Summary

Other Scenarios:

Buyer: Chiron Corporation (CHIR) Last Price: 47.94 Market Cap.: 9.45B
Target: Cephalon, Inc. (CEPH) Last Price: 60.20 Market Cap.: 3.61B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 857
Biopharmaceuticals 314
Medical Devices   245
Outsourced Services 69

- 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)
  • Regranex (Beclapermin)
  • Betaseron (Interferon Beta-1b)
  • TOBI (Tobramycin)
  • (Tobi) Inhalable Tobramycin
Target (Total: 16)
  • Trisenox (Arsenic Trioxide)
  • Gabitril (Tiagabine)
  • Sparlon (Modafinil)
  • Provigil (Modafinil)
Buyer
  • vCJD Immunoassay Kit
  • HTLV-III ELISA
  • HTLV-I/II ELISA
  • HBsAg System 3 ELISA
Target
  • Cima Labs DuraSolv
  • Cima Labs OraSolv
  • Cima Labs Microemulsions Technology
  • Cima Labs OraVescent

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 15)
  • International Business Machines Corp. (IBM)
  • sanofi-aventis (ADR) (SNY)
  • Novartis AG (ADR) (NVS)
  • Amgen, Inc. (AMGN)
Target (Total: 9)
  • GlaxoSmithKline plc (ADR) (GSK)
  • sanofi-aventis (ADR) (SNY)
  • Abbott Laboratories (ABT)
  • Novo Nordisk A/S (ADR) (NVO)
Buyer (Total: 16)
  • Schering AG (ADR) (SHR)
  • Johnson & Johnson (JNJ)
  • GlaxoSmithKline plc (ADR) (GSK)
  • sanofi-aventis (ADR) (SNY)
Target (Total: 11)
  • sanofi-aventis (ADR) (SNY)
  • Novartis AG (ADR) (NVS)
  • AstraZeneca PLC (ADR) (AZN)
  • Wyeth (WYE)

Key Financial Summary:

Metric Buyer Target
Number of Employees 5,500 2,895
Revenue Per Employee 447,737.9 465,280.3
Total Revenue 614.0 336.4
Total Expenses 476.6 405.5
Other Revenue 15.2 13.5
Cost of Revenue 221.1 50.1
SG&A Expense 125.4 141.0
Research & Development 109.3 99.2
Other Operating Expense 7.7 0.0
Operating Income 137.4 -69.1
Unusual Income 1.1 92.0
Gross Margin % 63.99 85.1
Metric Buyer Target
Operating Margin % 22.38 -20.54
Total Assets 4,747.5 2,819.2
Return on Equity % 18.5 11.81
Cash+ ST Inv. Per Share 3.37 8.02
Total Debt 1,097.2 1,696.3
Curr Portion of LTD/Cap Lease 49.6 933.2
Total Debt to Equity 36.77 277.09
LT Debt to Capital 25.98 55.49
Fwd P/E 26.49 18.87
Fwd P/Rev 4.31 2.37
Book Value 2,984.1 612.2

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Infectious Diseases

Target

Focused (): *Healthcare > Biopharmaceuticals > Neurology

Business Description

Buyer

Chiron Corporation is a global biopharmaceutical company. The Company operates in three healthcare three-business units: blood testing, vaccines and biopharmaceuticals. Its Blood Testing is dedicated to preventing the spread of infectious diseases through the development and sale of blood-screening assays and equipment that protect the world's blood supply. Its vaccines segment offers approximately 20 influenza, meningococcal, travel, and pediatric and other vaccines. The biopharmaceuticals segment researches, develops, manufactures and markets a range of therapeutic products for cancer and infectious and pulmonary disease.

Target

Cephalon, Inc. is a biopharmaceutical company dedicated to the discovery, development and marketing of products to treat sleep and neurological disorders, cancer and pain. The Company markets three products in the United States and other products in various countries throughout Europe. Cephalon's PROVIGIL Tablets contains modafinil, which is a class of wakefulness-promoting agents. ACTIQ (oral transmucosal fentanyl citrate) is approved in the United States for the management of cancer pain in opioid-tolerant patients. GABITRIL (tiagabine hydrochloride) is a selective gamma-aminobutyric acid (GABA) reuptake inhibitor approved for use as adjunctive therapy in the treatment of partial seizures in epileptic patients. On August 12, 2004, the Company completed its acquisition of CIMA LABS INC.

