Summary

Other Scenarios:

Buyer: Altana AG (ADR) (AAA) Last Price: 60.77 Market Cap.: 8.25B
Target: Endo Pharmaceuticals (ENDP) Last Price: 28.61 Market Cap.: 3.82B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 870
Biopharmaceuticals 330
Manufacturing   1,180
Materials   444

- 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: 29)
  • Omnaris (Nasal Spray Ciclesonide)
  • Metronidazole Topical Cream
  • Erythromycin
  • Ciclopirox
Target (Total: 28)
  • RxKinetics RK-0202
  • Symmetrel (Amantadine Hydrochloride)
  • Frova (Frovatriptan Succinate)
  • Endo Generics Carbidopa/Levodopa
Buyer
  • ALTANA Chemie AG
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 6)
  • GPC Biotech AG (ADR) (GPCB)
  • 3M Company (MMM)
  • Rockwood Holdings, Inc. (ROC)
  • inVentiv Health Inc. (VTIV)
Target (Total: 7)
  • DURECT Corporation (DRRX)
  • Vernalis plc (ADR) (VNLS)
  • United Parcel Service, Inc. (UPS)
  • SAP AG (ADR) (SAP)
Buyer (Total: 3)
  • Wyeth (WYE)
  • sanofi-aventis (ADR) (SNY)
  • CollaGenex Pharmaceutical, Inc (CGPI)
Target (Total: 1)
  • EpiCept Corporation (EPCT)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 4,485 710
Revenue Per Employee 128,882.7 1,226,600.0
Total Revenue 414.1 217.1
Total Expenses 360.8 151.3
Other Revenue 0.0 0.0
Cost of Revenue 260.4 44.4
SG&A Expense 83.8 87.8
Research & Development 20.3 14.5
Other Operating Expense -3.8 0.0
Operating Income 53.4 65.8
Unusual Income 0.0 0.0
LT Debt to Capital 1.32 0
Fwd P/E n/a 18.44
Fwd P/Rev n/a 4.21
Book Value 2,844.3 1,026.7
Curr Portion of LTD/Cap Lease 373.5 0.0

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals

Target

Focused (): *Healthcare > Biopharmaceuticals > Pain Management

Business Description

Buyer

ALTANA AG (ALTANA) is a globally operating company that develops, manufactures and markets pharmaceutical and chemical products for a range of targeted, highly specialized applications. The Company operates in two segments: pharmaceuticals and chemicals. ALTANA's pharmaceuticals division develops therapeutics for the global pharmaceuticals markets with a focus on unmet medical needs in the gastrointestinal and respiratory areas. The pharmaceuticals business is mainly driven by Pantoprazole. ALTANA's chemicals division offers a portfolio of specialty chemicals, including additives and measuring instruments, metallic effect pigments and printing inks, coatings and sealing compounds, and electrical insulation coatings for use in a range of downstream applications. On October 1, 2005, ALTANA acquired ECKART GmbH & Co. KG. During the year ended December 31, 2005, it sold its Austrian subsidiary Rembrandtin Lack Ges.m.b.H. In October 2005, the Company acquired Kelstar International.

Target

Endo Pharmaceuticals Holdings Inc. through it's wholly owned subsidiary, Endo Pharmaceuticals Inc. (Endo), is engaged in the sales, marketing, research and development of branded and generic pharmaceutical products primarily in the United States. Its portfolio of branded products includes Lidoderm, Percocet, Percodan, Frova, DepoDur and Zydone. The Company concentrates on generics that have one or more barriers to market entry, such as complex formulation, regulatory or legal challenges or difficulty in raw material sourcing. Its late-stage branded products pipeline includes two filed new drug applications (NDAs), three products in Phase III clinical trials and four products in Phase II clinical trials. During the year ended December 31, 2005, the branded products and the generic portfolio comprised approximately 71% and 29%, respectively, of the Company's net sales.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 50.66 77.93
Operating Margin % 13.69 32.91
Quick Ratio 1.74 2.25
Current Ratio 2.45 2.58
Coverage Ratio 0 0.07
Total Assets 4,960.7 1,463.1
Return on Equity % 7.7 19.08
Return on Assets % 4.42 13.39
Cash+ ST Inv. Per Share 1.26 5.03
Total Debt 411.6 0.0
Total Debt to Equity % 14.47 0
Total Debt to Tangible Equity % 18.86 0
Debt to Asset % 8.30 0.00

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Allergies
The Allergies Subsector includes therapeutics that treat exaggerated immune reaction induced by exposure to a foreign substance.
  
