Merger and Acquisition Scenario

Summary

Other Scenarios:

PHRM - PG
PHRM - JNJ
PG - AXCA
JNJ - AXCA

Buyer:	Pharmion Corporation (PHRM)	Last Price:	72.32	Market Cap.:	2.71B
Target:	Axcan Pharma Inc. (USA) (AXCA)	Last Price:	23.34	Market Cap.:	1.29B

Lines of Business Summary:

Pharmion Corporation (PHRM) competes in 1 industry and 7 product/service groups
Axcan Pharma Inc. (USA) (AXCA) competes in 1 industry and 22 product/service groups
A combined entity will have 1% Product/Service Group overlap
Pharmion Corporation (PHRM) has 1 and Axcan Pharma Inc. (USA) (AXCA) has 0 suppliers that rely on a material % of their business. They share 0 in common.
Pharmion Corporation (PHRM) has 3 and Axcan Pharma Inc. (USA) (AXCA) has 0 customers that derive significant revenue from each. They share 0 in common.

Product Summary:

Overlap & Complementary Sectors

Sector	Buyer	Target	# of Focused Companies
Healthcare			918
Biopharmaceuticals			375
Medical Devices			254
Nutritional Health			27

- 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) NCX 1000 (Ursodeoxycholic Acid (UDCA) Derivative) Carafate/Sulcrate Photofrin (Porfimer Sodium) Canasa Rectal Gel (Mesalamine)	Buyer n/a	Target Flutter Hands-Free CPT Axcan Pharma Inc.

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)

NCX 1000 (Ursodeoxycholic Acid (UDCA) Derivative)
Carafate/Sulcrate
Photofrin (Porfimer Sodium)
Canasa Rectal Gel (Mesalamine)

Buyer

n/a

Target

Flutter Hands-Free CPT
Axcan Pharma Inc.

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: 1) Eurand N.V. (EURX)	Buyer (Total: 4) US Oncology, Inc. Cardinal Health, Inc. (CAH) McKesson Corporation (MCK) Government - United Kingdom	Target (Total: 0) n/a

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: 1)

Eurand N.V. (EURX)

Buyer (Total: 4)

US Oncology, Inc.
Cardinal Health, Inc. (CAH)
McKesson Corporation (MCK)
Government - United Kingdom

Target (Total: 0)

n/a

Key Financial Summary:

Key Metrics

	Buyer	Target
Number of Employees	513	480
Revenue Per Employee	558,770.6	776,209.9
Total Revenue	71.5	92.9
Total Expenses	102.6	63.0
Other Revenue	0.0	0.0
Cost of Revenue	19.7	22.4
SG&A Expense	50.0	32.6
Research & Development	30.4	5.5
Other Operating Expense	0.0	0.0
Operating Income	-31.2	29.9
Unusual Income	0.0	0.0
LT Debt to Capital	0	0.01
Fwd P/E	-395.28	n/a
Fwd P/Rev	7.21	n/a
Book Value	358.9	718.7
Curr Portion of LTD/Cap Lease	0.0	0.4

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Oncology

Target

Focused (): Healthcare > Biopharmaceuticals > Digestive System

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

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

Deal Summary

Key Ratios

	Buyer	Target
Gross Margin %	72.66	76.06
Operating Margin %	-25.91	30.5
Quick Ratio	3.64	3.77
Current Ratio	4	4.29
Coverage Ratio	-0.15	0
Total Assets	443.3	856.1
Return on Equity %	-17.79	10.61
Return on Assets %	-14.4	8.91
Cash+ ST Inv. Per Share	6.67	5.58
Total Debt	0.0	0.5
Total Debt to Equity %	0	0.07
Total Debt to Tangible Equity %	0	0.16
Debt to Asset %	0.00	0.06

Product Summary

Sector

Buyer

Target

Healthcare

Biopharmaceuticals

Cardiovascular System

The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.

Digestive System

The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.

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.

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.

Surgery

The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.

Medical Devices

Respiratory

The Respiratory Subsector includes medical devices that diagnose and treat respiratory diseases.

Nutritional Health

Dietary/Naturopathic Supplements

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

- 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:

NCX 1000 (Ursodeoxycholic Acid (UDCA) Derivative)

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)

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)

Digestive System

Gastrointestinal Tract Disorders

Gastroduodenal Disorders

Peptic Ulcers

Duodenal

Ulcer Adhering Agents

Therapeutics that treat peptic ulcers by binding to it and protecting it from further damage.