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
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.
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.
  
Wound Management
The Wound Management Subsector includes therapeutics that treat cuts, abrasions, and burns from trauma or diseases.
  
Medical Devices  
Clinical Diagnostics
The Clinical Diagnostics Subsector includes medical devices that analyze human body specimens within a medical setting. These devices, including equipment, biological and chemical reagents are primarily used for the diagnosis of diseases.
  
Transfusion Medicine
The Transfusion Medicine Subsector includes medical devices and accessories that prepare or implement blood transfusion.
  
Outsourced Services
Development/Manufacturing Services
The Development/Manufacturing Services Subsector includes companies that provide research, development, manufacturing, sales and marketing to biopharmaceutical and medical device companies.
  
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
Dermatology  
Ulcers  
Diabetic Foot  
Platelet Derived Growth Factors (PDGF)
Therapeutics that treat foot ulcers by promoting the recruitment of cells involved in tissue repair and also enhancing the formation of granulation tissue.

Buyer Products:

  • Regranex (Beclapermin)
  
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.

Target Products:

  • Trisenox (Arsenic Trioxide)
  
Immunology  
Autoimmune Disorders  
Multiple Sclerosis (MS)  
Interferons
Therapeutics that treat multiple sclerosis with a recombinant human protein that downregulates the antibody response of the immune system.

Buyer Products:

  • Betaseron (Interferon Beta-1b)
  
Infectious Diseases  
Bacterial  
Antibacterial Agents  
Narrow Spectrum  
Respiratory System  
Cystic Fibrosis/Pseudomonas Aeruginosa  
Aminoglycosides
Therapeutics that treat a generalized genetic disorder characterized by excess mucous production in the lungs that leads to severe respiratory infection by inhibiting bacterial protein synthesis.

Buyer Products:

  • TOBI (Tobramycin)
  • (Tobi) Inhalable Tobramycin
  
Pneumonia  
Tissue Factor Pathway Inhibitor (TFPI)
Therapeutics that treat pneumonia by blocking a key step in blood coagulation.

Buyer Products:

  • Tifacogin
  
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:

  • Multivalent (ACYW) Meningococcal Vaccine
  • PA-824
  • HIV Vaccine
  • Meningococcus B Vaccine
  • Flu Cell Culture Vaccine
  • Hepatitis C (HCV) Vaccine
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in very early stages of research where no human subject is involved.

Buyer Products:

  • H9N2 Avian Influenza Vaccine
  
Viral  
Vaccines  
Viral  
Single Target  
Influenza (Flu)
Therapeutics that prevent or treat viral infections of the respiratory tract by producing or artificially increasing immunity to the Influenza virus.

Buyer Products:

  • Fluvirin (Triple Antigen Flu Vaccine)
  
Rabies
Therapeutics that prevent or treat viral infections that infect brain cells by producing or artificially increasing immunity to the rabies virus.

Buyer Products:

  • RabAvert (Rabies Vaccine)
  
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.

Target 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.

Target Products:

  • Gabitril (Tiagabine)
  
Neuromuscular Disorders  
Multiple Sclerosis (MS)  
Interferons
Therapeutics that treat multiple sclerosis with a recombinant human protein that down regulates the antibody response of the immune system.

Buyer Products:

  • Betaseron (Interferon Beta-1b)
  
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.

Target Products:

  • Gabitril (Tiagabine)
  
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.

Target 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.

Target Products:

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

Target Products:

  • Provigil (Modafinil)
  
Oncology
Dermatology  
Malignant Melanoma  
Interleukins  
Interleukin-2 (IL-2)
Therapeutics that treat and manage skin cancers that have spread beyond their original tumor site by providing a naturally occurring protein that stimulates the immune system.

Buyer Products:

  • Proleukin (Aldesleukin)
  
Hematology  
Leukemia  
Myeloid  
Acute  
Promyelocytic (APL)  
DNA Fragmenting Agents
Therapeutics that treat leukemia by breaking DNA, resulting in the death of cancer cells.

Target Products:

  • Trisenox (Arsenic Trioxide)
  
Lymphoma  
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.

