Summary

Other Scenarios:

Buyer: Merck Serono S.A. (ADR) (SRA) Last Price: 22.72 Market Cap.: 13.92B
Target: Biovail Corporation (USA) (BVF) Last Price: 24.53 Market Cap.: 3.94B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 879
Biopharmaceuticals 337
Medical Devices   247
Outsourced Services   65

- 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: 38)
  • Zorbtive (Somatropin)
  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)
  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  • PTP 1b Inhibitor
Target (Total: 44)
  • Tiazac (Diltiazem)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  • Procardia XL (Nifedipine)
Buyer
  • easypod
  • SeroJet
  • one.click
  • Rebiject/Rebiject II
Target
  • Biovail Contract Research Division (CRD)
  • ShearForm
  • Macrocap
  • CEFORM

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 13)
  • Bioject Medical Technologies Inc. (BJCT)
  • Rigel Pharmaceuticals, Inc. (RIGL)
  • Vernalis plc (ADR) (VNLSY)
  • Regeneron Pharmaceuticals, Inc. (REGN)
Target (Total: 8)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • Wyeth (WYE)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
Buyer (Total: 6)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Abbott Laboratories (ABT)
  • Amgen, Inc. (AMGN)
  • Akzo Nobel N.V. (ADR) (AKZOY)
Target (Total: 6)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • AstraZeneca plc (ADR) (AZN)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 4,775 1,734
Revenue Per Employee 620,306.2 572,678.8
Total Revenue 739.2 247.0
Total Expenses 605.3 148.4
Other Revenue 83.6 4.2
Cost of Revenue 84.9 56.4
SG&A Expense 283.0 49.6
Research & Development 165.9 29.7
Other Operating Expense 71.4 0.0
Operating Income 134.0 98.6
Unusual Income 0.0 0.6
LT Debt to Capital 0.75 0.1
Fwd P/E n/a 13.59
Fwd P/Rev n/a 4.66
Book Value 3,682.9 1,342.5
Curr Portion of LTD/Cap Lease 0.0 410.6

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Neurology

Target

Focused (): *Healthcare > Biopharmaceuticals

Business Description

Buyer

Merck Serono S.A., formerly Serono S.A. is a biotechnology company that discovers, develops, manufactures and markets therapeutic products for the treatment of human diseases in selected therapeutic areas. It focuses on specialized markets of neurology, reproductive health, growth and metabolism, dermatology, oncology and autoimmune diseases and has eight biotechnology products on the market. The Company has a global presence with operations in more than 40 countries, main production facilities in four countries and sales in over 90 countries. As of December 31, 2006, the Company had approximately 25 ongoing development projects, based on proteins, monoclonal antibodies and small molecules. In January 2007, Merck KGaA acquired majority interest in Serono S.A.

Target

Biovail Corporation (Biovail) is a specialty pharmaceutical company that applies drug-delivery technologies to improve the clinical effectiveness of medicines. The Company?s principal therapeutic areas of focus are central nervous system disorders (CNS), pain management and cardiovascular disease. Biovail?s portfolio of oral drug-delivery technologies includes controlled release, graded release, enhanced absorption, rapid absorption, taste masking and oral disintegration, among others. These technologies can be combined to develop, a controlled release, orally disintegrating, taste masked tablet. Its drug-delivery technologies are applicable to a range of molecules, and can address the pharmaceutical industry's drug-delivery challenges.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 89.38 79
Operating Margin % 26.26 22.85
Quick Ratio 1.69 1.32
Current Ratio 2.38 1.46
Coverage Ratio 0.04 0.17
Total Assets 5,601.4 2,194.0
Return on Equity % 19.97 17.36
Return on Assets % 13.13 10.62
Cash+ ST Inv. Per Share 3.46 5.42
Total Debt 804.7 411.9
Total Debt to Equity % 21.85 30.69
Total Debt to Tangible Equity % 23.91 73.72
Debt to Asset % 14.37 18.78

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
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.
Musculoskeletal System
The Musculoskeletal System Subsector includes therapeutics that treat disorders of the bones, joints, ligaments, tendons, and soft tissue involved with them.
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
Obstetrics/Gynecology
The Obstetrics/Gynecology Subsector includes therapeutics that treat female genital disorders, pregnancy, and childbirth.
  
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.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
Weight Management
The Weight Management Subsectors includes herapeutics that treat and manage weight disorders.
  
