Summary

Other Scenarios:

Buyer: Vertex Pharmaceuticals Incorporated (VRTX) Last Price: 25.81 Market Cap.: 3.88B
Target: PDL BioPharma Inc. (PDLI) Last Price: 9.40 Market Cap.: 1.12B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 844
Biopharmaceuticals 368
Outsourced Services   48

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 16)
  • VX-765 (ICE Inhibitor)
  • Telaprevir (Oral Hepatitis C Protease Inhibitor)
  • Merimempodib/VX-497 (IMPDH Inhibitor)
  • VX-500 (Protease Inhibitor)
Target (Total: 8)
  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  • Therapeutic Antibody Candidates
  • Volociximab/M200 (Chimeric Monoclonal Antibody)
Buyer

n/a
Target
  • Humanized Antibody Technology

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 3)
  • WuXi PharmaTech (Cayman) Inc. (ADR) (WX)
  • BioMed Realty Trust, Inc. (BMR)
  • Avalon Pharmaceuticals, Inc. (AVRX)
Target (Total: 2)
  • Seattle Genetics, Inc. (SGEN)
  • Highland Distressed Opportunities, Inc (HCD)
Buyer (Total: 7)
  • Johnson & Johnson (JNJ)
  • Cystic Fibrosis Foundation Therapeutics, Inc.
  • Merck & Co., Inc. (MRK)
  • GlaxoSmithKline plc (ADR) (GSK)
Target (Total: 12)
  • Genentech, Inc. (DNA)
  • AstraZeneca plc (ADR) (AZN)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Wyeth (WYE)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,132 887
Revenue Per Employee 112,197.7 348,577.5
Total Revenue 31.6 77.3
Total Expenses 162.2 64.3
Other Revenue 0.0 0.0
Cost of Revenue 4.2 0.0
SG&A Expense 27.2 18.5
Research & Development 130.0 44.7
Other Operating Expense 0.0 0.0
Operating Income -130.6 13.1
Unusual Income 0.9 1.0
LT Debt to Capital 45.11 88.93
Fwd P/E -7.58 12.78
Fwd P/Rev 20.76 3.62
Book Value 349.9 66.4
Curr Portion of LTD/Cap Lease 21.3 0.8

Individual Company Summary

Focused

Buyer

Sector Pure-Play (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

Vertex Pharmaceuticals Incorporated (Vertex) is a biotechnology company in the business of discovering, developing and commercializing small molecule drugs for the treatment of serious diseases. Telaprevir, lead drug candidate, is an oral hepatitis C protease inhibitor and one of the advanced of a new class of antiviral treatments in clinical development that target hepatitis C virus (HCV), infection. Vertex?s other drug candidates are VX-770 and VX-809, two drug candidates targeting cystic fibrosis, or CF; VX-500 and VX-813, two second-generation HCV protease inhibitors; and VX-509, a janus kinase 3, or JAK3, inhibitor that targets immune-mediated inflammatory diseases, or IMID. The Company also includes several drug candidates that are being developed by its collaborators.

Target

PDL BioPharma Inc. is a biopharmaceutical company focused on the discovery and development of novel antibodies in oncology and immunologic diseases. It receives royalties and other revenues through licensing agreements with various biotechnology and pharmaceutical companies based on its antibody humanization technology platform. These licensing agreements have contributed to the development by the Company?s licensees of nine marketed products. The Company has several investigational compounds in clinical development for severe or life-threatening diseases, two of which it is developing in collaboration with Biogen Idec MA, Inc. (Biogen Idec). Its products include Daclizumab, Volociximab, HuLuc63, PDL192 and Nuvion. In March 2008, the Company closed the sale of the Cardiovascular Assets, which included Cardene, to EKR Therapeutics, Inc (EKR). However, the Company continues to perform development work for new formulations and presentations of Cardene pursuant to an agreement with EKR.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 92.18 100
Operating Margin % -213.02 23.28
Quick Ratio 5.22 8.11
Current Ratio 5.28 8.34
Coverage Ratio -0.02 0.02
Total Assets 1,067.6 718.2
Return on Equity % -115.26 98.81
Return on Assets % -37.78 9.13
Cash+ ST Inv. Per Share 6.57 3.63
Total Debt 308.8 533.8
Total Debt to Equity % 88.26 804.19
Total Debt to Tangible Equity % 88.26 911.61
Debt to Asset % 28.93 74.32

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Musculoskeletal System
The Musculoskeletal System Subsector includes therapeutics that treat disorders of the bones, joints, ligaments, tendons, and soft tissue involved with them.
  
