Summary

Other Scenarios:

Buyer: Chiron Corporation (CHIR) Last Price: 47.94 Market Cap.: 9.45B
Target: OSI Pharmaceuticals, Inc. (OSIP) Last Price: 26.79 Market Cap.: 1.52B

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)
  • OSI-461 cGMP (cGMP-PDEs Inhibitor)
  • PSN9301 (Dipeptidyl Peptidase-IV Inhibitor)
  • PSN105/PSN010 (Glucokinase Activators)
  • PSN357 (Glycogen Phosphlorylase Inhibitor)
Buyer
  • vCJD Immunoassay Kit
  • HTLV-III ELISA
  • HTLV-I/II ELISA
  • HBsAg System 3 ELISA
Target
  • Gelclair

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: 5)
  • Gilead Sciences, Inc. (GILD)
  • Nektar Therapeutics (NKTR)
  • ISIS Pharmaceuticals, Inc. (ISIS)
  • Phase Forward Incorporated (PFWD)
Buyer (Total: 16)
  • Schering AG (ADR) (SHR)
  • Johnson & Johnson (JNJ)
  • GlaxoSmithKline plc (ADR) (GSK)
  • sanofi-aventis (ADR) (SNY)
Target (Total: 8)
  • Pfizer Inc. (PFE)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Merck & Co., Inc. (MRK)
  • Wyeth (WYE)

Key Financial Summary:

Metric Buyer Target
Number of Employees 5,500 655
Revenue Per Employee 447,737.9 525,743.4
Total Revenue 614.0 86.5
Total Expenses 476.6 167.1
Other Revenue 15.2 4.1
Cost of Revenue 221.1 15.2
SG&A Expense 125.4 32.6
Research & Development 109.3 39.9
Other Operating Expense 7.7 12.3
Operating Income 137.4 -80.6
Unusual Income 1.1 60.9
Gross Margin % 63.99 82.38
Metric Buyer Target
Operating Margin % 22.38 -93.2
Total Assets 4,747.5 1,058.6
Return on Equity % 18.5 -55.35
Cash+ ST Inv. Per Share 3.37 3.11
Total Debt 1,097.2 266.3
Curr Portion of LTD/Cap Lease 49.6 1.3
Total Debt to Equity 36.77 46.03
LT Debt to Capital 25.98 31.42
Fwd P/E 26.49 -95.68
Fwd P/Rev 4.31 2.97
Book Value 2,984.1 578.5

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Infectious Diseases

Target

Focused (): *Healthcare > Biopharmaceuticals > Oncology

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

OSI Pharmaceuticals, Inc. (OSI) is a biotechnology company primarily focused on the discovery, development and commercialization of molecular targeted therapies addressing unmet medical needs in oncology, ophthalmology and diabetes. In November 2004, the Company launched its flagship anti-cancer product, Tarceva (erlotinib), in the United States, which is a small molecule inhibitor of the epidermal growth factor receptor (HER1/EGFR). Tarceva was approved for sale in the European Union (EU) for the treatment of non-small cell lung cancer (NSCLC) in September 2005. In November 2005, OSI completed its acquisition of Eyetech Pharmaceuticals, Inc. (Eyetech).

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
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.
  
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.
Ophthalmology
The Ophthalmology Subsector includes therapeutics that treat eye disorders, infections, inflammations and irritations.
  
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.
  
Weight Management
The Weight Management Subsectors includes herapeutics that treat and manage weight disorders.
  
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.
  
Medical Supplies
The Medical Supplies Subsector includes basic and consumable products that are widely used in healthcare settings.
  
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)
  
Digestive System  
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:

  • OSI-461 cGMP (cGMP-PDEs Inhibitor)
  
Endocrinology/Metabolism  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of endocrinology disorders in early stages of clinical research where human subject is involved.

Target Products:

  • PSN9301 (Dipeptidyl Peptidase-IV Inhibitor)
  • PSN105/PSN010 (Glucokinase Activators)
  • PSN357 (Glycogen Phosphlorylase Inhibitor)
  
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)
  
Topoisomerase II Inhibitors
Therapeutics that treat a neurodegenerative disease characterized by the gradual accumulation of plaques on the nerve sheaths an enzyme that inhibits the proliferation of cells.

Target Products:

  • Novantrone (Mitoxantrone 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.

Target Products:

  • OSI-461 cGMP (cGMP-PDEs Inhibitor)
  
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
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)
  
Topoisomerase II Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting a key enzyme involved with cell division.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
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)
  
Digestive System  
Pancreatic Cancer  
Metastatic  
Epidermal Growth Factor Receptor Tyrosine Kinase (EGFR-TK) Inhibitors
Therapeutics that treat and manage cancers of the pancreas by blocking the action of tyrosine kinase enzyme through switching off the signals from the epidermal growth factor receptors, which promote cell growth.