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
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.
Toxicology
The Toxicology Subsector includes therapeutics that treat harmful effects from exposure to toxic substances; narcotics, nicotine and alcohol withdrawal therapeutics are also included in this sector.
  
Manufacturing  
Materials  
Chemicals
The Chemicals Subsector includes companies that manufacture basic, intermediate, specialty, and performance chemicals.
  

- 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
Allergies  
Upper Respiratory  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation using a steroidal compound.

Buyer Products:

  • Omnaris (Nasal Spray Ciclesonide)
  
Dermatology  
Acne  
Rosacea  
Emollients
Therapeutics that treat chronic inflammatory disorder of the face characterized by redness and pimple formation by moisturizing and softening the skin.

Buyer Products:

  • Metronidazole Topical Cream
  
Vulgaris  
Antibacterial Agents  
Macrolides
Therapeutics that treat acne vulgaris caused by bacterial infection by inhibiting RNA-dependent bacterial protein synthesis.

Buyer Products:

  • Erythromycin
  
Lesion/Scaling Disorders  
Dermatitis  
Atopic (Eczema)  
Emollients
Topical therapeutics that soothe and soften the skin.

Buyer Products:

  • Metronidazole Topical Cream
  
Seborrheic (Dandruff)  
Antifungal Agents  
Imidazoles
Therapeutics that treat and prevent skin diseases caused by fungi.

Buyer Products:

  • Ciclopirox
  • Ketoconazole
  
Dermatoses  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Buyer Products:

  • Mometasone Furoate Cream
  • Fluticasone Propionate
  • Fluocinonide E Cream
  • Alclometasone Dipropionate
  • Betamethasone Dipropionate Cream
  • Mometasone Furoate Topical Solution
  • Aclovate (Alclometasone Dipropionate)
  • Cutivate (Fluticasone Propionate)
  • Temovate (Clobetasol Propionate)
  
Digestive System
Gastrointestinal Tract Disorders  
Gastroduodenal Disorders  
Zollinger-Ellison Syndrome  
Proton Pump Inhibitors
Therapeutics that treat ulcers by inhibiting the membrane protein involved in the final steps of triggering acid release into the stomach.

Buyer Products:

  • Protonix (Pantoprazole Sodium)
  
Gastroesophageal Disorders  
Acid Indigestion/Heartburn  
Proton Pump Inhibitors
Therapeutics that treat heartburn by inhibiting the action of the membrane protein involved in the final steps of triggering acid release into the stomach.

Buyer Products:

  • Protonix (Pantoprazole Sodium)
  
Erosive Esophagitis  
Proton Pump Inhibitors
Therapeutics that treat Erosive Esophagus by inhibiting the actions of receptors responsible for triggering acid release into the stomach.

Buyer Products:

  • Protonix (Pantoprazole Sodium)
  
Gastroesophageal Reflux Disease (GERD)  
Proton Pump Inhibitors
Therapeutics that treat Gastroesophageal Reflux Disease by inhibiting the membrane protein involved in the final steps of triggering acid release into the stomach.

Buyer Products:

  • Protonix (Pantoprazole Sodium)
  
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.

Buyer Products:

  • Soraprazan

Target Products:

  • RxKinetics RK-0202
Infectious Diseases
Bacterial  
Antibacterial Agents  
Broad Spectrum  
Antibiotics  
Aminoglycosides
Therapeutics that treat a wide variety of infections by inhibiting bacterial protein synthesis.