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
  
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
Respiratory System
The Respiratory System Subsector includes therapeutics that treat disorders affecting both the upper and lower respiratory tract, including the nose, throat, larynx, trachea, bronchi, and lungs.
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
  
Outsourced Services  
Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Healthcare
Biopharmaceuticals
Dermatology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skin disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • VX-765 (ICE Inhibitor)
  
Digestive System
Gastrointestinal Tract Disorders  
Intestinal Disorders  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
Liver Disorders  
Hepatitis  
Hepatitis C  
Chronic  
Protease Inhibitors
Therapeutics that treat hepatitis by binding to and blocking the action of protease, an enzyme necessary for viral replication.

Buyer Products:

  • Telaprevir (Oral Hepatitis C Protease Inhibitor)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of digestive disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Merimempodib/VX-497 (IMPDH Inhibitor)
  • VX-500 (Protease Inhibitor)
  • VX-813 (Protease Inhibitor)

Target Products:

  • Nuvion (Visilizumab)
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of digestive disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • VX-813 (Protease Inhibitor)
  
Immunology
Autoimmune Disorders  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • VX-702 (p38 MAP Kinase Inhibitor)
  • VX-765 (ICE Inhibitor)
  • VX-509 (Janus Kinase (JAK) Inhibitor)

Target Products:

  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • VX-509 (Janus Kinase (JAK) Inhibitor)

Target Products:

  • Therapeutic Antibody Candidates
Infectious Diseases  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in early stages of clinical research where human subject is involved.

Buyer Products:

  • Merimempodib/VX-497 (IMPDH Inhibitor)
  • VX-770 (Cystic Fibrosis Transmembrane Regulator)
  • VX-500 (Protease Inhibitor)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in very early stages of research where no human subject is involved.

Buyer Products:

  • VX-883 (Gyrase Inhibitor)
  • VX-813 (Protease Inhibitor)
  • VX-692 (Gyrase Inhibitor)
  
Viral  
RNA Viruses  
Flavivirus  
Hepatitis C  
Chronic  
Protease Inhibitors
Therapeutics that treat hepatitis by binding to and blocking the action of protease, an enzyme necessary for viral replication.

Buyer Products:

  • Telaprevir (Oral Hepatitis C Protease Inhibitor)
  
Musculoskeletal System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • VX-702 (p38 MAP Kinase Inhibitor)
  
Neurology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in early stages of clinical research where human subject is involved.

Target Products:

  • Daclizumab (Monoclonal Antibody)
  
Oncology
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer in early stages of clinical research where human subject is involved.

Buyer Products:

  • AVN-944/VX-944 (Inosine 5' Monophosphate Dehydrogenase Inhibitor (IMPDH Inhibitor))
  • MK-0457/VX-680 (Aurora Kinase Inhibitor)

Target Products:

  • Volociximab/M200 (Chimeric Monoclonal Antibody)
  • PDL192 (Humanized Monoclonal Antibody)
  • Elotuzumab/Previously HuLuc63 (Anti-CS1 Monoclonal Antibody)
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer and are currently in an early research or preclinical stage of development.

Buyer Products:

  • VX-689 ( Aurora Kinase Inhibitor)

Target Products:

  • Therapeutic Antibody Candidates
Respiratory System
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of respiratory disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • VX-770 (Cystic Fibrosis Transmembrane Regulator)
  • VX-809

Target Products:

  • Daclizumab (Monoclonal Antibody)
Transplantation  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the management of rejection and infection in early stages of clinical research where human subject is involved.

Target Products:

  • Daclizumab (Monoclonal Antibody)
  
Renal (Kidney)  
Rejection Prophylaxis  
Monoclonal Antibodies
Protein-based therapeutics that target specific substances like proteins.

Target Products:

  • Zenapax (Daclizumab)
  
Outsourced Services  
Drug Discovery Services  
Lead Discovery/Validation/Optimization  
Lead Biologics  
Antibodies
Biological lead compounds which have a specific amino acid sequence that only interacts with specific substances to cause an immunological response.