Medical Devices  
Drug Delivery
The Drug Delivery Subsector includes medical devices that facilitate the delivery of medications through different anatomical entryways, including blood vessels, skin, the mouth, and the lungs. Common devices in this sector include vascular access catheters, needles, implants, and inhalers.
  
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.
  

- 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
Cardiovascular System  
Heart Disorders  
Angina  
Calcium Channel Blocking Agents
Therapeutics that treat chest pains by preventing the entry of calcium into heart muscle cells.

Target Products:

  • Tiazac (Diltiazem)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  • Procardia XL (Nifedipine)
  • Cardizem LA (Diltiazem Hydrochloride)
  
Vasodilatory Agents
Therapeutics that treat chest pains by acting on blood vessels to lower blood pressure.

Target Products:

  • Isordil (Isosorbide Dinitrate)
  
Arrhythmia  
Sodium Channel Blocking Agents
Therapeutics that treat abnormal rhythm of the heart by preventing the entry of sodium into heart muscle cells.

Target Products:

  • Norpace (Disopyramide Phosphate)
  
Heart Failure (HF)  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat the ineffective pumping of the heart by inhibiting the renin-angiotensin system.

Target Products:

  • Vasotec Tablets (Enalapril Maleate)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in very early stages of research where no human subject is involved.

Target Products:

  • Metoprolol ER/ACE Inhibitor
  • Metoprolol Once-Daily
  • Carvedilol CR
  • Metformin/ACE Inhibitor
  
Vascular Disorders  
Hypertension  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system.

Target Products:

  • Vasotec Tablets (Enalapril Maleate)
  • Vasotec I.V. (Enalapril)
  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)/Thiazide Diuretic Agents
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system and increasing the excretion of sodium ions, potassium ions, and water through urine.

Target Products:

  • Vaseretic (Enalapril Maleate/Hydrochlorothiazide)
  
Calcium Channel Blocking Agents
Therapeutics that treat high blood pressure by blocking the beta adrenergic receptors of the heart muscle and increasing the excretion of sodium ions, potassium ions, and water through urine.

Target Products:

  • Procardia XL (Nifedipine)
  • Tiazac (Diltiazem)
  • Cardizem LA (Diltiazem Hydrochloride)
  • Cardizem SR (Diltiazem Hydrochloride)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  
Peripheral Vascular Disease  
Blood Viscosity Reducing Agents
Therapeutics that treat arterial obstruction outside of the heart by altering the flow of red blood cells.

Target Products:

  • Trental (Pentoxifylline)
  
Digestive System  
Gastrointestinal Tract Disorders  
Intestinal Disorders  
Short Bowel Syndrome  
Growth Hormones
Therapeutics similar to pituitary hormones, which stimulate body growth and development to treat a disorder resulting from operative resection of the intestines leading to impaired absorption and digestion in the intestines.

Buyer Products:

  • Zorbtive (Somatropin)
  
Liver Disorders  
Hepatitis  
Hepatitis C  
Chronic  
Interferons
Therapeutics that treat hepatitis by providing a naturally occurring protein that stimulates the immune system.

Buyer Products:

  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)
  
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.

Buyer Products:

  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  
Endocrinology/Metabolism
Diabetes  
Non-Insulin Dependent Diabetes Mellitus (NIDDM)/Type 2 Diabetes  
Biguanides
Therapeutics that treat abnormally high blood glucose levels by decreasing the production of glucose in the liver, decreasing intestinal absorption of glucose and increasing peripheral uptake and utilization of glucose.

Target Products:

  • Glumetza (Metformin GR)
  
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.

Buyer Products:

  • PTP 1b Inhibitor
  
Pituitary Gland Disorders  
Lipodystrophy  
Growth Hormones
Therapeutics that treat lipodystrophy by providing a hormone which stimulates body growth and development.

Buyer Products:

  • Serostim (Somatropin)
  
Severe Short Stature  
Growth Hormones
Therapeutics similar to pituitary hormones, which stimulate body growth and development.

Buyer Products:

  • Geref (Sermorelin Acetate For Injection)
  • Saizen (Somatropin (rDNA Origin))
  
Turner`s Syndrome  
Growth Hormones
Therapeutics similar to pituitary hormones, which stimulate body growth and development.

Buyer Products:

  • Saizen (Somatropin (rDNA Origin))
  
Reproductive Disorders  
Amenorrhea  
Progestins
Female sex hormone necessary for the development of the female reproductive system.

