Merger and Acquisition Scenario

Summary

Other Scenarios:

MLGGY - JNJ
MLGGY - SNY
JNJ - MRX
SNY - MRX

Buyer:	Meldex International Plc (MLGGY)	Last Price:	8.25	Market Cap.:	1.73B
Target:	Medicis Pharmaceutical Corporation (MRX)	Last Price:	19.60	Market Cap.:	1.11B

Lines of Business Summary:

Meldex International Plc (MLGGY) competes in 1 industry and 7 product/service groups
Medicis Pharmaceutical Corporation (MRX) competes in 1 industry and 23 product/service groups
A combined entity will have 0% Product/Service Group overlap
Meldex International Plc (MLGGY) has 0 and Medicis Pharmaceutical Corporation (MRX) has 2 customers that derive significant revenue from each. They share 0 in common.

Product Summary:

Overlap & Complementary Sectors

Sector	Buyer	Target	# of Focused Companies
Healthcare			861
Biopharmaceuticals			378
Medical Devices			229
Nutritional Health			25
Outsourced Services			51

- 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: 10) AccuHist Pediatric (Brompheniramine Maleate/Pseudoephedrine) Dexo Ah-Chew (Chlorpheniramine/Phenylephrine/Methscopolamine) AccuHist PDX (Brompheniramine/Phenylephrine/Guaifenesin/Chlorpheniramine) SymPak (Phenylephrine/Guafenesin/Chlorpheniramine)	Target (Total: 19) Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur) Dynacin (Minocycline Hydrochloride) Solodyn Extended Release Tablet (Minocycline HCl) Ziana Gel (Clindamycin/Tretinoin)	Buyer Slimthru DMPL Minci Diet XGel Film System Meltmus System	Target LipSonix Ultrasound Transducer Restylane Fine Lines (Hyaluronic Acid) Restylane (Hyaluronic Acid) Perlane (Hyaluronic Acid)

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business

Buyer (Total: 10)

AccuHist Pediatric (Brompheniramine Maleate/Pseudoephedrine)
Dexo Ah-Chew (Chlorpheniramine/Phenylephrine/Methscopolamine)
AccuHist PDX (Brompheniramine/Phenylephrine/Guaifenesin/Chlorpheniramine)
SymPak (Phenylephrine/Guafenesin/Chlorpheniramine)

Target (Total: 19)

Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
Dynacin (Minocycline Hydrochloride)
Solodyn Extended Release Tablet (Minocycline HCl)
Ziana Gel (Clindamycin/Tretinoin)

Buyer

Slimthru
DMPL Minci Diet
XGel Film System
Meltmus System

Target

LipSonix Ultrasound Transducer
Restylane Fine Lines (Hyaluronic Acid)
Restylane (Hyaluronic Acid)
Perlane (Hyaluronic Acid)

Business Relationship Summary:

Top Key Suppliers	Top Key Customers
Buyer (Total: 5) Uluru Inc. (ULU) Access Pharmaceuticals, Inc. (ACCP) Harro Hofliger Melbrosin Group AG	Target (Total: 5) Sanofi-Aventis SA (ADR) (SNY) Abbott Laboratories (ABT) QMed, Inc. (QMED) Contract Pharmaceuticals Limited	Buyer (Total: 5) Wyeth (WYE) Bristol Myers Squibb Co. (BMY) FMC Corporation (FMC) Perrigo Company (PRGO)	Target (Total: 5) McKesson Corporation (MCK) Cardinal Health, Inc. (CAH) BioMarin Pharmaceutical Inc. (BMRN) Taro Pharmaceutical Industries Ltd. (TAROF)

Top Key Suppliers

Top Key Customers

Buyer (Total: 5)

Uluru Inc. (ULU)
Access Pharmaceuticals, Inc. (ACCP)
Harro Hofliger
Melbrosin Group AG

Target (Total: 5)

Sanofi-Aventis SA (ADR) (SNY)
Abbott Laboratories (ABT)
QMed, Inc. (QMED)
Contract Pharmaceuticals Limited

