Summary

Other Scenarios:

Buyer: Cephalon, Inc. (CEPH) Last Price: 75.00 Market Cap.: 5.13B
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: 21)
  • Trisenox (Arsenic Trioxide)
  • Gabitril (Tiagabine)
  • Sparlon (Modafinil)
  • Nuvigil (Armodafinil)
Target (Total: 8)
  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  • Therapeutic Antibody Candidates
  • Volociximab/M200 (Chimeric Monoclonal Antibody)
Buyer
  • DURASOLV
  • ORASOLV
  • ORAVESCENT
Target
  • Humanized Antibody Technology

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 17)
  • Pharmacopeia, Inc. (PCOP)
  • Sanofi-Aventis SA (ADR) (SNY)
  • Abbott Laboratories (ABT)
  • Bristol Myers Squibb Co. (BMY)
Target (Total: 2)
  • Seattle Genetics, Inc. (SGEN)
  • Highland Distressed Opportunities, Inc (HCD)
Buyer (Total: 9)
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • AmerisourceBergen Corp. (ABC)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
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 3,000 887
Revenue Per Employee 714,073.5 348,577.5
Total Revenue 498.5 77.3
Total Expenses 441.7 64.3
Other Revenue 8.8 0.0
Cost of Revenue 121.5 0.0
SG&A Expense 222.9 18.5
Research & Development 88.3 44.7
Other Operating Expense 0.0 0.0
Operating Income 56.8 13.1
Unusual Income 8.9 1.0
LT Debt to Capital 0.17 88.93
Fwd P/E 15.69 12.78
Fwd P/Rev 2.55 3.62
Book Value 1,572.1 66.4
Curr Portion of LTD/Cap Lease 1,023.1 0.8

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

Cephalon, Inc. is an international biopharmaceutical company engaged in the discovery, development and marketing of products to treat human diseases. The Company?s focuses its efforts in four core therapeutic areas: central nervous system (CNS) disorders, pain, cancer and addiction. In addition to conducting an active research and development program, it markets seven products in the United States and number of products in countries throughout Europe. The Company?s principal product is PROVIGIL (modafinil) Tablets (C-IV), which comprised approximately 49% of its total consolidated net sales during the year ended December 31, 2007, of which approximately 94% was in the United States market. In June 2007, the Company announced that it has received approval from FDA to market NUVIGIL (armodafinil) Tablets (C- IV).

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 % 78.63 100
Operating Margin % 14.46 23.28
Quick Ratio 0.65 8.11
Current Ratio 0.87 8.34
Coverage Ratio -0.02 0.02
Total Assets 3,655.6 718.2
Return on Equity % 16.23 98.81
Return on Assets % 6.98 9.13
Cash+ ST Inv. Per Share 10.73 3.63
Total Debt 1,025.8 533.8
Total Debt to Equity % 65.25 804.19
Total Debt to Tangible Equity % 295.05 911.61
Debt to Asset % 28.06 74.32

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
  
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.
  
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.
  
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
  
Outsourced Services
Drug Delivery Technology
The Drug Delivery Technology Subsector includes companies that develop novel delivery methods for therapeutics.
  
Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Healthcare
Biopharmaceuticals
Digestive System  
Gastrointestinal Tract Disorders  
Intestinal Disorders  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

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

Target Products:

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

Buyer Products:

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

Target Products:

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

Target Products:

  • Therapeutic Antibody Candidates
  
Neurology
Neurological Disorders  
Epilepsy  
Partial Seizures  
Complex  
Adjunctive Therapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat complex partial seizures by preventing the uptake of gamma-aminobutyric acid, which prevent nerve activation.

Buyer Products:

  • Gabitril (Tiagabine)
  
Simple  
Adjunctive Therapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat simple partial seizures by preventing the uptake of gamma-aminobutyric acid which prevents nerve activation.

Buyer Products:

  • Gabitril (Tiagabine)
  
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:

  • Gabitril (Tiagabine)

Target Products:

  • Daclizumab (Monoclonal Antibody)
Psychiatric Disorders  
Anxiety  
Generalized Anxiety Disorder (GAD)  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat anxiety by preventing the uptake of gamma-aminobutyric acid, which prevent nerve activation.

