Summary

Other Scenarios:

Buyer: Pharmion Corporation (PHRM) Last Price: 72.32 Market Cap.: 2.71B
Target: Biovail Corporation (USA) (BVF) Last Price: 13.62 Market Cap.: 2.19B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 918
Biopharmaceuticals 375
Outsourced Services   66

- 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: 5)
  • Innohep (Tinzaparin Sodium)
  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Oral Azacitidine
  • Vidaza (Azacitidine)
Target (Total: 37)
  • Tiazac (Diltiazem)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Adalat/Adalat CC (Nifedipine)
  • Cardizem LA (Diltiazem Hydrochloride)
Buyer

n/a
Target
  • Biovail Contract Research Division (CRD)
  • ShearForm
  • Macrocap
  • Multipart

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 6)
  • GPC Biotech AG (ADR) (GPCB)
  • Celgene Corporation (CELG)
  • salesforce.com, inc. (CRM)
  • MethylGene Inc. (MYG:CA)
Target (Total: 11)
  • Johnson & Johnson (JNJ)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • Abbott Laboratories (ABT)
Buyer (Total: 4)
  • US Oncology, Inc.
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • Government - United Kingdom
Target (Total: 10)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • AstraZeneca plc (ADR) (AZN)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 513 1,734
Revenue Per Employee 558,770.6 436,929.5
Total Revenue 71.5 188.9
Total Expenses 102.6 127.9
Other Revenue 0.0 4.3
Cost of Revenue 19.7 50.5
SG&A Expense 50.0 33.7
Research & Development 30.4 30.7
Other Operating Expense 0.0 0.0
Operating Income -31.2 61.0
Unusual Income 0.0 1.2
LT Debt to Capital 0 0
Fwd P/E -395.28 7.83
Fwd P/Rev 7.21 2.69
Book Value 358.9 1,379.2
Curr Portion of LTD/Cap Lease 0.0 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Oncology

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

Pharmion Corporation is a global pharmaceutical company that acquires, develops and commercializes products for the treatment of hematology and oncology patients. The Company has established a portfolio of approved products and product candidates focused on the hematology and oncology markets. These include Pharmion?s primary commercial products, Vidaza (azacitidine for injection), which it markets and sells as an approved treatment for myelodysplastic syndromes in the United States, Switzerland, Israel and the Philippines. and Thalidomide Pharmion 50 milligram (Thalidomide Pharmion), a therapy for the treatment of multiple myeloma and certain other forms of cancer, which it sells on a compassionate use or named patient basis in certain countries of Europe. Thalidomide Pharmion is approved in Australia, New Zealand, Turkey, Israel, South Korea and Thailand for the treatment of multiple myeloma. In January 2008, Celgene Corporation has cleared its pending acquisition of Pharmion.

Target

Biovail Corporation (Biovail) is a specialty pharmaceutical company that applies drug-delivery technologies to improve the clinical effectiveness of medicines. The Company?s principal therapeutic areas of focus are central nervous system disorders (CNS), pain management and cardiovascular disease. Biovail?s portfolio of oral drug-delivery technologies includes controlled release, graded release, enhanced absorption, rapid absorption, taste masking and oral disintegration, among others. These technologies can be combined to develop, a controlled release, orally disintegrating, taste masked tablet. Its drug-delivery technologies are applicable to a range of molecules, and can address the pharmaceutical industry's drug-delivery challenges.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 72.66 77.71
Operating Margin % -25.91 34.78
Quick Ratio 3.64 2.25
Current Ratio 4 2.69
Coverage Ratio -0.15 0.1
Total Assets 443.3 1,711.7
Return on Equity % -17.79 25.05
Return on Assets % -14.4 20.18
Cash+ ST Inv. Per Share 6.67 2.59
Total Debt 0.0 0.0
Total Debt to Equity % 0 0
Total Debt to Tangible Equity % 0 0
Debt to Asset % 0.00 0.00

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
  
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
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.
  