Buyer (Total: 5)

Wyeth (WYE)
Bristol Myers Squibb Co. (BMY)
FMC Corporation (FMC)
Perrigo Company (PRGO)

Target (Total: 5)

McKesson Corporation (MCK)
Cardinal Health, Inc. (CAH)
BioMarin Pharmaceutical Inc. (BMRN)
Taro Pharmaceutical Industries Ltd. (TAROF)

Key Financial Summary:

Key Metrics

	Buyer	Target
Number of Employees	127	472
Revenue Per Employee	565,043.4	1,120,568.0
Total Revenue	36.2	131.3
Total Expenses	36.5	99.1
Other Revenue	0.0	0.0
Cost of Revenue	17.3	11.1
SG&A Expense	17.8	72.1
Research & Development	0.0	9.2
Other Operating Expense	0.0	0.0
Operating Income	-0.3	32.2
Unusual Income	0.0	0.0
LT Debt to Capital	4.54	20.72
Fwd P/E	n/a	14.64
Fwd P/Rev	n/a	2.04
Book Value	137.7	647.4
Curr Portion of LTD/Cap Lease	0.0	283.9

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals > Dermatology

Meldex International Plc, formerly BioProgress Plc along with its subsidiaries, is principally engaged in the sale and marketing of pharmaceutical and other healthcare products, as well as the development and manufacture of cellulose polymer-based enabling drug delivery systems and products for the over-the-counter (OTC) healthcare and pharmaceutical market. The Company has a range of technologies that have been developed from XGel polymer technology. XGel is a thin Polymer film that is non-animal-derived. It develops and produces dissolve-in-the mouth, thin-film strips (Soluleaves, Wafertab, Foamburst). The Company?s development activities involve a plan or design for the production of new or improved products and processes. Melbrosin is the Company?s OTC division. It has two divisions: Dexo, which includes prescription only medicines, and Melbrosin, which includes OTC products. On June 28 2007, the Company acquired the OTC intellectual property and trading assets of the Melmed Group.

Target

Medicis Pharmaceutical Corporation (Medicis) is an independent specialty pharmaceutical company focused primarily on helping patients attain a healthy and youthful appearance and self-image through the development and marketing in the United States of products for the treatment of dermatological, aesthetic and podiatric conditions. It also markets products in Canada for the treatment of dermatological and aesthetic conditions. It offers a range of products addressing various conditions or aesthetic improvements, including facial wrinkles, acne, fungal infections, rosacea, hyperpigmentation, photoaging, psoriasis, skin and skin-structure infections, seborrheic dermatitis and cosmesis (improvement in the texture and appearance of skin). It offers 18 branded products, including PERLANE (hyaluronic acid), RESTYLANE (hyaluronic acid), SOLODYN (minocycline HCl, USP), TRIAZ (benzoyl peroxide), VANOS (fluocinonide) Cream 0.1%, and ZIANA (clindamycin phosphate 1.2% and tretinoin 0.025%) Gel.

Deal Summary

Key Ratios

	Buyer	Target
Gross Margin %	55.21	89.7
Operating Margin %	-0.85	24.17
Quick Ratio	0.89	1.96
Current Ratio	1.1	2.09
Coverage Ratio	0	0.24
Total Assets	196.2	1,241.2
Return on Equity %	1.4	13.56
Return on Assets %	0.98	7.08
Cash+ ST Inv. Per Share	0.02	11.09
Total Debt	10.7	453.1
Total Debt to Equity %	7.78	69.98
Total Debt to Tangible Equity %	n/a	108.87
Debt to Asset %	5.46	36.50

Product Summary

Sector

Buyer

Target

Healthcare

Biopharmaceuticals

Allergies

The Allergies Subsector includes therapeutics that treat exaggerated immune reaction induced by exposure to a foreign substance.

Dermatology

The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.

Endocrinology/Metabolism

The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.

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.

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.