Buyer Products:

  • Gabitril (Tiagabine)
  
Childhood/Adolescent Disorders  
Attention Deficit Disorder (ADD)/Attention Deficit Hyperactivity Disorder (ADHD)  
Alpha Adrenergic Receptor Agonists  
Sleep Disorders  
Excessive Daytime Sleepiness (EDS)  
Alpha Adrenergic Receptor Agonists
Therapeutics that treat excessive daytime sleepiness (EDS) by stimulating the adrenergic receptors, which cause nervous system stimulation.

Buyer Products:

  • Nuvigil (Armodafinil)
  • Provigil (Modafinil)
  
Narcolepsy  
Alpha Adrenergic Receptor Agonists
Therapeutics that treat narcolepsy by stimulating the adrenergic receptors, which causes nervous system stimulation.

Buyer Products:

  • Provigil (Modafinil)
  
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:

  • VEGF Inhibitors
  • CEP-1347 (MAP3K9 Kinase Inhibitor)
  
Oncology
Hematology  
Leukemia (White Blood Cell Cancer)  
Lymphoid  
Chronic  
Lymphocytic (CLL)  
Alkylating Agents  
Nitrogen Mustard Type
Therapeutics derived from mustard gas that treat and manage slowly progressing cancers of lymphocytic cells by interacting with DNA and inhibiting cell division.

Buyer Products:

  • Treanda (Bendamustine Hydrochloride)
  
Myeloid  
Acute  
Promyelocytic (APL)  
DNA Fragmenting Agents
Therapeutics that treat leukemia by breaking DNA, resulting in the death of cancer cells.

Buyer Products:

  • Trisenox (Arsenic Trioxide)
  
Lymphoma (Lymphatic Cancer)  
Non-Hodgkin`s Lymphoma (NHL)  
Alkylating Agents  
Nitrogen Mustard Type
Therapeutics derived from mustard gas that treat and manage lymphomas of B-cells and T-cells by interacting with DNA and inhibiting cell division.

Buyer Products:

  • Treanda (Bendamustine Hydrochloride)
  
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:

  • Treanda (Bendamustine Hydrochloride)
  • CEP-701(Lestaurtinib)
  • Trisenox (Arsenic Trioxide)

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:

  • Proteasome Inhibitors
  • Tie-2 Kinase Receptor Inhibitor
  • VEGF Inhibitors

Target Products:

  • Therapeutic Antibody Candidates
Pain Management  
Narcotics  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alter both the perception of pain as well as the emotional response to pain.

Buyer Products:

  • Actiq (Oral Transmucosal Fentanyl Citrate) [C-II]
  • Generic OTFC (Oral Transmucosal Fentanyl Citrate)
  • Actiq Sugar-Free (Oral Transmucosal Fentanyl Citrate) [C-II]
  • Fentora (Fentanyl Buccal Tablet)
  
Non-Narcotics  
Skeletal Muscle Relaxing Agents
Therapeutics that treat pain by depressing specific synaptic reflexes preferentially.

Buyer Products:

  • Amrix/EUR-1002 (Cyclobenzaprine Hydrochloride)
  
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:

  • Gabitril (Tiagabine)
  
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.

Buyer Products:

  • CEP-1347 (MAP3K9 Kinase Inhibitor)

Target Products:

  • Daclizumab (Monoclonal Antibody)
Toxicology  
Substance Abuse  
Withdrawal  
Alcohol  
Opioid Antagonists
Therapeutics that treat alcohol dependence by blocking the effect of opioids.

Buyer Products:

  • Medisorb Vivitrol (Naltrexone)
  
Narcotics  
Opioid Antagonists
Therapeutics that treat narcotic addiction by blocking the effect of opioids.

Buyer Products:

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

Target Products:

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

Target Products:

  • Zenapax (Daclizumab)
  
Outsourced Services
Drug Delivery Technology  
Oral Delivery  
Effervescents
Drug Delivery Technologies used to deliver drugs by dissolving in liquid which can then be ingested.

Buyer Products:

  • DURASOLV
  • ORASOLV
  
Transmucosal  
Effervescents
Drug Delivery Technologies used to deliver drugs by dissolving them in liquid which can then be ingested.

