Summary

Other Scenarios:

Buyer: Biovail Corporation (USA) (BVF) Last Price: 9.69 Market Cap.: 1.56B
Target: Alpharma Inc. (ALO) Last Price: 24.55 Market Cap.: 1.32B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 857
Biopharmaceuticals 376
Outsourced Services   49
Veterinary Products and Services   7

- 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: 44)
  • Procardia XL (Nifedipine)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem LA (Diltiazem Hydrochloride)
  • Tiazac (Diltiazem)
Target (Total: 9)
  • Tirosint Capsule (Levothyroxine Sodium)
  • Ketoprofen Transfersome Gel
  • Kadian (Morphine Sulphate Extended Release)
  • Embeda (Abuse Resistant Morphine Sulphate/Naltrexone)
Buyer
  • Biovail Contract Research Division (CRD)
  • ShearForm
  • Macrocap
  • Chronotabs
Target
  • Alpharma Animal Health Division

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 11)
  • Johnson & Johnson (JNJ)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Abbott Laboratories (ABT)
  • Merck & Co., Inc. (MRK)
Target (Total: 9)
  • Bayer AG (ADR) (BAYRY)
  • Archer Daniels Midland Company (ADM)
  • Koninklijke DSM N.V. (ADR) (RDSMY)
  • Cambrex Corporation (CBM)
Buyer (Total: 11)
  • GlaxoSmithKline plc (ADR) (GSK)
  • McKesson Corporation (MCK)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
  • Cardinal Health, Inc. (CAH)
Target (Total: 4)
  • Alcon, Inc. (ACL)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
  • Enzon Pharmaceuticals, Inc. (ENZN)
  • Accentia Biopharmaceuticals, Inc (ABPI)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,533 2,000
Revenue Per Employee 487,859.5 334,739.1
Total Revenue 186.1 166.9
Total Expenses 210.4 172.1
Other Revenue 4.7 0.0
Cost of Revenue 43.9 59.0
SG&A Expense 56.6 96.0
Research & Development 21.8 17.1
Other Operating Expense 0.0 0.0
Operating Income -24.3 -5.2
Unusual Income 76.4 0.0
LT Debt to Capital 0 26.95
Fwd P/E 7.86 114.29
Fwd P/Rev 2.13 1.88
Book Value 1,183.2 813.4
Curr Portion of LTD/Cap Lease 0.0 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals > Pain Management

Business Description

Buyer

Biovail Corporation (Biovail) is a specialty pharmaceutical company that applies advanced drug-delivery technologies to improve the clinical effectiveness of medicines. The Company is engaged in the formulation, clinical testing, registration, manufacture and commercialization of pharmaceutical products. Its main therapeutic areas of focus are central nervous system (CNS) disorders, pain management and cardiovascular disease. The primary markets for its products are the United States and Canada. Biovail has a portfolio of drug-delivery technologies includes controlled release, enhanced absorption, rapid absorption, taste masking, and oral disintegration technologies, among others.

Target

Alpharma Inc. is a global specialty pharmaceutical company that develops, manufactures and markets pharmaceutical products for humans and animals. As of April 2, 2008, the Company operated in two business segments: Pharmaceuticals and Animal Health (AH). The Company markets an extended release morphine sulfate pain medication sold under the trademark KADIAN, in the United States and a topical non-steroidal, anti-inflammatory (NSAID) patch product sold in the United States, under the trademark FLECTOR. The Company manufactures and markets animal health products, consisting primarily of medicated feed additives (MFAs) and water soluble therapeutics for production animals, principally poultry, cattle and swine. In April 2008, ALPHARMA, Inc. announced the divestiture of its Active Pharmaceutical Ingredients (API) business to 3i.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 73.29 62.91
Operating Margin % 9.94 -14.97
Quick Ratio 1.01 3.85
Current Ratio 1.89 4.61
Coverage Ratio -0.01 -0.09
Total Assets 1,639.6 1,372.4
Return on Equity % 5.49 -11.33
Return on Assets % 3.96 -6.72
Cash+ ST Inv. Per Share 2.2 14.04
Total Debt 0.0 306.0
Total Debt to Equity % 0 37.62
Total Debt to Tangible Equity % 0 64.6
Debt to Asset % 0.00 22.30

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.
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
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.
  