Buyer Products:

  • Crinone (Progesterone Gel)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of endocrinology disorders in very early stages of research where no human subject is involved.

Target Products:

  • Simvastatin EA
  • Metformin/ACE Inhibitor
  
Immunology
Autoimmune Disorders
Arthritis  
Rheumatoid Arthritis (RA)  
Analgesics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking cyclooxygenase activity.

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
Multiple Sclerosis (MS)  
Adenosine Deaminase Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting the transformation of deoxyadenosine into deoxyinosine, thereby impairing the proliferation of certain white blood cells.

Buyer Products:

  • Mylinax (Cladribine)
  
Interferons
Therapeutics that treat multiple sclerosis with a recombinant human protein that downregulates the antibody response of the immune system.

Buyer Products:

  • Rebif (Recombinant Interferon Beta-1a)
  
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.

Buyer 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.

Buyer Products:

  • MMP-12 Inhibitor
  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  • JNK Inhibitor
  • Mylinax (Cladribine)
  • Atacicept/TACI-Ig
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • HuMax-TAC
  • Interferon Beta:Fc
  • NI-0401/NI-0501
  
Infectious Diseases
Viral
DNA Viruses  
Herpesvirus  
Herpes Simplex Type 1  
Purine Nucleoside Analogs
Therapeutics that treat viral infections characterized by recurrent cold sores and fever blisters by inhibiting replication of viral DNA by incorporating themselves into growing viral DNA stands.

Target Products:

  • Zovirax Cream/Ointment (Acyclovir)
  
RNA Viruses  
Flavivirus  
Hepatitis C  
Chronic  
Interferons
Therapeutics that treat hepatitis by providing a naturally occurring protein that stimulates the immune system.

Buyer Products:

  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)
  
Musculoskeletal System
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  • Atacicept/TACI-Ig
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • FGF-18
  
Skeletal Disorders  
Joint Disorders  
Osteoarthritis (OA)  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat inflammation by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
Rheumatoid Arthritis (RA)  
Analgesics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking cyclooxygenase activity.

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
Neurology
Neuromuscular Disorders  
Multiple Sclerosis (MS)  
Adenosine Deaminase Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting the transformation of deoxyadenosine into deoxyinosine, thereby impairing the proliferation of certain white blood cells.

Buyer Products:

  • Mylinax (Cladribine)
  
Interferons
Therapeutics that treat multiple sclerosis with a recombinant human protein that down regulates the antibody response of the immune system.

Buyer Products:

  • Rebif (Recombinant Interferon Beta-1a)
  
Topoisomerase II Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting a key enzyme involved with cell division.

Buyer Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • JNK Inhibitor
  • MMP-12 Inhibitor
  • Mylinax (Cladribine)
  
Psychiatric Disorders  
Anxiety  
Generalized Anxiety Disorder (GAD)  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat anxiety by enhancing the inhibitory neurotransmitter action of gamma-aminobutyric acid.

Target Products:

  • Ativan (Lorazepam)
  • Ativan Injection (Lorazepam)
  
Mood Disorders  
Depression  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat depression by selectively preventing the removal of serotonin.

Target Products:

  • Citalopram ODT
  • Paroxetine CR/FD
  
Serotonin/Norepinephrine Reuptake Inhibitors
Therapeutics that treat depression by inhibiting the neuronal uptake of serotonin and norepinephrine.

Target Products:

  • Wellbutrin XL (Bupropion Hydrochloride)
  • Wellbutrin SR (Bupropion Hydrochloride)
  
Sleep Disorders  
Insomnia  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat insomnia by enhancing the inhibitory action of gamma-aminobutyric acid.

Target Products:

  • Zolpidem ODT
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Osteopontin

Target Products:

  • Bupropion/SSRI Combination
  • Bupropion Salt
  • Venlafaxine CR
Obstetrics/Gynecology  
Female Genital Disorders  
Infertility  
Complications  
Premature Ovulation  
Gonadotropin Releasing Hormone (GnRH) Antagonists
Therapeutics that prevent premature ovulation by blocking the action of gonadotropin releasing hormone, which can stimulate ovulation.

Buyer Products:

  • Cetrotide (Cetrorelix Acetate)
  
Hormonal Treatments  
Gonadotropins
Therapeutics that treat difficulties in conceiving by stimulating sex hormone secretion from the female gonads.

