Summary

Other Scenarios:

Buyer: Eisai Co., Ltd (ADR) (ESALY) Last Price: 39.09 Market Cap.: 11.14B
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: 42)
  • Fragmin (Dalteparin Sodium)
  • E5555 (Thrombin Receptor Agonist)
  • MGi Pharma GPI21016 (Poly ADP-Ribose Polymerase (PARP) Inhibitor)
  • Ontak (Denileukin Diftitox)
Target (Total: 8)
  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  • Therapeutic Antibody Candidates
  • Volociximab/M200 (Chimeric Monoclonal Antibody)
Buyer

n/a
Target
  • Humanized Antibody Technology

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 6)
  • TorreyPines Therapeutics Inc. (TPTX)
  • Pfizer Inc. (PFE)
  • Sepracor Inc. (SEPR)
  • Eurand N.V. (EURX)
Target (Total: 2)
  • Seattle Genetics, Inc. (SGEN)
  • Highland Distressed Opportunities, Inc (HCD)
Buyer (Total: 1)
  • Pfizer Inc. (PFE)
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 11,035 887
Revenue Per Employee 824,817.4 348,577.5
Total Revenue 4,262.1 77.3
Total Expenses 3,783.0 64.3
Other Revenue 0.0 0.0
Cost of Revenue 846.6 0.0
SG&A Expense 2,084.1 18.5
Research & Development 834.1 44.7
Other Operating Expense 0.0 0.0
Operating Income 479.1 13.1
Unusual Income 20.1 1.0
LT Debt to Capital 46.68 88.93
Fwd P/E 18.24 12.78
Fwd P/Rev 1.33 3.62
Book Value 4,921.9 66.4
Curr Portion of LTD/Cap Lease 0.0 0.8

Individual Company Summary

Focused

Buyer

Sector Pure-Play (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

Eisai Co., Ltd. is a Japan-based company mainly engaged in the manufacturing and sale of pharmaceutical products. The Company operates in two business segments. The Pharmaceutical segment is engaged in the research, development, manufacturing and sale of drugs for pharmaceutical, over-the-counter and diagnostic uses. The Others segment offers food additives, chemicals and medicine manufacturing equipment. Eisai has 63 subsidiaries and one associated company in the country, as well as in North America, Europe and Asia.

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 % 81.38 100
Operating Margin % 0.52 23.28
Quick Ratio 1.57 8.11
Current Ratio 2.12 8.34
Coverage Ratio -0.78 0.02
Total Assets 12,359.0 718.2
Return on Equity % -6.57 98.81
Return on Assets % -2.62 9.13
Cash+ ST Inv. Per Share 5.58 3.63
Total Debt 4,340.7 533.8
Total Debt to Equity % 88.19 804.19
Total Debt to Tangible Equity % 816.49 911.61
Debt to Asset % 35.12 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.
  
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.
  
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.
  
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
Obstetrics/Gynecology
The Obstetrics/Gynecology Subsector includes therapeutics that treat female genital disorders, pregnancy, and childbirth.
  
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.
  
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
Outsourced Services  
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  
Anticoagulating Agents  
Thrombin Inhibitors
Therapeutics that treat the obstruction of a blood vessel by preventing blood clots from forming.

Buyer Products:

  • Fragmin (Dalteparin Sodium)
  
Myocardial Infarction (MI)  
Anticoagulating Agents  
Thrombin Inhibitors
Therapeutics that treat the obstruction of a blood vessel by preventing blood clots from forming.

Buyer Products:

  • Fragmin (Dalteparin Sodium)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • E5555 (Thrombin Receptor Agonist)
  
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:

  • MGi Pharma GPI21016 (Poly ADP-Ribose Polymerase (PARP) Inhibitor)
  
Vascular Disorders  
Deep Vein Thrombosis (DVT)  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that prevent or treat clots in blood vessels by preventing blood clots from forming.

Buyer Products:

  • Fragmin (Dalteparin Sodium)
  
Thromboembolism  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that treat the obstruction of a blood vessel by preventing blood clots from forming.