Veterinary Products and Services  
Veterinary Pharmaceuticals
The Veterinary Pharmaceuticals Subsector includes companies that manufacture veterinary pharmaceuticals and vaccines for the prevention and treatment of veterinary diseases.

Target Products:

  • Alpharma Animal Health 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.

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:

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

Buyer 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.

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:

  • Vasotec/Cardizem LA Combo (Enalapril/Dilitiazem Hydrochloride)
  • BVF-247
  • Carvedilol CR
  • BVF-203
  • BVF-239
  
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:

  • Tiazac (Diltiazem)
  • Adalat/Adalat CC (Nifedipine)
  • Procardia XL (Nifedipine)
  • Cardizem LA (Diltiazem Hydrochloride)
  • Cardizem CD (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.

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)
  
Pituitary Gland Disorders  
Pituitary Hyperthyroidism (TSH-Induced)  
Thyroid Hormones
Hormones that affect the rate of cell metabolism and blood calcium levels.

Target Products:

  • Tirosint Capsule (Levothyroxine Sodium)
  
Thyroid Gland Disorders  
Hypothyroidism  
Thyroid Hormones
Therapeutics that treat a deficiency in thyroid activity by supplementing thyroid hormones.

Target Products:

  • Tirosint Capsule (Levothyroxine Sodium)
  
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:

  • 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.

Buyer 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.

Buyer Products:

  • Voltaren XR (Diclofenac Sodium)

Target Products:

  • Ketoprofen Transfersome Gel
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:

  • 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.

Buyer 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.

Buyer Products:

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

Buyer Products:

  • Wellbutrin XL (Bupropion Hydrochloride)
  • Aplenzin (Once-Daily Bupropion Salt)/Formerly BVF-033
  
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:

  • BVF-068
  • BVF-065
  • BVF-058
  • BVF-045 (Bupropion/SSRI Combination)
  • BVF-012/Venlafaxine EA
  
Pain Management
Anesthesia  
General (Systemic)  
Adjunctive  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters both the perception of pain as well as the emotional response to pain.

Target Products:

  • Kadian (Morphine Sulphate Extended Release)
  
Narcotics
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:

  • Ultram ER (Tramadol Hydrochloride Extended Release)/Ultram ODT (Tramadol Hydrochloride Orally Disintegrating Tablet)
  • Tramadol ODT

Target Products:

  • Embeda (Abuse Resistant Morphine Sulphate/Naltrexone)
  • Kadian (Morphine Sulphate Extended Release)
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.

Target Products:

  • Flector Patch (Diclofenac Epolamine)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of pain in early stages of clinical research where human subject is involved.

Target Products:

  • ALO-03
  • ALO-04
  • ALO-02 (Oxycodone/Naltrexone)
  
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.

Buyer Products:

  • Tramadol/Acetaminophen ODT
  • Tramadol ER/NSAID
  
Urology  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of urological disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • BVF-324
  
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:

  • Chronotabs
  • SmartCoat/SmartCoat AQ
  • Dimatrix
  • Zero Order Release System (ZORS)
  • CEFORM
  • Consurf
  • Multipart
  
Taste Masking
Drug Delivery Technologies used to mask the taste of various drugs.

Buyer Products:

  • Flash Dose
  • ShearForm
  
Veterinary Products and Services  
Veterinary Pharmaceuticals
The Veterinary Pharmaceuticals Subsector includes companies that manufacture veterinary pharmaceuticals and vaccines for the prevention and treatment of veterinary diseases.

Target Products:

  • Alpharma Animal Health 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
  Teva Pharmaceutical Industries Ltd (ADR) n/a 39,235.838 22.03 17.54 3.80 3.48 8.74
DepoMed, Inc. n/a 201.127 3.12 -8.42 2.87 7.73 4.66
Penwest Pharmaceuticals n/a 127.570 n/a -4.11 33.48 12.42 5.99
BioDelivery Sciences International, Inc. n/a 40.408 n/a n/a 142.74 n/a n/a
Elite Pharmaceuticals, Inc. n/a 6.343 n/a n/a 3.53 n/a 0.74
Buyer
  Teva Pharmaceutical Industries Ltd (ADR) n/a 39,235.838 22.03 17.54 3.80 3.48 8.74
Watson Pharmaceuticals, Inc. n/a 3,202.897 17.41 15.13 1.30 1.22 6.04
Target
  Pfizer Inc. n/a 134,617.653 14.89 8.38 2.76 2.74 5.39
Novartis AG (ADR) n/a 127,966.978 10.37 14.72 3.11 3.10 4.26
Abbott Laboratories n/a 91,907.031 21.99 17.95 3.32 3.06 42.59
Eli Lilly & Co. n/a 55,460.422 14.58 12.30 2.81 2.69 4.47
Bristol Myers Squibb Co. n/a 43,511.960 19.83 13.18 2.11 2.09 9.35
Teva Pharmaceutical Industries Ltd (ADR) n/a 39,235.838 22.03 17.54 3.80 3.48 8.74
Perrigo Company n/a 3,303.704 26.00 21.96 1.95 1.80 9.06
Endo Pharmaceuticals n/a 2,815.954 12.33 10.86 2.41 2.22 4.74
King Pharmaceuticals, Inc. n/a 2,797.571 21.05 9.24 1.47 1.75 1.53
XenoPort, Inc. n/a 1,247.923 n/a -30.25 14.23 23.09 10.91
DURECT Corporation n/a 452.186 n/a -16.35 18.64 15.08 11.24
Acura Pharmaceuticals, Inc. n/a 364.002 17.04 n/a 9.29 n/a 10.72
DepoMed, Inc. n/a 201.127 3.12 -8.42 2.87 7.73 4.66
Javelin Pharmaceuticals Inc. n/a 169.737 n/a -3.96 685.10 70.33 4.25
Penwest Pharmaceuticals n/a 127.570 n/a -4.11 33.48 12.42 5.99
BioDelivery Sciences International, Inc. n/a 40.408 n/a n/a 142.74 n/a n/a
Elite Pharmaceuticals, Inc. n/a 6.343 n/a n/a 3.53 n/a 0.74
Livzon Pharmaceutical Group Co., Ltd. (B Shares) 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
  Johnson & Johnson n/a 199,331.398 16.83 15.78 3.14 3.06 11.57
GlaxoSmithKline plc (ADR) n/a 124,541.387 13.09 11.92 2.82 2.70 55.89
Abbott Laboratories n/a 91,907.031 21.99 17.95 3.32 3.06 42.59
Merck & Co., Inc. n/a 77,471.859 15.60 10.86 3.20 3.19 4.25
Wyeth n/a 57,724.273 12.88 12.13 2.51 2.44 3.79
Teva Pharmaceutical Industries Ltd (ADR) n/a 39,235.838 22.03 17.54 3.80 3.48 8.74
QAD Inc. n/a 214.366 32.59 38.89 0.79 n/a 5.44
DepoMed, Inc. n/a 201.127 3.12 -8.42 2.87 7.73 4.66
Pharsight Corporation n/a 39.358 23.73 15.78 1.36 1.21 4.00
DOV Pharmaceutical, Inc. n/a 5.568 n/a n/a 1.56 n/a 0.82
Ethypharm n/a n/a n/a n/a n/a n/a n/a
Target
  Bayer AG (ADR) n/a 60,260.716 7.70 12.16 1.22 1.19 n/a
Archer Daniels Midland Company n/a 16,870.775 9.36 9.34 0.24 0.22 n/a
Koninklijke DSM N.V. (ADR) n/a 8,877.960 9.46 9.93 0.61 n/a 1.41
Cambrex Corporation n/a 196.565 25.07 14.89 0.78 0.78 2.34
Kaken Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Actavis Group hf. n/a n/a n/a n/a n/a n/a n/a
Roquette America, Inc. n/a n/a n/a n/a n/a n/a n/a
IBSA Institut Biochimique SA n/a n/a n/a n/a n/a n/a n/a
Tris Pharma, Inc. 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
