Summary

Other Scenarios:

Buyer: Biovail Corporation (USA) (BVF) Last Price: 25.08 Market Cap.: 4.00B
Target: Acambis plc (ADR) (ACAM) Last Price: 7.21 Market Cap.: 3.87B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 860
Biopharmaceuticals 311
Outsourced Services   70

- 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: 50)
  • Cardizem LA (Diltiazem Hydrochloride)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  • Tiazac (Diltiazem)
Target (Total: 9)
  • Berna Products Vivotif (Typhoid Vaccine Live Oral Ty21a)
  • Smallpox-MVA3000
  • C. difficile Vaccine
  • ChimeriVax
Buyer
  • Biovail Contract Research Division (CRD)
  • ShearForm
  • Macrocap
  • CEFORM
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 7)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • Wyeth (WYE)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
Target (Total: 2)
  • Baxter International Inc. (BAX)
  • Cangene Corporation
Buyer (Total: 4)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
  • Forest Laboratories, Inc. (FRX)
  • KOS Pharmaceuticals, Inc. (KOSP)
Target (Total: 1)
  • Federal Government Agencies (United States)

Key Financial Summary:

Metric Buyer Target
Number of Employees 2,291 270
Revenue Per Employee 451,994.7 117,943.6
Total Revenue 258.1 8.0
Total Expenses 130.9 26.8
Other Revenue 6.0 0.0
Cost of Revenue 52.0 9.4
SG&A Expense 42.4 2.4
Research & Development 19.9 15.0
Other Operating Expense 0.0 0.0
Operating Income 127.2 -18.8
Unusual Income 1.1 0.0
Gross Margin % 79.85 -17.39
Metric Buyer Target
Operating Margin % 49.29 -234.78
Total Assets 1,912.7 229.6
Return on Equity % 37.02 -49.33
Cash+ ST Inv. Per Share 2.05 2.39
Total Debt 447.3 8.7
Curr Portion of LTD/Cap Lease 24.7 0.0
Total Debt to Equity 37.88 5.56
LT Debt to Capital 26.36 5.26
Fwd P/E 13.41 n/a
Fwd P/Rev 4.27 n/a
Book Value 1,181.0 156.6

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals

Target

Focused (): *Healthcare > Biopharmaceuticals > Infectious Diseases > Viral > Vaccines

Business Description

Buyer

Biovail Corporation is a pharmaceutical company engaged in the development, manufacture, marketing, licensing and distribution of pharmaceutical products for the treatment of chronic medical conditions primarily in North America. The Company's primary focus is on therapeutic areas, such as cardiovascular disease, central nervous system (CNS) disorders and pain management. Other areas of interest include Type II diabetes, antiviral medicine and select niche therapeutic categories with identified potential. The Company's portfolio of oral drug-delivery technologies includes controlled release, graded release, enhanced absorption, rapid absorption, taste masking and oral disintegration, among others. During the year ended December 31, 2004, the Company's operations were organized into five categories: Promoted Products, Biovail Pharmaceuticals Canada (BPC), Wellbutrin XL, Legacy Products and Generic Products.

Target

Acambis plc is a biopharmaceutical company operating in the infectious disease arena, with a focus on developing new vaccines. The Company's revenues are principally derived by sales of ACAM2000, the investigational product in its smallpox vaccine franchise, which is being sold to governments, even while it undergoes clinical testing. In addition, revenues also come from sales in North America of an oral typhoid vaccine, Vivotif by its sales and distribution operation, Berna Products Corporation. The majority of Acambis' operations are in the United States, with research and development in Cambridge, Massachusetts; manufacturing in Canton, Massachusetts; a sales and marketing operation in Miami, Florida, and a lyophilisation and fill and finish facility in Rockville, Maryland that the Company acquired in May 2005. During the year ended December 31, 2004, Acambis' customer, the United States Centres for Disease Control and Prevention, accounted for 84% of its revenues.

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.
  
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.
  
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
  
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.
  
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.

Buyer Products:

  • Cardizem LA (Diltiazem Hydrochloride)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  • Tiazac (Diltiazem)
  • Procardia XL (Nifedipine)
  • Dilacor XR (Diltiazem HCL)
  
Vasodilatory Agents
Therapeutics that treat chest pains by acting on blood vessels to lower blood pressure.

Buyer Products:

  • Isordil (Isosorbide Dinitrate)
  
Arrhythmia  
Sodium Channel Blocking Agents
Therapeutics that treat abnormal rhythm of the heart by preventing the entry of sodium into heart muscle cells.

Buyer Products:

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

Buyer 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.