Target Products:

  • Tarceva (Erlotinib)
  
Hematology  
Leukemia  
Myeloid  
Acute  
Erythroleukemic  
Topoisomerase II Inhibitors
Therapeutics that treat and manage rapidly progressing cancers affecting immature red blood cells by inhibiting a specific enzyme needed for transcription and replication of DNA.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Monocytic  
Topoisomerase II Inhibitors
Therapeutics that treat and manage cancers affecting mononuclear cells by inhibiting a specific enzyme needed for transcription and replication of DNA.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Myeloblastic  
Topoisomerase II Inhibitors
Therapeutics that treat and manage rapidly progressing cancers affecting immature cells of the bone marrow by inhibiting a specific enzyme needed for transcription and replication of DNA.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Myelogenous (AML)  
Topoisomerase II Inhibitors
Therapeutics that treat and manage rapidly progressing cancers of the myelogenous cells by inhibiting a specific enzyme needed for transcription and replication of DNA.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Promyelocytic (APL)  
Topoisomerase II Inhibitors
Therapeutics that treat and manage promyelocytic leukemia by inhibiting a specific enzyme needed for transcription and replication of DNA.

Target Products:

  • Novantrone (Mitoxantrone 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:

  • OSI-930
  • Novantrone (Mitoxantrone Hydrochloride)
  • CP 547,632 (VEGFR Inhibitor)
  • OSI-461 cGMP (cGMP-PDEs Inhibitor)
  • CP-724,714 (Her2-neu Inhibitor)
  • Tarceva (Erlotinib)
  • CP-868,596 (Platelet-Derived Growth Factor Receptor Inhibitor)
  • OSI-7904L (Thymidylate Synthase Inhibitor)
  • Avastin (Bevacizumab)/Tarceva (Erlotinib HCl)
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.

Target Products:

  • OSI-817
  
Respiratory System/Thoracic  
Lung Cancer  
Non Small Cell Lung Cancer (NSCLC)  
Epidermal Growth Factor Receptor Tyrosine Kinase (EGFR-TK) Inhibitors
Therapeutics that treat and manage cancers of the lung including squamous cell carcinoma, adenocarcinoma and large cell carcinoma by blocking the tyrosine kinase enzyme by switching off the signals from the epidermal growth factor receptors.

Target Products:

  • Tarceva (Erlotinib)
  
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)
  
Prostate Cancer  
Palliative Agents  
Topoisomerase II Inhibitors
Therapeutics that treat and manage cancer of the prostate gland by inhibiting a specific enzyme needed for transcription and replication of DNA but are not curative.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Ophthalmology  
Degenerative Disorders  
Edema  
Vascular Endothelial Growth Factor Inhibitors (VEGF)
Therapeutics that treat macular edema by binding to the vascular endothelial growth factor (VEGF) and inhibiting the formation of blood vessels in the eye.

Target Products:

  • Macugen (Pegaptanib Sodium)
  
Macular Degeneration (AMD)  
Vascular Endothelial Growth Factor Inhibitors (VEGF)
Therapeutics that treat macular degeneration by binding to the vascular endothelial growth factor (VEGF) and inhibiting the formation of blood vessels in the eye.

Target Products:

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

Target Products:

  • Macugen (Pegaptanib Sodium)
  
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)
  
Weight Management  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of weight disorders in very early stages of research where no human subject is involved.

Target Products:

  • Prosidion Obesity Reserach (Appetite Targets/GPCR Agonist Program/CB-1 Antagonist)
  
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
  
Medical Supplies  
Treatment  
Wound Management/First Aid  
Drainage/Hydration
Medical devices designed to irrigate, moisturize and remove excess fluids from wounds and wound surface.

Target Products:

