating Income 8.9 29.9
Unusual Income n/a n/a
LT Debt to Capital n/a 0.01
Fwd P/E n/a n/a
Fwd P/Rev n/a n/a
Book Value 21.1 718.7
Curr Portion of LTD/Cap Lease n/a 0.4

Individual Company Summary

Focused

Buyer
Target

Business Description

Buyer

Adolor Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of prescription pain and pain-management products. ENTEREG (alvimopan) is the United States Food and Drug Administration (FDA) approved product. ENTEREG is indicated to accelerate upper and lower gastrointestinal (GI) recovery following partial large or small bowel resection surgery with primary anastomosis. The Company is conducting two Phase 2 clinical trials of ADL5945 to treat opioid-induced constipation (OIC), a condition that often results from long-term use of opioid analgesics in the management of chronic pain conditions. In addition, it is continuing development efforts on ADL7445, a second peripherally-acting mu opioid receptor antagonist, which is considered a back-up compound in its OIC program. The Company has completed Phase 1 clinical evaluation of ADL6906 (beloxepin).

Target

Axcan Pharma Inc. (Axcan) is a specialty pharmaceutical company concentrating in the field of gastroenterology, with operations in North America and Europe. Axcan markets and sells pharmaceutical products used in the treatment of a range of gastrointestinal diseases and disorders. During the fiscal year ended September 30, 2007 (fiscal 2007), the Company?s products included ULTRASE, CANASA, URSO 250/URSO FORTE, PYLERA and CARAFATE in the United States, SALOFALK, SUCRALFATE and URSO in Canada and LACTEOL, DELURSAN and PANZYTRAT in Europe. Axcan also has a number of projects in all phases of clinical development. In February 2008, Axcan was acquired by an affiliate of TPG Capital LP.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 93.89 76.06
Operating Margin % -8.57 30.5
Quick Ratio 2.09 3.77
Current Ratio 2.25 4.29
Coverage Ratio n/a n/a
Total Assets 47.9 856.1
Return on Equity % -66.43 42.46
Return on Assets % -29.2 35.64
Cash+ ST Inv. Per Share 0.48 5.58
Total Debt 0.0 0.5
Total Debt to Equity % 0 0.07
Total Debt to Tangible Equity % 0 0.16
Debt to Asset % 0.00 0.06

Product Summary

Sector Buyer Target

Product Details

Sector Buyer Target

Relationship Details

Key Competitors

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Target
  Salix Pharmaceuticals Ltd n/a 3,030.334 30.86 20.58 5.00 4.01 6.38
Elite Pharmaceuticals Inc n/a 38.302 n/a n/a 12.81 n/a n/a
Access Pharmaceuticals Inc n/a 17.081 n/a -29.33 9.24 0.75 n/a
Altus Pharmaceuticals Inc n/a 0.062 n/a n/a -0.14 n/a 0.00

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 59.1 363.0 422.2
Other Revenue n/a n/a n/a
Total Revenue 59.1 363.0 422.2
Cost of Revenue 3.6 86.9 90.5
SG&A Expense 34.4 111.7 146.2
Depreciation & Amortization n/a 23.0 23.0
Research & Development 26.2 27.9 54.1
Interest Expense n/a -7.3 -7.3
Other Operating Expense n/a n/a n/a
Unusual Expense (Income) n/a 10.0 10.0
Total Expenses 64.2 252.3 316.5
Operating Income -5.1 110.7 105.6
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 1.3 n/a 1.3
Other, Net 0.4 n/a 0.4
Income Before Taxes -3.5 110.7 107.2
Income Taxes n/a 34.4 34.4
Income After Taxes -3.5 76.3 72.8
Net Income - Excl. Xord. Items -3.5 76.3 72.8
Net Income - Incl. Xord. Items -3.5 76.3 72.8
Income Avail. to Common -3.5 76.3 72.8
Share Items
Basic Avg. Shares Outstanding 46.5 56.0 102.5
Basic EPS - Excl. Xord. Items -0.08 1.51 0.71
Basic EPS - Incl. Xord. Items -0.08 1.51 0.71
Full Dilution Adjustment n/a 2.1 2.1
Fully Diluted Shares Outstanding 47.9 56.8 104.8
F.D. EPS - Excl. Xord. Items -0.08 1.40 0.69
F.D. EPS - Incl. Xord. Items -0.08 1.40 0.69
Balance Sheet
Assets
Cash and Equivalents 13.2 310.9 324.1
ST Investments 10.0 6.2 16.2
Accounts Receivable 3.1 55.8 58.8
Inventory 1.1 30.4 31.5
Prepayments and Advances 0.9 4.0 4.9
Other Current Assets n/a 17.0 17.0
Current Assets 28.3 424.2 452.5
Accum D&A n/a n/a n/a
PPE, Net 0.3 32.3 32.6
Goodwill & Intangibles 19.2 394.1 413.3
Other Assets n/a n/a n/a
Other LT Assets 0.1 5.6 5.7
Total Assets 47.9 856.1 904.1
Liabilities
Accounts Payable 3.8 n/a 3.8
Payable/Accrued n/a 79.1 79.1
Accrued Expenses 8.6 n/a 8.6
ST Debt n/a n/a n/a
Curr Port of LTD & Cap Lease Oblg n/a 0.4 0.4
Other (Current) Liabilities 0.2 19.4 19.5
Current Liab. 12.6 99.0 111.5
LT Debt n/a 0.1 0.1
Total LT Debt n/a 0.1 0.1
Deferred Taxes n/a 38.4 38.4
Other LT Liab. 14.3 n/a 14.3
Total Liabilities 26.9 137.4 164.3
Shareholders Equity
Common Stock 0.0 396.1 396.1
Additional Paid in Capital 551.5 10.1 561.6
Retained Earnings -530.4 271.7 -258.7
Unrealized Gain (Loss) 0.0 n/a 0.0
Treasure Stock -0.0 n/a -0.0
Other Equity n/a 40.8 40.8
Total Equity 21.1 718.7 739.8
Total Liab. & Equity 47.9 856.1 904.1
Shares Outstanding 46.6 55.4 102.0
Cash Flow
Operating Cash Flow
CF Net Income -3.5 76.3 72.8
CF Depreciation 0.5 23.0 23.5
CF Deferred Taxes n/a -12.9 -12.9
Other Non-Cash Items 2.4 10.0 12.3
Change in Working Capital -27.2 20.8 -6.5
Total Cash From Operating Activities -27.9 117.1 89.3
Investing Cash Flow (not calculated)
Capital Expenditures -0.1 -8.6 -8.7
Other Investing Cash Flows 37.0 40.9 77.9
Total Cash From Investing Activities 36.9 32.3 69.2
Financing Cash Flow (not calculated)
Dividends Paid n/a n/a n/a
Purchase Or Sale of Stock n/a 6.7 6.7
Purchase and Retirement of Debt n/a -0.7 -0.7
Other Financing Cash Flow -2.5 n/a -2.5
Total Cash From Financing Activities -2.5 6.0 3.5
Exchange Rate Effects n/a 0.9 0.9
Net Change in Cash 6.6 156.3 162.8
Cash Taxes Paid n/a 39.6 39.6
Cash Interest Paid n/a 2.9 2.9