Target 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:

  • CHIR-12.12 (Anti-CD40)
  • CHIR-258
  • CHIR-265
  • Proleukin (Aldesleukin)

Target Products:

  • CEP-701(Lestaurtinib)
  • Trisenox (Arsenic Trioxide)
  • CEP-7055 (VEGFR Inhibitor)
Urology  
Kidney Cancer (Renal Cell Carcinoma)  
Metastatic  
Interleukins  
Interleukin-2 (IL-2)
Therapeutics that treat and manage renal cancers that have spread beyond their original tumor site by providing a naturally occurring protein that stimulates the immune system.

Buyer Products:

  • Proleukin (Aldesleukin)
  
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.

Target Products:

  • Actiq Sugar-Free (Oral Transmucosal Fentanyl Citrate) [C-II]
  • Actiq (Oral Transmucosal Fentanyl Citrate) [C-II]
  • Cima Labs OraVescent Fentanyl
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of pain in early stages of clinical research where human subject is involved.

Target Products:

  • Gabitril (Tiagabine)
  
Respiratory System  
Lower Respiratory Tract Disorders (Lung Disorders)  
Cystic Fibrosis (CF)  
Complications  
Bacterial Infections  
Antibacterial Agents (Antibiotics)  
Aminoglycosides
Therapeutics that treat bacterial infections of the lung resulting as a complication of cystic fibrosis by interfering with RNA, thus leading to inhibition of protein synthesis.

Buyer Products:

  • TOBI (Tobramycin)
  • (Tobi) Inhalable Tobramycin
  
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:

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

Target Products:

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

Target Products:

  • Medisorb Vivitrol (Naltrexone)
  
Transplantation  
Lung  
Rejection Prophylaxis  
Immunosuppressants
Therapeutics that manage and suppress the response of the immune system to foreign tissue.

Buyer Products:

  • Pulminiq (Aerosolized Cyclosporine)
  
Wound Management  
Ulcers  
Diabetic Foot  
Platelet Derived Growth Factors (PDGF)
Therapeutics that treat foot ulcers by promoting the recruitment of cells involved in tissue repair and also enhancing the formation of granulation tissue.

Buyer Products:

  • Regranex (Beclapermin)
  
Medical Devices  
Clinical Diagnostics  
Immunoassays  
Reagents  
Test Kits  
Special/Immuno Chemistry  
Creutzfeldt-Jakob Disease (Mad Cow Disease)
Immunoassay test kits which help diagnose Creutzfeldt-Jakob Disease (Mad Cow Disease).

Buyer Products:

  • vCJD Immunoassay Kit
  
Viral  
HTLV I/II/III
Immunoassay kit which tests for the presence of infectious disease or previous infection caused by the HTLV I, II and III viruses.

Buyer Products:

  • HTLV-III ELISA
  • HTLV-I/II ELISA
  
Hepatitis
Immunoassay kits which tests for current or previous infection caused by Hepatitis viruses.

Buyer Products:

  • HBsAg System 3 ELISA
  • HCV 3.0 ELISA
  • HBCore ELISA
  • HCV Ag ELISA 2.0
  • HBsAg System 2 ELISA
  • Anti HBS ECi
  • RIBA HCV 3.0 SIA
  • Anti HCV ECi
  • HBsAg ECi
  
Human Immunodeficiency Virus (HIV)  
Serum  
EIA
Immunoassay kit which tests for the presence of infectious disease caused by the Human Immunodeficiency Virus in serum or plasma using EIA methodologies.

Buyer Products:

  • HIV-1/2 ELISA
  • RIBA HIV-1/HIV-2 SIA
  
Microbiology  
Genetic Probes/PCR  
Automated Analyzers
Analyzers designed for genetic probe assays.

Buyer Products:

  • Procleix Optiva System
  • Procleix System
  • Procleix Tigris System
  
Reagents  
Viral  
Hepatitis B Virus
Genetic probes for detection and/or quantitation of HBV.

Buyer Products:

  • Procleix Ultrio Assay
  
Hepatitis C Virus
Genetic probes for detection and/or quantitation of HCV.

Buyer Products:

  • Procleix HIV-1/HCV Assay
  • Procleix Ultrio Assay
  
Human Immunodeficiency Virus (HIV)
Genetic probes for detection and quantification of HIV.