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
  
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Outsourced Services  
Development/Manufacturing Services
The Development/Manufacturing Services Subsector includes companies that provide research, development, manufacturing, sales and marketing to biopharmaceutical and medical device companies.
  
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
Cardiovascular System
Heart Disorders  
Angina  
Calcium Channel Blocking Agents
Therapeutics that treat chest pains by preventing the entry of calcium into heart muscle cells.

Target Products:

  • Tiazac (Diltiazem)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Adalat/Adalat CC (Nifedipine)
  • Cardizem LA (Diltiazem Hydrochloride)
  
Vasodilatory Agents
Therapeutics that treat chest pains by acting on blood vessels to lower blood pressure.

Target Products:

  • Isordil (Isosorbide Dinitrate)
  
Heart Failure (HF)  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat the ineffective pumping of the heart by inhibiting the renin-angiotensin system.

Target Products:

  • Vasotec Tablets (Enalapril Maleate)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in very early stages of research where no human subject is involved.

Target Products:

  • BVF-247
  • BVF-211/Carvedilol QD
  
Vascular Disorders
Deep Vein Thrombosis (DVT)  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that prevent or treat clots in blood vessels by preventing blood clots from forming.

Buyer Products:

  • Innohep (Tinzaparin Sodium)
  
Hypertension  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system.

Target Products:

  • Vasotec I.V. (Enalapril)
  • Vasotec Tablets (Enalapril Maleate)
  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)/Thiazide Diuretic Agents
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system and increasing the excretion of sodium ions, potassium ions, and water through urine.

Target Products:

  • Vaseretic (Enalapril Maleate/Hydrochlorothiazide)
  
Calcium Channel Blocking Agents
Therapeutics that treat high blood pressure by blocking the beta adrenergic receptors of the heart muscle and increasing the excretion of sodium ions, potassium ions, and water through urine.

Target Products:

  • Adalat/Adalat CC (Nifedipine)
  • Tiazac (Diltiazem)
  • Cardizem SR (Diltiazem Hydrochloride)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem LA (Diltiazem Hydrochloride)
  
Peripheral Vascular Disease  
Blood Viscosity Reducing Agents
Therapeutics that treat arterial obstruction outside of the heart by altering the flow of red blood cells.

Target Products:

  • Trental (Pentoxifylline)
  
Thromboembolism  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that treat the obstruction of a blood vessel by preventing blood clots from forming.

Buyer Products:

  • Innohep (Tinzaparin Sodium)
  
Endocrinology/Metabolism  
Diabetes  
Non-Insulin Dependent Diabetes Mellitus (NIDDM)/Type 2 Diabetes  
Biguanides
Therapeutics that treat abnormally high blood glucose levels by decreasing the production of glucose in the liver, decreasing intestinal absorption of glucose and increasing peripheral uptake and utilization of glucose.

Target Products:

  • Glumetza (Metformin GR)
  
Hematology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of hematological disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Oral Azacitidine
  
White Blood Cell (WBC) Disorders  
Myelodysplastic Syndromes (MDS)  
Antimetabolite Agents  
Pyrimidine Analogs
Therapeutics that treat and manage rmyelodysplastic syndrome by interfering with the production of DNA.

Buyer Products:

  • Vidaza (Azacitidine)
  
Immunology  
Autoimmune Disorders  
Arthritis  
Rheumatoid Arthritis (RA)  
Analgesics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking cyclooxygenase activity.

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
Infectious Diseases  
Viral  
DNA Viruses  
Herpesvirus  
Herpes Simplex Type 1  
Purine Nucleoside Analogs
Therapeutics that treat viral infections characterized by recurrent cold sores and fever blisters by inhibiting replication of viral DNA by incorporating themselves into growing viral DNA stands.

