Summary

Other Scenarios:

Buyer: Endo Pharmaceuticals (ENDP) Last Price: 31.25 Market Cap.: 4.15B
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

- 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.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 31)
  • Symmetrel (Amantadine Hydrochloride)
  • Endo Generics Butalbital/Aspirin/Codeine/Caffeine
  • Frova (Frovatriptan Succinate)
  • Endo Generics Carbidopa/Levodopa
Target (Total: 9)
  • Berna Products Vivotif (Typhoid Vaccine Live Oral Ty21a)
  • Smallpox-MVA3000
  • C. difficile Vaccine
  • ChimeriVax
Buyer

n/a
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 6)
  • Vernalis plc (ADR) (VNLS)
  • United Parcel Service (UPS)
  • Ventiv Health, Inc. (VTIV)
  • Penwest Pharmaceuticals (PPCO)
Target (Total: 2)
  • Baxter International Inc. (BAX)
  • Cangene Corporation
Buyer (Total: 1)
  • EpiCept Corporation (EPCT)
Target (Total: 1)
  • Federal Government Agencies (United States)

Key Financial Summary:

Metric Buyer Target
Number of Employees 549 270
Revenue Per Employee 1,788,471.0 117,943.6
Total Revenue 240.8 8.0
Total Expenses 129.6 26.8
Other Revenue 0.0 0.0
Cost of Revenue 53.1 9.4
SG&A Expense 54.3 2.4
Research & Development 18.2 15.0
Other Operating Expense 0.0 0.0
Operating Income 111.2 -18.8
Unusual Income 0.0 0.0
Gross Margin % 77.94 -17.39
Metric Buyer Target
Operating Margin % 46.17 -234.78
Total Assets 1,371.7 229.6
Return on Equity % 34.57 -49.33
Cash+ ST Inv. Per Share 3.75 2.39
Total Debt 0.0 8.7
Curr Portion of LTD/Cap Lease 0.0 0.0
Total Debt to Equity 0 5.56
LT Debt to Capital 0 5.26
Fwd P/E 17.56 n/a
Fwd P/Rev 4.67 n/a
Book Value 843.4 156.6

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Pain Management

Target

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

Business Description

Buyer

Endo Pharmaceuticals Holdings Inc., through its wholly owned subsidiary, Endo Pharmaceuticals Inc. (Endo), is engaged in the sales, marketing, research and development of branded and generic pharmaceutical products primarily in the United States. Its portfolio of branded products includes Lidoderm, Percocet, Percodan, Frova, DepoDur and Zydone. The Company concentrates on generics that have one or more barriers to market entry, such as complex formulation, regulatory or legal challenges or difficulty in raw material sourcing. Its late-stage branded products pipeline includes two filed new drug applications (NDAs), two products in Phase III clinical trials and five products in Phase II clinical trials. During the year ended December 31, 2004, the branded products and the generic portfolio comprised approximately 69% and 31%, respectively, of the Company's net sales.

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
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.
  

- 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
Infectious Diseases
Bacterial  
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.

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.

Target Products:

  • Hyperimmune Globulin
  • Influenza Vaccine Program
  
Viral
RNA Viruses  
Orthomyxovirus  
Influenza A  
Viral Uncoating Inhibitors
Therapeutics that treat viral infections of the respiratory tract caused by Influenza A virus by preventing the removal of the protective shield around the viral genome, thus preventing the release of viral DNA into the host.

Buyer Products:

  • Symmetrel (Amantadine Hydrochloride)
  
Vaccines  
Viral  
Single Target  
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
  
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  
Neurological Disorders  
Headaches  
Tension Type  
Barbiturates/Non-Steroidal Anti-Inflammatory Drugs (NSAID)/Opioids/Stimulants
Therapeutics that treat pain by depressing neural activity, preventing inflammation and fever, altering the perception of and emotional response to pain, and stimulating the central nervous system.

Buyer Products:

  • Endo Generics Butalbital/Aspirin/Codeine/Caffeine
  
Vascular (Migraine)  
Acute Treatments  
Selective Serotonin Receptor Agonists (Triptans)
Therapeutics that treat vascular/migraine headaches by stimulating the receptor that binds with the neurotransmitter, serotonin.

Buyer Products:

  • Frova (Frovatriptan Succinate)
  
Neuromuscular Disorders  
Parkinson`s Disease (PD)  
Adjunctive Treatments  
Dopamine Receptor Agonists
Therapeutics that assist in the treatment of the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by stimulating dopamine receptors on neurons.

Buyer Products:

  • Endo Generics Carbidopa/Levodopa
  
Monoamine Oxidase (MAO) Inhibitors
Therapeutics that assist in the treatment of the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by inhibiting the degradation of neurotransmitters.

Buyer Products:

  • Endo Generics Selegiline Hydrochloride
  
Serotonin/Dopamine Reuptake Inhibitors
Therapeutics that treat the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by blocking the reabsorption of serotonin and dopamine in the brain.

Buyer Products:

  • Symmetrel (Amantadine Hydrochloride)
  
Psychiatric Disorders  
Schizophrenia  
Monoaminergic Antagonists
Therapeutics that treat schizophrenia by blocking the serotonin and dopamine receptors.