Buyer Products:

  • Procleix HIV-1/HCV Assay
  • Procleix Ultrio Assay
  
West Nile Virus
Genetic probe for detection and/or quantitation of West Nile Virus.

Buyer Products:

  • Procleix West Nile Virus Assay
  
Transfusion Medicine  
Immunohematology  
Blood Conversion System
Devices that convert blood group A or B to O to facilitate transfusion procedures.

Buyer Products:

  • A-ECO Blood System
  
Outsourced Services
Development/Manufacturing Services  
Contract Manufacturing Organizations (CMO)  
Pharmaceuticals  
Biologics
Active Ingredient Contract Manufacturing Organizations (CMO) that manufacture antibodies, proteins, and genetic materials.

Buyer Products:

  • Contract Manufacturing Services
  
Drug Delivery Technology  
Oral Delivery  
Effervescents
Drug Delivery Technologies used to deliver drugs by dissolving in liquid which can then be ingested.

Target Products:

  • Cima Labs DuraSolv
  • Cima Labs OraSolv
  
Lipid Based
Drug Delivery Technologies used to deliver drugs in a liposomal/lipid formulation.

Target Products:

  • Cima Labs Microemulsions Technology
  
Transmucosal  
Effervescents
Drug Delivery Technologies used to deliver drugs by dissolving in liquid which can then be ingested.

Target Products:

  • Cima Labs OraVescent
  
Drug Discovery Services  
Target Discovery/Validation  
Services
Drug discovery services that discover and validate drug targets for the development of novel biopharmaceutical drugs.

Buyer Products:

  • Sagres Discovery Oncogenome
  

- 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
  Pfizer Inc. n/a 180,093.387 22.38 12.19 3.51 3.48 12.80
GlaxoSmithKline plc (ADR) n/a 152,087.937 18.72 17.97 4.05 4.03 27.09
Eli Lilly & Co. n/a 60,194.193 30.36 17.02 4.11 3.86 5.58
Alnylam Pharmaceuticals, Inc. n/a 481.373 n/a -9.99 84.23 36.50 8.12
Spectrum Pharmaceuticals, Inc. n/a 109.774 n/a -4.54 190.23 n/a 1.80
Buyer
  Pfizer Inc. n/a 180,093.387 22.38 12.19 3.51 3.48 12.80
GlaxoSmithKline plc (ADR) n/a 152,087.937 18.72 17.97 4.05 4.03 27.09
Target
  Pfizer Inc. n/a 180,093.387 22.38 12.19 3.51 3.48 12.80
Johnson & Johnson n/a 172,344.164 16.61 15.65 3.41 3.24 6.71
GlaxoSmithKline plc (ADR) n/a 152,087.937 18.72 17.97 4.05 4.03 27.09
Novartis AG (ADR) n/a 115,962.020 22.25 18.00 3.57 3.25 3.52
Eli Lilly & Co. n/a 60,194.193 30.36 17.02 4.11 3.86 5.58
Shire plc (ADR) n/a 7,693.694 n/a 28.86 4.81 4.38 11.11
Barr Pharmaceuticals, Inc. n/a 6,510.549 22.94 19.61 5.51 5.10 6.44
Impax Laboratories Inc. n/a 578.999 1,153.17 36.67 5.14 3.22 9.87
Alnylam Pharmaceuticals, Inc. n/a 481.373 n/a -9.99 84.23 36.50 8.12
Noven Pharmaceuticals, Inc. n/a 411.298 41.21 23.17 7.83 6.72 2.97
Pain Therapeutics, Inc. n/a 400.456 n/a -151.83 78.81 10.68 6.32
DOV Pharmaceutical, Inc. n/a 370.379 n/a -6.10 42.83 21.20 -19.19
Nastech Pharmaceutical n/a 339.200 n/a -37.65 45.54 6.79 6.10
Generex Biotechnology Corporation n/a 241.122 n/a n/a 822.71 n/a 12.14
StemCells, Inc. n/a 216.011 n/a n/a 1,085.69 n/a 6.67
Spectrum Pharmaceuticals, Inc. n/a 109.774 n/a -4.54 190.23 n/a 1.80
Antares Pharma, Inc. n/a 83.805 n/a n/a 38.00 n/a -65.73
BioDelivery Sciences International, Inc. n/a 32.762 n/a n/a 26.17 n/a -9.73