Medical Devices

Plastic/Reconstructive Surgery

The Plastic/Reconstructive Surgery Subsector includes medical devices that treat and modify a patient's external appearance.

Nutritional Health

Dietary/Naturopathic Supplements

The Dietary/Naturopathic Subsector includes nutritional biochemicals and nutrients derived from natural sources that are intended to support health.

Outsourced Services

Drug Delivery Technology

The Drug Delivery Technology Subsector includes companies that develop novel delivery methods for therapeutics.

- 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

Allergies

Upper Respiratory

Antihistamines/Decongestants

Therapeutics that block the inflammatory action of histamines and relieve or prevent coughs.

Buyer Products:

AccuHist Pediatric (Brompheniramine Maleate/Pseudoephedrine)

Dermatology

Acne

Rosacea

Para Aminobenzoic Acid (PABA) Inhibitors

Therapeutics that treat chronic inflammatory disorder of the face characterized by redness and pimple formation by inhibiting bacterial folic acid synthesis.

Target Products:

Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)

Vulgaris

Antibacterial Agents

Tetracyclines

Therapeutics that treat acne caused by bacterial infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Target Products:

Dynacin (Minocycline Hydrochloride)
Solodyn Extended Release Tablet (Minocycline HCl)

Antibacterial Agents/Retinoids

Therapeutics that treat acne by preventing bacterial growth and helping in cell differentiation.

Target Products:

Ziana Gel (Clindamycin/Tretinoin)

Keratolytic Agents

Therapeutics that soften, separate, and cause the shedding of skin.

Target Products:

Triaz (Benzoyl Peroxide)

Para Aminobenzoic Acid (PABA) Inhibitors

Therapeutics that treat bacterial infections of the skin by inhibiting a bacterial enzyme responsible for synthesis of folic acid.

Target Products:

Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)

Aging Disorders

Wrinkles

Acetylcholine Inhibitors

Therapeutics that treat wrinkling through prevention of muscle contractions that can result in the formation of facial lines.

Target Products:

Reloxin (Botulinum Toxin Type A)

Lesion/Scaling Disorders

Dermatitis

Atopic (Eczema)

Steroidal Anti-Inflammatory Drugs (SAID)

Therapeutics that treat atopic dermatoses by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

Synalar (Fluocinolone Acetonide)

Seborrheic (Dandruff)

Antifungal Agents

Imidazoles

Therapeutics that treat and prevent skin diseases caused by fungi.

Target Products:

Loprox (Ciclopirox)

Para Aminobenzoic Acid (PABA) Inhibitors

Therapeutics that treat bacterial infections of the skin by inhibiting a bacterial enzyme responsible for synthesis of folic acid.

Target Products:

Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)

Dermatoses

Steroidal Anti-Inflammatory Drugs (SAID)

Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

Vanos (Fluocinonide)
Lidex (Fluocinonide)

Pruritus

Steroidal Anti-Inflammatory Drugs (SAID)

Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

Vanos (Fluocinonide)

Psoriasis

Steroidal Anti-Inflammatory Drugs (SAID)

Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

Synalar (Fluocinolone Acetonide)

Pigmentation Disorders

Hyperpigmentation

Enzymatic Oxidation Inhibitors

Therapeutics that treat disorders characterized by darkening of the skin by inhibiting metabolic processes of pigment producing skin cells.

Target Products:

Esoterica (Hydroquinone)

Endocrinology/Metabolism

Intermediary Metabolism Disorders

Urea Cycle Disorders

Glutamine Acetylyzing Agents

Therapeutics that conjugate with glutamine to help excrete nitrogen waste.

Target Products:

Buphenyl (Sodium Phenylbutyrate)
Ammonul (Sodium Phenylacetate, Sodium Benzoate)

Immunology

Autoimmune Disorders

Psoriasis

Steroidal Anti-Inflammatory Drugs (SAID)

Therapeutics that treat a chronic autoimmune disease characterized by softening, separating, causing the shedding of the horny layer of the skin with a steroidal compound.

