Summary

Other Scenarios:

Buyer: Altana AG (ADR) (AAA) Last Price: 60.77 Market Cap.: 8.25B
Target: Medicis Pharmaceutical Corporation (MRX) Last Price: 36.50 Market Cap.: 2.00B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 870
Biopharmaceuticals 330
Medical Devices   247
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: 21)
  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Novacet Lotion (Sodium Sulfacetamide/Sulfur)
  • Solodyn Extended Release Tablet (Minocycline HCl)
  • Dynacin (Minocycline Hydrochloride)
Buyer
  • ALTANA Chemie AG
Target
  • Restylane (Hyaluronic Acid)

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: 6)
  • sanofi-aventis (ADR) (SNY)
  • Par Pharmaceutical Companies, Inc (PRX)
  • Patheon, Inc. (PTI:CA)
  • Q-Med, Inc. (QMED)
Buyer (Total: 3)
  • Wyeth (WYE)
  • sanofi-aventis (ADR) (SNY)
  • CollaGenex Pharmaceutical, Inc (CGPI)
Target (Total: 5)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • BioMarin Pharmaceutical (BMRN)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 4,485 356
Revenue Per Employee 128,882.7 1,002,602.0
Total Revenue 414.1 90.0
Total Expenses 360.8 129.6
Other Revenue 0.0 0.0
Cost of Revenue 260.4 8.5
SG&A Expense 83.8 53.6
Research & Development 20.3 9.0
Other Operating Expense -3.8 0.0
Operating Income 53.4 -39.6
Unusual Income 0.0 52.6
LT Debt to Capital 1.32 48.7
Fwd P/E n/a 46.34
Fwd P/Rev n/a 5.64
Book Value 2,844.3 477.2
Curr Portion of LTD/Cap Lease 373.5 0.0

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals

Target

Focused (): *Healthcare > Biopharmaceuticals > Dermatology

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

Medicis Pharmaceutical Corporation (Medicis) is an independent specialty pharmaceutical company focusing primarily on helping patients attain a healthy and youthful appearance and self-image through the development and marketing of products in the United States for the treatment of dermatologic, aesthetic and podiatric conditions in the United States and Canada. The Company offers a range of products addressing various conditions, including acne, fungal infections, rosacea, hyperpigmentation, photoaging, psoriasis, eczema, skin and skin-structure infections, seborrheic dermatitis and cosmesis (improvement in the texture and appearance of skin). Medicis offers 15 branded products, including DYNACIN (minocycline HCI), LOPROX (ciclopirox), OMNICEF (cefdinir), PLEXION (sodium sulfacetamide/sulfur), RESTYLANE (hyaluronic acid), TRIAZ (benzoyl peroxide) and VANOS (fluocinonide) Cream 0.1%. On March 20, 2005, the Company entered into an agreement and plan of merger with Inamed Corporation.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 50.66 87.24
Operating Margin % 13.69 -47.94
Quick Ratio 1.74 7.66
Current Ratio 2.45 8.36
Coverage Ratio 0 -0.11
Total Assets 4,960.7 1,008.5
Return on Equity % 7.7 -11.83
Return on Assets % 4.42 -5.6
Cash+ ST Inv. Per Share 1.26 10.56
Total Debt 411.6 453.1
Total Debt to Equity % 14.47 94.94
Total Debt to Tangible Equity % 18.86 187.78
Debt to Asset % 8.30 44.92

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.
  
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.
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
  
Respiratory System
The Respiratory System Subsector includes therapeutics that treat disorders affecting both the upper and lower respiratory tract, including the nose, throat, larynx, trachea, bronchi, and lungs.
Medical Devices  
Plastic/Reconstructive Surgery
The Plastic/Reconstructive Surgery Subsector includes medical devices that treat and modify a patient's external appearance.
  
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
  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat chronic inflammatory disorder of the face characterized by redness and pimple formation by inhibiting bacterial folic acid synthesis.

Target Products:

  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Novacet Lotion (Sodium Sulfacetamide/Sulfur)
  
Vulgaris
Antibacterial Agents
Macrolides
Therapeutics that treat acne vulgaris caused by bacterial infection by inhibiting RNA-dependent bacterial protein synthesis.

Buyer Products:

  • Erythromycin
  
Tetracyclines
Therapeutics that treat acne caused by bacterial infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Target Products:

  • Solodyn Extended Release Tablet (Minocycline HCl)
  • Dynacin (Minocycline Hydrochloride)
  
Antibacterial Agents/Retinoids
Therapeutics that treat acne by preventing bacterial growth and helping in cell differentiation.