  Teva Pharmaceutical Industries Ltd (ADR) 11.00% 39,235.838 22.03 17.54 3.80 3.48 8.74
Buyer
  GlaxoSmithKline plc (ADR) 25.00% 124,541.387 13.09 11.92 2.82 2.70 55.89
McKesson Corporation 20.00% 15,812.488 15.97 14.24 0.15 0.14 6.25
Teva Pharmaceutical Industries Ltd (ADR) 11.00% 39,235.838 22.03 17.54 3.80 3.48 8.74
Cardinal Health, Inc. 10.00% 20,030.714 15.30 14.28 0.22 0.21 13.09
Owens & Minor, Inc. 10.00% 1,909.681 20.88 19.74 0.27 0.26 5.30
Merck & Co., Inc. n/a 77,471.859 15.60 10.86 3.20 3.19 4.25
AstraZeneca plc (ADR) n/a 70,697.361 12.33 10.24 2.28 2.22 n/a
Forest Laboratories, Inc. n/a 11,801.347 12.52 11.69 3.05 2.89 3.66
AmerisourceBergen Corp. n/a 6,717.183 30.09 14.75 0.10 0.10 n/a
Sciele Pharma Inc. n/a 676.466 14.93 10.78 1.66 1.50 n/a
DepoMed, Inc. n/a 201.127 3.12 -8.42 2.87 7.73 4.66
Target
  Alcon, Inc. n/a 51,801.092 28.98 26.50 8.52 7.99 16.59
Teva Pharmaceutical Industries Ltd (ADR) n/a 39,235.838 22.03 17.54 3.80 3.48 8.74
Enzon Pharmaceuticals, Inc. n/a 409.271 4.67 -22.41 2.10 2.12 7.00
Accentia Biopharmaceuticals, Inc n/a 39.805 n/a n/a 2.44 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
  Teva Pharmaceutical Industries Ltd (ADR) n/a 39,235.838 22.03 17.54 3.80 3.48 8.74
Buyer
  Johnson & Johnson n/a 199,331.398 16.83 15.78 3.14 3.06 11.57
GlaxoSmithKline plc (ADR) n/a 124,541.387 13.09 11.92 2.82 2.70 55.89
Sanofi-Aventis SA (ADR) n/a 100,488.069 13.57 8.70 2.33 2.26 n/a
Abbott Laboratories n/a 91,907.031 21.99 17.95 3.32 3.06 42.59
Merck & Co., Inc. n/a 77,471.859 15.60 10.86 3.20 3.19 4.25
Wyeth n/a 57,724.273 12.88 12.13 2.51 2.44 3.79
Teva Pharmaceutical Industries Ltd (ADR) n/a 39,235.838 22.03 17.54 3.80 3.48 8.74
Cardinal Health, Inc. n/a 20,030.714 15.30 14.28 0.22 0.21 13.09
McKesson Corporation n/a 15,812.488 15.97 14.24 0.15 0.14 6.25
Forest Laboratories, Inc. n/a 11,801.347 12.52 11.69 3.05 2.89 3.66
AmerisourceBergen Corp. n/a 6,717.183 30.09 14.75 0.10 0.10 n/a
Target
  Bayer AG (ADR) n/a 60,260.716 7.70 12.16 1.22 1.19 n/a
Alcon, Inc. n/a 51,801.092 28.98 26.50 8.52 7.99 16.59
Teva Pharmaceutical Industries Ltd (ADR) n/a 39,235.838 22.03 17.54 3.80 3.48 8.74
Archer Daniels Midland Company n/a 16,870.775 9.36 9.34 0.24 0.22 n/a
Koninklijke DSM N.V. (ADR) n/a 8,877.960 9.46 9.93 0.61 n/a 1.41
Enzon Pharmaceuticals, Inc. n/a 409.271 4.67 -22.41 2.10 2.12 7.00
Cambrex Corporation n/a 196.565 25.07 14.89 0.78 0.78 2.34
Accentia Biopharmaceuticals, Inc n/a 39.805 n/a n/a 2.44 n/a n/a
Actavis Group hf. n/a n/a n/a n/a n/a n/a n/a
Tris Pharma, Inc. n/a n/a n/a n/a n/a n/a n/a
Roquette America, Inc. n/a n/a n/a n/a n/a n/a n/a
Kaken Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
IBSA Institut Biochimique SA 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 769.5 607.8 1,377.3
Other Revenue 17.9 0.0 17.9
Total Revenue 787.4 607.8 1,395.2
Cost of Revenue 210.3 225.5 435.8
SG&A Expense 165.3 311.0 476.3