Buyer Products:

  • Gentamicin
  
Macrolides
Therapeutics that treat a wide variety of infections by inhibiting RNA-dependent bacterial protein synthesis.

Buyer Products:

  • Erythromycin
  
Pseudominic Acids
Therapeutics that treat a wide variety of infections by inhibiting bacterial protein synthesis and RNA synthesis.

Buyer Products:

  • Mupirocin Ointment
  
Narrow Spectrum  
Urology  
Vaginitis  
Lincosamides
Therapeutics that treat inflammation of the mucous membrane of the vagina caused by bacterial infection by inhibiting bacterial protein synthesis.

Buyer Products:

  • Clindamycin Phosphate Vaginal Cream
  • Clindamycin Phosphate Topical Solution
  
Mycological (Fungal)  
Antifungal Agents  
Broad Spectrum  
Azoles  
Imidazoles
Therapeutics that treat fungal infections by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Ketoconazole
  
Narrow Spectrum  
Dermatology  
Candidiasis  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the skin caused by yeast by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Ketoconazole
  
Tinea Corporis (Ringworm)  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the skin characterized by scaly, red rings by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Ciclopirox
  • Ketoconazole
  • Oxistat (Oxiconazole Nitrate)
  
Tinea Cruris (Jock Itch)  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the groin and perineum by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Oxistat (Oxiconazole Nitrate)
  • Ciclopirox
  • Ketoconazole
  
Tinea Pedis  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the feet by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Ketoconazole
  • Ciclopirox
  • Oxistat (Oxiconazole Nitrate)
  
Tinea Versicolor  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of skin exposed to the sun characterized by patches of depigmentation by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Ketoconazole
  • Ciclopirox
  
Digestive System  
Mucous  
Candidiasis  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the secretory lining of the tissues caused by a yeast by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Ketoconazole
  
Viral  
RNA Viruses  
Orthomyxovirus  
Influenza A  
Viral Uncoating Inhibitors
Therapeutics that treat viral infections of the respiratory tract caused by Influenza A virus by preventing the removal of the protective shield around the viral genome, thus preventing the release of viral DNA into the host.

Target Products:

  • Symmetrel (Amantadine Hydrochloride)
  
Neurology  
Neurological Disorders  
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.

Target Products:

  • Frova (Frovatriptan Succinate)
  
Neuromuscular Disorders  
Parkinson`s Disease (PD)  
Adjunctive Treatments  
Dopamine Receptor Agonists
Therapeutics that assist in the treatment of the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by stimulating dopamine receptors on neurons.

Target Products:

  • Endo Generics Carbidopa/Levodopa
  
Monoamine Oxidase (MAO) Inhibitors
Therapeutics that assist in the treatment of the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by inhibiting the degradation of neurotransmitters.

Target Products:

  • Endo Generics Selegiline Hydrochloride
  
Serotonin/Dopamine Reuptake Inhibitors
Therapeutics that treat the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by blocking the reabsorption of serotonin and dopamine in the brain.

Target Products:

  • Symmetrel (Amantadine Hydrochloride)
  
Psychiatric Disorders  
Schizophrenia  
Monoaminergic Antagonists
Therapeutics that treat schizophrenia by blocking the serotonin and dopamine receptors.

Target Products:

  • Moban (Molindone Hydrochloride)
  
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:

  • Rapinyl (Sublingual Fentanyl)
  
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.

Buyer Products:

  • Oncology Program
  
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:

  • Nubain (Nalbuphine Hydrochloride)
  • Numorphan (Oxymorphone Hydrochloride)
  
Local  
Sodium Channel Blocking Agents
Therapeutics that treat pain by blocking the movement of sodium ions and thus the initiation and conduction of nerve impulses across the neuronal membrane.

Target Products:

  • Lidoderm (Lidocaine)
  • Synera Patch (Lidocaine/Tetracaine)
  
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.