Target Products:

  • Ziana Gel (Clindamycin/Tretinoin)
  
Keratolytic Agents
Therapeutics that soften, separate, and cause the shedding of skin.

Target Products:

  • Triaz (Benzoyl Peroxide)
  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat bacterial infections of the skin by inhibiting a bacterial enzyme responsible for synthesis of folic acid.

Target Products:

  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Novacet Lotion (Sodium Sulfacetamide/Sulfur)
  
Aging Disorders  
Photoaging  
Enzymatic Oxidation Inhibitors
Therapeutics composed of plant hormones that treat the effects on the skin of aging and sun exposure.

Target Products:

  • Lustra/Lustra-AF (Hydroquinone)
  
Wrinkles  
Acetylcholine Inhibitors
Therapeutics that treat wrinkling through prevention of muscle contractions that can result in the formation of facial lines.

Target Products:

  • Reloxin (Botulinum Toxin Type A)
  
Lesion/Scaling Disorders
Dermatitis
Atopic (Eczema)
Emollients
Topical therapeutics that soothe and soften the skin.

Buyer Products:

  • Metronidazole Topical Cream
  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat atopic dermatoses by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

  • Synalar (Fluocinolone Acetonide)
  
Seborrheic (Dandruff)
Antifungal Agents
Imidazoles
Therapeutics that treat and prevent skin diseases caused by fungi.

Buyer Products:

  • Ciclopirox
  • Ketoconazole

Target Products:

  • Loprox (Ciclopirox)
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat bacterial infections of the skin by inhibiting a bacterial enzyme responsible for synthesis of folic acid.

Target Products:

  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Novacet Lotion (Sodium Sulfacetamide/Sulfur)
  
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)

Target Products:

  • Topicort/Topicort LP (Desoximetasone)
  • Vanos (Fluocinonide)
  • Lidex (Fluocinonide)
Pruritus  
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.

Target Products:

  • Vanos (Fluocinonide)
  
Psoriasis  
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.

Target Products:

  • Synalar (Fluocinolone Acetonide)
  
Pigmentation Disorders  
Hyperpigmentation  
Enzymatic Oxidation Inhibitors
Therapeutics that treat disorders characterized by darkening of the skin by inhibiting metabolic processes of pigment producing skin cells.

Target Products:

  • Alustra (Hydroquinone)
  • Esoterica (Hydroquinone)
  
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
  
Endocrinology/Metabolism  
Intermediary Metabolism Disorders  
Urea Cycle Disorders  
Glutamine Acetylyzing Agents
Therapeutics that conjugate with glutamine to help excrete nitrogen waste.

Target Products:

  • Buphenyl (Sodium Phenylbutyrate)
  • Ammonul (Sodium Phenylacetate, Sodium Benzoate)
  
Immunology  
Autoimmune Disorders  
Psoriasis  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat a chronic autoimmune disease characterized by softening, separating, causing the shedding of the horny layer of the skin with a steroidal compound.

Target Products:

  • Synalar (Fluocinolone Acetonide)
  • Vanos (Fluocinonide)
  
Infectious Diseases
Arachnids  
Lice  
Cholinesterase Inhibitors
Therapeutics that treat Lice by inhibiting the break down of acetylcholine.

Target Products:

  • Ovide (Malathion)
  
Bacterial
Antibacterial Agents
Broad Spectrum
Antibiotics
Aminoglycosides
Therapeutics that treat a wide variety of infections by inhibiting bacterial protein synthesis.

Buyer Products:

  • Gentamicin
  
Cephalosporin Derivatives
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Target Products:

  • Omnicef (Cefdinir)
  
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
  
Tetracyclines
Therapeutics that treat a wide variety of infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Target Products:

  • Dynacin (Minocycline Hydrochloride)
  
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)

Target Products:

  • Loprox (Ciclopirox)
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

Target Products:

  • Loprox (Ciclopirox)
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)

Target Products:

  • Loprox (Ciclopirox)
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

Target Products:

  • Loprox (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
  
Oncology  
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
  
Respiratory System
Lower Respiratory Tract Disorders (Lung Disorders)
Asthma
Acute Treatments
Bronchodilators
Beta Adrenergic Receptor Agonists
Therapeutics that cause dilation of the lung passages by supporting the actions of the adrenergic transmitters like epinephrine and norepinephrine.

