Summary

Other Scenarios:

Buyer: Chiron Corporation (CHIR) Last Price: 45.33 Market Cap.: 8.55B
Target: Acambis plc (ADR) (ACAM) Last Price: 7.21 Market Cap.: 3.87B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 860
Biopharmaceuticals 311
Dermatology   6
Immunology   10
Infectious Diseases 33
Neurology   29
Oncology   71
Respiratory System   6
Transplantation   0
Wound Management   2
Medical Devices   246
Clinical Diagnostics   38
Transfusion Medicine   5
Outsourced Services   70
Development/Manufacturing Services   33
Drug Discovery Services   18

- 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: 41)
  • TOBI (Tobramycin)
  • (Tobi) Inhalable Tobramycin
  • Tifacogin
  • Multivalent (ACYW) Meningococcal Vaccine
Target (Total: 9)
  • Berna Products Vivotif (Typhoid Vaccine Live Oral Ty21a)
  • Smallpox-MVA3000
  • C. difficile Vaccine
  • ChimeriVax
Buyer
  • Regranex (Beclapermin)
  • Betaseron (Interferon Beta-1b)
  • Proleukin (Aldesleukin)
  • CHIR-12.12 (Anti-CD40)
Target

n/a

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)
  • Baxter International Inc. (BAX)
Target (Total: 2)
  • Baxter International Inc. (BAX)
  • Cangene Corporation
Buyer (Total: 16)
  • Schering AG (ADR) (SHR)
  • Johnson & Johnson (JNJ)
  • GlaxoSmithKline plc (ADR) (GSK)
  • sanofi-aventis (ADR) (SNY)
Target (Total: 1)
  • Federal Government Agencies (United States)

Key Financial Summary:

Metric Buyer Target
Number of Employees 5,400 270
Revenue Per Employee 356,244.9 117,943.6
Total Revenue 615.6 8.0
Total Expenses 471.0 26.8
Other Revenue 15.2 0.0
Cost of Revenue 215.1 9.4
SG&A Expense 125.8 2.4
Research & Development 109.3 15.0
Other Operating Expense 7.7 0.0
Operating Income 144.7 -18.8
Unusual Income 1.1 0.0
Gross Margin % 65.06 -17.39
Metric Buyer Target
Operating Margin % 23.5 -234.78
Total Assets 4,726.0 229.6
Return on Equity % 19.29 -49.33
Cash+ ST Inv. Per Share 3.32 2.39
Total Debt 1,095.9 8.7
Curr Portion of LTD/Cap Lease 0.0 0.0
Total Debt to Equity 36.65 5.56
LT Debt to Capital 26.82 5.26
Fwd P/E 24.20 n/a
Fwd P/Rev 3.95 n/a
Book Value 2,990.3 156.6

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Infectious Diseases

Target

Focused (): *Healthcare > Biopharmaceuticals > Infectious Diseases > Viral > Vaccines

Business Description

Buyer

Chiron Corporation is a global pharmaceutical company focused on developing products for oncology and infectious diseases, and pulmonary disease. It participates in three healthcare three-business units: blood testing, vaccines and biopharmaceuticals. Chiron Blood Testing is dedicated to preventing the spread of infectious diseases through the development and sale of novel blood-screening assays and equipment that protect the world's blood supply. Chiron Vaccines offers more than 20 pediatric and adult vaccines, including influenza, meningococcal, travel and pediatric vaccines. Chiron Biopharmaceuticals discovers, develops, manufactures and markets a range of therapeutic products for cancer and infectious and pulmonary disease. In August 2004, the Company acquired Prion Solutions Inc., a privately held company based in La Jolla, California, focused on research into variant Creutzfeldt-Jakob disease and other prion-related diseases.

Target

Acambis plc is a biopharmaceutical company operating in the infectious disease arena, with a focus on developing new vaccines. The Company's revenues are principally derived by sales of ACAM2000, the investigational product in its smallpox vaccine franchise, which is being sold to governments, even while it undergoes clinical testing. In addition, revenues also come from sales in North America of an oral typhoid vaccine, Vivotif by its sales and distribution operation, Berna Products Corporation. The majority of Acambis' operations are in the United States, with research and development in Cambridge, Massachusetts; manufacturing in Canton, Massachusetts; a sales and marketing operation in Miami, Florida, and a lyophilisation and fill and finish facility in Rockville, Maryland that the Company acquired in May 2005. During the year ended December 31, 2004, Acambis' customer, the United States Centres for Disease Control and Prevention, accounted for 84% of its revenues.