Target Products:

  • Percocet (Acetaminophen/Oxycodone)
  • Endo Generics Aspirin/Oxycodone
  • Endo Generics Endocet (Acetaminophen/Oxycodone)
  • Zydone (Hydrocodone Bitartrate/Acetaminophen)
  • Percodan (Aspirin/Oxycodone)
  
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.

Target Products:

  • Endo Generics Morphine Sulfate Extended-Release Tablets
  • Opana ER (Oxymorphone Hydrochloride Extended-Release)
  • Depodur (Morphine Sulfate/Liposome)
  • DUROS Chronogesic (Sufentanil)
  • Numorphan (Oxymorphone Hydrochloride)
  • Nubain (Nalbuphine Hydrochloride)
  • Rapinyl (Sublingual Fentanyl)
  • Opana IR (Oxymorphone Hydrochloride Immediate-Release)
  • Oxycodone Hydrochloride ER
  
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:

  • Ketoprofen Patch
  
Sodium Channel Blocking Agents
Therapeutics that treat pain by blocking the movement of sodium ions and thus the initiation and conduction of nerve impulses across the neuronal membrane.

Target Products:

  • Synera Patch (Lidocaine/Tetracaine)
  
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:

  • Transdermal Sufentanil Patch
  • Lidoderm (Lidocaine)
  • LidoPAIN BP
  
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:

  • Daxas (Roflumilast)
  
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:

  • Daxas (Roflumilast)
  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat asthma by reducing inflammation in the lung passages with steroids.

Buyer Products:

  • Alvesco (Ciclesonide)
  • Alvesco (Metered Dose Inhaler Ciclesonide)
  
Chronic Obstructive Pulmonary Disease (COPD)  
Acute 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:

  • Daxas (Roflumilast)
  
Prophylactic Treatments  
Phosphodiesterase Inhibitors (PDE Inhibitors)
Therapeutics that are used to prevent COPD attacks by inhibiting the break down of phosphodiesters thereby increasing levels of Nitric Oxide which help in relaxing smooth muscles in the lungs.

Buyer Products:

  • Daxas (Roflumilast)
  
Respiratory Distress Syndrome (RDS)  
Surfactants
Therapeutics that treat RDS by modifying alveolar surface tension and thereby stabilizing the alveoli.

Buyer Products:

  • Venticute
  
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.

Buyer Products:

  • Ciclesonide/Formoterol Combination Therapy
  • Alvesco (Dry Powder Inhaler Ciclesonide)
  
Upper Respiratory Tract Disorders  
Coughs/Colds  
Anticholinergic Agents/Opioids
Therapeutics that treat coughs and colds by relieving pain and fever as well as suppressing cough.

Target Products:

  • Hycodan (Hydrocodone Bitartrate/Homatropine Methylbromide)
  
Expectorants/Opioids
Therapeutics that treat coughs and colds by suppressing the cough and helping in the ejection of the mucous.

Target Products:

  • Hycotuss (Guaifenesin/Hydrocodone Bitartrate)
  
Toxicology  
Substance Abuse  
Withdrawal  
Narcotics  
Opioid Antagonists
Therapeutics that treat narcotic addiction by blocking the effect of opioids.

Target Products:

  • Narcan (Naloxone Hydrocloride)
  
Manufacturing  
Materials  
Chemicals  
Basic and Intermediate Chemicals  
Dyes and Pigments
Includes companies engaged in the manufacturing of dyes and pigments.

Buyer Products:

  • ALTANA Chemie AG
  
Specialty and Performance Chemicals  
Additives  
Lubricant Additives
Includes companies engaged in the manufacturing of lubricant additives, chemicals added to lubricants to impart specific beneficial properties or to enhance performance.

Buyer Products:

  • ALTANA Chemie AG
  
Other Performance Additives
Includes companies engaged in the manufacturing of other performance additives, chemicals added to a variety of materials to impart specific beneficial properties or to enhance performance.

Buyer Products:

  • ALTANA Chemie AG
  
Polymer Additives
Includes companies engaged in the manufacturing of polymer additives, chemicals added to polymers to impart specific beneficial properties or to enhance performance.