Buyer Products:

  • Teveten SB (Super-Bioavailable Eprosartan)
  • Carvedilol SB (Super-Bioavailable Carvedilol)
  • Enalapril XL
  
Vascular Disorders  
Hypertension  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system.

Buyer 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.

Buyer 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.

Buyer Products:

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

Buyer Products:

  • Trental (Pentoxifylline)
  
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.

Buyer Products:

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

Buyer Products:

  • Simvastatin EA
  
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.

Buyer Products:

  • Oruvail (Ketoprofen)
  • Voltaren XR (Diclofenac Sodium)
  
Infectious Diseases
Bacterial
Antibacterial Agents  
Broad Spectrum  
Antibiotics  
Cephalosporin Derivatives
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Buyer Products:

  • Cedax (Ceftibuten)
  
Vaccines  
Bacterial  
Single Target  
Typhoid Fever
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to pathogens that cause typhoid fever.

Target Products:

  • Berna Products Vivotif (Typhoid Vaccine Live Oral Ty21a)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in early stages of clinical research where human subject is involved.

Target Products:

  • Smallpox-MVA3000
  • C. difficile Vaccine
  • ChimeriVax
  
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:

  • Hyperimmune Globulin
  • Influenza Vaccine Program
  
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.

Buyer Products:

  • Zovirax Cream/Ointment (Acyclovir)
  
Vaccines  
Viral  
Single Target  
Japanese Encephalitis
Therapeutics that prevent or treat viral infections characterized by inflammation of the brain by producing or artificially increasing immunity to the Japanese B Encephalitis virus.

Target Products:

  • ChimeriVax
  
Variola (Smallpox)
Therapeutics that prevent or treat viral infections that cause a diffuse and extensive distribution of lesions by producing or artificially increasing immunity to the Variola virus.

Target Products:

  • Vaccinia Immune Globulin (VIG)
  • Smallpox-ACAM2000
  
Yellow Fever
Therapeutics that prevent or treat viral infections characterized by fever and hemorrhage by producing or artificially increasing immunity to the yellow fever virus.

Target Products:

  • Arilvax
  
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.

Buyer Products:

  • Oruvail (Ketoprofen)
  • 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.

Buyer Products:

  • Oruvail (Ketoprofen)
  • Voltaren XR (Diclofenac Sodium)
  
Neurology  
Neurological Disorders  
Epilepsy  
Partial Seizures  
Complex  
Monotherapy  
Sodium Channel Blocking Agents
Therapeutics that treat complex partial seizures by blocking the sodium channels which in turn block the conductance of neural impulses through the brain.

Buyer Products:

  • Carbamazepine XR
  
Simple  
Monotherapy  
Sodium Channel Blocking Agents
Therapeutics that treat simple partial seizures by blocking the sodium channels which in turn block the conductance of neural impulses.

Buyer Products:

  • Carbamazepine XR
  
Headaches  
Vascular (Migraine)  
Acute Treatments  
Selective Serotonin Receptor Agonists (Triptans)
Therapeutics that treat vascular/migraine headaches by stimulating the receptor that binds with the neurotransmitter, serotonin.

Buyer Products:

  • Sumatriptan FD
  
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.

Buyer Products:

  • Ativan (Lorazepam)
  • Ativan Injection (Lorazepam)
  
Obsessive Compulsive Disorder (OCD)  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat Anxiety by selectively preventing the removal of serotonin.

Buyer Products:

  • Fluoxetine ODT
  
Eating Disorders  
Bulimia  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat eating disorders by selectively preventing the removal of serotonin.

Buyer Products:

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

Buyer Products:

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

Buyer Products:

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

Buyer 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.

Buyer Products:

  • Venlafaxine EA
  • Ativan ODT (Lorazepam)
  • Bupropion/Venlafaxine Combination
  
Pain Management  
Narcotics  
Analgesics/Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters the both the perception of pain as well as the emotional response to pain.

Buyer Products:

  • Tramadol/Acetaminophen ODT 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.

Buyer Products:

  • Tramadol ODT
  • Ralivia ER (Tramadol Hydrochloride Extended Release)
  • Ultram ER (Tramadol Hydrochloride Extended Release)/Ultram ODT (Tramadol Hydrochloride Orally Disintegrating Tablet)
  
Non-Narcotics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain by non-specifically inhibiting the action of cyclooxygenase.

Buyer Products:

  • Oruvail (Ketoprofen)
  
Respiratory System  
Lower Respiratory Tract Disorders (Lung Disorders)  
Asthma  
Acute Treatments  
Bronchodilators  
Phosphodiesterase Inhibitors (PDE Inhibitors)
Therapeutics that inhibit the break down of phosphodiesters thereby increasing levels of Nitric Oxide which help in dilating the blood vessels in the lungs.