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
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.
  
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.
  
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 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)
  
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
  
Vaccines  
Bacterial  
Single Target  
Typhoid Fever
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to pathogens that cause typhoid fever.

Target Products:

  • Berna Products Vivotif (Typhoid Vaccine Live Oral Ty21a)
  
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

Target Products:

  • Smallpox-MVA3000
  • C. difficile Vaccine
  • ChimeriVax
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

Target Products:

  • Hyperimmune Globulin
  • Influenza Vaccine Program
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)
  
Japanese Encephalitis
Therapeutics that prevent or treat viral infections characterized by inflammation of the brain by producing or artificially increasing immunity to the Japanese B Encephalitis virus.

Target Products:

  • ChimeriVax
  
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)
  
Variola (Smallpox)
Therapeutics that prevent or treat viral infections that cause a diffuse and extensive distribution of lesions by producing or artificially increasing immunity to the Variola virus.

Target Products:

  • Vaccinia Immune Globulin (VIG)
  • Smallpox-ACAM2000
  
Yellow Fever
Therapeutics that prevent or treat viral infections characterized by fever and hemorrhage by producing or artificially increasing immunity to the yellow fever virus.

Target Products:

  • Arilvax
  
Neurology  
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)
  
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)
  
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
  • Proleukin (Aldesleukin)
  
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)
  
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)
  
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 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
  GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Merck & Co., Inc. n/a 76,007.326 16.54 14.81 3.45 3.62 n/a
Wyeth n/a 65,725.563 17.91 16.16 3.50 3.26 8.34
Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Crucell N.V. (ADR) n/a 1,009.493 n/a -33.30 21.91 19.66 6.10
VaxGen, Inc. n/a 334.554 n/a -5.37 23.40 7.53 12.55
AVANT Immunotherapeutics, Inc. n/a 143.873 n/a n/a 29.58 14.59 7.81
Vical Incorporated n/a 140.636 n/a -5.52 11.72 8.54 1.75
Buyer
  Pfizer Inc. n/a 191,895.175 23.84 13.03 3.74 3.73 13.64
GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
Target
  GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Merck & Co., Inc. n/a 76,007.326 16.54 14.81 3.45 3.62 n/a
Wyeth n/a 65,725.563 17.91 16.16 3.50 3.26 8.34
Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Solvay SA (ADR) n/a 9,363.535 10.18 n/a 0.96 n/a 2.62
Chiron Corporation n/a 8,548.136 45.11 24.20 4.45 3.95 2.86
Crucell N.V. (ADR) n/a 1,009.493 n/a -33.30 21.91 19.66 6.10
VaxGen, Inc. n/a 334.554 n/a -5.37 23.40 7.53 12.55
Oscient Pharmaceuticals Corporation n/a 147.874 n/a -2.06 8.78 3.14 -1.76
AVANT Immunotherapeutics, Inc. n/a 143.873 n/a n/a 29.58 14.59 7.81
Vical Incorporated n/a 140.636 n/a -5.52 11.72 8.54 1.75
SIGA Technologies, Inc. n/a 25.441 n/a -9.50 3.59 2.81 56.28
DOR BioPharma, Inc. n/a 21.763 n/a n/a 6.80 n/a 14.74