- 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
Overlap
  sanofi-aventis (ADR) n/a 127,939.289 n/a 13.23 4.40 3.65 5.96
Buyer
  International Business Machines Corp. n/a 128,488.325 16.37 14.13 1.41 1.41 5.84
sanofi-aventis (ADR) n/a 127,939.289 n/a 13.23 4.40 3.65 5.96
Novartis AG (ADR) n/a 115,962.020 22.25 18.00 3.57 3.25 3.52
Amgen, Inc. n/a 82,623.807 22.71 19.41 6.65 5.80 13.30
Baxter International Inc. n/a 24,024.789 24.91 17.89 2.44 2.32 10.66
Schering AG (ADR) n/a 19,731.499 26.52 24.44 3.09 n/a 6.39
Gen-Probe Incorporated n/a 2,718.419 45.10 51.86 8.88 8.11 6.67
Cubist Pharmaceuticals n/a 1,119.137 n/a -230.00 9.28 5.39 -80.62
Crucell N.V. (ADR) n/a 1,063.780 n/a n/a 23.09 20.76 6.43
Sirna Therapeutics, Inc. n/a 447.674 n/a -24.70 91.43 24.87 11.30
Phase Forward Incorporated n/a 384.718 109.91 39.21 4.42 3.81 10.08
Active Power, Inc. n/a 254.037 n/a n/a 14.28 n/a 4.69
Insightful Corporation n/a 34.117 17.21 n/a 1.53 n/a 3.94
Genelabs Technologies n/a 20.973 n/a n/a 2.35 n/a 4.61
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
Target
  GlaxoSmithKline plc (ADR) n/a 152,087.937 18.72 17.97 4.05 4.03 27.09
sanofi-aventis (ADR) n/a 127,939.289 n/a 13.23 4.40 3.65 5.96
Abbott Laboratories n/a 63,852.982 19.09 16.40 2.86 2.90 14.33
Novo Nordisk A/S (ADR) n/a 20,193.337 21.79 21.81 3.74 n/a 4.65
Koninklijke DSM N.V. (ADR) n/a 8,286.057 13.50 12.92 0.84 n/a 1.55
Elan Corporation, plc (ADR) n/a 6,201.242 n/a -17.63 12.65 10.06 -9.56
PHC, Inc. n/a 38.362 13.85 n/a 1.08 n/a 7.53
Kyowa Hakko Kogyo Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Ajinomoto Co., Inc. 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
Overlap
  sanofi-aventis (ADR) n/a 127,939.289 n/a 13.23 4.40 3.65 5.96
Buyer
  Schering AG (ADR) 10.60% 19,731.499 26.52 24.44 3.09 n/a 6.39
Johnson & Johnson n/a 172,344.164 16.61 15.65 3.41 3.24 6.71
GlaxoSmithKline plc (ADR) n/a 152,087.937 18.72 17.97 4.05 4.03 27.09
sanofi-aventis (ADR) n/a 127,939.289 n/a 13.23 4.40 3.65 5.96
Merck & Co., Inc. n/a 74,228.204 16.16 14.38 3.37 3.57 4.55
Abbott Laboratories n/a 63,852.982 19.09 16.40 2.86 2.90 14.33
Medco Health Solutions Inc. n/a 17,090.882 26.76 21.37 0.45 0.40 -97.33
Henry Schein, Inc. n/a 4,054.789 26.77 21.80 0.87 0.78 8.46
Gen-Probe Incorporated n/a 2,718.419 45.10 51.86 8.88 8.11 6.67
PSS World Medical, Inc. n/a 1,231.781 29.34 28.05 0.77 0.76 6.85
Cubist Pharmaceuticals n/a 1,119.137 n/a -230.00 9.28 5.39 -80.62
Nabi Biopharmaceuticals n/a 344.009 n/a -12.57 3.18 2.70 4.12
National Health Service (United Kingdom) n/a n/a n/a n/a n/a n/a n/a
Target
  sanofi-aventis (ADR) n/a 127,939.289 n/a 13.23 4.40 3.65 5.96
Novartis AG (ADR) n/a 115,962.020 22.25 18.00 3.57 3.25 3.52
AstraZeneca PLC (ADR) n/a 81,291.002 17.55 17.82 3.39 3.43 7.47