Buyer Products:

  • Theo-24 (Theophylline)
  
Prophylactic Treatments  
Phosphodiesterase Inhibitors (PDE Inhibitors)
Therapeutics that inhibit the break down of phosphodiesters thereby increasing levels of Nitric Oxide which help in relaxing smooth muscles in the lungs.

Buyer Products:

  • Theo-24 (Theophylline)
  
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.

Buyer 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.

Buyer Products:

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

Buyer Products:

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

Buyer Products:

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

Buyer 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
  GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Merck & Co., Inc. n/a 76,007.326 16.54 14.81 3.45 3.62 n/a
Wyeth n/a 65,725.563 17.91 16.16 3.50 3.26 8.34
Buyer
  Johnson & Johnson n/a 175,639.871 16.93 15.76 3.48 3.26 n/a
GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Novartis AG (ADR) n/a 114,528.330 21.98 17.37 3.52 3.16 3.47
Merck & Co., Inc. n/a 76,007.326 16.54 14.81 3.45 3.62 n/a
Wyeth n/a 65,725.563 17.91 16.16 3.50 3.26 8.34
Target
  GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Merck & Co., Inc. n/a 76,007.326 16.54 14.81 3.45 3.62 n/a
Wyeth n/a 65,725.563 17.91 16.16 3.50 3.26 8.34
Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Solvay SA (ADR) n/a 9,363.535 10.18 n/a 0.96 n/a 2.62
Chiron Corporation n/a 8,548.136 45.11 24.20 4.45 3.95 2.86
Crucell N.V. (ADR) n/a 1,009.493 n/a -33.30 21.91 19.66 6.10
VaxGen, Inc. n/a 334.554 n/a -5.37 23.40 7.53 12.55
Oscient Pharmaceuticals Corporation n/a 147.874 n/a -2.06 8.78 3.14 -1.76
AVANT Immunotherapeutics, Inc. n/a 143.873 n/a n/a 29.58 14.59 7.81
Vical Incorporated n/a 140.636 n/a -5.52 11.72 8.54 1.75
SIGA Technologies, Inc. n/a 25.441 n/a -9.50 3.59 2.81 56.28
DOR BioPharma, Inc. n/a 21.763 n/a n/a 6.80 n/a 14.74
Berna Biotech AG 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
  GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
Merck & Co., Inc. n/a 76,007.326 16.54 14.81 3.45 3.62 n/a
Wyeth n/a 65,725.563 17.91 16.16 3.50 3.26 8.34
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,716.755 23.00 20.97 4.71 3.22 8.43
Flamel Technologies S.A. (ADR) n/a 532.127 n/a -54.97 14.76 8.47 5.63
DepoMed, Inc. n/a 246.525 n/a -8.51 195.63 113.03 25.03
Ethypharm n/a n/a n/a n/a n/a n/a n/a
Target
  Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Cangene Corporation 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
  GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,716.755 23.00 20.97 4.71 3.22 8.43
Forest Laboratories, Inc. n/a 14,828.000 22.49 20.31 5.19 4.96 5.27
KOS Pharmaceuticals, Inc. n/a 2,293.766 18.86 24.37 3.05 2.46 5.10
Target
  Federal Government Agencies (United States) 84.00% 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
Overlap
  sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Buyer
  Johnson & Johnson n/a 175,639.871 16.93 15.76 3.48 3.26 n/a
GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Merck & Co., Inc. n/a 76,007.326 16.54 14.81 3.45 3.62 n/a
Wyeth n/a 65,725.563 17.91 16.16 3.50 3.26 8.34
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,716.755 23.00 20.97 4.71 3.22 8.43
Forest Laboratories, Inc. n/a 14,828.000 22.49 20.31 5.19 4.96 5.27
Celgene Corporation n/a 13,404.492 242.90 95.54 24.96 17.63 n/a
Solvay SA (ADR) n/a 9,363.535 10.18 n/a 0.96 n/a 2.62
KOS Pharmaceuticals, Inc. n/a 2,293.766 18.86 24.37 3.05 2.46 5.10
Alpharma Inc. n/a 1,470.890 n/a 19.86 0.97 1.03 12.01