Buyer Products:

  • Moban (Molindone Hydrochloride)
  
Oncology  
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:

  • Rapinyl (Sublingual Fentanyl)
  
Pain Management  
Anesthesia  
General (Systemic)  
Adjunctive  
Hypnotic Agents (Sedatives)
Therapeutics that result in anesthesia by inducing sleep. These therapeutics have no analgesic action.

Buyer Products:

  • Propofol IDD-D
  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters both the perception of pain as well as the emotional response to pain.

Buyer Products:

  • Nubain (Nalbuphine Hydrochloride)
  • Numorphan (Oxymorphone Hydrochloride)
  
Local  
Sodium Channel Blocking Agents
Therapeutics that treat pain by blocking the movement of sodium ions and thus the initiation and conduction of nerve impulses across the neuronal membrane.

Buyer Products:

  • Synera Patch (Lidocaine/Tetracaine)
  • Lidoderm (Lidocaine)
  
Narcotics  
Analgesics/Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters the both the perception of pain as well as the emotional response to pain.

Buyer Products:

  • Percocet (Acetaminophen/Oxycodone)
  • Endo Generics Endocet (Acetaminophen/Oxycodone)
  • Percodan (Aspirin/Oxycodone)
  • Endo Generics Endodan (Aspirin/Oxycodone)
  • Zydone (Hydrocodone Bitartrate/Acetaminophen)
  
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:

  • Transdermal Fentanyl Patch
  • Depodur (Morphine Sulfate/Liposome)
  • Rapinyl (Sublingual Fentanyl)
  • DUROS Chronogesic (Sufentanil)
  • Endo Generics Morphine Sulfate Extended-Release Tablets
  • Nubain (Nalbuphine Hydrochloride)
  • Numorphan (Oxymorphone Hydrochloride)
  • EN3202 (Oxymorphone Hydrochloride Extended-Release)
  • EN3218 (Oxycodone Extended-Release)
  • Endo Generics Hydromorphone Hydrochloride
  • EN3203 (Oxymorphone Hydrochloride Immediate-Release)
  
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:

  • Propofol IDD-D
  • Ketoprofen Patch
  • LidoPAIN BP
  • Lidoderm (Lidocaine)
  
Respiratory System  
Upper Respiratory Tract Disorders  
Coughs/Colds  
Anticholinergic Agents/Opioids
Therapeutics that treat coughs and colds by relieving pain and fever as well as suppressing cough.

Buyer Products:

  • Hycodan (Hydrocodone Bitartrate/Homatropine Methylbromide)
  
Antihistamines/Decongestants/Opioids
Therapeutics that treat coughs and colds by suppressing histamine-related inflammation, preventing congestion and altering both the perception and emotional response to pain.

Buyer Products:

  • Hycomine (Chlorpheniramine Maleate/Phenylephrine Hydrochloride/Acetaminophen/Hydrocodone Bitartrate)
  
Expectorants/Opioids
Therapeutics that treat coughs and colds by suppressing the cough and helping in the ejection of the mucous.

Buyer Products:

  • Hycotuss (Guaifenesin/Hydrocodone Bitartrate)
  
Toxicology  
Substance Abuse  
Withdrawal  
Narcotics  
Opioid Antagonists
Therapeutics that treat narcotic addiction by blocking the effect of opioids.

Buyer Products:

  • Narcan (Naloxone Hydrocloride)
  