Target Products:

  • Humanized Antibody Technology
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
Buyer
  Johnson & Johnson n/a 158,844.010 12.60 12.86 2.46 2.50 9.26
Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Pfizer Inc. n/a 114,090.476 10.81 6.96 2.34 2.31 4.22
Novartis AG (ADR) n/a 106,581.492 14.10 12.04 2.51 2.47 3.62
GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Abbott Laboratories n/a 78,742.790 17.32 15.37 2.73 2.67 26.86
Amgen, Inc. n/a 61,589.955 15.13 12.81 4.11 4.03 11.41
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Gilead Sciences, Inc. n/a 41,000.251 22.23 21.60 8.20 7.54 9.84
Schering-Plough Corporation n/a 27,467.108 n/a 9.56 1.54 1.39 14.98
Valeant Pharmaceuticals International n/a 1,704.113 14.06 61.12 2.39 2.16 8.20
ViroPharma Incorporated n/a 991.487 11.14 12.12 4.31 3.84 2.20
InterMune, Inc. n/a 503.430 n/a -4.93 9.99 9.77 n/a
Target
  GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Genentech, Inc. n/a 81,785.127 26.16 24.31 6.45 6.12 6.82
Baxter International Inc. n/a 31,107.783 16.18 15.17 2.54 2.56 5.82
Hospira, Inc. n/a 4,280.381 14.64 11.00 1.17 1.19 17.62
Medarex inc. n/a 610.859 n/a -13.91 11.60 12.46 1.85
Dyax Corp. n/a 207.090 n/a -2.65 6.87 7.62 n/a
Sangamo Biosciences, Inc. n/a 133.183 n/a -4.41 10.99 8.82 2.47
Nuvelo, Inc. n/a 16.099 n/a -0.53 1.06 1.12 0.37
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  WuXi PharmaTech (Cayman) Inc. (ADR) 11.20% 423.954 11.41 13.53 1.82 1.59 2.38
BioMed Realty Trust, Inc. 9.60% 688.559 13.03 4.16 2.43 2.07 0.46
Avalon Pharmaceuticals, Inc. n/a 7.967 n/a n/a 25.55 n/a 0.93
Target
  Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Highland Distressed Opportunities, Inc n/a 20.374 n/a 1.89 0.70 1.80 0.17

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Johnson & Johnson 59.20% 158,844.010 12.60 12.86 2.46 2.50 9.26
Cystic Fibrosis Foundation Therapeutics, Inc. 8.00% n/a n/a n/a n/a n/a n/a
Merck & Co., Inc. 4.50% 57,167.589 12.61 8.01 2.38 2.35 3.25
GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Avalon Pharmaceuticals, Inc. n/a 7.967 n/a n/a 25.55 n/a 0.93
Mitsubishi Chemical Holdings Corporation n/a n/a n/a n/a n/a n/a n/a
Kissei Pharmaceuticals Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Genentech, Inc. 68.00% 81,785.127 26.16 24.31 6.45 6.12 6.82
AstraZeneca plc (ADR) 14.00% 56,480.158 9.23 7.88 1.79 1.75 n/a
Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation n/a 9,990.133 9.34 8.83 0.09 0.10 3.82
AmerisourceBergen Corp. n/a 5,164.594 20.61 10.17 0.07 0.07 n/a
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Progenics Pharmaceuticals, Inc. n/a 259.793 n/a -7.00 3.40 2.94 2.03