  • Gelclair
  
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
  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
Roche Holding Ltd. (ADR) n/a 128,694.321 28.56 28.26 4.65 4.23 7.33
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
Eli Lilly & Co. n/a 60,194.193 30.36 17.02 4.11 3.86 5.58
Bristol Myers Squibb Co. n/a 47,206.437 15.74 20.03 2.46 2.46 10.57
Alnylam Pharmaceuticals, Inc. n/a 481.373 n/a -9.99 84.23 36.50 8.12
Vion Pharmaceuticals, Inc. n/a 139.113 n/a -5.26 7,020.55 4,637.11 2.86
Point Therapeutics, Inc. n/a 98.584 n/a -3.31 n/a 155.01 2.87
CancerVax Corporation n/a 77.430 n/a -2.39 1.92 19.36 2.92
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
GlaxoSmithKline plc (ADR) n/a 152,087.937 18.72 17.97 4.05 4.03 27.09
Roche Holding Ltd. (ADR) n/a 128,694.321 28.56 28.26 4.65 4.23 7.33
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
Genentech, Inc. n/a 86,076.342 67.37 45.63 12.98 9.88 15.42
Amgen, Inc. n/a 82,623.807 22.71 19.41 6.65 5.80 13.30
AstraZeneca PLC (ADR) n/a 81,291.002 17.55 17.82 3.39 3.43 7.47
Merck & Co., Inc. n/a 74,228.204 16.16 14.38 3.37 3.57 4.55
Eli Lilly & Co. n/a 60,194.193 30.36 17.02 4.11 3.86 5.58
Bristol Myers Squibb Co. n/a 47,206.437 15.74 20.03 2.46 2.46 10.57
Alcon, Inc. n/a 32,564.064 34.90 26.17 7.45 6.80 19.02