Target Products:

  • Pediavent (Albuterol)
  
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)
  
Medical Devices  
Plastic/Reconstructive Surgery  
Treatment  
Wrinkle Removal  
Hyaluronic Acid  
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
  GlaxoSmithKline plc (ADR) n/a 149,540.389 14.29 14.90 3.29 3.50 14.48
Bayer AG (ADR) n/a 40,349.508 21.74 15.71 1.06 1.09 n/a
Taro Pharmaceutical Industries Ltd. n/a 296.106 17.07 18.80 0.98 1.01 0.77
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
GlaxoSmithKline plc (ADR) n/a 149,540.389 14.29 14.90 3.29 3.50 14.48
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
Bristol Myers Squibb Co. n/a 50,367.902 22.71 24.61 2.69 2.82 10.43
Bayer AG (ADR) n/a 40,349.508 21.74 15.71 1.06 1.09 n/a
Schering-Plough Corporation n/a 35,003.503 35.75 28.78 3.41 3.37 4.54
Allergan, Inc. n/a 18,514.350 n/a 32.98 6.54 6.00 119.68
Altana AG (ADR) n/a 8,250.172 12.94 n/a 3.42 n/a 3.78
Elan Corporation, plc (ADR) n/a 6,068.297 n/a -17.86 11.36 11.17 n/a
King Pharmaceuticals, Inc. n/a 3,957.934 25.14 9.72 2.08 2.06 3.30
Warner Chilcott Ltd. n/a 3,402.568 n/a 24.42 4.96 4.63 n/a
Valeant Pharmaceuticals International n/a 1,589.037 n/a 48.91 1.81 1.80 n/a
Sciele Pharma Inc. n/a 814.257 18.26 19.77 2.90 2.85 12.82
Connetics Corporation n/a 601.095 n/a -26.36 4.12 3.62 n/a
Bradley Pharmaceuticals, Inc. n/a 366.011 48.41 25.81 2.65 2.59 30.04
Taro Pharmaceutical Industries Ltd. n/a 296.106 17.07 18.80 0.98 1.01 0.77
Barrier Therapeutics, Inc. n/a 215.482 n/a -3.75 48.34 29.50 3.36
Stiefel Laboratories, Inc. 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
  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
  sanofi-aventis (ADR) n/a 123,912.610 32.64 14.45 3.32 3.48 n/a
Par Pharmaceutical Companies, Inc n/a 757.066 n/a 24.41 1.49 1.12 2.18
Patheon, Inc. n/a 459.176 n/a n/a 0.64 n/a 2.23
Q-Med, Inc. n/a 72.097 n/a -5.61 5.25 7.34 4.22
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
DPT Laboratories, Ltd. 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
  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
  McKesson Corporation 51.20% 15,147.693 18.34 18.80 0.17 0.16 3.72
Cardinal Health, Inc. 21.80% 26,305.528 25.23 19.08 0.32 0.30 7.81
AmerisourceBergen Corp. n/a 8,918.669 19.07 18.60 0.15 0.14 5.74
BioMarin Pharmaceutical n/a 1,546.589 n/a -47.00 21.58 19.27 17.55
Quality King Distributors n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  sanofi-aventis (ADR) n/a 123,912.610 32.64 14.45 3.32 3.48 n/a
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
Target
  sanofi-aventis (ADR) n/a 123,912.610 32.64 14.45 3.32 3.48 n/a
Abbott Laboratories n/a 74,394.862 23.47 19.16 3.34 3.29 29.70
Cardinal Health, Inc. n/a 26,305.528 25.23 19.08 0.32 0.30 7.81
McKesson Corporation n/a 15,147.693 18.34 18.80 0.17 0.16 3.72
AmerisourceBergen Corp. n/a 8,918.669 19.07 18.60 0.15 0.14 5.74
BioMarin Pharmaceutical n/a 1,546.589 n/a -47.00 21.58 19.27 17.55
Par Pharmaceutical Companies, Inc n/a 757.066 n/a 24.41 1.49 1.12 2.18
Patheon, Inc. n/a 459.176 n/a n/a 0.64 n/a 2.23
Taro Pharmaceutical Industries Ltd. n/a 296.106 17.07 18.80 0.98 1.01 0.77
Q-Med, Inc. n/a 72.097 n/a -5.61 5.25 7.34 4.22
Dow Pharmaceutical Sciences, Inc. n/a n/a n/a n/a n/a n/a n/a