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Johnson & Johnson n/a 158,844.010 12.60 12.86 2.46 2.50 9.26
Merck & Co., Inc. n/a 57,167.589 12.61 8.01 2.38 2.35 3.25
Senomyx Inc. n/a 80.048 n/a -3.04 4.00 4.01 1.85
Altus Pharmaceuticals Inc. n/a 14.282 n/a -0.23 n/a 6.32 n/a
Avalon Pharmaceuticals, Inc. n/a 7.967 n/a n/a 25.55 n/a 0.93
Mitsubishi Chemical Holdings Corporation n/a n/a n/a n/a n/a n/a n/a
Kissei Pharmaceuticals Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Cystic Fibrosis Foundation Therapeutics, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Genentech, Inc. n/a 81,785.127 26.16 24.31 6.45 6.12 6.82
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Eli Lilly & Co. n/a 41,396.458 17.16 8.88 2.03 1.97 3.62
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Exelixis, Inc. n/a 522.719 n/a -2.38 4.45 3.34 n/a
Progenics Pharmaceuticals, Inc. n/a 259.793 n/a -7.00 3.40 2.94 2.03
Pierre Fabre Medicament n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 193.7 296.3 490.0
Other Revenue 0.0 0.0 0.0
Total Revenue 193.7 296.3 490.0
Cost of Revenue 15.1 0.0 15.1
SG&A Expense 101.2 77.7 178.9
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 487.0 185.2 672.2
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 -49.7 -49.7
Unusual Expense (Income) 3.0 14.1 17.1
Total Expenses 606.3 227.3 833.6
Operating Income -412.6 69.0 -343.6
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 9.3 1.2 10.5
Other, Net 0.0 0.0 0.0
Income Before Taxes -403.3 70.2 -333.1
Income Taxes 0.0 4.6 4.6
Income After Taxes -403.3 65.6 -337.7
Net Income - Excl. Xord. Items -403.3 65.6 -337.7
Discontinued Operations 0.0 -53.4 -53.4
Net Income - Incl. Xord. Items -403.3 12.2 -391.1
Income Avail. to Common -403.3 12.2 -391.1
Share Items
Basic Avg. Shares Outstanding 140.1 119.3 259.4
Basic EPS - Excl. Xord. Items n/a 0.55 -1.30
Basic EPS - Incl. Xord. Items n/a 0.10 -1.51
Full Dilution Adjustment 0.0 2.3 2.3
Fully Diluted Shares Outstanding 140.1 152.8 292.9
F.D. EPS - Excl. Xord. Items n/a 0.43 -1.15
F.D. EPS - Incl. Xord. Items n/a 0.08 -1.34
Balance Sheet
Assets
Cash and Equivalents 542.9 555.3 1,098.2
ST Investments 377.2 0.0 377.2
Accounts Receivable 22.0 0.0 22.0
Inventory 0.0 0.0 0.0
Prepayments and Advances 11.0 0.0 11.0
Other Current Assets 0.0 16.4 16.4
Current Assets 953.0 571.7 1,524.7
Accum D&A 0.0 0.0 0.0
PPE, Net 69.7 127.3 197.0
Goodwill & Intangibles 0.0 7.8 7.8
Other Assets 0.0 0.0 0.0
Other LT Assets 44.8 11.5 56.3
Total Assets 1,067.6 718.2 1,785.8
Liabilities
Accounts Payable 31.5 3.5 34.9
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 91.3 52.1 143.3
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 21.3 0.8 22.1
Other (Current) Liabilities 36.4 12.2 48.6
Current Liab. 180.5 68.5 249.0
LT Debt 287.5 532.9 820.4
Total LT Debt 287.5 532.9 820.4
Other LT Liab. 249.7 50.4 300.1
Total Liabilities 717.7 651.9 1,369.5
Shareholders Equity
Common Stock 1.5 1.2 2.7
Additional Paid in Capital 2,253.0 629.3 2,882.3
Retained Earnings -1,905.3 -563.6 -2,468.9
Other Equity 0.7 -0.5 0.2
Total Equity 349.9 66.4 416.3
Total Liab. & Equity 1,067.6 718.2 1,785.8
Shares Outstanding 150.4 119.3 269.7
Cash Flow
Operating Cash Flow
CF Net Income -403.3 12.2 -391.1
CF Depreciation 31.1 26.2 57.3
CF Amortization 0.0 7.2 7.2
CF Deferred Taxes 0.0 -0.3 -0.3
Other Non-Cash Items 61.1 38.0 99.1
Change in Working Capital 129.2 33.8 163.0
Total Cash From Operating Activities -181.9 117.1 -64.9
Investing Cash Flow (not calculated)
Capital Expenditures -30.8 -15.1 -45.9
Other Investing Cash Flows -115.6 723.1 607.5
Total Cash From Investing Activities -146.4 708.0 561.6
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 359.1 20.6 379.7
Purchase and Retirement of Debt 258.6 -6.1 252.5
Other Financing Cash Flow 0.0 -494.2 -494.2
Total Cash From Financing Activities 617.8 -479.8 138.0
Exchange Rate Effects -0.5 0.0 -0.5
Net Change in Cash 288.9 345.3 634.2
Cash Taxes Paid 0.0 0.2 0.2
Cash Interest Paid 6.7 12.4 19.1