Buyer Products:

  • Ovidrel/Ovidrel Pre-Filled Syringe (Choriogonadotropin Alfa)
  • Luveris (Lutropin alfa)
  
Ovulation Stimulating Agents
Therapeutics that treat infertility by stimulating the ovaries to release a mature egg.

Buyer Products:

  • Gonal-F (Follitropin Alfa)
  • Gonal-F Pen (Fllitropin Alfa Injection)
  • Serophene (Clomiphene Citrate)
  
Progestins
Therapeutics that treat female disorders characterized by the inability to achieve pregnancy or carry a pregnancy to term by increasing progesterone level in the body to induce uteran conditions favorable to conception and pregnancy.

Buyer Products:

  • Crinone (Progesterone Gel)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of female reproductive disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Hyperglycosylated r-FSH
  • Anastrozole
  • Oxytocin Receptor Antagonist
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of female reproductive disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Prostanoid FP Receptor Antagonist
  
Oncology  
Hematology  
Lymphoma (Lymphatic Cancer)  
Cutaneous T-Cell (CTCL)  
Mycosis Fungoides  
Monoclonal Antibodies
Therapeutics that treat T-cell lymphomas by binding to specific structures on the surface of the tumor and eliciting a reaction, which results in tumor degeneration.

Buyer Products:

  • HuMax-CD4 (Zanolimumab)
  
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:

  • Atacicept/TACI-Ig
  • MT201 (Adecatumumab)
  • R763 (Aurora Kinase Inhibitor)
  • HuMax-CD4 (Zanolimumab)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer and are currently in an early research or preclinical stage of development.

Buyer Products:

  • IKK2 Inhibitor
  
Pain Management  
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.

Target Products:

  • Tramadol/Acetaminophen ODT Combination
  
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:

  • Ultram ER (Tramadol Hydrochloride Extended Release)/Ultram ODT (Tramadol Hydrochloride Orally Disintegrating Tablet)
  • Tramadol ODT
  • Tramadol ER
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of pain in very early stages of research where no human subject is involved.

Target Products:

  • Tramadol ER/NSAID
  
Urology  
Male Genital Disorders  
Testicular  
Hypogonadism  
Gonadotropins
Therapeutics that treat hypogonadism by providing gonadotropins which stimulate sex hormone secretion from the gonads.

Buyer Products:

  • Gonal-F (Follitropin Alfa)
  
Weight Management  
Cachexia  
Growth Hormones
Therapeutics that treat weight loss usually resulting from cancer and/or AIDS treatment by providing a hormone which stimulates body growth and development.

Buyer Products:

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

Buyer Products:

  • PTP 1b Inhibitor
  
Medical Devices  
Drug Delivery  
Percutaneous (Subcutaneous/Intramuscular/Intravenous)  
Syringes  
Specialty  
Prefillable
Syringes designed for the advanced loading and storage of medications prior to use

Buyer Products:

  • easypod
  
Transdermal  
Needle Free Injection Systems
Medical devices which generate a highly-pressurized jet of medication for direct delivery through the skin; also known as jet-injectors

Buyer Products:

  • SeroJet
  • one.click
  • Rebiject/Rebiject II
  • cool.click
  
Outsourced Services  
Development/Manufacturing Services  
Contract Research Organizations (CRO)  
Full Service
Contract Research Organizations (CROs) that conduct both preclinical and clinical studies in the development of new therapeutic products.

Target Products:

  • Biovail Contract Research Division (CRD)
  
Drug Delivery Technology  
Oral Delivery  
Effervescents
Drug Delivery Technologies used to deliver drugs by dissolving in liquid which can then be ingested.

Target Products:

  • ShearForm
  
Osmotic
Drug Delivery Technologies utilizing an osmotic mechanism for sustained release of the drugs.

Target Products:

  • Macrocap
  
Polymer Coated
Drug Delivery Technologies used to deliver drugs in a polymer based matrix to hold/enclose the drug.

Target Products:

  • CEFORM
  • SmartCoat/SmartCoat AQ
  • Multipart
  • Chronotabs
  • Dimatrix
  • Consurf
  
Taste Masking
Drug Delivery Technologies used to mask the taste of various drugs.