Buyer Products:

  • ORAVESCENT
  
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
  Johnson & Johnson n/a 158,844.010 12.60 12.86 2.46 2.50 9.26
Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
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
Merck & Co., Inc. n/a 57,167.589 12.61 8.01 2.38 2.35 3.25
Gilead Sciences, Inc. n/a 41,000.251 22.23 21.60 8.20 7.54 9.84
Bayer AG (ADR) n/a 40,815.858 5.65 10.31 0.89 1.00 n/a
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Forest Laboratories, Inc. n/a 7,395.873 7.69 7.32 1.87 1.83 2.20
Barr Pharmaceuticals, Inc. n/a 7,146.791 49.80 22.36 2.56 2.53 16.90
Endo Pharmaceuticals n/a 3,160.017 13.31 10.33 2.59 2.48 4.94
Perrigo Company n/a 2,978.459 21.32 16.44 1.55 1.40 4.79
King Pharmaceuticals, Inc. n/a 2,329.135 9.02 7.72 1.33 1.46 1.20
Valeant Pharmaceuticals International n/a 1,704.113 14.06 61.12 2.39 2.16 8.20
Cougar Biotechnology, Inc. n/a 531.593 n/a -9.82 n/a 5.55 5.27
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
  Pharmacopeia, Inc. 17.00% 45.689 n/a -0.90 1.98 1.56 n/a
Sanofi-Aventis SA (ADR) n/a 81,363.100 12.87 8.19 2.24 2.10 n/a
Abbott Laboratories n/a 78,742.790 17.32 15.37 2.73 2.67 26.86
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Novo Nordisk A/S (ADR) n/a 36,559.344 25.88 18.86 4.89 4.46 6.85
Teva Pharmaceutical Industries Ltd (ADR) n/a 34,606.559 18.28 15.00 3.20 3.09 7.74
Barr Pharmaceuticals, Inc. n/a 7,146.791 49.80 22.36 2.56 2.53 16.90
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Perrigo Company n/a 2,978.459 21.32 16.44 1.55 1.40 4.79
Alkermes, Inc. n/a 960.772 5.28 7.05 4.00 3.85 2.83
inVentiv Health Inc. n/a 376.863 7.53 7.31 0.34 0.33 n/a
Eurand N.V. n/a 368.352 23.15 -31.00 3.13 2.12 4.19
Ligand Pharmaceuticals Inc. n/a 220.264 n/a -8.62 10.64 9.88 15.40
QAD Inc. n/a 104.727 82.88 -29.50 0.37 n/a 2.62
PHC, Inc. n/a 24.179 n/a 4.76 0.49 n/a 1.40
Acusphere, Inc. n/a 3.520 n/a -0.08 1.39 1.74 n/a
Ranbaxy Laboratories Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Highland Distressed Opportunities, Inc n/a 20.374 n/a 1.89 0.70 1.80 0.17

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Cardinal Health, Inc. 28.00% 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation 25.00% 9,990.133 9.34 8.83 0.09 0.10 3.82
AmerisourceBergen Corp. 13.00% 5,164.594 20.61 10.17 0.07 0.07 n/a
Buyer
  Cardinal Health, Inc. 28.00% 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation 25.00% 9,990.133 9.34 8.83 0.09 0.10 3.82
AmerisourceBergen Corp. 13.00% 5,164.594 20.61 10.17 0.07 0.07 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 34,606.559 18.28 15.00 3.20 3.09 7.74
Barr Pharmaceuticals, Inc. n/a 7,146.791 49.80 22.36 2.56 2.53 16.90
Mylan Inc. n/a 2,836.771 n/a 15.03 0.56 0.64 n/a
Insmed Incorporated n/a 64.827 n/a n/a 5.90 n/a 88.32
AVANIR Pharmaceuticals n/a 41.447 n/a n/a 4.80 n/a 1.23
Ranbaxy Laboratories Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Genentech, Inc. 68.00% 81,785.127 26.16 24.31 6.45 6.12 6.82
AstraZeneca plc (ADR) 14.00% 56,480.158 9.23 7.88 1.79 1.75 n/a
Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation n/a 9,990.133 9.34 8.83 0.09 0.10 3.82
AmerisourceBergen Corp. n/a 5,164.594 20.61 10.17 0.07 0.07 n/a
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Progenics Pharmaceuticals, Inc. n/a 259.793 n/a -7.00 3.40 2.94 2.03