Buyer Products:

  • Fragmin (Dalteparin Sodium)
  
Dermatology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skin disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Ontak (Denileukin Diftitox)
  • E6201 (Multikinase Inhibitor)
  • Targretin Capsules (Bexarotene)
  
Digestive System
Gastrointestinal Tract Disorders
Gastroduodenal Disorders  
Peptic Ulcers  
Duodenal  
Proton Pump Inhibitors
Therapeutics that treat peptic ulcers by inhibiting the membrane protein involved in the final steps of triggering acid release into the stomach.

Buyer Products:

  • Aciphex (Rabeprazole)
  
Gastric  
Proton Pump Inhibitors
Therapeutics that treat peptic ulcers by inhibiting the membrane protein involved in the final steps of triggering acid release into the stomach.

Buyer Products:

  • Aciphex (Rabeprazole)
  
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:

  • Aciphex (Rabeprazole)
  
Gastroesophageal Disorders  
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:

  • Aciphex (Rabeprazole)
  
Nausea/Vomiting  
Serotonin Receptor Antagonists
Therapeutics that treat nausea and vomiting by blocking the serotonin receptors.

Buyer Products:

  • MGi Pharma Oral Aloxi (Palonosetron)
  • MGi Pharma Aloxi (Palonosetron)
  
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)
  
Stomatognathic Disorders  
Mucositis  
Immunomodulatory Agents
Therapeutics that treat mucositis by stimulating the immune system.

Buyer Products:

  • MGi Pharma Saforis (L-Glutamine)
  
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:

  • Aciphex Long-Acting (Rabeprazole)

Target Products:

  • Nuvion (Visilizumab)
Endocrinology/Metabolism  
Diabetes  
Induced Complications  
Diabetic Neuropathy  
Aldose Reductase Inhibitors
Therapeutics that treat diabetic neuropathy by stopping the action of the enzyme involved in changing glucose to alcohol.

Buyer Products:

  • AS-3201 (Ranirestat)
  
Hematology  
White Blood Cell (WBC) Disorders  
Myelodysplastic Syndromes (MDS)  
Antimetabolite Agents  
Pyrimidine Analogs
Therapeutics that treat and manage rmyelodysplastic syndrome by interfering with the production of DNA.

Buyer Products:

  • MGi Pharma Dacogen (Decitabine)
  
Immunology
Autoimmune 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)
  
Sjogren`s Syndrome  
Palliative Agents  
Cholinergic Agents
Therapeutics that treat the symptoms of a chronic systemic inflammatory disorder characterized by progressive dryness of mucous membranes by stimulating saliva production.

Buyer Products:

  • MGi Pharma Salagen (Pilocarpine Hydrochloride)
  
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.

Buyer Products:

  • E6201 (Multikinase Inhibitor)
  • MGi Pharma AKR-501 (Thrombopoietin Mimetic)
  • Perampanel/E2007 (AMPA Receptor Antagonist)
  • MGi Pharma Irofulven (Hydroxymethylacylfulvene)
  • Ontak (Denileukin Diftitox)
  • Targretin Capsules (Bexarotene)

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  
Bacterial  
Antibacterial Agents  
Narrow Spectrum  
Digestive System  
Heliobacter pylori  
Proton Pump Inhibitors
Therapeutics treat digestive infections caused by Helicobacter pylori bacteria by inhibiting the action of the membrane protein involved in the final steps of triggering acid release into the stomach.

Buyer Products:

  • Aciphex (Rabeprazole)
  
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:

  • Aciphex Long-Acting (Rabeprazole)
  • E5564 (Eritoran)
  
Sepsis  
Toll-Like Receptor Antagonists
Therapeutics that treat sepsis by to blocking the effects of endotoxin of Gram-negative bacteria.

Buyer Products:

  • E5564 (Eritoran)
  
Neurology
Neurological Disorders  
Alzheimer`s Disease  
Acetylcholinesterase Inhibitors
Therapeutics that treat Alzheimer's Disease by preventing the breakdown of a the neurotransmitter, acetylcholine.

