Merger and Acquisition Scenario

Summary

Other Scenarios:

PTIL - PFE
PTIL - JNJ
PFE - MRX
JNJ - MRX

Buyer:	Protherics PLC (ADR) (PTIL)	Last Price:	14.24	Market Cap.:	3.45B
Target:	Medicis Pharmaceutical Corporation (MRX)	Last Price:	29.05	Market Cap.:	1.59B

Lines of Business Summary:

Protherics PLC (ADR) (PTIL) competes in 1 industry and 7 product/service groups
Medicis Pharmaceutical Corporation (MRX) competes in 1 industry and 24 product/service groups
A combined entity will have 0% Product/Service Group overlap
Protherics PLC (ADR) (PTIL) has 0 and Medicis Pharmaceutical Corporation (MRX) has 2 customers that derive significant revenue from each. They share 0 in common.

Product Summary:

Overlap & Complementary Sectors

Sector	Buyer	Target	# of Focused Companies
*Healthcare			866
Biopharmaceuticals			322
Medical Devices			245
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: 7) Angiotensin Vaccine CytoFab Prolarix CroFab [(Crotalidae Polyvalent Immune Fab (Ovine)]	Target (Total: 20) Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur) Novacet Lotion (Sodium Sulfacetamide/Sulfur) Solodyn Extended Release Tablet (Minocycline HCl) Dynacin (Minocycline Hydrochloride)	Buyer Protherics Enfer TSE Diagnostic Kit	Target Restylane (Hyaluronic Acid)

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business

Buyer (Total: 7)

Angiotensin Vaccine
CytoFab
Prolarix
CroFab [(Crotalidae Polyvalent Immune Fab (Ovine)]

Target (Total: 20)

Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
Novacet Lotion (Sodium Sulfacetamide/Sulfur)
Solodyn Extended Release Tablet (Minocycline HCl)
Dynacin (Minocycline Hydrochloride)

Buyer

Protherics Enfer TSE Diagnostic Kit

Target

Restylane (Hyaluronic Acid)

Business Relationship Summary:

Top Key Suppliers	Top Key Customers
Buyer (Total: 1) Symbion Health Limited (SYHTY)	Target (Total: 6) sanofi-aventis (ADR) (SNY) Par Pharmaceutical Companies, Inc (PRX) Patheon, Inc. (PTI:CA) Q-Med, Inc. (QMED)	Buyer (Total: 0) n/a	Target (Total: 5) McKesson Corporation (MCK) Cardinal Health, Inc. (CAH) AmerisourceBergen Corp. (ABC) BioMarin Pharmaceutical (BMRN)

Top Key Suppliers

Top Key Customers

Buyer (Total: 1)

Symbion Health Limited (SYHTY)

Target (Total: 6)

sanofi-aventis (ADR) (SNY)
Par Pharmaceutical Companies, Inc (PRX)
Patheon, Inc. (PTI:CA)
Q-Med, Inc. (QMED)

Buyer (Total: 0)

n/a

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	214	356
Revenue Per Employee	125,374.4	947,395.6
Total Revenue	13.2	85.0
Total Expenses	24.4	110.1
Other Revenue	0.0	0.0
Cost of Revenue	6.8	9.4
SG&A Expense	9.3	51.1
Research & Development	8.2	43.8
Other Operating Expense	0.0	0.0
Operating Income	-11.2	-25.0
Unusual Income	0.0	0.0
LT Debt to Capital	12.91	48.1
Fwd P/E	n/a	40.51
Fwd P/Rev	n/a	4.60
Book Value	49.5	488.8
Curr Portion of LTD/Cap Lease	1.2	0.0

Key Ratios

	Buyer	Target
Gross Margin %	36.24	85.9
Operating Margin %	-53.83	-31.05
Quick Ratio	1.83	6.38
Current Ratio	2.47	6.84
Coverage Ratio	0	-0.14
Total Assets	113.0	1,046.0
Return on Equity %	-36	-4.77
Return on Assets %	-15.78	-2.23
Cash+ ST Inv. Per Share	1.91	8.84
Total Debt	8.6	453.1
Total Debt to Equity %	17.33	92.69
Total Debt to Tangible Equity %	28.38	231.75
Debt to Asset %	7.59	43.31

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals

Target

Focused (): *Healthcare > Biopharmaceuticals > Dermatology

Protherics PLC is a biopharmaceutical company engaged in the development, manufacture and sale of pharmaceutical products for the treatment of human diseases. The Company's core technology is focused on immunotherapeutics and oncology. Immunotherapeutics encompasses the use of antibodies to combat the effects of disease or poisoning. Protherics PLC has manufacturing facilities in Wales, Australia and Salt Lake City, Utah. On December 7, 2005, the Company licensed CytoFab, its product developed for the treatment of sepsis, to AstraZeneca Ireland Operations, a branch in Ireland of AstraZeneca UK Limited (AstraZeneca).