Target Products:

  • Zovirax Cream/Ointment (Acyclovir)
  
Musculoskeletal System  
Skeletal Disorders  
Joint Disorders  
Osteoarthritis (OA)  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat inflammation by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
Rheumatoid Arthritis (RA)  
Analgesics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking cyclooxygenase activity.

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
Neurology  
Psychiatric Disorders  
Anxiety  
Generalized Anxiety Disorder (GAD)  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat anxiety by enhancing the inhibitory neurotransmitter action of gamma-aminobutyric acid.

Target Products:

  • Ativan (Lorazepam)
  • Ativan Injection (Lorazepam)
  
Mood Disorders  
Depression  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat depression by selectively preventing the removal of serotonin.

Target Products:

  • Citalopram ODT
  
Serotonin/Norepinephrine Reuptake Inhibitors
Therapeutics that treat depression by inhibiting the neuronal uptake of serotonin and norepinephrine.

Target Products:

  • Wellbutrin XL (Bupropion Hydrochloride)
  • BVF-033 (Once-Daily Bupropion Salt)
  
Sleep Disorders  
Insomnia  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat insomnia by enhancing the inhibitory action of gamma-aminobutyric acid.

Target Products:

  • Zolpidem ODT
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in very early stages of research where no human subject is involved.

Target Products:

  • BVF-068
  • BVF-012/Venlafaxine CR
  • BVF-045 (Bupropion/SSRI Combination)
  
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:

  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Vidaza (Azacitidine)
  • Oral Azacitidine
  
Respiratory System/Thoracic  
Lung Cancer  
Small Cell Lung Cancer (SCLC)  
Topoisomerase II Inhibitors
Therapeutics that treat and manage cancers of the small cells in the lung by inhibiting a specific enzyme, topoisomerase II, needed for transcription and replication of DNA.

Buyer Products:

  • Amrubicin (Anthracycline)
  
Pain Management  
Narcotics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)/Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alter both the perception of pain as well as the emotional response to pain and by inhibiting the action of prostaglandins.

Target Products:

  • BVF-146 (Tramadol/NSAID Combination)
  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alter both the perception of pain as well as the emotional response to pain.

Target Products:

  • Tramadol ODT
  • Ultram ER (Tramadol Hydrochloride Extended Release)/Ultram ODT (Tramadol Hydrochloride Orally Disintegrating Tablet)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of pain in very early stages of research where no human subject is involved.

Target Products:

  • Tramadol ER/NSAID
  
Surgery  
Musculoskeletal System  
Deep Vein Thrombosis (DVT)  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that treat vascular obstructions due to platelets and cell matter by blocking an enzyme involved in the clotting process.

Buyer Products:

  • Innohep (Tinzaparin Sodium)
  
Outsourced Services  
Development/Manufacturing Services  
Contract Research Organizations (CRO)  
Full Service
Contract Research Organizations (CROs) that conduct both preclinical and clinical studies in the development of new therapeutic products.

Target Products:

  • Biovail Contract Research Division (CRD)
  
Drug Delivery Technology  
Oral Delivery  
Effervescents
Drug Delivery Technologies used to deliver drugs by dissolving in liquid which can then be ingested.

Target Products:

  • ShearForm
  
Osmotic
Drug Delivery Technologies utilizing an osmotic mechanism for sustained release of the drugs.

Target Products:

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

Target Products:

  • Multipart
  • Dimatrix
  • Chronotabs
  • SmartCoat/SmartCoat AQ
  • CEFORM
  • Consurf
  
Taste Masking
Drug Delivery Technologies used to mask the taste of various drugs.