Buyer Products:

  • Aricept (Donepezil Hydrochloride)
  • Aricept SR (Donepezil Hydrochloride Sustained Release)
  
Dementia  
Acetylcholinesterase Inhibitors
Therapeutics that treat dementia by preventing the breakdown of a the neurotransmitter, acetylcholine.

Buyer Products:

  • Aricept (Donepezil Hydrochloride)
  
Epilepsy  
Partial Seizures  
Complex  
Adjunctive Therapy  
AMPA Receptor Antagonists
Therapeutics that treat complex partial seizures by inhibiting the binding of glutamate to AMPA Receptors.

Buyer Products:

  • Perampanel/E2007 (AMPA Receptor Antagonist)
  
Sodium Channel Blocking Agents
Therapeutics that treat complex partial seizures by blocking the sodium channels which in turn block the conductance of neural impulses through the brain.

Buyer Products:

  • Inovelon (Rufinamide)
  
Sodium Channel Blocking Agents/Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat complex partial seizures by preventing the uptake of gamma-aminobutyric acid as well as blocking the sodium channels which in turn block the conductance of electrical impulses through the brain.

Buyer Products:

  • Zonegran (Zonisamide)
  
Simple  
Adjunctive Therapy  
AMPA Receptor Antagonists
Therapeutics that treat complex partial seizures by inhibiting the binding of glutamate to AMPA Receptors

Buyer Products:

  • Perampanel/E2007 (AMPA Receptor Antagonist)
  
Sodium Channel Blocking Agents/Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat simple partial seizure by both preventing the uptake of gamma-aminobutyric acid which prevents nerve activation as well as blocking the sodium channels which in turn block the conductance of neural impulses.

Buyer Products:

  • Zonegran (Zonisamide)
  
Status Epilepticus  
Sodium Channel Modulators
Therapeutics that treat Status Epilepticus by modulating the portal that allows sodium into the nerve cells.

Buyer Products:

  • Cerebyx (Fosphenytoin Sodium)
  
Neuromuscular Disorders  
Parkinson`s Disease (PD)  
Monotherapy  
AMPA Receptor Antagonists
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 inhibiting the binding of glutamate to AMPA Receptors.

Buyer Products:

  • Perampanel/E2007 (AMPA Receptor Antagonist)
  
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:

  • E2012 (Gamma Secretase Modulator)
  • Perampanel/E2007 (AMPA Receptor Antagonist)
  • Aricept (Donepezil Hydrochloride)

Target Products:

  • Daclizumab (Monoclonal Antibody)
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:

  • MGi Pharma GCP II Inhibitors
  • Alzheimer's Disease Genetics Program
  • BAN2401 (Monoclonal Antibody)
  
Obstetrics/Gynecology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of female reproductive disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • MGi Pharma Amolimogene Bepiplasmid (DNA Based Immunostimulant - Formerly ZYC101a)
  
Oncology
Breast Cancer  
Metastatic  
Antimicrotubule Agents
Therapeutics that treat and manage cancers of the breast that have spread beyond their original tumor site by blocking the normal function of microtubules, thus inhibiting cell division.

Buyer Products:

  • E7389 (Antimicrotubule Agent)
  
Dermatology  
Kaposi`s Sarcoma  
Retinoids/Vitamin A Analogs
Therapeutics that treat and manage cancers of spindle cells by helping in cell differentiation as well as decreasing proliferation of cells.

Buyer Products:

  • Panretin Gel (Alitretinoin)
  
Head/Neck Cancer  
Palliative Agents  
Cholinergic Agents
Therapeutics that treat dry mouth resulting from radiotherapy for cancer of the head and neck.

Buyer Products:

  • MGi Pharma Salagen (Pilocarpine Hydrochloride)
  
Hematology  
Leukemia (White Blood Cell Cancer)  
Myeloid  
Acute  
Myelogenous (AML)  
Antimetabolite Agents  
Pyrimidine Analogs
Analogs of the pyrimidine bases of nucleic acids that treat and manage rapidly progressing cancers of the myelogenous cells by inhibiting the production of DNA.