Quality King Distributors n/a n/a n/a n/a n/a n/a n/a
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
Ipsen S.A. n/a n/a n/a n/a n/a n/a n/a
DPT Laboratories, Ltd. 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 2,412.1 330.9 2,742.9
Other Revenue 0.0 0.0 0.0
Total Revenue 2,412.1 330.9 2,742.9
Cost of Revenue 1,190.1 42.2 1,232.3
SG&A Expense 684.4 203.8 888.2
Depreciation & Amortization 0.0 23.6 23.6
Research & Development 236.2 167.3 403.5
Interest Expense 0.0 0.0 0.0
Other Operating Expense -29.0 0.0 -29.0
Unusual Expense (Income) 0.0 52.6 52.6
Total Expenses 2,081.8 489.5 2,571.3
Operating Income 330.3 -158.6 171.7
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 0.0 17.5 17.5
Other, Net -7.5 59.8 52.3
Income Before Taxes 322.8 -81.3 241.5
Income Taxes 103.8 -24.9 78.9
Income After Taxes 219.0 -56.4 162.6
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 -56.4 149.1
Discontinued Operations 431.9 0.0 431.9
Net Income - Incl. Xord. Items 637.4 -56.4 581.0
Income Avail. to Common 637.4 -56.4 581.0
Share Items
Basic Avg. Shares Outstanding 136.0 54.7 190.8
Basic EPS - Excl. Xord. Items 1.51 n/a 0.78
Basic EPS - Incl. Xord. Items 4.69 n/a 3.05
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 136.0 54.7 190.8
F.D. EPS - Excl. Xord. Items 1.51 n/a 0.78
F.D. EPS - Incl. Xord. Items 4.69 n/a 3.05
Dividends Per Common Share 1.40 0.09 1.49
Balance Sheet
Assets
Cash and Equivalents 171.5 578.3 749.8
Accounts Receivable 480.2 21.0 501.2
Inventory 261.7 20.1 281.8
Other Current Assets 0.0 34.3 34.3
Current Assets 913.4 653.7 1,567.0
PPE 0.0 6.4 6.4
Accum D&A 0.0 0.0 0.0
PPE, Net 656.8 6.4 663.2
Goodwill & Intangibles 661.9 236.0 897.8
Long Term Investments 199.4 0.0 199.4
Other Assets 2,502.6 0.0 2,502.6
Other LT Assets 26.7 112.5 139.1
Total Assets 4,960.7 1,008.5 5,969.3
Liabilities
Accounts Payable 0.0 0.0 0.0
Payable/Accrued 0.0 0.0 0.0
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 78.2 78.2
Current Liab. 373.5 78.2 451.7
LT Debt 38.1 453.1 491.2
Total LT Debt 38.1 453.1 491.2
Minority Interest (BS) 2.5 0.0 2.5
Deferred Taxes 77.5 0.0 77.5
Other LT Liab. 1,624.8 0.0 1,624.8
Total Liabilities 2,116.4 531.3 2,647.7
Shareholders Equity
Common Stock 0.0 0.0 0.0
Additional Paid in Capital 0.0 0.0 0.0
Retained Earnings 0.0 0.0 0.0
Other Equity 2,844.3 477.2 3,321.6
Total Equity 2,844.3 477.2 3,321.6
Total Liab. & Equity 4,960.7 1,008.5 5,969.3
Shares Outstanding 136.0 54.7 190.8
Cash Flow
Operating Cash Flow
CF Net Income 0.0 n/a 0.0
CF Depreciation 0.0 n/a 0.0
CF Deferred Taxes 0.0 n/a 0.0
Other Non-Cash Items 0.0 n/a 0.0
Change in Working Capital 613.3 n/a 613.3
Total Cash From Operating Activities 613.3 n/a 613.3
Investing Cash Flow (not calculated)
Capital Expenditures 0.0 n/a 0.0
Other Investing Cash Flows -856.9 n/a -856.9
Total Cash From Investing Activities -856.9 n/a -856.9
Financing Cash Flow (not calculated)
Dividends Paid 0.0 n/a 0.0
Purchase Or Sale of Stock 0.0 n/a 0.0
Purchase and Retirement of Debt 0.0 n/a 0.0
Other Financing Cash Flow 89.4 n/a 89.4
Total Cash From Financing Activities 89.4 n/a 89.4
Exchange Rate Effects 0.3 n/a 0.3
Net Change in Cash -154.0 n/a -154.0
Cash Taxes Paid 300.0 n/a 300.0
Cash Interest Paid 6.3 n/a 6.3