Summary

Other Scenarios:

Buyer: Biovail Corporation (USA) (BVF) Last Price: 9.21 Market Cap.: 1.46B
Target: PDL BioPharma Inc. (PDLI) Last Price: 9.40 Market Cap.: 1.12B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 844
Biopharmaceuticals 368
Outsourced Services 48

- 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)
  • Tiazac (Diltiazem)
  • Procardia XL (Nifedipine)
Target (Total: 8)
  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  • Therapeutic Antibody Candidates
  • Volociximab/M200 (Chimeric Monoclonal Antibody)
Buyer
  • Biovail Contract Research Division (CRD)
  • ShearForm
  • Macrocap
  • Dimatrix
Target
  • Humanized Antibody Technology

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 10)
  • Johnson & Johnson (JNJ)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Abbott Laboratories (ABT)
  • Merck & Co., Inc. (MRK)
Target (Total: 2)
  • Seattle Genetics, Inc. (SGEN)
  • Highland Distressed Opportunities, Inc (HCD)
Buyer (Total: 10)
  • GlaxoSmithKline plc (ADR) (GSK)
  • McKesson Corporation (MCK)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
  • Cardinal Health, Inc. (CAH)
Target (Total: 12)
  • Genentech, Inc. (DNA)
  • AstraZeneca plc (ADR) (AZN)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Wyeth (WYE)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,533 887
Revenue Per Employee 474,735.9 348,577.5
Total Revenue 181.1 77.3
Total Expenses 132.7 64.3
Other Revenue 5.1 0.0
Cost of Revenue 47.5 0.0
SG&A Expense 44.7 18.5
Research & Development 18.7 44.7
Other Operating Expense 0.0 0.0
Operating Income 48.4 13.1
Unusual Income 9.6 1.0
LT Debt to Capital 0 88.93
Fwd P/E 6.57 12.78
Fwd P/Rev 1.94 3.62
Book Value 1,163.9 66.4
Curr Portion of LTD/Cap Lease 0.0 0.8

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals

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. In September 2008, Biovail acquired Prestwick Pharmaceuticals, Inc., a company that holds the Canadian and United States rights to Xenazine (tetrabenazine tablets).

Target

PDL BioPharma Inc. is a biopharmaceutical company focused on the discovery and development of novel antibodies in oncology and immunologic diseases. It receives royalties and other revenues through licensing agreements with various biotechnology and pharmaceutical companies based on its antibody humanization technology platform. These licensing agreements have contributed to the development by the Company?s licensees of nine marketed products. The Company has several investigational compounds in clinical development for severe or life-threatening diseases, two of which it is developing in collaboration with Biogen Idec MA, Inc. (Biogen Idec). Its products include Daclizumab, Volociximab, HuLuc63, PDL192 and Nuvion. In March 2008, the Company closed the sale of the Cardiovascular Assets, which included Cardene, to EKR Therapeutics, Inc (EKR). However, the Company continues to perform development work for new formulations and presentations of Cardene pursuant to an agreement with EKR.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 73.4 100
Operating Margin % 8.41 23.28
Quick Ratio 1.74 8.11
Current Ratio 2.21 8.34
Coverage Ratio -0.07 0.02
Total Assets 1,501.0 718.2
Return on Equity % 4.09 98.81
Return on Assets % 3.17 9.13
Cash+ ST Inv. Per Share 1.43 3.63
Total Debt 0.0 533.8
Total Debt to Equity % 0 804.19
Total Debt to Tangible Equity % 0 911.61
Debt to Asset % 0.00 74.32

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.
  
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
  
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Musculoskeletal System
The Musculoskeletal System Subsector includes therapeutics that treat disorders of the bones, joints, ligaments, tendons, and soft tissue involved with them.
  
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
  
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
  
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.
  
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
  
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.
  
Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
  

- 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)
  • Tiazac (Diltiazem)
  • Procardia XL (Nifedipine)
  • 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:

  • BVF-239
  • Carvedilol CR
  • BVF-247
  • Vasotec/Cardizem LA Combo (Enalapril/Dilitiazem Hydrochloride)
  • BVF-203
  
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)
  • Cardizem LA (Diltiazem Hydrochloride)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Adalat/Adalat CC (Nifedipine)
  • Procardia XL (Nifedipine)
  
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)
  
Digestive System  
Gastrointestinal Tract Disorders  
Intestinal Disorders  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
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:

  • Nuvion (Visilizumab)
  
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)
  
Intermediary Metabolism Disorders  
Hypercholesterolemia  
Plasma Triglyceride Reducing Agents (Fibrate Compounds)
Therapeutics that reduce cholesterol levels by reducing the levels of low-density lipoproteins (LDL) and increasing levels of high-density lipoproteins (HDL).