Buyer Products:

  • MGi Pharma Dacogen (Decitabine)
  
Lymphoma (Lymphatic Cancer)  
Cutaneous T-Cell (CTCL)  
Mycosis Fungoides  
Interleukin-2 (IL-2) Receptor-Targeted Cytotoxins (Fusion Proteins)
Therapeutics that treat and manage T-cell lymphomas by specifically binding onto the surface of the cancer cells and inhibiting protein synthesis, leading to apoptosis (cell death).

Buyer Products:

  • Ontak (Denileukin Diftitox)
  
Retinoids/Vitamin A Analogs
Therapeutics that treat and manage T-Cell lymphomas of the skin by interfering with protein synthesis.

Buyer Products:

  • Targretin Capsules (Bexarotene)
  • Targretin Gel (Bexarotene)
  
Neurology  
Brain Cancer  
Glioma  
Glioblastoma  
Alkylating Agents  
Nitrosoureas
Therapeutics that can cross the blood-brain barrier to treat and manage tumors of the glial cells by interacting with DNA and inhibiting cell division.

Buyer Products:

  • MGi Pharma Gliadel Wafer (Polifeprosan 20 With Carmustine Implant)
  
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:

  • Targretin Capsules (Bexarotene)
  • Ontak (Denileukin Diftitox)
  • MGi Pharma Irofulven (Hydroxymethylacylfulvene)
  • E7070 (Sulfonamide)
  • E7389 (Antimicrotubule Agent)
  • E7820 (Alpha-2 Integrin Inhibitor)
  • MGi Pharma Dacogen (Decitabine)
  • MGi Pharma ZYC300 (DNA Based Immunostimulant)
  • E7080 (VEGF Inhibitor)
  • E7974 (Antimicrotubule Agent)
  • MORAb-003 (Monoclonal Antibody)
  • MORAb-009 (Monoclonal Antibody)
  • E7107
  • E6201 (Multikinase Inhibitor)

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.

Buyer Products:

  • MGi Pharma GPI21016 (Poly ADP-Ribose Polymerase (PARP) Inhibitor)
  • Targretin Capsules (Bexarotene)

Target Products:

  • Therapeutic Antibody Candidates
Respiratory System/Thoracic  
Lung Cancer  
Non Small Cell Lung Cancer (NSCLC)  
Retinoids/Vitamin A Analogs
Therapeutics that treat and manage lung cancer by activating the retinoid X receptors. These receptors function as transcription factors for the expression of genes responsible for cell differentiation and proliferation.

Buyer Products:

  • Targretin Capsules (Bexarotene)
  
Urology  
Ovarian Cancer  
Palliative Agents  
DNA Synthesis Inhibitors
Therapeutics that treat and manage ovarian cancer by inhibiting the synthesis of DNA but are not curative.

Buyer Products:

  • MGi Pharma Hexalen (Altretamine)
  
Pain Management  
Anesthesia  
General (Systemic)  
Primary  
Hypnotic Agents (Sedatives)
Therapeutics that result in anesthesia by inducing sleep. These therapeutics have no analgesic action.

Buyer Products:

  • MGi Pharma AQUAVAN Injection (Fospropofol Disodium Injection)
  
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.

Buyer Products:

  • Perampanel/E2007 (AMPA Receptor Antagonist)
  
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)
  
Surgery  
Musculoskeletal System  
Deep Vein Thrombosis (DVT)  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that treat vascular obstructions due to platelets and cell matter by blocking an enzyme involved in the clotting process.

Buyer Products:

  • Fragmin (Dalteparin Sodium)
  
Neurology  
Seizures  
Sodium Channel Modulators
Therapeutics that treat seizures by controlling the entrance of sodium into the nerve cells.

Buyer Products:

  • Cerebyx (Fosphenytoin Sodium)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of surgical complications in early stages of clinical research where human subject is involved.

Buyer Products:

  • E5564 (Eritoran)
  
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.