- 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
  Phase Forward Incorporated n/a 384.718 109.91 39.21 4.42 3.81 10.08
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
  Gilead Sciences, Inc. n/a 28,422.599 34.59 29.68 14.01 11.28 9.39
Nektar Therapeutics n/a 1,871.131 n/a -16.29 14.82 11.15 7.96
ISIS Pharmaceuticals, Inc. n/a 562.764 n/a -8.72 14.02 12.07 -14.11
Phase Forward Incorporated n/a 384.718 109.91 39.21 4.42 3.81 10.08
Degussa AG 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
  Merck & Co., Inc. n/a 74,228.204 16.16 14.38 3.37 3.57 4.55
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
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
  Pfizer Inc. n/a 180,093.387 22.38 12.19 3.51 3.48 12.80
Roche Holding Ltd. (ADR) n/a 128,694.321 28.56 28.26 4.65 4.23 7.33
Merck & Co., Inc. n/a 74,228.204 16.16 14.38 3.37 3.57 4.55
Wyeth n/a 62,226.960 16.96 15.25 3.32 3.09 7.90
BASF AG (ADR) n/a 39,926.100 11.28 10.78 0.78 0.78 2.41
Vertex Pharmaceuticals Incorporated n/a 3,924.116 n/a -18.34 24.39 17.48 16.41
Cold Spring Harbor Laboratory (CSHL) n/a n/a n/a n/a n/a n/a n/a
R.W. Johnson Pharmaceutical Research Institute 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
  Pfizer Inc. n/a 180,093.387 22.38 12.19 3.51 3.48 12.80
Roche Holding Ltd. (ADR) n/a 128,694.321 28.56 28.26 4.65 4.23 7.33
Merck & Co., Inc. n/a 74,228.204 16.16 14.38 3.37 3.57 4.55
Gilead Sciences, Inc. n/a 28,422.599 34.59 29.68 14.01 11.28 9.39
Nektar Therapeutics n/a 1,871.131 n/a -16.29 14.82 11.15 7.96
ISIS Pharmaceuticals, Inc. n/a 562.764 n/a -8.72 14.02 12.07 -14.11
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
  Pfizer Inc. n/a 180,093.387 22.38 12.19 3.51 3.48 12.80
Roche Holding Ltd. (ADR) n/a 128,694.321 28.56 28.26 4.65 4.23 7.33
Genentech, Inc. n/a 86,076.342 67.37 45.63 12.98 9.88 15.42
Merck & Co., Inc. n/a 74,228.204 16.16 14.38 3.37 3.57 4.55
Wyeth n/a 62,226.960 16.96 15.25 3.32 3.09 7.90
BASF AG (ADR) n/a 39,926.100 11.28 10.78 0.78 0.78 2.41
Gilead Sciences, Inc. n/a 28,422.599 34.59 29.68 14.01 11.28 9.39
Serono S.A. (ADR) n/a 9,160.606 n/a 17.05 3.54 3.46 5.01
Vertex Pharmaceuticals Incorporated n/a 3,924.116 n/a -18.34 24.39 17.48 16.41
Nektar Therapeutics n/a 1,871.131 n/a -16.29 14.82 11.15 7.96
ISIS Pharmaceuticals, Inc. n/a 562.764 n/a -8.72 14.02 12.07 -14.11
Enzon Pharmaceuticals, Inc. n/a 350.335 n/a 40.00 2.24 1.96 -2.97
SGX Pharmaceuticals, Inc. n/a 113.695 n/a -3.33 4.49 4.68 26.96
National Cancer Institute (NCI) n/a n/a n/a n/a n/a n/a n/a
Structural GenomiX n/a n/a n/a n/a n/a n/a n/a
Archemix Corporation n/a n/a n/a n/a n/a n/a n/a
Cold Spring Harbor Laboratory (CSHL) 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 1,888.3 155.5 2,043.8
Other Revenue 31.4 18.7 50.1
Total Revenue 1,919.7 174.2 2,093.9
Cost of Revenue 732.1 18.9 751.0
SG&A Expense 501.2 98.4 599.6
Depreciation & Amortization 66.2 17.5 83.8
Research & Development 433.9 126.0 559.8
Interest Expense 0.0 0.0 0.0
Other Operating Expense 20.5 12.3 32.8
Unusual Expense (Income) 15.7 64.4 80.1
Total Expenses 1,769.6 337.5 2,107.1
Operating Income 150.1 -163.3 -13.2
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -30.6 8.3 -22.4
Gain/Loss On Sale Of Assets -0.3 0.0 -0.3
Other, Net 83.7 -2.0 81.6
Income Before Taxes 202.9 -157.1 45.7
Income Taxes 22.4 0.0 22.4
Income After Taxes 180.5 -157.1 23.3
Net Income - Excl. Xord. Items 180.5 -157.1 23.3
Net Income - Incl. Xord. Items 180.5 -157.1 23.3
Income Avail. to Common 180.5 -157.1 23.3
Share Items
Basic Avg. Shares Outstanding 190.7 54.4 245.1
Basic EPS - Excl. Xord. Items 0.95 -2.97 0.10
Basic EPS - Incl. Xord. Items 0.95 -2.97 0.10
Full Dilution Adjustment 1.5 0.0 1.5
Fully Diluted Shares Outstanding 205.0 54.4 259.4
F.D. EPS - Excl. Xord. Items 0.90 -2.97 0.09
F.D. EPS - Incl. Xord. Items 0.90 -2.97 0.09
Balance Sheet
Assets
Cash and Equivalents 291.4 164.1 455.5
ST Investments 400.4 5.1 405.5
Accounts Receivable 483.2 152.5 635.7
Inventory 231.7 75.7 307.4
Prepayments and Advances 0.0 10.6 10.6
Other Current Assets 185.1 10.5 195.7
Current Assets 1,591.9 418.5 2,010.4
PPE 1,517.9 0.0 1,517.9
Accum D&A -629.0 0.0 -629.0
PPE, Net 888.8 61.9 950.8
Goodwill & Intangibles 1,365.7 566.2 1,932.0
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 11.9 125.7
Total Assets 4,747.5 1,058.6 5,806.1
Liabilities
Accounts Payable 117.9 80.5 198.3
Payable/Accrued 0.0 49.9 49.9
Accrued Expenses 93.9 0.0 93.9
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 49.6 1.3 50.8
Other (Current) Liabilities 303.4 10.7 314.1
Current Liab. 564.8 142.3 707.1
LT Debt 890.9 265.0 1,155.9
Capitalized Lease Obligations 156.7 0.0 156.7
Total LT Debt 1,047.6 265.0 1,312.6
Minority Interest (BS) 10.8 0.0 10.8
Other LT Liab. 140.2 72.8 213.0
Total Liabilities 1,763.3 480.1 2,243.5
Shareholders Equity
Common Stock 2.0 0.6 2.6
Additional Paid in Capital 2,850.5 1,592.2 4,442.7
Retained Earnings 104.1 -971.5 -867.4
Treasure Stock -88.4 -37.2 -125.7
Other Equity 115.9 -5.6 110.3
Total Equity 2,984.1 578.5 3,562.6
Total Liab. & Equity 4,747.5 1,058.6 5,806.1
Shares Outstanding 198.6 56.8 255.4
Cash Flow
Operating Cash Flow
CF Net Income 0.0 -157.1 -157.1
CF Depreciation 0.0 28.7 28.7
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 0.0 69.5 69.5
Change in Working Capital 192.0 -55.9 136.1
Total Cash From Operating Activities 192.0 -114.8 77.2
Investing Cash Flow
Capital Expenditures -151.5 -26.7 -178.2
Other Investing Cash Flows -293.5 -122.0 -415.5
Total Cash From Investing Activities -445.0 -148.7 -593.7
Financing Cash Flow
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 363.0 0.7 363.7
Purchase and Retirement of Debt 1.8 114.8 116.6
Other Financing Cash Flow 0.0 -16.1 -16.1
Total Cash From Financing Activities 363.8 99.4 463.2
Exchange Rate Effects -18.1 -1.4 -19.5
Net Change in Cash 92.7 -165.5 -72.8
Cash Taxes Paid 74.4 0.0 74.4
Cash Interest Paid 29.2 4.9 34.0