Target Products:

  • ShearForm
  

- 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
  Shire plc (ADR) n/a 12,878.614 39.05 36.38 6.73 5.78 6.63
Buyer
  Pfizer Inc. n/a 192,581.140 10.35 12.73 3.92 4.03 6.86
Roche Holding Ltd. (ADR) n/a 160,264.110 24.51 21.03 4.59 4.01 6.88
Novartis AG (ADR) n/a 132,695.720 24.32 16.91 3.48 3.56 3.28
Genentech, Inc. n/a 81,388.978 33.94 29.34 8.03 6.96 9.71
Wyeth n/a 75,840.119 17.51 16.02 3.63 3.44 7.06
Eli Lilly & Co. n/a 67,328.131 28.81 17.46 4.16 3.79 7.38
Bayer AG (ADR) n/a 52,907.745 10.05 16.01 1.28 1.16 n/a
Novo Nordisk A/S (ADR) n/a 34,487.857 27.15 19.93 4.76 n/a 6.50
Teva Pharmaceutical Industries Ltd (ADR) n/a 23,784.954 12.54 18.38 2.70 2.63 17.54
Akzo Nobel N.V. (ADR) n/a 23,296.279 14.08 16.61 1.27 1.54 5.13
Target
  Shire plc (ADR) n/a 12,878.614 39.05 36.38 6.73 5.78 6.63
Sciele Pharma Inc. n/a 846.288 17.23 14.52 2.74 2.28 8.05
Flamel Technologies S.A. (ADR) n/a 661.421 n/a 248.73 24.01 6.02 n/a
Impax Laboratories Inc. n/a 604.732 517.67 11.08 5.37 n/a 10.31
Penwest Pharmaceuticals n/a 291.341 n/a -8.23 86.29 82.00 n/a
DepoMed, Inc. n/a 168.672 n/a -4.59 17.66 6.19 n/a
Medicure Inc. (USA) n/a 141.841 n/a n/a 28.77 n/a 6.62
AVANIR Pharmaceuticals n/a 135.032 n/a n/a 8.74 14.40 n/a
Advancis Pharmaceutical Corporation n/a 98.279 n/a -2.50 20.43 6.87 28.12
SCOLR Pharma Inc. n/a 91.316 n/a n/a 40.07 n/a 5.38
BioDelivery Sciences International, Inc. n/a 82.667 n/a n/a 29.79 6.49 n/a
Elite Pharmaceuticals, Inc. n/a 47.211 n/a -8.21 68.23 n/a 7.26
Access Pharmaceuticals, Inc. n/a 18.525 n/a n/a n/a n/a n/a
Eurand N.V. 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
  Bioject Medical Technologies Inc. 27.00% 19.247 n/a n/a 1.78 n/a 3.86
Rigel Pharmaceuticals, Inc. 14.90% 286.415 n/a -4.84 8.56 9.06 3.28
Vernalis plc (ADR) 4.00% 399.459 n/a n/a 12.26 n/a n/a
Regeneron Pharmaceuticals, Inc. n/a 1,640.404 n/a -14.33 26.89 19.94 8.34
ZymoGenetics, Inc. n/a 1,022.986 n/a -6.67 44.15 32.60 4.85
Taleo Corporation n/a 478.282 n/a 128.29 4.62 3.80 6.42
Ness Technologies, Inc n/a 468.258 16.04 12.17 0.95 0.83 3.60
XOMA Limited n/a 434.514 n/a -11.29 14.73 7.71 n/a
Caliper Life Sciences Inc. n/a 236.790 n/a -12.05 2.08 1.65 12.68
Columbia Laboratories Inc. n/a 120.294 n/a n/a 6.92 n/a n/a
TorreyPines Therapeutics Inc. n/a 112.261 n/a n/a 11.40 n/a 2.76
Micromet Inc. n/a 77.495 n/a -2.51 2.81 5.28 8.86
Owen Mumford Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  GlaxoSmithKline plc (ADR) n/a 165,197.578 15.49 14.52 3.64 3.54 15.82
Merck & Co., Inc. n/a 115,407.282 24.99 18.03 5.02 4.92 7.14
Wyeth n/a 75,840.119 17.51 16.02 3.63 3.44 7.06
Teva Pharmaceutical Industries Ltd (ADR) n/a 23,784.954 12.54 18.38 2.70 2.63 17.54
Sciele Pharma Inc. n/a 846.288 17.23 14.52 2.74 2.28 8.05
Flamel Technologies S.A. (ADR) n/a 661.421 n/a 248.73 24.01 6.02 n/a
DepoMed, Inc. n/a 168.672 n/a -4.59 17.66 6.19 n/a