Buyer Products:

  • ALTANA Chemie AG
  
Adhesives, Sealants, Coatings and Paints  
Adhesives and Sealants  
Building and Construction Adhesives and Sealants
Includes companies engaged in the manufacturing of building and construction adhesives and sealants.

Buyer Products:

  • ALTANA Chemie AG
  
Industrial Adhesives and Sealants
Includes companies engaged in the manufacturing of other industrial adhesives and sealants.

Buyer Products:

  • ALTANA Chemie AG
  
Coatings and Paints  
Coatings
Includes companies engaged in the manufacturing of coatings used in a wide range of industries.

Buyer Products:

  • ALTANA Chemie AG
  
Other Specialty and Performance Chemicals  
Electronic Materials
Materials used to manufacture electronic products such as printed circuit boards. Materials include laminates and specialty foams.

Buyer Products:

  • ALTANA Chemie AG
  

- 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
  Tyco International Ltd. n/a 60,341.830 16.19 14.76 1.47 1.39 11.11
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,468.181 62.58 13.76 3.25 2.90 33.99
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
Buyer
  General Electric Company n/a 385,110.639 22.41 18.29 2.42 2.29 14.85
Roche Holding Ltd. (ADR) n/a 154,398.687 34.26 24.41 5.58 n/a 8.47
Target
  Johnson & Johnson n/a 192,198.230 17.37 17.71 3.68 3.60 7.06
Pfizer Inc. n/a 184,875.794 14.65 12.47 3.83 3.83 7.92
Abbott Laboratories n/a 74,394.862 23.47 19.16 3.34 3.29 29.70
Tyco International Ltd. n/a 60,341.830 16.19 14.76 1.47 1.39 11.11
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,468.181 62.58 13.76 3.25 2.90 33.99
Elan Corporation, plc (ADR) n/a 6,068.297 n/a -17.86 11.36 11.17 n/a
Watson Pharmaceuticals, Inc. n/a 2,703.106 43.01 22.76 1.52 1.44 2.39
New River Pharmaceuticals, Inc. n/a 2,022.101 n/a -72.35 63.49 41.80 n/a
Alpharma Inc. n/a 1,281.689 8.33 18.09 2.00 1.96 1.78
Ligand Pharmaceuticals Inc. n/a 891.333 n/a 2.54 5.72 4.93 n/a
Impax Laboratories Inc. n/a 517.590 443.08 23.53 4.59 n/a 8.82
POZEN Inc. n/a 478.455 n/a -24.84 16.62 37.00 20.71
Pain Therapeutics, Inc. n/a 417.885 47.66 41.71 7.94 6.47 5.14
Cadence Pharmaceuticals, Inc. n/a 348.740 n/a -7.73 n/a n/a 12.55
DURECT Corporation n/a 314.155 n/a -9.91 14.13 12.81 8.29
Acura Pharmaceuticals, Inc. n/a 297.508 n/a n/a n/a n/a n/a
Gentium S.p.A. (ADR) n/a 246.153 n/a n/a 41.93 n/a 7.69
Javelin Pharmaceuticals Inc. n/a 181.842 n/a -9.07 156.06 107.76 7.91
YM BioSciences Inc. (USA) n/a 156.190 n/a -6.71 44.23 20.26 2.24
AVANIR Pharmaceuticals n/a 88.535 n/a -2.70 3.57 3.45 n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  GPC Biotech AG (ADR) 97.00% 711.171 n/a n/a 27.14 n/a 7.05
3M Company n/a 57,664.827 16.78 17.35 2.57 2.54 8.88
Rockwood Holdings, Inc. n/a 1,891.100 23.43 17.68 0.58 0.57 n/a