Depreciation & Amortization 47.5 0.0 47.5
Research & Development 118.0 162.9 280.9
Interest Expense -0.1 0.0 -0.1
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 168.1 -0.5 167.6
Total Expenses 709.1 698.8 1,407.9
Operating Income 78.2 -91.0 -12.8
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -1.0 8.0 7.0
Other, Net 2.9 -0.2 2.7
Income Before Taxes 80.2 -83.2 -3.1
Income Taxes 15.2 8.9 24.1
Income After Taxes 65.0 -92.2 -27.2
Net Income - Excl. Xord. Items 65.0 -92.2 -27.2
Discontinued Operations 0.0 217.3 217.3
Net Income - Incl. Xord. Items 65.0 125.1 190.1
Income Avail. to Common 65.0 125.1 190.1
Share Items
Basic Avg. Shares Outstanding 160.7 43.2 203.9
Basic EPS - Excl. Xord. Items 0.40 n/a -0.13
Basic EPS - Incl. Xord. Items 0.40 2.89 0.93
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 160.7 43.2 203.9
F.D. EPS - Excl. Xord. Items 0.40 n/a -0.13
F.D. EPS - Incl. Xord. Items 0.40 2.89 0.93
Dividends Per Common Share 1.50 0.00 1.50
Balance Sheet
Assets
Cash and Equivalents 354.1 606.8 960.9
Accounts Receivable 0.0 94.6 94.6
Inventory 0.0 117.6 117.6
Prepayments and Advances 0.0 20.2 20.2
Other Current Assets 310.0 0.0 310.0
Current Assets 664.1 839.3 1,503.3
Accum D&A 0.0 0.0 0.0
PPE, Net 182.3 142.1 324.4
Goodwill & Intangibles 702.8 339.7 1,042.5
Long Term Investments 37.7 0.0 37.7
Other Assets 0.0 0.0 0.0
Other LT Assets 52.7 51.4 104.2
Total Assets 1,639.6 1,372.4 3,012.0
Liabilities
Accounts Payable 0.0 65.7 65.7
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 0.0 110.3 110.3
ST Debt 0.0 6.0 6.0
Other (Current) Liabilities 351.0 0.0 351.0
Current Liab. 351.0 182.0 533.0
LT Debt 0.0 300.0 300.0
Total LT Debt 0.0 300.0 300.0
Deferred Taxes 0.0 46.8 46.8
Other LT Liab. 105.5 30.2 135.7
Total Liabilities 456.4 559.1 1,015.5
Shareholders Equity
Common Stock 0.0 11.3 11.3
Additional Paid in Capital 0.0 1,140.8 1,140.8
Retained Earnings 0.0 -2.5 -2.5
Treasure Stock 0.0 -341.4 -341.4
Other Equity 1,183.2 5.3 1,188.4
Total Equity 1,183.2 813.4 1,996.5
Total Liab. & Equity 1,639.6 1,372.4 3,012.0
Shares Outstanding 161.0 54.9 215.9
Cash Flow
Operating Cash Flow
CF Net Income 65.0 125.2 190.1
CF Depreciation 99.1 46.2 145.3
CF Deferred Taxes 0.0 12.9 12.9
Other Non-Cash Items 87.0 -210.3 -123.3
Change in Working Capital 31.3 1.7 33.1
Total Cash From Operating Activities 282.5 -24.3 258.2
Investing Cash Flow (not calculated)
Capital Expenditures -22.0 -157.1 -179.1
Other Investing Cash Flows -110.2 387.5 277.3
Total Cash From Investing Activities -132.2 230.3 98.1
Financing Cash Flow (not calculated)
Dividends Paid -120.8 0.0 -120.8
Purchase Or Sale of Stock 0.5 -20.0 -19.5
Purchase and Retirement of Debt 407.0 296.9 703.9
Other Financing Cash Flow -146.8 0.0 -146.8
Total Cash From Financing Activities -266.8 -19.2 -286.0
Exchange Rate Effects 1.1 2.8 3.8
Net Change in Cash -115.4 189.6 74.2
Cash Taxes Paid 0.0 1.6 1.6
Cash Interest Paid 0.0 6.9 6.9