Ethypharm 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
  Roche Holding Ltd. (ADR) n/a 160,264.110 24.51 21.03 4.59 4.01 6.88
Abbott Laboratories n/a 91,543.593 59.09 20.96 4.05 4.04 n/a
Amgen, Inc. n/a 62,667.219 20.48 13.09 4.25 4.15 13.05
Akzo Nobel N.V. (ADR) n/a 23,296.279 14.08 16.61 1.27 1.54 5.13
Biogen Idec Inc. n/a 15,869.459 70.30 18.88 5.69 5.17 4.50
Columbia University n/a n/a n/a n/a n/a n/a n/a
Target
  GlaxoSmithKline plc (ADR) n/a 165,197.578 15.49 14.52 3.64 3.54 15.82
Merck & Co., Inc. n/a 115,407.282 24.99 18.03 5.02 4.92 7.14
AstraZeneca plc (ADR) n/a 81,935.278 13.26 13.57 3.01 2.92 8.66
Teva Pharmaceutical Industries Ltd (ADR) n/a 23,784.954 12.54 18.38 2.70 2.63 17.54
Forest Laboratories, Inc. n/a 16,741.612 36.87 17.01 4.86 4.60 n/a
DepoMed, Inc. n/a 168.672 n/a -4.59 17.66 6.19 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
  Abbott Laboratories n/a 91,543.593 59.09 20.96 4.05 4.04 n/a
Wyeth n/a 75,840.119 17.51 16.02 3.63 3.44 7.06
Teva Pharmaceutical Industries Ltd (ADR) n/a 23,784.954 12.54 18.38 2.70 2.63 17.54
Buyer
  Pfizer Inc. n/a 192,581.140 10.35 12.73 3.92 4.03 6.86
Roche Holding Ltd. (ADR) n/a 160,264.110 24.51 21.03 4.59 4.01 6.88
Abbott Laboratories n/a 91,543.593 59.09 20.96 4.05 4.04 n/a
AstraZeneca plc (ADR) n/a 81,935.278 13.26 13.57 3.01 2.92 8.66
Genentech, Inc. n/a 81,388.978 33.94 29.34 8.03 6.96 9.71
Target
  Johnson & Johnson n/a 183,699.702 17.80 15.53 3.32 3.00 15.70
GlaxoSmithKline plc (ADR) n/a 165,197.578 15.49 14.52 3.64 3.54 15.82
sanofi-aventis (ADR) n/a 128,575.316 23.50 13.13 3.19 3.26 n/a
Merck & Co., Inc. n/a 115,407.282 24.99 18.03 5.02 4.92 7.14
Abbott Laboratories n/a 91,543.593 59.09 20.96 4.05 4.04 n/a
Wyeth n/a 75,840.119 17.51 16.02 3.63 3.44 7.06
Teva Pharmaceutical Industries Ltd (ADR) n/a 23,784.954 12.54 18.38 2.70 2.63 17.54
Forest Laboratories, Inc. n/a 16,741.612 36.87 17.01 4.86 4.60 n/a
Solvay S.A. (ADR) n/a 13,405.454 12.89 n/a 1.05 n/a n/a
Sciele Pharma Inc. n/a 846.288 17.23 14.52 2.74 2.28 8.05
Flamel Technologies S.A. (ADR) n/a 661.421 n/a 248.73 24.01 6.02 n/a
DepoMed, Inc. n/a 168.672 n/a -4.59 17.66 6.19 n/a
Hemispherx BioPharma, Inc n/a 103.710 n/a -6.65 110.81 24.48 4.34
DOV Pharmaceutical, Inc. n/a 9.360 n/a n/a 0.36 n/a n/a
Ethypharm n/a n/a n/a n/a n/a n/a n/a
Reliant Pharmaceuticals, LLC n/a n/a n/a n/a n/a n/a n/a
H. Lundbeck A/S 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 2,498.4 1,073.9 3,572.3
Other Revenue 306.6 23.1 329.7
Total Revenue 2,804.9 1,097.0 3,901.9
Cost of Revenue 298.0 230.4 528.3
SG&A Expense 954.3 231.5 1,185.8
Depreciation & Amortization 0.0 53.6 53.6
Research & Development 560.5 102.9 663.4
Interest Expense 0.0 54.8 54.8
Other Operating Expense 255.6 0.0 255.6
Unusual Expense (Income) 0.0 173.2 173.2
Total Expenses 2,068.4 846.3 2,914.7
Operating Income 736.6 250.7 987.3