Buyer Products:

  • Fenofibrate
  
Hyperlipidemia  
Plasma Triglyceride Reducing Agents (Fibrate Compounds)
Therapeutics that reduce the levels of very low-density lipoprotein and increase levels of high-density lipoproteins.

Buyer Products:

  • Fenofibrate
  
Hematology  
Serum Factor Disorders  
Hypercholesterolemia  
Plasma Triglyceride Reducing Agents (Fibrate Compounds)  
Hyperlipidemia  
Plasma Triglyceride Reducing Agents (Fibrate Compounds)
Therapeutics that reduce the levels of very low-density lipoprotein and increase levels of high-density lipoproteins.

Buyer Products:

  • Fenofibrate
  
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)
  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in early stages of clinical research where human subject is involved.

Target Products:

  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in very early stages of research where no human subject is involved.

Target Products:

  • Therapeutic Antibody Candidates
  
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)
  
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
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Lisuride SubQ

Target Products:

  • Daclizumab (Monoclonal Antibody)
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 Injection (Lorazepam)
  • Ativan (Lorazepam)
  
Mood Disorders  
Bipolar Disorders (Manic Depressive Disorders)  
Monoaminergic Antagonists
Therapeutics that treat bipolar disorder by blocking the serotonin and dopamine receptors.

Buyer Products:

  • Quetiapine Fumarate Sustained Release
  
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:

  • Aplenzin (Once-Daily Bupropion Salt)/Formerly BVF-033
  • Wellbutrin XL (Bupropion Hydrochloride)
  
Schizophrenia  
Monoaminergic Antagonists
Therapeutics that treat schizophrenia by blocking the serotonin and dopamine receptors.

Buyer Products:

  • Quetiapine Fumarate Sustained Release
  
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-045 (Bupropion/SSRI Combination)
  • BVF-058
  • BVF-065
  • BVF-012/Venlafaxine EA
  
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.

Target Products:

  • Volociximab/M200 (Chimeric Monoclonal Antibody)
  • PDL192 (Humanized Monoclonal Antibody)
  • Elotuzumab/Previously HuLuc63 (Anti-CS1 Monoclonal Antibody)
  
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:

  • Therapeutic Antibody Candidates
  
Pain Management  
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:

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

Buyer Products:

  • Tramadol ER/NSAID
  • Tramadol/Acetaminophen ODT
  
Respiratory System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of respiratory disorders in early stages of clinical research where human subject is involved.

Target Products:

  • Daclizumab (Monoclonal Antibody)
  
Transplantation  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the management of rejection and infection in early stages of clinical research where human subject is involved.

Target Products:

  • Daclizumab (Monoclonal Antibody)
  
Renal (Kidney)  
Rejection Prophylaxis  
Monoclonal Antibodies
Protein-based therapeutics that target specific substances like proteins.

Target Products:

  • Zenapax (Daclizumab)
  
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:

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

Buyer Products:

  • ShearForm
  • Flash Dose
  
Drug Discovery Services  
Lead Discovery/Validation/Optimization  
Lead Biologics  
Antibodies
Biological lead compounds which have a specific amino acid sequence that only interacts with specific substances to cause an immunological response.

Target Products:

  • Humanized Antibody Technology
  

- 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
Buyer
  Teva Pharmaceutical Industries Ltd (ADR) n/a 34,606.559 18.28 15.00 3.20 3.09 7.74
Watson Pharmaceuticals, Inc. n/a 2,489.670 11.30 11.87 0.99 0.98 3.90
Valeant Pharmaceuticals International n/a 1,704.113 14.06 61.12 2.39 2.16 8.20
Eurand N.V. n/a 368.352 23.15 -31.00 3.13 2.12 4.19
MiddleBrook Pharmaceuticals, Inc. n/a 151.235 n/a -3.52 15.06 6.00 2.14
Flamel Technologies S.A. (ADR) n/a 115.760 n/a -12.32 2.91 2.90 n/a
DepoMed, Inc. n/a 80.668 4.05 -2.81 2.57 2.28 1.86
BioDelivery Sciences International, Inc. n/a 47.142 n/a n/a 162.97 n/a n/a
AVANIR Pharmaceuticals n/a 41.447 n/a n/a 4.80 n/a 1.23
Labopharm Inc. n/a 34.096 n/a -1.18 2.08 1.94 1.87
Penwest Pharmaceuticals n/a 32.935 n/a -0.96 7.68 3.48 2.15
SCOLR Pharma Inc. n/a 25.501 n/a n/a 25.35 n/a 2.73
Access Pharmaceuticals, Inc. n/a 6.516 n/a -0.41 24.30 6.45 n/a
Elite Pharmaceuticals, Inc. n/a 1.708 n/a n/a 0.85 n/a 0.21
Target
  GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Genentech, Inc. n/a 81,785.127 26.16 24.31 6.45 6.12 6.82
Baxter International Inc. n/a 31,107.783 16.18 15.17 2.54 2.56 5.82
Hospira, Inc. n/a 4,280.381 14.64 11.00 1.17 1.19 17.62
Medarex inc. n/a 610.859 n/a -13.91 11.60 12.46 1.85
Dyax Corp. n/a 207.090 n/a -2.65 6.87 7.62 n/a
Sangamo Biosciences, Inc. n/a 133.183 n/a -4.41 10.99 8.82 2.47
Nuvelo, Inc. n/a 16.099 n/a -0.53 1.06 1.12 0.37
Boehringer Ingelheim GmbH 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 158,844.010 12.60 12.86 2.46 2.50 9.26
GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Abbott Laboratories n/a 78,742.790 17.32 15.37 2.73 2.67 26.86
Merck & Co., Inc. n/a 57,167.589 12.61 8.01 2.38 2.35 3.25
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Teva Pharmaceutical Industries Ltd (ADR) n/a 34,606.559 18.28 15.00 3.20 3.09 7.74
QAD Inc. n/a 104.727 82.88 -29.50 0.37 n/a 2.62
DepoMed, Inc. n/a 80.668 4.05 -2.81 2.57 2.28 1.86
DOV Pharmaceutical, Inc. n/a 0.948 n/a n/a 0.25 n/a 0.20
Ethypharm n/a n/a n/a n/a n/a n/a n/a
Target
  Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Highland Distressed Opportunities, Inc n/a 20.374 n/a 1.89 0.70 1.80 0.17

- 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
  McKesson Corporation 20.00% 9,990.133 9.34 8.83 0.09 0.10 3.82
Cardinal Health, Inc. 10.00% 11,701.788 9.38 8.59 0.13 0.12 7.08
AstraZeneca plc (ADR) n/a 56,480.158 9.23 7.88 1.79 1.75 n/a
AmerisourceBergen Corp. n/a 5,164.594 20.61 10.17 0.07 0.07 n/a
Buyer
  GlaxoSmithKline plc (ADR) 25.00% 93,667.975 13.40 10.67 2.68 2.39 78.84
McKesson Corporation 20.00% 9,990.133 9.34 8.83 0.09 0.10 3.82
Teva Pharmaceutical Industries Ltd (ADR) 11.00% 34,606.559 18.28 15.00 3.20 3.09 7.74
Cardinal Health, Inc. 10.00% 11,701.788 9.38 8.59 0.13 0.12 7.08
Owens & Minor, Inc. 10.00% 1,565.690 16.38 15.41 0.22 0.21 4.10
Merck & Co., Inc. n/a 57,167.589 12.61 8.01 2.38 2.35 3.25
AstraZeneca plc (ADR) n/a 56,480.158 9.23 7.88 1.79 1.75 n/a
Forest Laboratories, Inc. n/a 7,395.873 7.69 7.32 1.87 1.83 2.20
AmerisourceBergen Corp. n/a 5,164.594 20.61 10.17 0.07 0.07 n/a
Target
  Genentech, Inc. 68.00% 81,785.127 26.16 24.31 6.45 6.12 6.82
AstraZeneca plc (ADR) 14.00% 56,480.158 9.23 7.88 1.79 1.75 n/a
Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation n/a 9,990.133 9.34 8.83 0.09 0.10 3.82
AmerisourceBergen Corp. n/a 5,164.594 20.61 10.17 0.07 0.07 n/a
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Progenics Pharmaceuticals, Inc. n/a 259.793 n/a -7.00 3.40 2.94 2.03