Target Products:

Carafate/Sulcrate

Gastroesophageal Disorders

Barrett`s Esophagus

Photodynamic Therapy (PDT)

Therapeutics that treat Barrett's Esophagus by having therapeutic agents accumulate preferentially in the pre-cancerous/mutated cells. The therapeutic is then activated using an energy source like UV light.

Target Products:

Photofrin (Porfimer Sodium)

Intestinal Disorders

Inflammatory Bowel Disease (IBD)

Ulcerative Colitis

Cyclooxygenase Inhibitors (COX Inhibitors)/Lipoxygenase Inhibitors

Therapeutics that treat ulcerative colitis by inhibiting the actions of the two enzymes, cyclooxygenase and lipoxygenase.

Target Products:

Canasa Rectal Gel (Mesalamine)

Irritable Bowel Syndrome (IBS)

Anticholinergic Agents

Therapeutics that treat irritable bowel syndrome by decreasing the liver's cholesterol synthesis and secretion.

Target Products:

Bentyl (Dicyclomine Hydrochloride)

Rectal Disorders

Proctitis

Cyclooxygenase Inhibitors (COX Inhibitors)/Lipoxygenase Inhibitors

Therapeutics that treat proctitis by inhibiting the actions of the two enzymes, cyclooxygenase and lipoxygenase.

Target Products:

Canasa 1 g Suppositories (Mesalamine)
MAX-002 (1g Mesalamine Suppository)
Canasa (Mesalamine) Suppositories

Liver Disorders

Cirrhosis

Bile Acids

Therapeutics that treat cirrhosis by protecting liver cells from the damaging activity of toxic bile acids.

Target Products:

URSO Forte (Ursodiol)
URSO 250 (Ursodiol)

Pancreatic Disorders

Chronic Pancreatitis

Enzyme Replacement Therapy

Therapeutics that treat long term problems of pancreas inflammation that lead to decreases in pancreatic enzymes by supplying exogenous pancreatic enzymes.

Target Products:

Ultrase (Pancrelipase)/Ultrase MT (Pancrelipase)
Viokase (Pancrelipase)

Obstructed Ducts

Enzyme Replacement Therapy

Therapeutics that treat obstructed pancreatic ducts by providing pacreatic enzymes, which help dissolve any substances in the ducts.

Target Products:

Viokase (Pancrelipase)

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.

Target Products:

AGI-010 (Delayed/Controlled Release Omeprazole)
NMK 150 (Pancreatic Enzyme)

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.

Target Products:

Cx401 (Mesenchymal Stem Cell Therapeutic)

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

Inflammatory Bowel Disease (IBD)

Ulcerative Colitis

Cyclooxygenase Inhibitors (COX Inhibitors)/Lipoxygenase Inhibitors

Therapeutics that treat inflammation of the colon and rectum by blocking the action of cyclooxygenase and lipoxygenase.

Target Products:

Canasa Rectal Gel (Mesalamine)

Infectious Diseases

Bacterial

Antibacterial Agents

Narrow Spectrum

Digestive System

Heliobacter pylori

Antisecretory Agents/Nitroimidazoles/Tetracyclines

Therapeutics treat digestive infections caused by Helicobacter pylori bacteria by inhibiting the action of the membrane protein involved in the final steps of triggering acid release into the stomach.

Target Products:

Pylera (Bismuth Salicylate/Metronidazole/Tetracycline)/Formerly Helizide

Oncology

Digestive System

Esophageal Cancer

Palliative Agents

Photodynamic Therapy (PDT)

Therapeutics that treat and manage esophageal cancer by having therapeutic agents accumulate preferentially in cancer cells. The therapeutic is then activated using an energy source like UV light.

Target Products:

Photofrin (Porfimer Sodium)

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

Target Products:

Ursodiol Disulfate

Respiratory System/Thoracic

Lung Cancer

Non Small Cell Lung Cancer (NSCLC)

Palliative Agents

Photodynamic Therapy (PDT)

Therapeutics that treat and manage lung cancer by having therapeutic agents accumulate preferentially in cancer cells. The therapeutic are then activated using an energy source, such as UV light.

Target Products:

Photofrin (Porfimer Sodium)

Photodynamic Therapy (PDT)

Therapeutics that treat and manage lung cancer by having therapeutic agents accumulate preferentially in cancer cells. The therapeutic are then activated using an energy source, such as UV light.

Target Products:

Photofrin (Porfimer Sodium)

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)

Respiratory System

Lower Respiratory Tract Disorders (Lung Disorders)

Cystic Fibrosis (CF)

Complications

Pancreatic Deficiency

Enzyme Replacement Therapy

Therapeutics that treat a deficiency of pancreatic enzymes caused by cystic fibrosis by providing exogenous pancreatic enzymes.