Buyer Products:

  • Ontak (Denileukin Diftitox)

Target Products:

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

Target Products:

  • Zenapax (Daclizumab)
  
Outsourced Services  
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
Overlap
  GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Buyer
  GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Celgene Corporation n/a 22,716.981 n/a 33.99 11.13 9.63 8.73
Shire Plc. (ADR) n/a 7,984.115 35.20 10.96 2.68 2.57 n/a
Valeant Pharmaceuticals International n/a 1,704.113 14.06 61.12 2.39 2.16 8.20
The Medicines Company n/a 740.808 n/a -230.83 2.27 2.06 2.65
DURECT Corporation n/a 273.706 n/a -8.82 10.54 7.11 8.27
Idera Pharmaceuticals, Inc. n/a 197.435 n/a -99.37 8.83 7.34 9.43
Santarus, Inc. n/a 100.480 n/a -12.50 0.83 0.81 n/a
Peregrine Pharmaceuticals n/a 85.960 n/a -5.43 14.23 n/a 13.21
Targacept , Inc. n/a 62.161 n/a -1.91 3.63 3.13 1.01
Generex Biotechnology Corporation n/a 60.645 n/a n/a 98.75 n/a 5.20
BioCryst Pharmaceuticals, Inc. n/a 58.152 n/a -1.26 1.15 1.77 1.66
Memory Pharmaceuticals Corp. n/a 49.346 n/a -1.33 6.94 3.19 n/a
A.P. Pharma, Inc. n/a 15.780 n/a -0.59 32.82 29.70 1.40
Access Pharmaceuticals, Inc. n/a 6.516 n/a -0.41 24.30 6.45 n/a
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
  TorreyPines Therapeutics Inc. 100.00% 3.466 n/a -0.17 0.50 0.58 0.51
Pfizer Inc. n/a 114,090.476 10.81 6.96 2.34 2.31 4.22
Sepracor Inc. n/a 1,264.007 3.00 8.70 1.00 0.95 2.90
Eurand N.V. n/a 368.352 23.15 -31.00 3.13 2.12 4.19
ZymoGenetics, Inc. n/a 195.208 n/a -1.21 3.34 3.12 7.01
Solstice Neurosciences, Inc. 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
Buyer
  Pfizer Inc. n/a 114,090.476 10.81 6.96 2.34 2.31 4.22
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
  Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Buyer
  Johnson & Johnson n/a 158,844.010 12.60 12.86 2.46 2.50 9.26
Pfizer Inc. n/a 114,090.476 10.81 6.96 2.34 2.31 4.22
Novartis AG (ADR) n/a 106,581.492 14.10 12.04 2.51 2.47 3.62
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
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Sepracor Inc. n/a 1,264.007 3.00 8.70 1.00 0.95 2.90
Eurand N.V. n/a 368.352 23.15 -31.00 3.13 2.12 4.19
Salix Pharmaceuticals, Ltd. n/a 361.908 n/a -8.00 2.30 2.01 4.79
ZymoGenetics, Inc. n/a 195.208 n/a -1.21 3.34 3.12 7.01
Bracco S.p.A. n/a n/a n/a n/a n/a n/a n/a
Asahi Kasei Corporation n/a n/a n/a n/a n/a n/a 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 8,231.9 296.3 8,528.2
Other Revenue 0.0 0.0 0.0
Total Revenue 8,231.9 296.3 8,528.2
Cost of Revenue 1,533.1 0.0 1,533.1
SG&A Expense 4,035.6 77.7 4,113.3
Depreciation & Amortization 23.6 0.0 23.6
Research & Development 2,560.9 185.2 2,746.0
Interest Expense 0.0 0.0 0.0
Other Operating Expense -0.3 -49.7 -50.0
Unusual Expense (Income) 36.3 14.1 50.4
Total Expenses 8,189.2 227.3 8,416.5
Operating Income 42.7 69.0 111.7
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -33.3 1.2 -32.1