Target Products:

  • ShearForm
  

- 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
  Pfizer Inc. n/a 144,347.120 17.73 9.11 2.98 3.03 6.24
Eli Lilly & Co. n/a 56,508.154 19.14 12.64 3.03 2.79 5.04
Buyer
  Pfizer Inc. n/a 144,347.120 17.73 9.11 2.98 3.03 6.24
GlaxoSmithKline plc (ADR) n/a 115,986.006 11.18 10.85 2.57 2.53 15.20
Target
  Johnson & Johnson n/a 174,233.403 16.47 14.11 2.85 2.79 11.97
Pfizer Inc. n/a 144,347.120 17.73 9.11 2.98 3.03 6.24
Merck & Co., Inc. n/a 90,400.858 27.60 12.73 3.74 3.70 5.64
Abbott Laboratories n/a 78,894.465 21.88 16.18 3.04 2.85 40.89
Eli Lilly & Co. n/a 56,508.154 19.14 12.64 3.03 2.79 5.04
Wyeth n/a 55,284.879 11.98 12.11 2.47 2.48 4.04
Bristol Myers Squibb Co. n/a 43,309.011 20.00 12.88 2.24 2.02 10.23
Schering-Plough Corporation n/a 32,021.742 0.00 13.35 2.52 1.78 72.12
Allergan, Inc. n/a 16,937.756 33.92 21.77 4.30 3.80 77.06
Forest Laboratories, Inc. n/a 11,894.682 21.35 12.00 3.19 3.25 3.56
Shire plc (ADR) n/a 11,013.064 0.00 19.66 4.52 3.82 n/a
Barr Pharmaceuticals, Inc. n/a 5,060.857 39.43 14.39 2.02 1.79 52.20
Cephalon, Inc. n/a 4,072.540 0.00 13.67 2.30 2.16 527.26
Invitrogen Corporation n/a 3,849.715 26.89 18.42 3.00 2.84 n/a
Charles River Laboratories n/a 3,688.331 23.89 18.94 3.00 2.79 6.24
Endo Pharmaceuticals n/a 3,312.040 14.56 12.01 3.05 2.67 3.18
Mylan Inc. n/a 3,226.346 0.00 19.54 1.21 0.68 n/a
Perrigo Company n/a 2,986.950 28.68 21.81 1.92 1.74 7.25
Watson Pharmaceuticals, Inc. n/a 2,867.169 20.33 14.40 1.15 1.12 7.76
King Pharmaceuticals, Inc. n/a 2,189.850 11.97 7.10 1.02 1.36 1.37
Sepracor Inc. n/a 2,099.453 35.99 12.73 1.71 1.66 11.93

- 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
  GPC Biotech AG (ADR) 66.00% 123.561 0.00 -1.04 3.95 3.84 1.63
Celgene Corporation n/a 22,917.366 101.21 38.96 16.30 11.48 8.45
salesforce.com, inc. n/a 6,759.538 368.29 174.97 9.03 6.62 16.14
MethylGene Inc. n/a 87.304 0.00 n/a 6.00 n/a 1.75
Ben Venue Laboratories, Inc. n/a n/a n/a n/a n/a n/a n/a
Ash Stevens, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  Johnson & Johnson n/a 174,233.403 16.47 14.11 2.85 2.79 11.97
GlaxoSmithKline plc (ADR) n/a 115,986.006 11.18 10.85 2.57 2.53 15.20
Merck & Co., Inc. n/a 90,400.858 27.60 12.73 3.74 3.70 5.64
Abbott Laboratories n/a 78,894.465 21.88 16.18 3.04 2.85 40.89
Wyeth n/a 55,284.879 11.98 12.11 2.47 2.48 4.04
Teva Pharmaceutical Industries Ltd (ADR) n/a 38,602.146 19.78 17.88 4.10 3.61 11.36
QAD Inc. n/a 266.676 61.64 49.59 1.05 1.01 6.45
DepoMed, Inc. n/a 157.956 3.25 -7.13 2.41 3.56 3.47
Pharsight Corporation n/a 44.598 0.00 29.56 1.59 1.58 5.07
DOV Pharmaceutical, Inc. n/a 8.860 0.65 n/a 0.29 n/a 0.71
Ethypharm n/a n/a n/a n/a n/a n/a n/a