Target Products:

Viokase (Pancrelipase)
Ultrase (Pancrelipase)/Ultrase MT (Pancrelipase)

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)

Medical Devices

Respiratory

Treatment

Positive Expiratory Pressure (PEP)

Device designed in bronchial hygiene therapy and exercising the lungs and by generating pressure during expiration.

Target Products:

Flutter Hands-Free CPT

Nutritional Health

Dietary/Naturopathic Supplements

Children`s Health

Products consisting of dietary/naturopathic supplements that are intended to support infants and children's health.

Target Products:

Axcan Pharma Inc.

General Health

Products consisting of dietary/naturopathic supplements that are intended to support general health.

Target Products:

Axcan Pharma Inc.

Weight Management

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

Target Products:

Axcan Pharma Inc.

- 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
Overlap
	sanofi-aventis (ADR)	n/a	98,531.811	16.69	9.14	2.25	2.40	n/a
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
	Poniard Pharmaceuticals, Inc.	n/a	132.393	0.00	-3.07	n/a	12.14	1.53
Target
	The Procter & Gamble Company	n/a	202,499.375	18.40	19.06	2.54	2.49	n/a
	Johnson & Johnson	n/a	174,233.403	16.47	14.11	2.85	2.79	11.97
	sanofi-aventis (ADR)	n/a	98,531.811	16.69	9.14	2.25	2.40	n/a
	Solvay S.A. (ADR)	n/a	10,334.385	9.01	n/a	0.73	n/a	n/a
	Watson Pharmaceuticals, Inc.	n/a	2,867.169	20.33	14.40	1.15	1.12	7.76
	Impax Laboratories Inc.	n/a	609.996	522.18	10.56	5.42	n/a	10.40
	Eurand N.V.	n/a	591.051	0.00	35.29	4.54	3.65	n/a
	Salix Pharmaceuticals, Ltd.	n/a	287.917	35.00	-5.58	1.22	1.67	0.98
	Altus Pharmaceuticals Inc.	n/a	117.818	0.00	-1.82	0.00	17.45	n/a
	Santarus, Inc.	n/a	97.499	0.00	-4.30	1.03	0.81	6.35
	DUSA Pharmaceuticals, Inc.	n/a	57.783	0.00	-14.37	2.09	1.52	2.61
	Pipex Pharmaceuticals, Inc.	n/a	22.931	0.00	-1.19	n/a	23.09	3.03
	Miravant Medical Technologies	n/a	0.026	0.00	n/a	n/a	n/a	n/a
	UCB 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	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
	Eurand N.V.	n/a	591.051	0.00	35.29	4.54	3.65	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
	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

- 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
	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
Ash Stevens, Inc.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dainippon Sumitomo Pharma Co., Ltd.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Ben Venue Laboratories, Inc.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Nippon Shinyaku Co., Ltd.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Target
	sanofi-aventis (ADR)		n/a	98,531.811	16.69	9.14	2.25	2.40	n/a
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
Eurand N.V.		n/a	591.051	0.00	35.29	4.54	3.65	n/a
QLT Inc. (USA)		n/a	202.967	0.00	19.14	1.59	1.77	1.62
Gentium S.p.A. (ADR)		n/a	120.265	0.00	-2.06	16.63	n/a	3.08
Nordmark Arzneimittel GmbH & CO KG		n/a	n/a	n/a	n/a	n/a	n/a	n/a
AGI Therapeutics plc		n/a	n/a	n/a	n/a	n/a	n/a	n/a
NicOx S.A.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dr. Falk Pharma GmbH		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Merz + Co.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Children's Hospital, Columbus, Ohio		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Genetrix SL		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

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

LEO Pharma A/S

n/a

Ash Stevens, Inc.

n/a

Dainippon Sumitomo Pharma Co., Ltd.

n/a

Ben Venue Laboratories, Inc.

n/a

Nippon Shinyaku Co., Ltd.

n/a

Target

sanofi-aventis (ADR)

n/a

98,531.811

16.69

9.14

2.25

2.40

n/a

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

Eurand N.V.

n/a

591.051

0.00

35.29

4.54

3.65

n/a

QLT Inc. (USA)

n/a

202.967

0.00

19.14

1.59

1.77

1.62

Gentium S.p.A. (ADR)

n/a

120.265

0.00

-2.06

16.63

n/a

3.08

Nordmark Arzneimittel GmbH & CO KG

n/a

AGI Therapeutics plc

n/a

NicOx S.A.

n/a

Dr. Falk Pharma GmbH

n/a

Merz + Co.