Target Products:

Synalar (Fluocinolone Acetonide)
Vanos (Fluocinonide)

Infectious Diseases

Bacterial

Antibacterial Agents

Broad Spectrum

Antibiotics

Cephalosporin Derivatives

Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Target Products:

Omnicef (Cefdinir)

Tetracyclines

Therapeutics that treat a wide variety of infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Target Products:

Dynacin (Minocycline Hydrochloride)

Mycological (Fungal)

Antifungal Agents

Narrow Spectrum

Dermatology

Tinea Corporis (Ringworm)

Azoles

Imidazoles

Therapeutics that treat fungal infections of the skin characterized by scaly, red rings by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

Loprox (Ciclopirox)

Tinea Cruris (Jock Itch)

Azoles

Imidazoles

Therapeutics that treat fungal infections of the groin and perineum by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

Loprox (Ciclopirox)

Tinea Pedis

Azoles

Imidazoles

Therapeutics that treat fungal infections of the feet by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

Loprox (Ciclopirox)

Tinea Versicolor

Azoles

Imidazoles

Therapeutics that treat fungal infections of skin exposed to the sun characterized by patches of depigmentation by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

Loprox (Ciclopirox)

Respiratory System

Upper Respiratory Tract Disorders

Coughs/Colds

Antihistamines/Decongestants/Anticholinergics

Therapeutics that treat coughs and colds by suppressing inflammation, reducing mucous build up, and blocking acetylcholine receptors.

Buyer Products:

Dexo Ah-Chew (Chlorpheniramine/Phenylephrine/Methscopolamine)

Antihistamines/Decongestants/Antitussives/Expectorants

Therapeutics that treat coughs and colds by suppressing inflammation, reducing mucous build up, relieving or preventing coughs, and promoting the ejection of mucous.

Buyer Products:

AccuHist PDX (Brompheniramine/Phenylephrine/Guaifenesin/Chlorpheniramine)
SymPak (Phenylephrine/Guafenesin/Chlorpheniramine)
AccuHist DM (Brompheniramine/Phenylephrine/Guaifenesin/Chlorpheniramine)

Antihistamines/Decongestants/Expectorants

Therapeutics that treat coughs and colds by suppressing inflammation, reducing mucous build up and promoting the ejection of mucous.

Buyer Products:

SymPak (Phenylephrine/Guafenesin/Chlorpheniramine)

Decongestants/Expectorants

Therapeutics that treat coughs and colds by reducing mucous build up and help in ejection of mucous.

Buyer Products:

Sinuvent (Phenylephrine/Guaifenesin)

Medical Devices

Plastic/Reconstructive Surgery

Surgical

Procedure/Region Specific

Liposuction/Lipolysis

Suction and/or other devices used to remove fat from the body, or to reduce fat by disrupting fat cells.

Target Products:

LipSonix Ultrasound Transducer

Treatment

Wrinkle Removal

Hyaluronic Acid

Nutritional Health

Dietary/Naturopathic Supplements

Weight Management

Products consisting of dietary/naturopathic supplements that are intended to manage obesity, overweight and underweight.

Buyer Products:

Slimthru
DMPL Minci Diet

Outsourced Services

Drug Delivery Technology

Oral Delivery

Polymer Coated

Drug Delivery Technologies used to deliver drugs in a polymer based matrix to hold/enclose the drug.

Buyer Products:

XGel Film System
Meltmus System

- 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	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Target
	Johnson & Johnson	n/a	191,129.780	16.13	15.04	3.01	2.95	n/a
	Sanofi-Aventis SA (ADR)	n/a	98,630.222	12.38	8.47	2.14	2.22	n/a
	Allergan, Inc.	n/a	15,969.711	28.17	20.46	3.86	3.53	49.17
	Warner Chilcott Ltd.	n/a	4,336.254	64.70	12.89	4.76	4.60	n/a
	Valeant Pharmaceuticals International	n/a	1,549.216	n/a	50.12	1.80	1.77	107.87
	Sciele Pharma Inc.	n/a	698.371	15.89	9.83	1.74	1.53	n/a
	Taro Pharmaceutical Industries Ltd.	n/a	340.861	16.12	n/a	1.09	n/a	1.83
	BioForm Medical, Inc.	n/a	208.049	n/a	-11.88	3.15	3.45	2.05
	Obagi Medical Products, Inc.	n/a	203.170	13.31	10.84	1.94	1.78	4.74
	Barrier Therapeutics, Inc.	n/a	144.898	n/a	-4.05	4.88	3.58	7.63
	Uluru Inc.	n/a	74.960	n/a	n/a	56.11	n/a	5.39
	Artes Medical, Inc.	n/a	27.248	n/a	-0.66	2.01	2.06	2.57
	Access Pharmaceuticals, Inc.	n/a	17.153	n/a	n/a	180.11	n/a	n/a
	DFB Pharmaceuticals, Inc.	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	Groupe L'Oreal	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	Nestle S.A.	n/a	n/a	n/a	15.46	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
	Uluru Inc.		n/a	74.960	n/a	n/a	56.11	n/a	5.39
Access Pharmaceuticals, Inc.		n/a	17.153	n/a	n/a	180.11	n/a	n/a
Harro Hofliger		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Melbrosin Group AG		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Tiber Laboratories, LLC		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Target
	Sanofi-Aventis SA (ADR)		n/a	98,630.222	12.38	8.47	2.14	2.22	n/a
Abbott Laboratories		n/a	88,862.982	21.26	17.58	3.21	3.00	n/a
QMed, Inc.		n/a	0.085	n/a	n/a	0.02	n/a	0.03
Contract Pharmaceuticals Limited		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Ipsen S.A.		n/a	n/a	n/a	n/a	n/a	n/a	n/a

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

Uluru Inc.

n/a

74.960

n/a

56.11

n/a

5.39

Access Pharmaceuticals, Inc.

n/a

17.153

n/a

180.11

n/a

Harro Hofliger

n/a

Melbrosin Group AG

n/a

Tiber Laboratories, LLC

n/a

Target

Sanofi-Aventis SA (ADR)

n/a

98,630.222

12.38

8.47

2.14

2.22

n/a

Abbott Laboratories

n/a

88,862.982

21.26

17.58

3.21

3.00

n/a

QMed, Inc.

n/a

0.085

n/a

0.02

n/a

0.03

Contract Pharmaceuticals Limited

n/a

Ipsen S.A.

n/a

- Defined by the Company - Defined by Others

Key Customers

	Name	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Buyer
	Wyeth	n/a	62,800.220	13.78	13.77	2.76	2.78	4.25
	Bristol Myers Squibb Co.	n/a	44,006.466	20.60	13.50	2.18	2.11	10.29
	FMC Corporation	n/a	5,325.927	29.51	17.40	1.97	1.84	5.57
	Perrigo Company	n/a	3,368.153	26.51	22.78	1.99	1.87	9.24
	TapeMark Co.	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Target
	McKesson Corporation	52.20%	14,833.849	14.98	14.13	0.15	0.14	5.76
	Cardinal Health, Inc.	16.90%	18,838.792	10.00	13.89	0.21	0.21	11.00
	BioMarin Pharmaceutical Inc.	n/a	2,973.278	n/a	71.79	18.68	9.83	16.57
	Taro Pharmaceutical Industries Ltd.	n/a	340.861	16.12	n/a	1.09	n/a	1.83
	Hyperion Therapeutics, Inc.	n/a	n/a	n/a	n/a	n/a	n/a	n/a