Flamel Technologies S.A. (ADR) n/a 532.127 n/a -54.97 14.76 8.47 5.63
DepoMed, Inc. n/a 246.525 n/a -8.51 195.63 113.03 25.03
Hemispherx BioPharma, Inc n/a 160.589 n/a n/a 139.74 n/a 12.41
H. Lundbeck A/S n/a n/a n/a n/a n/a n/a n/a
Ethypharm n/a n/a n/a n/a n/a n/a n/a
Reliant Pharmaceuticals, LLC n/a n/a n/a n/a n/a n/a n/a
Target
  sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Chiron Corporation n/a 8,548.136 45.11 24.20 4.45 3.95 2.86
Cangene Corporation n/a n/a n/a n/a n/a n/a n/a
Berna Biotech AG 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 904.0 69.8 973.8
Other Revenue 21.8 0.0 21.8
Total Revenue 925.8 69.8 995.6
Cost of Revenue 218.2 43.7 261.9
SG&A Expense 247.3 11.3 258.6
Depreciation & Amortization 62.6 0.0 62.6
Research & Development 81.2 53.4 134.6
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 88.4 0.0 88.4
Total Expenses 697.7 108.4 806.2
Operating Income 228.1 -38.6 189.4
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -35.2 0.9 -34.3
Other, Net -4.9 0.0 -4.9
Income Before Taxes 188.0 -32.4 155.7
Income Taxes 15.7 -5.6 10.2
Income After Taxes 172.3 -26.8 145.5
Net Income - Excl. Xord. Items 172.3 -26.8 145.5
Discontinued Operations -9.8 0.0 -9.8
Net Income - Incl. Xord. Items 162.5 -26.8 135.7
Income Avail. to Common 162.5 -26.8 135.7
Share Items
Basic Avg. Shares Outstanding 159.4 53.6 213.0
Basic EPS - Excl. Xord. Items 1.08 -0.25 0.68
Basic EPS - Incl. Xord. Items 1.02 -0.50 0.64
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 159.6 53.6 213.2
F.D. EPS - Excl. Xord. Items 1.08 -0.52 0.68
F.D. EPS - Incl. Xord. Items 1.02 -0.52 0.64
Balance Sheet
Assets
Cash and Equivalents 326.7 103.6 430.3
ST Investments 0.9 24.4 25.3
Accounts Receivable 125.7 24.9 150.6
Inventory 88.1 6.4 94.5
Prepayments and Advances 11.0 0.0 11.0
Other Current Assets 3.9 0.0 3.9
Current Assets 556.4 159.3 715.6
Accum D&A 0.0 0.0 0.0
PPE, Net 187.7 36.2 223.9
Goodwill & Intangibles 975.0 34.1 1,009.1
Long Term Investments 76.0 0.0 76.0
Other Assets 0.0 0.0 0.0
Other LT Assets 117.7 0.0 117.7
Total Assets 1,912.7 229.6 2,142.3
Liabilities
Accounts Payable 36.9 60.0 96.9
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 89.7 0.0 89.7
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 24.7 0.0 24.7
Other (Current) Liabilities 55.0 0.0 55.0
Current Liab. 206.3 60.0 266.4
LT Debt 422.6 8.7 431.4
Total LT Debt 422.6 8.7 431.4
Deferred Taxes 0.0 2.8 2.8
Other LT Liab. 102.8 1.4 104.1
Total Liabilities 731.7 72.9 804.6
Shareholders Equity
Common Stock 1,458.2 18.6 1,476.8
Additional Paid in Capital 1.4 170.6 172.0
Retained Earnings -330.2 -32.5 -362.7
Other Equity 51.6 0.0 51.6
Total Equity 1,181.0 156.6 1,337.7
Total Liab. & Equity 1,912.7 229.6 2,142.3
Shares Outstanding 159.5 53.6 213.1
Cash Flow
Operating Cash Flow
CF Net Income 151.4 -32.4 119.0
CF Depreciation 76.2 7.5 83.6
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 90.2 1.0 91.3
Change in Working Capital 2.3 -40.2 -37.9
Total Cash From Operating Activities 320.1 -64.1 256.0
Investing Cash Flow
Capital Expenditures -52.8 -7.1 -60.0
Other Investing Cash Flows 92.9 -2.8 90.2
Total Cash From Investing Activities 40.1 -9.9 30.2
Financing Cash Flow
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 5.4 2.3 7.7
Purchase and Retirement of Debt -246.9 118.2 -128.7
Other Financing Cash Flow -1.4 -45.1 -46.5
Total Cash From Financing Activities -127.9 69.6 -58.3
Exchange Rate Effects 0.9 0.0 0.9
Net Change in Cash 233.1 -4.4 228.7
Cash Taxes Paid 8.2 9.9 18.1
Cash Interest Paid 32.6 6.8 39.4