- 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
Overlap
  Cardinal Health, Inc. 11.00% 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation 9.00% 16,575.105 17.63 17.42 0.17 0.16 5.60
Buyer
  US Oncology, Inc. 19.00% n/a n/a n/a n/a n/a n/a
Cardinal Health, Inc. 11.00% 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation 9.00% 16,575.105 17.63 17.42 0.17 0.16 5.60
Government - United Kingdom n/a n/a n/a n/a n/a n/a n/a
Target
  GlaxoSmithKline plc (ADR) n/a 115,986.006 11.18 10.85 2.57 2.53 15.20
Merck & Co., Inc. n/a 90,400.858 27.60 12.73 3.74 3.70 5.64
AstraZeneca plc (ADR) n/a 54,545.064 9.47 8.41 1.91 1.77 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 38,602.146 19.78 17.88 4.10 3.61 11.36
Cardinal Health, Inc. n/a 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation n/a 16,575.105 17.63 17.42 0.17 0.16 5.60
Forest Laboratories, Inc. n/a 11,894.682 21.35 12.00 3.19 3.25 3.56
AmerisourceBergen Corp. n/a 6,687.985 14.64 14.03 0.10 0.10 n/a
Sciele Pharma Inc. n/a 671.385 14.79 9.33 1.76 1.53 77.78
DepoMed, Inc. n/a 157.956 3.25 -7.13 2.41 3.56 3.47