- 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
	Wyeth		n/a	62,800.220	13.78	13.77	2.76	2.78	4.25
Bristol Myers Squibb Co.		n/a	44,006.466	20.60	13.50	2.18	2.11	10.29
FMC Corporation		n/a	5,325.927	29.51	17.40	1.97	1.84	5.57
Perrigo Company		n/a	3,368.153	26.51	22.78	1.99	1.87	9.24
Uluru Inc.		n/a	74.960	n/a	n/a	56.11	n/a	5.39
Access Pharmaceuticals, Inc.		n/a	17.153	n/a	n/a	180.11	n/a	n/a
AXM Pharma, Inc.		n/a	0.896	n/a	n/a	0.45	n/a	n/a
Custom Pharmaceuticals Ltd.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Melbrosin Group AG		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Tiber Laboratories, LLC		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Harro Hofliger		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Target
	Sanofi-Aventis SA (ADR)		n/a	98,630.222	12.38	8.47	2.14	2.22	n/a
Abbott Laboratories		n/a	88,862.982	21.26	17.58	3.21	3.00	n/a
Cardinal Health, Inc.		n/a	18,838.792	10.00	13.89	0.21	0.21	11.00
McKesson Corporation		n/a	14,833.849	14.98	14.13	0.15	0.14	5.76
BioMarin Pharmaceutical Inc.		n/a	2,973.278	n/a	71.79	18.68	9.83	16.57
Taro Pharmaceutical Industries Ltd.		n/a	340.861	16.12	n/a	1.09	n/a	1.83
QMed, Inc.		n/a	0.085	n/a	n/a	0.02	n/a	0.03
Revance Therapeutics, Inc.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Hyperion Therapeutics, Inc.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
AAIPharma Inc.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dow Pharmaceutical Sciences, Inc.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Ipsen S.A.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Contract Pharmaceuticals Limited		n/a	n/a	n/a	n/a	n/a	n/a	n/a

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

Wyeth

n/a

62,800.220

13.78

13.77

2.76

2.78

4.25

Bristol Myers Squibb Co.

n/a

44,006.466

20.60

13.50

2.18

2.11

10.29

FMC Corporation

n/a

5,325.927

29.51

17.40

1.97

1.84

5.57

Perrigo Company

n/a

3,368.153

26.51

22.78

1.99

1.87

9.24

Uluru Inc.

n/a

74.960

n/a

56.11

n/a

5.39

Access Pharmaceuticals, Inc.

n/a

17.153

n/a

180.11

n/a

AXM Pharma, Inc.

n/a

0.896

n/a

0.45

n/a

Custom Pharmaceuticals Ltd.

n/a

Melbrosin Group AG

n/a

Tiber Laboratories, LLC

n/a

Harro Hofliger

n/a

Target

Sanofi-Aventis SA (ADR)

n/a

98,630.222

12.38

8.47

2.14

2.22

n/a

Abbott Laboratories

n/a

88,862.982

21.26

17.58

3.21

3.00

n/a

Cardinal Health, Inc.

n/a

18,838.792

10.00

13.89

0.21

11.00

McKesson Corporation

n/a

14,833.849

14.98

14.13

0.15

0.14

5.76

BioMarin Pharmaceutical Inc.

n/a

2,973.278

n/a

71.79

18.68

9.83

16.57

Taro Pharmaceutical Industries Ltd.

n/a

340.861

16.12

n/a

1.09

n/a

1.83

QMed, Inc.

n/a

0.085

n/a

0.02

n/a

0.03

Revance Therapeutics, Inc.

n/a

Hyperion Therapeutics, Inc.

n/a

AAIPharma Inc.

n/a

Dow Pharmaceutical Sciences, Inc.

n/a

Ipsen S.A.