inVentiv Health Inc. n/a 965.894 19.15 23.73 1.32 1.28 n/a
Nanophase Technologies Corporation n/a 122.512 n/a -27.79 14.84 13.76 7.21
Bracco S.p.A. n/a n/a n/a n/a n/a n/a n/a
Target
  DURECT Corporation 26.00% 314.155 n/a -9.91 14.13 12.81 8.29
Vernalis plc (ADR) 22.50% 222.165 n/a n/a 7.93 n/a n/a
United Parcel Service, Inc. n/a 82,308.620 19.96 19.91 1.76 1.73 5.89
SAP AG (ADR) n/a 63,691.596 28.28 27.79 5.22 5.27 11.24
Noven Pharmaceuticals, Inc. n/a 605.132 40.53 39.39 10.05 10.24 3.78
Penwest Pharmaceuticals n/a 390.586 n/a -12.01 105.82 100.65 8.05
SkyePharma PLC (ADR) n/a 320.877 n/a n/a 3.38 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
  Wyeth 11.40% 68,910.588 16.92 16.20 3.47 3.42 6.56
sanofi-aventis (ADR) n/a 123,912.610 32.64 14.45 3.32 3.48 n/a
CollaGenex Pharmaceutical, Inc n/a 225.480 n/a -6.06 14.01 9.79 10.70
Target
  EpiCept Corporation n/a 37.498 n/a n/a 47.34 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
  Roche Holding Ltd. (ADR) n/a 154,398.687 34.26 24.41 5.58 n/a 8.47
sanofi-aventis (ADR) n/a 123,912.610 32.64 14.45 3.32 3.48 n/a
Wyeth n/a 68,910.588 16.92 16.20 3.47 3.42 6.56
3M Company n/a 57,664.827 16.78 17.35 2.57 2.54 8.88
Solvay SA (ADR) n/a 12,061.013 12.15 n/a 1.00 n/a 4.21
Invitrogen Corporation n/a 2,708.846 n/a 19.16 2.15 2.17 n/a
GPC Biotech AG (ADR) n/a 711.171 n/a n/a 27.14 n/a 7.05
Protherics PLC (ADR) n/a 371.558 n/a n/a 10.34 n/a 15.01
CollaGenex Pharmaceutical, Inc n/a 225.480 n/a -6.06 14.01 9.79 10.70
Nanophase Technologies Corporation n/a 122.512 n/a -27.79 14.84 13.76 7.21
Target
  Novartis AG (ADR) n/a 137,633.808 20.06 18.92 3.80 3.74 3.57
United Parcel Service, Inc. n/a 82,308.620 19.96 19.91 1.76 1.73 5.89
Tyco International Ltd. n/a 60,341.830 16.19 14.76 1.47 1.39 11.11
inVentiv Health Inc. n/a 965.894 19.15 23.73 1.32 1.28 n/a
Noven Pharmaceuticals, Inc. n/a 605.132 40.53 39.39 10.05 10.24 3.78
Penwest Pharmaceuticals n/a 390.586 n/a -12.01 105.82 100.65 8.05
SkyePharma PLC (ADR) n/a 320.877 n/a n/a 3.38 n/a n/a
DURECT Corporation n/a 314.155 n/a -9.91 14.13 12.81 8.29
Vernalis plc (ADR) n/a 222.165 n/a n/a 7.93 n/a n/a
EpiCept Corporation n/a 37.498 n/a n/a 47.34 n/a n/a
ProEthic Pharmaceuticals, Inc. n/a n/a n/a n/a n/a n/a n/a
Teikoku Seiyaku Pharmaceuticals n/a n/a n/a n/a n/a n/a n/a
Hind Healthcare Inc. n/a n/a n/a n/a n/a n/a n/a
Orexo AB n/a n/a n/a n/a n/a n/a n/a
ZARS, Inc. 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 2,412.1 891.0 3,303.1
Other Revenue 0.0 0.0 0.0
Total Revenue 2,412.1 891.0 3,303.1
Cost of Revenue 1,190.1 196.7 1,386.8
SG&A Expense 684.4 306.5 991.0
Depreciation & Amortization 0.0 17.0 17.0
Research & Development 236.2 77.6 313.8
Interest Expense 0.0 0.0 0.0
Other Operating Expense -29.0 0.0 -29.0
Total Expenses 2,081.8 597.8 2,679.5
Operating Income 330.3 293.2 623.5