- 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
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
Abbott Laboratories n/a 67,576.455 20.20 16.94 3.03 3.03 15.17
Tyco International Ltd. n/a 52,782.985 18.42 14.13 1.34 1.27 17.90
Elan Corporation, plc (ADR) n/a 6,243.654 n/a -18.68 12.73 10.82 -9.48
Mylan Laboratories Inc. n/a 4,828.630 32.80 24.11 3.87 3.83 8.82
Watson Pharmaceuticals, Inc. n/a 3,274.583 23.64 21.26 1.99 1.78 3.65
New River Pharmaceuticals, Inc. n/a 1,134.044 n/a -40.31 n/a 45.06 1,442.80
Ligand Pharmaceuticals n/a 882.162 n/a -21.85 5.36 4.96 -3.58
Impax Laboratories Inc. n/a 526.362 1,048.34 33.63 4.67 2.95 8.97
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
Berna Biotech AG 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
  Vernalis plc (ADR) 8.70% 210.196 n/a n/a 7.46 n/a -19.75
United Parcel Service n/a 85,370.552 22.32 19.42 2.00 1.81 n/a
Ventiv Health, Inc. n/a 804.149 16.12 21.42 1.61 1.52 6.16
Penwest Pharmaceuticals n/a 472.070 n/a -14.18 73.40 85.67 n/a
SkyePharma PLC (ADR) n/a 450.833 n/a n/a 3.72 n/a -4.07
Noven Pharmaceuticals, Inc. n/a 401.875 61.93 21.61 8.29 6.20 3.04
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
  EpiCept Corporation n/a 79.454 n/a n/a 62.68 n/a -2.95
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
Buyer
  Novartis AG (ADR) n/a 114,528.330 21.98 17.37 3.52 3.16 3.47
United Parcel Service n/a 85,370.552 22.32 19.42 2.00 1.81 n/a
Tyco International Ltd. n/a 52,782.985 18.42 14.13 1.34 1.27 17.90
Ventiv Health, Inc. n/a 804.149 16.12 21.42 1.61 1.52 6.16
Penwest Pharmaceuticals n/a 472.070 n/a -14.18 73.40 85.67 n/a
SkyePharma PLC (ADR) n/a 450.833 n/a n/a 3.72 n/a -4.07
Noven Pharmaceuticals, Inc. n/a 401.875 61.93 21.61 8.29 6.20 3.04
DURECT Corporation n/a 305.314 n/a -12.98 10.69 10.40 8.38
Vernalis plc (ADR) n/a 210.196 n/a n/a 7.46 n/a -19.75
EpiCept Corporation n/a 79.454 n/a n/a 62.68 n/a -2.95
Teikoku Seiyaku Pharmaceuticals n/a n/a n/a n/a n/a n/a n/a
Hind Healthcare Inc. n/a n/a n/a n/a n/a n/a n/a
Orexo AB n/a n/a n/a n/a n/a n/a n/a
ZARS, Inc. n/a n/a n/a n/a n/a n/a n/a
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 820.2 69.8 890.0
Other Revenue 0.0 0.0 0.0
Total Revenue 820.2 69.8 890.0
Cost of Revenue 186.4 43.7 230.0
SG&A Expense 211.2 11.3 222.6
Depreciation & Amortization 15.5 0.0 15.5
Research & Development 88.3 53.4 141.7
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 5.5 0.0 5.5
Total Expenses 506.9 108.4 615.4
Operating Income 313.2 -38.6 274.6
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 11.0 0.9 11.9
Other, Net 0.0 0.0 0.0
Income Before Taxes 324.2 -32.4 291.9
Income Taxes 121.9 -5.6 116.4
Income After Taxes 202.3 -26.8 175.5
Net Income - Excl. Xord. Items 202.3 -26.8 175.5
Net Income - Incl. Xord. Items 202.3 -26.8 175.5
Income Avail. to Common 202.3 -26.8 175.5
Share Items
Basic Avg. Shares Outstanding 132.7 53.6 186.4
Basic EPS - Excl. Xord. Items 1.53 -0.25 0.94
Basic EPS - Incl. Xord. Items 1.53 -0.50 0.94
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 133.7 53.6 187.4
F.D. EPS - Excl. Xord. Items 1.52 -0.52 0.94
F.D. EPS - Incl. Xord. Items 1.52 -0.52 0.94
Balance Sheet
Assets
Cash and Equivalents 501.0 103.6 604.5
ST Investments 0.0 24.4 24.4
Accounts Receivable 358.6 24.9 383.5
Inventory 51.0 6.4 57.4
Other Current Assets 82.8 0.0 82.8
Current Assets 993.4 159.3 1,152.6
Accum D&A 0.0 0.0 0.0
PPE, Net 38.0 36.2 74.2
Goodwill & Intangibles 280.1 34.1 314.3
Note Receivable 48.9 0.0 48.9
Other Assets 0.0 0.0 0.0
Other LT Assets 11.2 0.0 11.2
Total Assets 1,371.7 229.6 1,601.3
Liabilities
Accounts Payable 309.1 60.0 369.1
Payable/Accrued 0.0 0.0 0.0
ST Debt 0.0 0.0 0.0
Other (Current) Liabilities 200.4 0.0 200.4
Current Liab. 509.5 60.0 569.6
LT Debt 0.0 8.7 8.7
Total LT Debt 0.0 8.7 8.7
Deferred Taxes 0.0 2.8 2.8
Other LT Liab. 18.8 1.4 20.2
Total Liabilities 528.3 72.9 601.2
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 843.4 0.0 843.4
Total Equity 843.4 156.6 1,000.0
Total Liab. & Equity 1,371.7 229.6 1,601.3
Shares Outstanding 132.7 53.6 186.4
Cash Flow
Operating Cash Flow
CF Net Income 0.0 -32.4 -32.4
CF Depreciation 0.0 7.5 7.5
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 0.0 1.0 1.0
Change in Working Capital 284.6 -40.2 244.4
Total Cash From Operating Activities 284.6 -64.1 220.6
Investing Cash Flow
Capital Expenditures 0.0 -7.1 -7.1
Other Investing Cash Flows -26.7 -2.8 -29.5
Total Cash From Investing Activities -26.7 -9.9 -36.6
Financing Cash Flow
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 0.0 2.3 2.3
Purchase and Retirement of Debt 0.0 118.2 118.2
Other Financing Cash Flow -35.0 -45.1 -80.1
Total Cash From Financing Activities -35.0 69.6 34.6
Exchange Rate Effects 0.0 0.0 0.0
Net Change in Cash 222.9 -4.4 218.6
Cash Taxes Paid 0.0 9.9 9.9
Cash Interest Paid 0.0 6.8 6.8