Summary

Other Scenarios:

Buyer: Pharmion Corporation (PHRM) Last Price: 72.32 Market Cap.: 2.71B
Target: United Therapeutics Corporation (UTHR) Last Price: 78.34 Market Cap.: 1.75B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 918
Biopharmaceuticals 375
Healthcare Services   150
Medical Devices   254
Nutritional Health   27
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: 19)
  • UT-15C (Sustained Release Oral Treprostinil)
  • Beraprost SR
  • Remodulin (Treprostinil Sodium)
  • Sustained-Release Oral Tresprostinil
Buyer

n/a
Target
  • Medicomp Event Monitoring Service
  • Medicomp Holter Scanning Service
  • Medicomp Decipher Monitor
  • Medicomp CardioPAL SAVI

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: 9)
  • Pfizer Inc. (PFE)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Medtronic, Inc. (MDT)
  • Baxter International Inc. (BAX)
Buyer (Total: 4)
  • US Oncology, Inc.
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • Government - United Kingdom
Target (Total: 3)
  • Medco Health Solutions Inc. (MHS)
  • Express Scripts, Inc. (ESRX)
  • CVS Caremark Corporation (CVS)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 513 320
Revenue Per Employee 558,770.6 750,781.9
Total Revenue 71.5 59.9
Total Expenses 102.6 68.3
Other Revenue 0.0 0.0
Cost of Revenue 19.7 6.4
SG&A Expense 50.0 44.2
Research & Development 30.4 17.7
Other Operating Expense 0.0 0.0
Operating Income -31.2 -8.4
Unusual Income 0.0 0.0
LT Debt to Capital 0 0
Fwd P/E -395.28 34.94
Fwd P/Rev 7.21 6.83
Book Value 358.9 306.7
Curr Portion of LTD/Cap Lease 0.0 250.0

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

United Therapeutics Corporation (United Therapeutics) is a biotechnology company involved in the development and commercialization of products for patients with chronic and life-threatening diseases. United Therapeutics is active in three therapeutic areas: cardiovascular medicine, cancer and infectious disease. It has three therapeutic platforms: prostacyclin analogs, immunotherapeutic monoclonal antibodies and glycobiology antiviral agents. Most of the Company?s resources are focused on our prostacyclin analogs for the treatment of cardiovascular disease and immunotherapeutic monoclonal antibodies for the treatment of cancer. Its other principal focus area is the development of glycobiology antiviral agents for the treatment of hepatitis and other diseases.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 72.66 89.45
Operating Margin % -25.91 2.99
Quick Ratio 3.64 1.17
Current Ratio 4 1.29
Coverage Ratio -0.15 1.76
Total Assets 443.3 587.0
Return on Equity % -17.79 6.48
Return on Assets % -14.4 3.38
Cash+ ST Inv. Per Share 6.67 12.21
Total Debt 0.0 250.0
Total Debt to Equity % 0 81.52
Total Debt to Tangible Equity % 0 83.83
Debt to Asset % 0.00 42.59

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Healthcare Services  
Patient Care
The Patient Care Subsector is comprised of companies that provide services to patients for the diagnosis, treatment, and/or prevention of diseases and injuries.
  
Medical Devices  
Cardiology
The Cardiology Subsector includes medical devices that diagnose, monitor, and treat diseases affecting the heart and proximal blood vessels. Common devices include vital sign monitors, cardiac defibrillators, pacemakers, and other surgical equipment.
  
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  
Development/Manufacturing Services
The Development/Manufacturing Services Subsector includes companies that provide research, development, manufacturing, sales and marketing to biopharmaceutical and medical device companies.
  

- 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
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in early stages of clinical research where human subject is involved.

Target Products:

  • UT-15C (Sustained Release Oral Treprostinil)
  • Beraprost SR
  • Remodulin (Treprostinil Sodium)
  • Sustained-Release Oral Tresprostinil
  • Gene Therapy Program
  
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)
  
Primary Pulmonary Hypertension  
Prostacyclins
Therapeutics that relieve pulmonary hypertension by causing vasodilation of the pulmonary blood vessels.

Target Products:

  • Viveta (Inhaled Treprostinil)
  • Remodulin (Treprostinil Sodium)
  
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)
  
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)
  
Infectious Diseases  
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.

Target Products:

  • Glycobiology Antiviral Agents
  
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
  
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.

Target Products:

  • GivaRex
  • BrevaRex
  • ProstaRex
  • OncoRex
  
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)
  
Urology  
Ovarian Cancer  
Metastatic  
Monoclonal Antibodies
Therapeutics that treat and manage ovarian cancers that have spread beyond their original tumor site by binding to specific structures on the surface of the tumor, eliciting a reaction which results in tumor cell death.

Target Products:

  • OvaRex (Oregovomab)
  
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)
  
Healthcare Services  
Patient Care  
Ambulatory/Outpatient  
Diagnostic  
Cardiology  
Cardiac Monitoring
The use of electrocardiograph (ECG) devices to monitor the heart's electrical waves leading to the ability to detect abnormalities in the heart beat.