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.

Product Summary

Sector

Buyer

Target

*Healthcare

Biopharmaceuticals

Cardiovascular System

The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.

Dermatology

The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.

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.

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.

Medical Devices

Plastic/Reconstructive Surgery

The Plastic/Reconstructive Surgery Subsector includes medical devices that treat and modify a patient's external appearance.

Veterinary Products and Services

Veterinary Diagnostics

The Veterinary Diganostics Subsector includes companies that manufacture veterinary diagnostics for the detection and monitoring of veterinary diseases.

Buyer Products:

Protherics Enfer TSE Diagnostic Kit

- 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

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:

Angiotensin Vaccine

Dermatology

Acne

Rosacea

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

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)

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:

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

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.

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.

Target Products:

Vanos (Fluocinonide)
Lidex (Fluocinonide)
Topicort/Topicort LP (Desoximetasone)

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)
Vanos (Fluocinonide)

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:

Esoterica (Hydroquinone)
Alustra (Hydroquinone)

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

Cephalosporin Derivatives

Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Target Products:

Omnicef (Cefdinir)

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)

Mycological (Fungal)

Antifungal Agents

Narrow Spectrum

Dermatology

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.

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.

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.

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.

Target Products:

Loprox (Ciclopirox)

Phase I/Phase II Clinical Stage Products

Therapeutics that are being investigated for the treatment of infectious diseases in early stages of clinical research where human subject is involved.

Buyer Products:

CytoFab

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.

Buyer Products:

Prolarix

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)

Toxicology

Animal Poisoning

Snakes

Immunoglobulins

Therapeutics that treat snake bites with target specific proteins that neutralize the poison.

Buyer Products:

CroFab [(Crotalidae Polyvalent Immune Fab (Ovine)]

Chemical Poisoning

Digoxin

Digoxin Binding Agents

Therapeutics that treat toxicity due to ingestion of excessive digoxin by competitively binding to digoxin, making them unavailable for binding at their site of action on cells in the body.

Buyer Products:

DigiFab [Digoxin Immune Fab (Ovine)]

Methotrexate

Carboxypeptidase

Therapeutics that treat methotrexate toxicity by catalyzing its carboxyl groups.

Buyer Products:

Voraxaze

Medical Devices

Plastic/Reconstructive Surgery

Treatment

Wrinkle Removal

Hyaluronic Acid

Veterinary Products and Services

Veterinary Diagnostics

The Veterinary Diganostics Subsector includes companies that manufacture veterinary diagnostics for the detection and monitoring of veterinary diseases.

Buyer Products:

Protherics Enfer TSE Diagnostic Kit

- 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	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Target
	Pfizer Inc.	n/a	197,233.738	18.27	13.50	4.17	4.14	9.26
	Johnson & Johnson	n/a	188,429.910	17.37	17.41	3.67	3.55	6.86
	GlaxoSmithKline plc (ADR)	n/a	157,749.428	16.17	15.59	3.62	3.73	17.12
	sanofi-aventis (ADR)	n/a	127,378.760	27.87	13.44	3.35	3.53	-9.12
	Wyeth	n/a	63,595.794	16.78	15.21	3.27	3.18	6.73
	Bristol Myers Squibb Co.	n/a	42,555.965	14.91	18.05	2.20	2.22	8.77
	Schering-Plough Corporation	n/a	29,715.339	40.38	27.85	2.98	2.90	4.00
	Schering AG (ADR)	n/a	22,087.008	28.91	27.93	3.13	n/a	6.34
	Allergan, Inc.	n/a	16,976.578	n/a	30.86	6.46	5.67	-744.59
	Altana AG (ADR)	n/a	7,780.441	13.43	13.22	1.75	n/a	4.21
	Elan Corporation, plc (ADR)	n/a	6,415.669	n/a	-19.55	11.89	10.65	-9.44
	King Pharmaceuticals	n/a	3,996.520	21.15	10.09	2.08	2.12	3.71
	Valeant Pharmaceuticals International	n/a	1,766.630	n/a	52.03	2.04	2.02	-9.29
	Sciele Pharma Inc.	n/a	700.888	16.98	17.28	2.65	2.48	12.66
	Taro Pharmaceutical Industries Ltd.	n/a	364.371	21.02	25.94	1.20	1.23	0.95
	Connetics Corporation	n/a	347.862	14.01	-165.33	1.90	1.82	3.37
	Bradley Pharmaceuticals, Inc.	n/a	218.872	36.44	22.29	1.62	1.54	-78.82
	Barrier Therapeutics, Inc.	n/a	132.043	n/a	-2.67	55.95	16.37	2.06
	DFB Pharmaceuticals, Inc.	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	Groupe L'Oreal	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	Valeo	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	Nestle S.A.	n/a	n/a	n/a	17.52	n/a	n/a	n/a
	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	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Buyer
	Symbion Health Limited	n/a	1,495.227	24.73	n/a	0.51	n/a	5.19
Target
	sanofi-aventis (ADR)	n/a	127,378.760	27.87	13.44	3.35	3.53	-9.12
	Par Pharmaceutical Companies, Inc	n/a	602.148	n/a	17.91	1.18	0.93	1.73
	Patheon, Inc.	n/a	544.076	164.60	n/a	0.77	n/a	2.08
	Q-Med, Inc.	n/a	58.150	n/a	-4.44	3.41	5.51	2.86
	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	Percent	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value
Target
	McKesson Corporation	51.20%	15,589.221	20.81	19.55	0.17	0.16	3.92
	Cardinal Health, Inc.	21.80%	28,155.662	28.60	18.49	0.35	0.32	8.05
	AmerisourceBergen Corp.	n/a	8,802.317	24.36	20.75	0.15	0.15	5.31
	BioMarin Pharmaceutical	n/a	1,320.910	n/a	-38.70	24.32	18.77	95.83
	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
Buyer
	AstraZeneca PLC (ADR)		n/a	98,768.323	18.17	16.47	3.97	3.83	9.59
Altana AG (ADR)		n/a	7,780.441	13.43	13.22	1.75	n/a	4.21
Symbion Health Limited		n/a	1,495.227	24.73	n/a	0.51	n/a	5.19
Beacon Pharmaceuticals Ltd.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Cancer Research UK		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Enfer Scientific Ltd.		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Swedish Orphan AB		n/a	n/a	n/a	n/a	n/a	n/a	n/a
Target
	sanofi-aventis (ADR)		n/a	127,378.760	27.87	13.44	3.35	3.53	-9.12
Abbott Laboratories		n/a	74,862.543	24.11	19.57	3.39	3.36	44.96
Cardinal Health, Inc.		n/a	28,155.662	28.60	18.49	0.35	0.32	8.05
McKesson Corporation		n/a	15,589.221	20.81	19.55	0.17	0.16	3.92
AmerisourceBergen Corp.		n/a	8,802.317	24.36	20.75	0.15	0.15	5.31
BioMarin Pharmaceutical		n/a	1,320.910	n/a	-38.70	24.32	18.77	95.83
Par Pharmaceutical Companies, Inc		n/a	602.148	n/a	17.91	1.18	0.93	1.73
Patheon, Inc.		n/a	544.076	164.60	n/a	0.77	n/a	2.08
Taro Pharmaceutical Industries Ltd.		n/a	364.371	21.02	25.94	1.20	1.23	0.95
Q-Med, Inc.		n/a	58.150	n/a	-4.44	3.41	5.51	2.86
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

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

AstraZeneca PLC (ADR)

n/a

98,768.323

18.17

16.47

3.97

3.83

9.59

Altana AG (ADR)

n/a

7,780.441

13.43

13.22

1.75

n/a

4.21

Symbion Health Limited

n/a

1,495.227

24.73

n/a

0.51

n/a

5.19

Beacon Pharmaceuticals Ltd.

n/a

Cancer Research UK

n/a

Enfer Scientific Ltd.

n/a

Swedish Orphan AB

n/a

Target

sanofi-aventis (ADR)

n/a

127,378.760

27.87

13.44

3.35

3.53

-9.12

Abbott Laboratories

n/a

74,862.543

24.11

19.57

3.39

3.36

44.96

Cardinal Health, Inc.

n/a

28,155.662

28.60

18.49

0.35

0.32

8.05

McKesson Corporation

n/a

15,589.221

20.81

19.55

0.17

0.16

3.92

AmerisourceBergen Corp.

n/a

8,802.317

24.36

20.75

0.15

5.31

BioMarin Pharmaceutical

n/a

1,320.910

n/a

-38.70

24.32

18.77

95.83

Par Pharmaceutical Companies, Inc

n/a

602.148

n/a

17.91

1.18

0.93

1.73

Patheon, Inc.

n/a

544.076

164.60

n/a

0.77

n/a

2.08

Taro Pharmaceutical Industries Ltd.

n/a

364.371

21.02

25.94

1.20

1.23

0.95

Q-Med, Inc.

n/a

58.150

n/a

-4.44

3.41

5.51

2.86

Dow Pharmaceutical Sciences, Inc.

n/a

Quality King Distributors

n/a

Contract Pharmaceuticals Limited

n/a

Ipsen S.A.