Gain/Loss On Sale Of Assets 6.5 0.0 6.5
Other, Net -10.1 0.0 -10.1
Income Before Taxes 5.8 70.2 75.9
Income Taxes 329.2 4.6 333.7
Income After Taxes -323.4 65.6 -257.8
Minority Interest (IS) 27.9 0.0 27.9
Net Income - Excl. Xord. Items -295.5 65.6 -229.9
Discontinued Operations 0.0 -53.4 -53.4
Net Income - Incl. Xord. Items -295.5 12.2 -283.3
Misc. Earnings Adjustment 0.0 0.0 0.0
Income Avail. to Common -295.5 12.2 -283.3
Share Items
Basic Avg. Shares Outstanding 284.9 119.3 404.2
Basic EPS - Excl. Xord. Items n/a 0.55 -0.57
Basic EPS - Incl. Xord. Items n/a 0.10 -0.70
Full Dilution Adjustment 0.0 2.3 2.3
Fully Diluted Shares Outstanding 285.0 152.8 437.8
F.D. EPS - Excl. Xord. Items n/a 0.43 -0.53
F.D. EPS - Incl. Xord. Items n/a 0.08 -0.65
Dividends Per Common Share 1.44 0.00 1.44
Balance Sheet
Assets
Cash and Equivalents 694.3 555.3 1,249.6
ST Investments 895.8 0.0 895.8
Accounts Receivable 1,928.4 0.0 1,928.4
Inventory 627.2 0.0 627.2
Other Current Assets 600.8 16.4 617.2
Current Assets 4,746.4 571.7 5,318.1
Accum D&A 0.0 0.0 0.0
PPE, Net 1,683.7 127.3 1,811.0
Goodwill & Intangibles 4,390.3 7.8 4,398.1
Long Term Investments 803.0 0.0 803.0
Other Assets 0.0 0.0 0.0
Other LT Assets 735.6 11.5 747.1
Total Assets 12,359.0 718.2 13,077.2
Liabilities
Accounts Payable 208.5 3.5 212.0
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 910.2 52.1 962.3
ST Debt 32.1 0.0 32.1
Curr Port of LTD & Cap Lease Oblg 0.0 0.8 0.8
Other (Current) Liabilities 1,091.8 12.2 1,104.0
Current Liab. 2,242.7 68.5 2,311.2
LT Debt 4,308.6 532.9 4,841.6
Total LT Debt 4,308.6 532.9 4,841.6
Minority Interest (BS) 46.0 0.0 46.0
Deferred Taxes 452.3 0.0 452.3
Other LT Liab. 387.6 50.4 438.0
Total Liabilities 7,437.1 651.9 8,089.0
Shareholders Equity
Common Stock 480.7 1.2 481.9
Additional Paid in Capital 614.8 629.3 1,244.0
Retained Earnings 4,534.1 -563.6 3,970.5
Unrealized Gain (Loss) 50.9 0.0 50.9
Treasure Stock -423.9 0.0 -423.9
Other Equity -334.8 -0.5 -335.2
Total Equity 4,921.9 66.4 4,988.3
Total Liab. & Equity 12,359.0 718.2 13,077.2
Shares Outstanding 284.9 119.3 404.2
Cash Flow
Operating Cash Flow
CF Net Income -651.6 12.2 -639.5
CF Depreciation 254.5 26.2 280.7
CF Amortization 24.5 7.2 31.7
CF Deferred Taxes 0.0 -0.3 -0.3
Other Non-Cash Items 945.4 38.0 983.4
Change in Working Capital 198.4 33.8 232.2
Total Cash From Operating Activities 771.2 117.1 888.3
Investing Cash Flow (not calculated)
Capital Expenditures -307.6 -15.1 -322.8
Other Investing Cash Flows -4,222.4 723.1 -3,499.3
Total Cash From Investing Activities -4,530.1 708.0 -3,822.1
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 0.0 20.6 20.6
Purchase and Retirement of Debt 4,143.6 -6.1 4,137.5
Other Financing Cash Flow -4.7 -494.2 -499.0
Total Cash From Financing Activities 4,138.8 -479.8 3,659.1
Exchange Rate Effects -301.6 0.0 -301.6
Net Change in Cash 78.3 345.3 423.6
Cash Taxes Paid 29.8 0.2 29.9
Cash Interest Paid 19.6 12.4 32.0