- 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
  Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
Buyer
  Johnson & Johnson n/a 158,844.010 12.60 12.86 2.46 2.50 9.26
GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Sanofi-Aventis SA (ADR) n/a 81,363.100 12.87 8.19 2.24 2.10 n/a
Abbott Laboratories n/a 78,742.790 17.32 15.37 2.73 2.67 26.86
Merck & Co., Inc. n/a 57,167.589 12.61 8.01 2.38 2.35 3.25
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Teva Pharmaceutical Industries Ltd (ADR) n/a 34,606.559 18.28 15.00 3.20 3.09 7.74
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation n/a 9,990.133 9.34 8.83 0.09 0.10 3.82
Forest Laboratories, Inc. n/a 7,395.873 7.69 7.32 1.87 1.83 2.20
AmerisourceBergen Corp. n/a 5,164.594 20.61 10.17 0.07 0.07 n/a
Target
  Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Genentech, Inc. n/a 81,785.127 26.16 24.31 6.45 6.12 6.82
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Eli Lilly & Co. n/a 41,396.458 17.16 8.88 2.03 1.97 3.62
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Exelixis, Inc. n/a 522.719 n/a -2.38 4.45 3.34 n/a
Progenics Pharmaceuticals, Inc. n/a 259.793 n/a -7.00 3.40 2.94 2.03
Pierre Fabre Medicament 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 761.0 296.3 1,057.3
Other Revenue 18.6 0.0 18.6
Total Revenue 779.6 296.3 1,075.9
Cost of Revenue 207.4 0.0 207.4
SG&A Expense 176.3 77.7 254.0
Depreciation & Amortization 47.8 0.0 47.8
Research & Development 106.0 185.2 291.2
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 -49.7 -49.7
Unusual Expense (Income) 176.4 14.1 190.6
Total Expenses 714.0 227.3 941.3
Operating Income 65.6 69.0 134.6
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -4.7 1.2 -3.5
Other, Net 2.9 0.0 2.9
Income Before Taxes 63.9 70.2 134.0
Income Taxes 16.3 4.6 20.9
Income After Taxes 47.6 65.6 113.1
Net Income - Excl. Xord. Items 47.6 65.6 113.1
Discontinued Operations 0.0 -53.4 -53.4
Net Income - Incl. Xord. Items 47.6 12.2 59.7
Income Avail. to Common 47.6 12.2 59.7
Share Items
Basic Avg. Shares Outstanding 158.7 119.3 278.0
Basic EPS - Excl. Xord. Items 0.30 0.55 0.41
Basic EPS - Incl. Xord. Items 0.30 0.10 0.21
Full Dilution Adjustment 0.0 2.3 2.3
Fully Diluted Shares Outstanding 158.7 152.8 311.5
F.D. EPS - Excl. Xord. Items 0.30 0.43 0.36
F.D. EPS - Incl. Xord. Items 0.30 0.08 0.19
Dividends Per Common Share 1.50 0.00 1.50
Balance Sheet
Assets
Cash and Equivalents 219.0 555.3 774.3
ST Investments 7.6 0.0 7.6
Accounts Receivable 101.7 0.0 101.7
Inventory 70.2 0.0 70.2
Prepayments and Advances 10.7 0.0 10.7
Other Current Assets 7.0 16.4 23.4
Current Assets 416.1 571.7 987.7
Accum D&A 0.0 0.0 0.0
PPE, Net 167.5 127.3 294.8
Goodwill & Intangibles 846.1 7.8 853.9
Long Term Investments 23.3 0.0 23.3
Other Assets 0.0 0.0 0.0
Other LT Assets 47.9 11.5 59.4
Total Assets 1,501.0 718.2 2,219.2
Liabilities
Accounts Payable 31.0 3.5 34.5
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 109.8 52.1 161.9
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.0 0.8 0.8
Other (Current) Liabilities 47.5 12.2 59.7
Current Liab. 188.3 68.5 256.8
LT Debt 0.0 532.9 532.9
Total LT Debt 0.0 532.9 532.9
Deferred Taxes 53.0 0.0 53.0
Other LT Liab. 95.8 50.4 146.2
Total Liabilities 337.1 651.9 988.9
Shareholders Equity
Common Stock 1,468.5 1.2 1,469.7
Additional Paid in Capital 30.8 629.3 660.1
Retained Earnings -381.3 -563.6 -944.9
Other Equity 45.9 -0.5 45.4
Total Equity 1,163.9 66.4 1,230.3
Total Liab. & Equity 1,501.0 718.2 2,219.2
Shares Outstanding 158.7 119.3 278.0
Cash Flow
Operating Cash Flow
CF Net Income 47.6 12.2 59.7
CF Depreciation 102.7 26.2 128.9
CF Amortization 0.0 7.2 7.2
CF Deferred Taxes 0.0 -0.3 -0.3
Other Non-Cash Items 12.3 38.0 50.3
Change in Working Capital 14.1 33.8 47.9
Total Cash From Operating Activities 176.7 117.1 293.8
Investing Cash Flow (not calculated)
Capital Expenditures -37.7 -15.1 -52.8
Other Investing Cash Flows -66.1 723.1 657.0
Total Cash From Investing Activities -103.8 708.0 604.2
Financing Cash Flow (not calculated)
Dividends Paid -240.7 0.0 -240.7
Purchase Or Sale of Stock -25.5 20.6 -5.0
Purchase and Retirement of Debt 406.9 -6.1 400.7
Other Financing Cash Flow -0.3 -494.2 -494.6
Total Cash From Financing Activities -266.4 -479.8 -746.2
Exchange Rate Effects 0.7 0.0 0.7
Net Change in Cash -192.9 345.3 152.4
Cash Taxes Paid 0.0 0.2 0.2
Cash Interest Paid 0.0 12.4 12.4