- 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
  Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Buyer
  International Business Machines Corp. n/a 127,845.720 16.29 13.97 1.40 1.39 5.81
sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Novartis AG (ADR) n/a 114,528.330 21.98 17.37 3.52 3.16 3.47
Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Schering AG (ADR) n/a 15,142.999 21.29 18.60 2.47 n/a 4.96
Gen-Probe Incorporated n/a 2,655.572 44.05 49.02 8.68 7.77 6.51
Abgenix, Inc. n/a 2,019.394 n/a -13.04 110.07 52.32 177.78
Cubist Pharmaceuticals n/a 1,327.285 n/a -603.50 11.00 6.19 -95.62
Crucell N.V. (ADR) n/a 1,009.493 n/a -33.30 21.91 19.66 6.10
Sirna Therapeutics, Inc. n/a 407.328 n/a -16.61 88.92 28.97 9.13
Phase Forward Incorporated n/a 323.020 26.92 32.31 3.71 3.11 6.92
Active Power, Inc. n/a 210.608 n/a n/a 11.84 n/a 3.93
Insightful Corporation n/a 39.017 20.01 n/a 1.85 n/a 5.26
Genelabs Technologies n/a 32.881 n/a n/a 3.68 n/a 7.23
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
Target
  Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Cangene Corporation n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Schering AG (ADR) 10.60% 15,142.999 21.29 18.60 2.47 n/a 4.96
Johnson & Johnson n/a 175,639.871 16.93 15.76 3.48 3.26 n/a
GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Merck & Co., Inc. n/a 76,007.326 16.54 14.81 3.45 3.62 n/a
Abbott Laboratories n/a 67,576.455 20.20 16.94 3.03 3.03 15.17
Medco Health Solutions Inc. n/a 18,047.382 28.25 22.75 0.48 0.43 -106.35
Henry Schein, Inc. n/a 3,998.405 26.39 21.36 0.86 0.78 8.34
Gen-Probe Incorporated n/a 2,655.572 44.05 49.02 8.68 7.77 6.51
Cubist Pharmaceuticals n/a 1,327.285 n/a -603.50 11.00 6.19 -95.62
PSS World Medical, Inc. n/a 1,218.471 29.02 27.27 0.76 0.74 6.77
Nabi Biopharmaceuticals n/a 252.947 n/a -6.52 2.34 1.95 3.03
National Health Service (United Kingdom) n/a n/a n/a n/a n/a n/a n/a
The American Red Cross n/a n/a n/a n/a n/a n/a n/a
Government of New Zealand n/a n/a n/a n/a n/a n/a n/a
United Nations n/a n/a n/a n/a n/a n/a n/a
Target
  Federal Government Agencies (United States) 84.00% n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Berna Biotech AG n/a n/a n/a n/a n/a n/a n/a
Buyer
  Pfizer Inc. n/a 191,895.175 23.84 13.03 3.74 3.73 13.64
Johnson & Johnson n/a 175,639.871 16.93 15.76 3.48 3.26 n/a
GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
Roche Holding Ltd. (ADR) n/a 131,799.556 29.24 28.64 4.77 n/a 7.51
International Business Machines Corp. n/a 127,845.720 16.29 13.97 1.40 1.39 5.81
sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Novartis AG (ADR) n/a 114,528.330 21.98 17.37 3.52 3.16 3.47
Merck & Co., Inc. n/a 76,007.326 16.54 14.81 3.45 3.62 n/a
Abbott Laboratories n/a 67,576.455 20.20 16.94 3.03 3.03 15.17
Bayer AG (ADR) n/a 28,585.581 15.10 13.08 0.88 0.90 7.10
Gilead Sciences, Inc. n/a 28,240.968 34.37 29.40 13.92 11.18 9.33
Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Novo Nordisk A/S (ADR) n/a 19,134.790 20.65 20.47 3.54 n/a 4.40
Medco Health Solutions Inc. n/a 18,047.382 28.25 22.75 0.48 0.43 -106.35
Schering AG (ADR) n/a 15,142.999 21.29 18.60 2.47 n/a 4.96
MedImmune, Inc. n/a 8,832.720 n/a 87.44 7.10 6.50 7.15