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
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
Buyer
  Johnson & Johnson n/a 158,844.010 12.60 12.86 2.46 2.50 9.26
Novartis AG (ADR) n/a 106,581.492 14.10 12.04 2.51 2.47 3.62
Sanofi-Aventis SA (ADR) n/a 81,363.100 12.87 8.19 2.24 2.10 n/a
Abbott Laboratories n/a 78,742.790 17.32 15.37 2.73 2.67 26.86
AstraZeneca plc (ADR) n/a 56,480.158 9.23 7.88 1.79 1.75 n/a
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
Novo Nordisk A/S (ADR) n/a 36,559.344 25.88 18.86 4.89 4.46 6.85
Teva Pharmaceutical Industries Ltd (ADR) n/a 34,606.559 18.28 15.00 3.20 3.09 7.74
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 1,848.1 296.3 2,144.4
Other Revenue 36.3 0.0 36.3
Total Revenue 1,884.4 296.3 2,180.7
Cost of Revenue 402.6 0.0 402.6
SG&A Expense 839.7 77.7 917.4
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 345.2 185.2 530.4
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 -49.7 -49.7
Unusual Expense (Income) 24.4 14.1 38.5
Total Expenses 1,611.9 227.3 1,839.2
Operating Income 272.5 69.0 341.5
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -5.4 1.2 -4.2
Other, Net 4.4 0.0 4.4
Income Before Taxes 271.4 70.2 341.6
Income Taxes 16.3 4.6 20.9
Income After Taxes 255.1 65.6 320.7
Net Income - Excl. Xord. Items 255.1 65.6 320.7
Discontinued Operations 0.0 -53.4 -53.4
Net Income - Incl. Xord. Items 255.1 12.2 267.3
Income Avail. to Common 255.1 12.2 267.3
Share Items
Basic Avg. Shares Outstanding 68.1 119.3 187.4
Basic EPS - Excl. Xord. Items 3.75 0.55 1.71
Basic EPS - Incl. Xord. Items 3.75 0.10 1.43
Full Dilution Adjustment 0.0 2.3 2.3
Fully Diluted Shares Outstanding 78.9 152.8 231.7
F.D. EPS - Excl. Xord. Items 3.23 0.43 1.38
F.D. EPS - Incl. Xord. Items 3.23 0.08 1.15
Balance Sheet
Assets
Cash and Equivalents 846.6 555.3 1,401.9
Accounts Receivable 350.3 0.0 350.3
Inventory 115.8 0.0 115.8
Other Current Assets 275.5 16.4 291.8
Current Assets 1,588.2 571.7 2,159.8
Accum D&A 0.0 0.0 0.0
PPE, Net 501.6 127.3 628.8
Goodwill & Intangibles 1,224.4 7.8 1,232.2
Other Assets 0.0 0.0 0.0
Other LT Assets 341.5 11.5 352.9
Total Assets 3,655.6 718.2 4,373.8
Liabilities
Accounts Payable 81.3 3.5 84.8
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 723.7 52.1 775.8
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 1,023.1 0.8 1,023.9
Other (Current) Liabilities 0.0 12.2 12.2
Current Liab. 1,828.2 68.5 1,896.7
LT Debt 2.7 532.9 535.7
Total LT Debt 2.7 532.9 535.7
Deferred Taxes 72.1 0.0 72.1
Other LT Liab. 180.5 50.4 231.0
Total Liabilities 2,083.5 651.9 2,735.4
Shareholders Equity
Common Stock 0.7 1.2 1.9
Additional Paid in Capital 2,050.0 629.3 2,679.3
Retained Earnings -413.2 -563.6 -976.8
Treasure Stock -194.8 0.0 -194.8
Other Equity 129.3 -0.5 128.8
Total Equity 1,572.1 66.4 1,638.5
Total Liab. & Equity 3,655.6 718.2 4,373.8
Shares Outstanding 68.4 119.3 187.7
Cash Flow
Operating Cash Flow
CF Net Income 255.1 12.2 267.3
CF Depreciation 168.9 26.2 195.1
CF Amortization 0.0 7.2 7.2
CF Deferred Taxes -19.1 -0.3 -19.4
Other Non-Cash Items 47.8 38.0 85.7
Change in Working Capital -59.4 33.8 -25.6
Total Cash From Operating Activities 393.3 117.1 510.4
Investing Cash Flow (not calculated)
Capital Expenditures -115.3 -15.1 -130.5
Other Investing Cash Flows 63.4 723.1 786.5
Total Cash From Investing Activities -51.9 708.0 656.1
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 49.7 20.6 70.3
Purchase and Retirement of Debt -213.2 -6.1 -219.3
Other Financing Cash Flow 8.7 -494.2 -485.6
Total Cash From Financing Activities -158.7 -479.8 -638.4
Exchange Rate Effects 1.9 0.0 1.9
Net Change in Cash 184.6 345.3 529.9
Cash Taxes Paid 84.9 0.2 85.0
Cash Interest Paid 17.8 12.4 30.3