n/a

DPT Laboratories, Ltd.

n/a

- Defined by the Company - Defined by Others

Financials

	Buyer	Target	Combined Entity
Income Statement
Operating Items
Revenue	33.3	324.1	357.4
Other Revenue	0.0	0.0	0.0
Total Revenue	33.3	324.1	357.4
Cost of Revenue	21.2	45.7	66.9
SG&A Expense	17.3	191.6	208.9
Depreciation & Amortization	0.0	24.1	24.1
Research & Development	12.7	163.4	176.0
Interest Expense	0.0	0.0	0.0
Other Operating Expense	0.0	0.0	0.0
Total Expenses	51.2	424.8	476.0
Operating Income	-17.9	-100.6	-118.6
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng	-0.1	13.7	13.6
Other, Net	0.0	59.8	59.8
Income Before Taxes	-18.0	-27.1	-45.1
Income Taxes	-0.1	-3.8	-4.0
Income After Taxes	-17.8	-23.3	-41.1
Net Income - Excl. Xord. Items	-17.8	-23.3	-41.1
Net Income - Incl. Xord. Items	-17.8	-23.3	-41.1
Income Avail. to Common	-17.8	-23.3	-41.1
Share Items
Basic Avg. Shares Outstanding	25.1	54.5	79.6
Basic EPS - Excl. Xord. Items	n/a	n/a	-0.52
Basic EPS - Incl. Xord. Items	n/a	n/a	-0.52
Full Dilution Adjustment	0.0	1.7	1.7
Fully Diluted Shares Outstanding	25.1	69.7	94.8
F.D. EPS - Excl. Xord. Items	n/a	n/a	-0.43
F.D. EPS - Incl. Xord. Items	n/a	n/a	-0.43
Dividends Per Common Share	0.00	0.12	0.12
Balance Sheet
Assets
Cash and Equivalents	47.8	223.1	270.9
ST Investments	0.0	393.1	393.1
Accounts Receivable	9.8	48.3	58.2
Inventory	20.5	19.1	39.6
Other Current Assets	0.0	29.3	29.3
Current Assets	78.1	712.9	791.0
Accum D&A	0.0	0.0	0.0
PPE, Net	15.2	4.7	20.0
Goodwill & Intangibles	19.3	293.3	312.6
Other Assets	0.0	0.0	0.0
Other LT Assets	0.4	35.1	35.5
Total Assets	113.0	1,046.0	1,159.0
Liabilities
Accounts Payable	29.6	60.5	90.0
Payable/Accrued	0.0	0.0	0.0
ST Debt	0.1	0.0	0.1
Curr Port of LTD & Cap Lease Oblg	1.2	0.0	1.2
Other (Current) Liabilities	0.8	43.7	44.4
Current Liab.	31.6	104.2	135.7
LT Debt	5.1	453.1	458.1
Capitalized Lease Obligations	2.3	0.0	2.3
Total LT Debt	7.3	453.1	460.4
Other LT Liab.	24.6	0.0	24.6
Total Liabilities	63.5	557.2	620.7
Shareholders Equity
Common Stock	9.7	0.9	10.7
Additional Paid in Capital	163.1	571.5	734.6
Retained Earnings	-122.9	258.6	135.6
Treasure Stock	0.0	-342.7	-342.7
Other Equity	-0.4	0.5	0.1
Total Equity	49.5	488.8	538.3
Total Liab. & Equity	113.0	1,046.0	1,159.0
Shares Outstanding	25.9	54.7	80.6
Cash Flow
Operating Cash Flow
CF Net Income	-17.9	-23.3	-41.2
CF Depreciation	2.6	24.1	26.7
CF Amortization	0.2	0.0	0.2
CF Deferred Taxes	0.0	-38.6	-38.6
Other Non-Cash Items	1.6	40.7	42.3
Change in Working Capital	37.1	44.7	81.7
Total Cash From Operating Activities	23.6	47.5	71.2
Investing Cash Flow (not calculated)
Capital Expenditures	-3.7	-2.5	-6.3
Other Investing Cash Flows	1.3	-0.6	0.7
Total Cash From Investing Activities	-2.4	-3.2	-5.6
Financing Cash Flow (not calculated)
Dividends Paid	0.0	-6.6	-6.6
Purchase Or Sale of Stock	15.1	6.4	21.5
Purchase and Retirement of Debt	-1.1	0.0	-1.1
Other Financing Cash Flow	-0.7	0.6	-0.1
Total Cash From Financing Activities	13.0	0.4	13.4
Exchange Rate Effects	0.0	0.5	0.5
Net Change in Cash	34.2	45.3	79.5
Cash Taxes Paid	0.1	0.0	0.1
Cash Interest Paid	0.7	0.0	0.7