Henry Schein, Inc. n/a 3,998.405 26.39 21.36 0.86 0.78 8.34
Target
  sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Chiron Corporation n/a 8,548.136 45.11 24.20 4.45 3.95 2.86
Cangene Corporation n/a n/a n/a n/a n/a n/a n/a
Berna Biotech AG 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 1,890.0 69.8 1,959.8
Other Revenue 31.4 0.0 31.4
Total Revenue 1,921.4 69.8 1,991.2
Cost of Revenue 726.1 43.7 769.8
SG&A Expense 501.6 11.3 512.9
Depreciation & Amortization 66.2 0.0 66.2
Research & Development 433.9 53.4 487.3
Interest Expense 0.0 0.0 0.0
Other Operating Expense 20.5 0.0 20.5
Unusual Expense (Income) 15.7 0.0 15.7
Total Expenses 1,764.0 108.4 1,872.4
Operating Income 157.4 -38.6 118.8
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 0.0 83.7
Income Before Taxes 210.1 -32.4 177.8
Income Taxes 23.5 -5.6 18.0
Income After Taxes 186.6 -26.8 159.8
Net Income - Excl. Xord. Items 186.6 -26.8 159.8
Net Income - Incl. Xord. Items 186.6 -26.8 159.8
Income Avail. to Common 186.6 -26.8 159.8
Share Items
Basic Avg. Shares Outstanding 190.7 53.6 244.3
Basic EPS - Excl. Xord. Items 0.98 -0.25 0.65
Basic EPS - Incl. Xord. Items 0.98 -0.50 0.65
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 205.0 53.6 258.6
F.D. EPS - Excl. Xord. Items 0.92 -0.52 0.62
F.D. EPS - Incl. Xord. Items 0.92 -0.52 0.62
Balance Sheet
Assets
Cash and Equivalents 680.1 103.6 783.7
ST Investments 0.0 24.4 24.4
Accounts Receivable 477.4 24.9 502.3
Inventory 237.6 6.4 244.1
Other Current Assets 195.1 0.0 195.1
Current Assets 1,590.3 159.3 1,749.5
Accum D&A 0.0 0.0 0.0
PPE, Net 860.9 36.2 897.1
Goodwill & Intangibles 0.0 34.1 34.1
Long Term Investments 728.7 0.0 728.7
Other Assets 0.0 0.0 0.0
Other LT Assets 1,546.1 0.0 1,546.1
Total Assets 4,726.0 229.6 4,955.5
Liabilities
Accounts Payable 0.0 60.0 60.0
Payable/Accrued 0.0 0.0 0.0
ST Debt 0.0 0.0 0.0
Other (Current) Liabilities 516.7 0.0 516.7
Current Liab. 516.7 60.0 576.8
LT Debt 939.2 8.7 947.9
Capitalized Lease Obligations 156.7 0.0 156.7
Total LT Debt 1,095.9 8.7 1,104.6
Minority Interest (BS) 10.9 0.0 10.9
Deferred Taxes 0.0 2.8 2.8
Other LT Liab. 112.2 1.4 113.6
Total Liabilities 1,735.7 72.9 1,808.6
Shareholders Equity
Common Stock 0.0 18.6 18.6
Additional Paid in Capital 0.0 170.6 170.6
Retained Earnings 0.0 -32.5 -32.5
Other Equity 2,990.3 0.0 2,990.3
Total Equity 2,990.3 156.6 3,146.9
Total Liab. & Equity 4,726.0 229.6 4,955.5
Shares Outstanding 190.7 53.6 244.3
Cash Flow
Operating Cash Flow
CF Net Income n/a -32.4 -32.4
CF Depreciation n/a 7.5 7.5
CF Deferred Taxes n/a 0.0 0.0
Other Non-Cash Items n/a 1.0 1.0
Change in Working Capital n/a -40.2 -40.2
Total Cash From Operating Activities n/a -64.1 -64.1
Investing Cash Flow
Capital Expenditures n/a -7.1 -7.1
Other Investing Cash Flows n/a -2.8 -2.8
Total Cash From Investing Activities n/a -9.9 -9.9
Financing Cash Flow
Dividends Paid n/a 0.0 0.0
Purchase Or Sale of Stock n/a 2.3 2.3
Purchase and Retirement of Debt n/a 118.2 118.2
Other Financing Cash Flow n/a -45.1 -45.1
Total Cash From Financing Activities n/a 69.6 69.6
Exchange Rate Effects n/a 0.0 0.0
Net Change in Cash n/a -4.4 -4.4
Cash Taxes Paid n/a 9.9 9.9
Cash Interest Paid n/a 6.8 6.8