n/a

Children's Hospital, Columbus, Ohio

n/a

Genetrix SL

n/a

- Defined by the Company - Defined by Others

Financials

	Buyer	Target	Combined Entity
Income Statement
Operating Items
Revenue	267.3	363.0	630.3
Other Revenue	0.0	0.0	0.0
Total Revenue	267.3	363.0	630.3
Cost of Revenue	73.1	86.9	160.0
SG&A Expense	143.2	111.7	254.9
Depreciation & Amortization	9.9	23.0	32.9
Research & Development	102.4	27.9	130.3
Interest Expense	0.0	-7.3	-7.3
Other Operating Expense	0.0	0.0	0.0
Unusual Expense (Income)	8.0	10.0	18.0
Total Expenses	336.5	252.3	588.8
Operating Income	-69.2	110.7	41.5
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng	10.2	0.0	10.2
Other, Net	0.0	0.0	0.0
Income Before Taxes	-59.1	110.7	51.6
Income Taxes	4.8	34.4	39.2
Income After Taxes	-63.9	76.3	12.4
Net Income - Excl. Xord. Items	-63.9	76.3	12.4
Net Income - Incl. Xord. Items	-63.9	76.3	12.4
Income Avail. to Common	-63.9	76.3	12.4
Share Items
Basic Avg. Shares Outstanding	37.3	56.0	93.3
Basic EPS - Excl. Xord. Items	n/a	1.36	0.13
Basic EPS - Incl. Xord. Items	n/a	1.36	0.13
Full Dilution Adjustment	0.0	0.0	0.0
Fully Diluted Shares Outstanding	37.3	56.8	94.1
F.D. EPS - Excl. Xord. Items	n/a	1.34	0.13
F.D. EPS - Incl. Xord. Items	n/a	1.34	0.13
Balance Sheet
Assets
Cash and Equivalents	178.9	310.9	489.8
ST Investments	69.7	6.2	75.9
Accounts Receivable	45.0	55.8	100.8
Inventory	12.8	30.4	43.2
Prepayments and Advances	2.8	4.0	6.8
Other Current Assets	13.6	17.0	30.6
Current Assets	322.8	424.2	747.0
Accum D&A	0.0	0.0	0.0
PPE, Net	11.4	32.3	43.7
Goodwill & Intangibles	103.1	394.1	497.2
Other Assets	0.0	0.0	0.0
Other LT Assets	6.0	5.6	11.5
Total Assets	443.3	856.1	1,299.5
Liabilities
Accounts Payable	14.3	0.0	14.3
Payable/Accrued	0.0	79.1	79.1
Accrued Expenses	66.3	0.0	66.3
ST Debt	0.0	0.0	0.0
Curr Port of LTD & Cap Lease Oblg	0.0	0.4	0.4
Other (Current) Liabilities	0.0	19.4	19.4
Current Liab.	80.6	99.0	179.6
LT Debt	0.0	0.1	0.1
Total LT Debt	0.0	0.1	0.1
Deferred Taxes	2.7	38.4	41.1
Other LT Liab.	1.1	0.0	1.1
Total Liabilities	84.4	137.4	221.8
Shareholders Equity
Common Stock	0.0	396.1	396.2
Additional Paid in Capital	631.7	10.1	641.8
Retained Earnings	-290.7	271.7	-19.0
Other Equity	17.9	40.8	58.7
Total Equity	358.9	718.7	1,077.7
Total Liab. & Equity	443.3	856.1	1,299.5
Shares Outstanding	37.4	55.4	92.7
Cash Flow
Operating Cash Flow
CF Net Income	-63.9	76.3	12.4
CF Depreciation	12.6	23.0	35.6
CF Deferred Taxes	0.0	-12.9	-12.9
Other Non-Cash Items	3.2	10.0	13.2
Change in Working Capital	24.5	20.8	45.3
Total Cash From Operating Activities	-23.5	117.1	93.6
Investing Cash Flow (not calculated)
Capital Expenditures	-6.7	-8.6	-15.4
Other Investing Cash Flows	8.6	40.9	49.5
Total Cash From Investing Activities	1.8	32.3	34.1
Financing Cash Flow (not calculated)
Dividends Paid	0.0	0.0	0.0
Purchase Or Sale of Stock	138.0	6.7	144.7
Purchase and Retirement of Debt	-0.9	-0.7	-1.6
Other Financing Cash Flow	0.4	0.0	0.4
Total Cash From Financing Activities	137.5	6.0	143.5
Exchange Rate Effects	3.2	0.9	4.1
Net Change in Cash	119.0	156.3	275.3
Cash Taxes Paid	3.0	39.6	42.6
Cash Interest Paid	0.2	2.9	3.1