Wyeth n/a 62,226.960 16.96 15.25 3.32 3.09 7.90
Bristol Myers Squibb Co. n/a 47,206.437 15.74 20.03 2.46 2.46 10.57
Cardinal Health, Inc. n/a 29,536.578 25.68 22.44 0.38 0.36 8.05
Schering-Plough Corp. n/a 27,219.124 148.76 34.04 2.86 2.72 3.99
McKesson Corporation n/a 15,734.928 19.63 21.87 0.18 0.18 3.98
Akzo Nobel N.V. (ADR) n/a 15,024.506 17.23 15.93 0.99 0.95 4.59
AmerisourceBergen Corp. n/a 9,639.970 31.77 22.50 0.17 0.17 5.19
Schwarz Pharma, Inc. 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
  Johnson & Johnson n/a 172,344.164 16.61 15.65 3.41 3.24 6.71
GlaxoSmithKline plc (ADR) n/a 152,087.937 18.72 17.97 4.05 4.03 27.09
sanofi-aventis (ADR) n/a 127,939.289 n/a 13.23 4.40 3.65 5.96
Novartis AG (ADR) n/a 115,962.020 22.25 18.00 3.57 3.25 3.52
Abbott Laboratories n/a 63,852.982 19.09 16.40 2.86 2.90 14.33
Novo Nordisk A/S (ADR) n/a 20,193.337 21.79 21.81 3.74 n/a 4.65
Buyer
  Pfizer Inc. n/a 180,093.387 22.38 12.19 3.51 3.48 12.80
Johnson & Johnson n/a 172,344.164 16.61 15.65 3.41 3.24 6.71
Target
  Johnson & Johnson n/a 172,344.164 16.61 15.65 3.41 3.24 6.71
GlaxoSmithKline plc (ADR) n/a 152,087.937 18.72 17.97 4.05 4.03 27.09
sanofi-aventis (ADR) n/a 127,939.289 n/a 13.23 4.40 3.65 5.96
Novartis AG (ADR) n/a 115,962.020 22.25 18.00 3.57 3.25 3.52
Abbott Laboratories n/a 63,852.982 19.09 16.40 2.86 2.90 14.33
Cardinal Health, Inc. n/a 29,536.578 25.68 22.44 0.38 0.36 8.05
Teva Pharmaceutical Industries Ltd (ADR) n/a 25,827.609 24.04 20.59 4.92 3.15 8.81
Novo Nordisk A/S (ADR) n/a 20,193.337 21.79 21.81 3.74 n/a 4.65
McKesson Corporation n/a 15,734.928 19.63 21.87 0.18 0.18 3.98
AmerisourceBergen Corp. n/a 9,639.970 31.77 22.50 0.17 0.17 5.19
Koninklijke DSM N.V. (ADR) n/a 8,286.057 13.50 12.92 0.84 n/a 1.55
Barr Pharmaceuticals, Inc. n/a 6,510.549 22.94 19.61 5.51 5.10 6.44
Elan Corporation, plc (ADR) n/a 6,201.242 n/a -17.63 12.65 10.06 -9.56
Mylan Laboratories Inc. n/a 4,719.175 32.05 23.85 3.78 3.81 8.62
Bausch & Lomb Inc. n/a 2,482.516 16.43 12.68 1.05 1.07 4.35
Alkermes, Inc. n/a 2,017.498 n/a -439.20 14.84 13.03 91.30
Kyowa Hakko Kogyo Co., 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 1,888.3 1,156.5 3,044.8
Other Revenue 31.4 55.4 86.8
Total Revenue 1,919.7 1,211.9 3,131.6
Cost of Revenue 732.1 164.2 896.3
SG&A Expense 501.2 443.9 945.1
Depreciation & Amortization 66.2 84.3 150.5
Research & Development 433.9 354.8 788.7
Interest Expense 0.0 0.0 0.0
Other Operating Expense 20.5 0.0 20.5
Unusual Expense (Income) 15.7 385.5 401.2
Total Expenses 1,769.6 1,432.8 3,202.3
Operating Income 150.1 -220.9 -70.8
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -30.6 0.9 -29.7
Gain/Loss On Sale Of Assets -0.3 0.0 -0.3
Other, Net 83.7 -25.2 58.5