n/a

Contract Pharmaceuticals Limited

n/a

- Defined by the Company - Defined by Others

Financials

	Buyer	Target	Combined Entity
Income Statement
Operating Items
Revenue	53.3	500.8	554.1
Other Revenue	0.0	0.0	0.0
Total Revenue	53.3	500.8	554.1
Cost of Revenue	23.9	51.6	75.4
SG&A Expense	27.6	257.7	285.4
Depreciation & Amortization	2.2	25.8	28.0
Research & Development	0.0	40.6	40.6
Interest Expense	0.0	0.0	0.0
Other Operating Expense	0.0	0.0	0.0
Unusual Expense (Income)	0.0	4.1	4.1
Total Expenses	53.7	379.8	433.5
Operating Income	-0.5	121.1	120.6
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng	0.0	28.8	28.8
Other, Net	0.0	-2.9	-2.9
Income Before Taxes	-0.7	147.0	146.3
Income Taxes	-2.6	59.2	56.6
Income After Taxes	1.9	87.8	89.7
Net Income - Excl. Xord. Items	1.9	87.8	89.7
Net Income - Incl. Xord. Items	1.9	87.8	89.7
Income Avail. to Common	1.9	87.8	89.7
Share Items
Basic Avg. Shares Outstanding	193.6	56.4	250.0
Basic EPS - Excl. Xord. Items	0.01	1.56	0.36
Basic EPS - Incl. Xord. Items	0.01	1.56	0.36
Full Dilution Adjustment	0.0	1.5	1.5
Fully Diluted Shares Outstanding	200.2	70.3	270.5
F.D. EPS - Excl. Xord. Items	0.01	1.25	0.33
F.D. EPS - Incl. Xord. Items	0.01	1.25	0.33
Dividends Per Common Share	0.00	0.13	0.13
Balance Sheet
Assets
Cash and Equivalents	3.8	201.6	205.5
ST Investments	0.0	578.5	578.5
Accounts Receivable	29.4	27.0	56.3
Inventory	7.9	26.7	34.6
Other Current Assets	0.0	24.5	24.5
Current Assets	41.1	858.4	899.5
Accum D&A	0.0	0.0	0.0
PPE, Net	3.3	23.1	26.4
Goodwill & Intangibles	146.9	231.3	378.1
Other Assets	0.0	0.0	0.0
Other LT Assets	4.9	128.5	133.4
Total Assets	196.2	1,241.2	1,437.4
Liabilities
Accounts Payable	25.0	52.8	77.8
Payable/Accrued	0.0	0.0	0.0
ST Debt	4.2	0.0	4.2
Curr Port of LTD & Cap Lease Oblg	0.0	283.9	283.9
Other (Current) Liabilities	8.2	74.1	82.3
Current Liab.	37.4	410.8	448.2
LT Debt	6.6	169.1	175.7
Total LT Debt	6.6	169.1	175.7
Deferred Taxes	6.4	0.0	6.4
Other LT Liab.	8.1	13.8	22.0
Total Liabilities	58.5	593.8	652.3
Shareholders Equity
Common Stock	3.9	1.0	4.9
Additional Paid in Capital	147.8	646.7	794.6
Retained Earnings	-14.1	339.6	325.6
Treasure Stock	0.0	-343.2	-343.2
Other Equity	0.0	3.2	3.2
Total Equity	137.7	647.4	785.1
Total Liab. & Equity	196.2	1,241.2	1,437.4
Shares Outstanding	200.2	56.4	256.6
Cash Flow
Operating Cash Flow
CF Net Income	1.9	87.8	89.7
CF Depreciation	0.5	25.8	26.3
CF Amortization	1.7	0.0	1.7
CF Deferred Taxes	0.0	15.5	15.5
Other Non-Cash Items	-1.5	4.7	3.2
Change in Working Capital	-14.7	32.4	17.8
Total Cash From Operating Activities	-12.0	166.3	154.3
Investing Cash Flow (not calculated)
Capital Expenditures	-14.3	-42.4	-56.7
Other Investing Cash Flows	-5.3	-11.6	-17.0
Total Cash From Investing Activities	-19.6	-54.0	-73.6
Financing Cash Flow (not calculated)
Dividends Paid	0.0	-6.8	-6.8
Purchase Or Sale of Stock	12.4	10.9	23.3
Purchase and Retirement of Debt	6.4	-0.0	6.4
Other Financing Cash Flow	-0.5	0.7	0.2
Total Cash From Financing Activities	18.4	4.7	23.1
Exchange Rate Effects	0.2	0.7	0.9
Net Change in Cash	-13.1	117.7	104.7
Cash Taxes Paid	0.8	35.4	36.2
Cash Interest Paid	0.5	0.0	0.5