Target Products:

  • Medicomp Event Monitoring Service
  • Medicomp Holter Scanning Service
  
Medical Devices  
Cardiology  
Diagnostic  
Monitoring  
Monitors  
Electrocardiogram (ECG/EKG)  
Holter Recorders
Instrument that measures the heart rhythm (ECG) over a 24 hour period while the patient records their symptoms and activities in a diary.

Target Products:

  • Medicomp Decipher Monitor
  
Interpretive/Analysis
Specialized electrocardiogram devices that facilitate certain diagnostic functions and analysis.

Target Products:

  • Medicomp CardioPAL SAVI
  
Telemetry  
Telemetry Systems
Complete systems or devices used to facilitate transfer of vitals monitoring data from the patient's site to a central monitor.

Target Products:

  • Medicomp Epicardia 3500/4000
  • Medicomp CardioPAL SAVI
  
Nutritional Health  
Dietary/Naturopathic Supplements  
General Health
Products consisting of dietary/naturopathic supplements that are intended to support general health.

Target Products:

  • Unither Pharma, Inc.
  
Outsourced Services  
Development/Manufacturing Services  
Contract Manufacturing Organizations (CMO)  
Pharmaceuticals  
Biologics
Active Ingredient Contract Manufacturing Organizations (CMO) that manufacture antibodies, proteins, and genetic materials.

Target Products:

  • Synthesis And Manufacturing Division
  

- 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
GlaxoSmithKline plc (ADR) n/a 115,986.006 11.18 10.85 2.57 2.53 15.20
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
sanofi-aventis (ADR) n/a 98,531.811 16.69 9.14 2.25 2.40 n/a
Genentech, Inc. n/a 83,607.511 30.19 25.16 7.13 6.43 9.13
Eli Lilly & Co. n/a 56,508.154 19.14 12.64 3.03 2.79 5.04
Celgene Corporation n/a 22,917.366 101.21 38.96 16.30 11.48 8.45
Eisai Co., Ltd (ADR) n/a 9,661.528 13.56 13.89 1.46 1.40 2.29
Millennium Pharmaceuticals, Inc. n/a 4,249.041 284.76 58.61 8.05 7.65 5.90
SuperGen, Inc. n/a 135.648 10.37 -12.63 5.91 3.71 1.48
Target
  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
Novartis AG (ADR) n/a 108,444.656 9.08 13.48 2.78 2.71 3.88
Eli Lilly & Co. n/a 56,508.154 19.14 12.64 3.03 2.79 5.04
Bayer AG (ADR) n/a 54,726.881 7.55 14.14 1.19 1.27 n/a
Gilead Sciences, Inc. n/a 45,235.974 28.00 24.90 10.69 8.79 13.07
Schering-Plough Corporation n/a 32,021.742 0.00 13.35 2.52 1.78 72.12
ICO, Inc. n/a 209.212 9.57 10.20 0.47 0.41 2.35
Encysive Pharmaceuticals, Inc. n/a 183.199 0.00 -1.71 6.41 5.90 n/a
EPIX Pharmaceuticals, Inc. n/a 117.576 0.00 -1.96 7.86 3.11 n/a
Aradigm Corporation n/a 69.180 0.00 -2.89 39.46 38.19 1.86
Actelion Ltd. n/a 0.000 0.00 20.40 0.00 n/a n/a
Mondobiotech S.A. 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
  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
  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
Medtronic, Inc. n/a 53,456.085 23.97 18.96 4.13 4.07 45.34
Baxter International Inc. n/a 36,657.082 21.47 17.99 3.25 2.99 7.02
Cardinal Health, Inc. n/a 19,851.610 12.83 14.65 0.22 0.21 15.33
Aradigm Corporation n/a 69.180 0.00 -2.89 39.46 38.19 1.86
ViRexx Medical Corp. (USA) n/a 7.269 0.00 n/a n/a n/a 6.15
Stanford University n/a n/a n/a n/a n/a n/a n/a
New York Medical College 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
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
  Medco Health Solutions Inc. 65.00% 21,920.926 24.04 18.60 0.49 0.45 n/a
Express Scripts, Inc. 20.70% 14,791.796 26.05 20.36 0.81 0.79 n/a
CVS Caremark Corporation n/a 55,714.410 21.24 16.20 0.73 0.64 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
Overlap
  Pfizer Inc. n/a 144,347.120 17.73 9.11 2.98 3.03 6.24
Cardinal Health, Inc. n/a 19,851.610 12.83 14.65 0.22 0.21 15.33
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
US Oncology, Inc. n/a n/a n/a n/a n/a n/a n/a
LEO Pharma A/S n/a n/a n/a n/a n/a n/a n/a
Target
  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
CVS Caremark Corporation n/a 55,714.410 21.24 16.20 0.73 0.64 n/a
Medtronic, Inc. n/a 53,456.085 23.97 18.96 4.13 4.07 45.34
Baxter International Inc. n/a 36,657.082 21.47 17.99 3.25 2.99 7.02
Medco Health Solutions Inc. n/a 21,920.926 24.04 18.60 0.49 0.45 n/a
Cardinal Health, Inc. n/a 19,851.610 12.83 14.65 0.22 0.21 15.33
Express Scripts, Inc. n/a 14,791.796 26.05 20.36 0.81 0.79 n/a
Aradigm Corporation n/a 69.180 0.00 -2.89 39.46 38.19 1.86
ViRexx Medical Corp. (USA) n/a 7.269 0.00 n/a n/a n/a 6.15
Toray Industries n/a 0.000 0.00 n/a 0.00 n/a n/a
New York Medical College n/a n/a n/a n/a n/a n/a n/a
Stanford University n/a n/a n/a n/a n/a n/a n/a
Mochida Pharmaceutical Co., Ltd n/a n/a n/a n/a n/a n/a n/a
University Of Oxford 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 267.3 210.9 478.2
Other Revenue 0.0 0.0 0.0
Total Revenue 267.3 210.9 478.2
Cost of Revenue 73.1 22.3 95.3
SG&A Expense 143.2 99.0 242.2
Depreciation & Amortization 9.9 0.0 9.9
Research & Development 102.4 83.4 185.7
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 8.0 0.0 8.0
Total Expenses 336.5 204.6 541.2
Operating Income -69.2 6.3 -62.9
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 10.2 11.1 21.3
Other, Net 0.0 -0.8 -0.8
Income Before Taxes -59.1 16.6 -42.5
Income Taxes 4.8 -3.3 1.5
Income After Taxes -63.9 19.9 -44.0
Net Income - Excl. Xord. Items -63.9 19.9 -44.0
Net Income - Incl. Xord. Items -63.9 19.9 -44.0
Income Avail. to Common -63.9 19.9 -44.0
Share Items
Basic Avg. Shares Outstanding 37.3 21.7 59.0
Basic EPS - Excl. Xord. Items n/a 0.92 -0.75
Basic EPS - Incl. Xord. Items n/a 0.92 -0.75
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 37.3 23.7 61.0
F.D. EPS - Excl. Xord. Items n/a 0.84 -0.72
F.D. EPS - Incl. Xord. Items n/a 0.84 -0.72
Balance Sheet
Assets
Cash and Equivalents 178.9 139.3 318.2
ST Investments 69.7 150.7 220.4
Accounts Receivable 45.0 29.7 74.6
Inventory 12.8 13.2 26.1
Prepayments and Advances 2.8 5.9 8.8
Other Current Assets 13.6 13.6 27.2
Current Assets 322.8 352.5 675.3
Accum D&A 0.0 0.0 0.0
PPE, Net 11.4 69.4 80.8
Goodwill & Intangibles 103.1 8.4 111.5
Long Term Investments 0.0 11.0 11.0
Other Assets 0.0 0.0 0.0
Other LT Assets 6.0 145.8 151.8
Total Assets 443.3 587.0 1,030.3
Liabilities
Accounts Payable 14.3 2.0 16.3
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 66.3 17.9 84.3
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.0 250.0 250.0
Other (Current) Liabilities 0.0 2.8 2.8
Current Liab. 80.6 272.8 353.4
LT Debt 0.0 0.0 0.0
Total LT Debt 0.0 0.0 0.0
Deferred Taxes 2.7 0.0 2.7
Other LT Liab. 1.1 7.6 8.6
Total Liabilities 84.4 280.3 364.7
Shareholders Equity
Common Stock 0.0 11.1 11.2
Additional Paid in Capital 631.7 548.3 1,180.1
Retained Earnings -290.7 -21.5 -312.2
Treasure Stock 0.0 -231.6 -231.6
Other Equity 17.9 0.3 18.2
Total Equity 358.9 306.7 665.6
Total Liab. & Equity 443.3 587.0 1,030.3
Shares Outstanding 37.4 22.2 59.6
Cash Flow
Operating Cash Flow
CF Net Income -63.9 19.9 -44.0
CF Depreciation 12.6 3.4 16.0
CF Deferred Taxes 0.0 -3.3 -3.3
Other Non-Cash Items 3.2 29.7 32.9
Change in Working Capital 24.5 -0.6 23.9
Total Cash From Operating Activities -23.5 49.1 25.6
Investing Cash Flow (not calculated)
Capital Expenditures -6.7 -38.7 -45.4
Other Investing Cash Flows 8.6 17.0 25.5
Total Cash From Investing Activities 1.8 -21.7 -19.9
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 138.0 -8.7 129.3
Purchase and Retirement of Debt -0.9 -0.0 -0.9
Other Financing Cash Flow 0.4 29.6 30.0
Total Cash From Financing Activities 137.5 20.9 158.3
Exchange Rate Effects 3.2 0.0 3.2
Net Change in Cash 119.0 48.3 167.2
Cash Taxes Paid 3.0 1.6 4.5
Cash Interest Paid 0.2 1.2 1.4