Income Before Taxes 202.9 -245.1 -42.3
Income Taxes 22.4 -70.2 -47.8
Income After Taxes 180.5 -175.0 5.5
Net Income - Excl. Xord. Items 180.5 -175.0 5.5
Net Income - Incl. Xord. Items 180.5 -175.0 5.5
Income Avail. to Common 180.5 -175.0 5.5
Share Items
Basic Avg. Shares Outstanding 190.7 58.1 248.8
Basic EPS - Excl. Xord. Items 0.95 -3.01 0.02
Basic EPS - Incl. Xord. Items 0.95 -3.01 0.02
Full Dilution Adjustment 1.5 0.0 1.5
Fully Diluted Shares Outstanding 205.0 60.4 265.4
F.D. EPS - Excl. Xord. Items 0.90 -3.06 0.02
F.D. EPS - Incl. Xord. Items 0.90 -3.06 0.02
Balance Sheet
Assets
Cash and Equivalents 291.4 205.1 496.5
ST Investments 400.4 279.0 679.4
Accounts Receivable 483.2 199.1 682.3
Inventory 231.7 137.9 369.6
Other Current Assets 185.1 227.8 412.9
Current Assets 1,591.9 1,048.8 2,640.7
PPE 1,517.9 0.0 1,517.9
Accum D&A -629.0 0.0 -629.0
PPE, Net 888.8 342.6 1,231.4
Goodwill & Intangibles 1,365.7 1,213.9 2,579.7
Long Term Investments 780.2 0.0 780.2
Note Receivable 7.1 0.0 7.1
Other Assets 0.0 0.0 0.0
Other LT Assets 113.8 213.8 327.6
Total Assets 4,747.5 2,819.2 7,566.7
Liabilities
Accounts Payable 117.9 53.7 171.6
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 93.9 291.7 385.7
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 49.6 933.2 982.8
Other (Current) Liabilities 303.4 0.0 303.4
Current Liab. 564.8 1,278.6 1,843.4
LT Debt 890.9 763.1 1,654.0
Capitalized Lease Obligations 156.7 0.0 156.7
Total LT Debt 1,047.6 763.1 1,810.7
Minority Interest (BS) 10.8 0.0 10.8
Deferred Taxes 0.0 110.7 110.7
Other LT Liab. 140.2 54.6 194.8
Total Liabilities 1,763.3 2,207.0 3,970.4
Shareholders Equity
Common Stock 2.0 0.6 2.6
Additional Paid in Capital 2,850.5 1,166.2 4,016.7
Retained Earnings 104.1 -570.1 -466.0
Treasure Stock -88.4 -17.1 -105.6
Other Equity 115.9 32.6 148.5
Total Equity 2,984.1 612.2 3,596.3
Total Liab. & Equity 4,747.5 2,819.2 7,566.7
Shares Outstanding 198.6 58.1 256.7
Cash Flow
Operating Cash Flow
CF Net Income 0.0 -175.0 -175.0
CF Depreciation 0.0 90.0 90.0
CF Deferred Taxes 0.0 -31.4 -31.4
Other Non-Cash Items 0.0 270.2 270.2
Change in Working Capital 192.0 31.9 223.9
Total Cash From Operating Activities 192.0 185.7 377.7
Investing Cash Flow
Capital Expenditures -151.5 -151.5 -303.0
Other Investing Cash Flows -293.5 -629.0 -922.4
Total Cash From Investing Activities -445.0 -780.5 -1,225.5
Financing Cash Flow
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 363.0 226.3 589.2
Purchase and Retirement of Debt 1.8 387.8 389.6
Other Financing Cash Flow 0.0 -382.3 -382.3
Total Cash From Financing Activities 363.8 231.8 595.6
Exchange Rate Effects -18.1 -6.3 -24.4
Net Change in Cash 92.7 -369.2 -276.5
Cash Taxes Paid 74.4 16.0 90.3
Cash Interest Paid 29.2 16.6 45.8