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 30.0 -1.5 28.5
Other, Net 0.0 -0.6 -0.6
Income Before Taxes 766.6 248.6 1,015.2
Income Taxes 31.0 15.5 46.6
Income After Taxes 735.6 233.0 968.6
Minority Interest (IS) -0.2 0.0 -0.2
Net Income - Excl. Xord. Items 735.4 233.0 968.4
Discontinued Operations 0.0 0.3 0.3
Net Income - Incl. Xord. Items 735.4 233.3 968.7
Income Avail. to Common 735.4 233.3 968.7
Share Items
Basic Avg. Shares Outstanding 595.4 160.6 755.9
Basic EPS - Excl. Xord. Items 1.24 1.45 1.28
Basic EPS - Incl. Xord. Items 1.24 1.45 1.28
Full Dilution Adjustment 10.8 0.0 10.8
Fully Diluted Shares Outstanding 602.2 160.6 762.7
F.D. EPS - Excl. Xord. Items 1.22 1.45 1.27
F.D. EPS - Incl. Xord. Items 1.22 1.45 1.27
Dividends Per Common Share 0.00 1.20 1.20
Balance Sheet
Assets
Cash and Equivalents 1,734.9 870.2 2,605.1
ST Investments 351.2 0.0 351.2
Accounts Receivable 439.5 113.2 552.7
Inventory 254.9 79.8 334.7
Prepayments and Advances 788.3 16.4 804.7
Other Current Assets 0.0 3.5 3.5
Current Assets 3,568.9 1,083.0 4,651.8
Accum D&A 0.0 0.0 0.0
PPE, Net 873.5 213.0 1,086.5
Goodwill & Intangibles 317.3 783.7 1,101.0
Long Term Investments 474.9 57.5 532.3
Other Assets 0.0 0.0 0.0
Other LT Assets 366.8 56.9 423.7
Total Assets 5,601.4 2,194.0 7,795.4
Liabilities
Accounts Payable 421.9 42.8 464.6
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 0.0 169.2 169.2
ST Debt 776.7 0.0 776.7
Curr Port of LTD & Cap Lease Oblg 0.0 410.6 410.6
Other (Current) Liabilities 298.3 119.7 418.0
Current Liab. 1,496.9 742.2 2,239.1
LT Debt 28.0 1.3 29.3
Total LT Debt 28.0 1.3 29.3
Minority Interest (BS) 0.9 0.0 0.9
Deferred Taxes 5.6 0.0 5.6
Other LT Liab. 387.1 108.0 495.0
Total Liabilities 1,918.5 851.5 2,770.0
Shareholders Equity
Common Stock 237.1 1,478.9 1,716.0
Additional Paid in Capital 817.7 19.2 836.9
Retained Earnings 2,571.7 -199.1 2,372.6
Other Equity 56.3 43.5 99.8
Total Equity 3,682.9 1,342.5 5,025.4
Total Liab. & Equity 5,601.4 2,194.0 7,795.4
Shares Outstanding 612.5 160.5 773.0
Cash Flow
Operating Cash Flow
CF Net Income 735.6 229.3 964.9
CF Depreciation 126.5 103.2 229.7
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 101.3 218.5 319.9
Change in Working Capital -73.6 -3.4 -76.9
Total Cash From Operating Activities 889.8 547.7 1,437.5
Investing Cash Flow (not calculated)
Capital Expenditures -199.7 -44.8 -244.5
Other Investing Cash Flows 742.9 16.8 759.7
Total Cash From Investing Activities 543.2 -28.0 515.2
Financing Cash Flow (not calculated)
Dividends Paid -117.1 -80.1 -197.1
Purchase Or Sale of Stock 41.8 15.6 57.4
Purchase and Retirement of Debt 58.4 -26.6 31.9
Other Financing Cash Flow -34.0 -71.4 -105.4
Total Cash From Financing Activities -58.6 -162.4 -221.0
Exchange Rate Effects 1.7 0.0 1.8
Net Change in Cash 1,376.1 357.4 1,733.4
Cash Taxes Paid 108.7 11.0 119.7
Cash Interest Paid 6.5 31.5 38.0