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 0.0 21.4 21.4
Other, Net -7.5 0.0 -7.5
Income Before Taxes 322.8 314.6 637.5
Income Taxes 103.8 118.7 222.5
Income After Taxes 219.0 195.9 415.0
Minority Interest (IS) -0.4 0.0 -0.4
U.S. GAAP Adjustment -13.1 0.0 -13.1
Net Income - Excl. Xord. Items 205.5 195.9 401.5
Discontinued Operations 431.9 0.0 431.9
Net Income - Incl. Xord. Items 637.4 195.9 833.4
Income Avail. to Common 637.4 195.9 833.4
Share Items
Basic Avg. Shares Outstanding 136.0 133.3 269.3
Basic EPS - Excl. Xord. Items 1.51 1.47 1.49
Basic EPS - Incl. Xord. Items 4.69 1.47 3.09
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 136.0 134.1 270.2
F.D. EPS - Excl. Xord. Items 1.51 1.46 1.49
F.D. EPS - Incl. Xord. Items 4.69 1.46 3.08
Dividends Per Common Share 1.40 0.00 1.40
Balance Sheet
Assets
Cash and Equivalents 171.5 674.6 846.1
Accounts Receivable 480.2 259.9 740.1
Inventory 261.7 68.4 330.0
Prepayments and Advances 0.0 8.9 8.9
Other Current Assets 0.0 61.2 61.2
Current Assets 913.4 1,073.1 1,986.4
Accum D&A 0.0 0.0 0.0
PPE, Net 656.8 35.6 692.4
Goodwill & Intangibles 661.9 292.7 954.5
Long Term Investments 199.4 0.0 199.4
Note Receivable 0.0 51.9 51.9
Other Assets 2,502.6 0.0 2,502.6
Other LT Assets 26.7 9.9 36.5
Total Assets 4,960.7 1,463.1 6,423.8
Liabilities
Accounts Payable 0.0 113.4 113.4
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 0.0 157.8 157.8
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 373.5 0.0 373.5
Other (Current) Liabilities 0.0 144.2 144.2
Current Liab. 373.5 415.4 788.9
LT Debt 38.1 0.0 38.1
Total LT Debt 38.1 0.0 38.1
Minority Interest (BS) 2.5 0.0 2.5
Deferred Taxes 77.5 18.5 96.0
Other LT Liab. 1,624.8 2.5 1,627.2
Total Liabilities 2,116.4 436.4 2,552.8
Shareholders Equity
Common Stock 0.0 1.3 1.3
Additional Paid in Capital 0.0 680.6 680.6
Retained Earnings 0.0 344.1 344.1
Other Equity 2,844.3 0.8 2,845.1
Total Equity 2,844.3 1,026.7 3,871.1
Total Liab. & Equity 4,960.7 1,463.1 6,423.8
Shares Outstanding 136.0 133.4 269.4
Cash Flow
Operating Cash Flow
CF Net Income 0.0 195.9 195.9
CF Depreciation 0.0 17.0 17.0
CF Deferred Taxes 0.0 0.9 0.9
Other Non-Cash Items 0.0 249.5 249.5
Change in Working Capital 613.3 -74.3 538.9
Total Cash From Operating Activities 613.3 389.0 1,002.3
Investing Cash Flow (not calculated)
Capital Expenditures 0.0 -25.5 -25.5
Other Investing Cash Flows -856.9 -18.3 -875.2
Total Cash From Investing Activities -856.9 -43.8 -900.7
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 0.0 7.4 7.4
Purchase and Retirement of Debt 0.0 -2.6 -2.6
Other Financing Cash Flow 89.4 -86.0 3.4
Total Cash From Financing Activities 89.4 -81.1 8.3
Exchange Rate Effects 0.3 0.0 0.3
Net Change in Cash -154.0 264.2 110.2
Cash Taxes Paid 300.0 15.6 315.6
Cash Interest Paid 6.3 1.6 7.9