- 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
Overlap
  Cardinal Health, Inc. n/a 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation n/a 16,575.105 17.63 17.42 0.17 0.16 5.60
Buyer
  Pfizer Inc. n/a 144,347.120 17.73 9.11 2.98 3.03 6.24
Celgene Corporation n/a 22,917.366 101.21 38.96 16.30 11.48 8.45
Cardinal Health, Inc. n/a 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation n/a 16,575.105 17.63 17.42 0.17 0.16 5.60
GPC Biotech AG (ADR) n/a 123.561 0.00 -1.04 3.95 3.84 1.63
MethylGene Inc. n/a 87.304 0.00 n/a 6.00 n/a 1.75
Target
  Johnson & Johnson n/a 174,233.403 16.47 14.11 2.85 2.79 11.97
GlaxoSmithKline plc (ADR) n/a 115,986.006 11.18 10.85 2.57 2.53 15.20
sanofi-aventis (ADR) n/a 98,531.811 16.69 9.14 2.25 2.40 n/a
Merck & Co., Inc. n/a 90,400.858 27.60 12.73 3.74 3.70 5.64
Abbott Laboratories n/a 78,894.465 21.88 16.18 3.04 2.85 40.89
Wyeth n/a 55,284.879 11.98 12.11 2.47 2.48 4.04
Teva Pharmaceutical Industries Ltd (ADR) n/a 38,602.146 19.78 17.88 4.10 3.61 11.36
Cardinal Health, Inc. n/a 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation n/a 16,575.105 17.63 17.42 0.17 0.16 5.60
Forest Laboratories, Inc. n/a 11,894.682 21.35 12.00 3.19 3.25 3.56
AmerisourceBergen Corp. n/a 6,687.985 14.64 14.03 0.10 0.10 n/a
Sciele Pharma Inc. n/a 671.385 14.79 9.33 1.76 1.53 77.78
DepoMed, Inc. n/a 157.956 3.25 -7.13 2.41 3.56 3.47
Hemispherx BioPharma, Inc n/a 61.841 0.00 -3.48 62.44 13.39 2.76
DOV Pharmaceutical, Inc. n/a 8.860 0.65 n/a 0.29 n/a 0.71
H. Lundbeck A/S n/a 0.000 0.00 n/a 0.00 n/a n/a
Ethypharm 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 267.3 928.6 1,195.9
Other Revenue 0.0 18.0 18.0
Total Revenue 267.3 946.6 1,213.9
Cost of Revenue 73.1 211.0 284.1
SG&A Expense 143.2 194.6 337.8
Depreciation & Amortization 9.9 47.9 57.8
Research & Development 102.4 117.2 219.6
Interest Expense 0.0 1.8 1.8
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 8.0 44.8 52.8
Total Expenses 336.5 617.3 953.9
Operating Income -69.2 329.2 260.0
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 10.2 30.0 40.2
Other, Net 0.0 0.0 0.0
Income Before Taxes -59.1 359.3 300.2
Income Taxes 4.8 13.8 18.6
Income After Taxes -63.9 345.5 281.6
Net Income - Excl. Xord. Items -63.9 345.5 281.6
Net Income - Incl. Xord. Items -63.9 345.5 281.6
Income Avail. to Common -63.9 345.5 281.6
Share Items
Basic Avg. Shares Outstanding 37.3 161.0 198.3
Basic EPS - Excl. Xord. Items n/a 2.15 1.42
Basic EPS - Incl. Xord. Items n/a 2.15 1.42
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 37.3 161.0 198.3
F.D. EPS - Excl. Xord. Items n/a 2.15 1.42
F.D. EPS - Incl. Xord. Items n/a 2.15 1.42
Dividends Per Common Share 0.00 1.70 1.70
Balance Sheet
Assets
Cash and Equivalents 178.9 411.9 590.8
ST Investments 69.7 4.6 74.2
Accounts Receivable 45.0 96.4 141.4
Inventory 12.8 90.4 103.2
Prepayments and Advances 2.8 11.7 14.6
Other Current Assets 13.6 0.0 13.6
Current Assets 322.8 615.0 937.8
Accum D&A 0.0 0.0 0.0
PPE, Net 11.4 235.2 246.7
Goodwill & Intangibles 103.1 755.1 858.2
Long Term Investments 0.0 56.0 56.0
Other Assets 0.0 0.0 0.0
Other LT Assets 6.0 50.3 56.3
Total Assets 443.3 1,711.7 2,155.0
Liabilities
Accounts Payable 14.3 43.2 57.5
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 66.3 124.9 191.3
ST Debt 0.0 0.0 0.0
Other (Current) Liabilities 0.0 60.3 60.3
Current Liab. 80.6 228.4 309.1
LT Debt 0.0 0.0 0.0
Total LT Debt 0.0 0.0 0.0
Deferred Taxes 2.7 37.8 40.4
Other LT Liab. 1.1 66.3 67.3
Total Liabilities 84.4 332.5 416.8
Shareholders Equity
Common Stock 0.0 1,488.1 1,488.2
Additional Paid in Capital 631.7 23.7 655.5
Retained Earnings -290.7 -186.1 -476.8
Other Equity 17.9 53.5 71.4
Total Equity 358.9 1,379.2 1,738.2
Total Liab. & Equity 443.3 1,711.7 2,155.0
Shares Outstanding 37.4 161.0 198.4
Cash Flow
Operating Cash Flow
CF Net Income -63.9 345.5 281.6
CF Depreciation 12.6 89.2 101.8
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 3.2 10.0 13.2
Change in Working Capital 24.5 52.5 77.0
Total Cash From Operating Activities -23.5 497.2 473.6
Investing Cash Flow (not calculated)
Capital Expenditures -6.7 -29.7 -36.5
Other Investing Cash Flows 8.6 6.1 14.7
Total Cash From Investing Activities 1.8 -23.6 -21.8
Financing Cash Flow (not calculated)
Dividends Paid 0.0 -281.2 -281.2
Purchase Or Sale of Stock 138.0 14.9 152.9
Purchase and Retirement of Debt -0.9 -426.6 -427.5
Other Financing Cash Flow 0.4 -1.3 -0.9
Total Cash From Financing Activities 137.5 -691.6 -554.2
Exchange Rate Effects 3.2 0.5 3.7
Net Change in Cash 119.0 -217.6 -98.6
Cash Taxes Paid 3.0 11.0 13.9
Cash Interest Paid 0.2 31.5 31.7