Summary

Other Scenarios:

Buyer: Serono S.A. (ADR) (SRA) Last Price: 22.40 Market Cap.: 13.71B
Target: Altana AG (ADR) (AAA) Last Price: 60.77 Market Cap.: 8.25B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 870
Biopharmaceuticals 330
Medical Devices   247
Manufacturing   1,180
Materials   444

- 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: 37)
  • Zorbtive (Somatropin)
  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)
  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  • PTP 1b Inhibitor
Target (Total: 29)
  • Omnaris (Nasal Spray Ciclesonide)
  • Metronidazole Topical Cream
  • Erythromycin
  • Ciclopirox
Buyer
  • cool.click
  • SeroJet
  • Rebiject/Rebiject II
  • one.click
Target
  • ALTANA Chemie AG

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 13)
  • Bioject Medical Technologies Inc. (BJCT)
  • Rigel Pharmaceuticals, Inc. (RIGL)
  • Vernalis plc (ADR) (VNLS)
  • Regeneron Pharmaceuticals, Inc. (REGN)
Target (Total: 6)
  • GPC Biotech AG (ADR) (GPCB)
  • 3M Company (MMM)
  • Rockwood Holdings, Inc. (ROC)
  • inVentiv Health Inc. (VTIV)
Buyer (Total: 6)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Amgen, Inc. (AMGN)
  • Abbott Laboratories (ABT)
  • Biogen Idec Inc. (BIIB)
Target (Total: 3)
  • Wyeth (WYE)
  • sanofi-aventis (ADR) (SNY)
  • CollaGenex Pharmaceutical, Inc (CGPI)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 4,826 4,485
Revenue Per Employee 580,517.2 128,882.7
Total Revenue 699.1 414.1
Total Expenses 499.5 360.8
Other Revenue 0.0 0.0
Cost of Revenue 70.4 260.4
SG&A Expense 226.1 83.8
Research & Development 141.3 20.3
Other Operating Expense 61.7 -3.8
Operating Income 199.6 53.4
Unusual Income 0.0 0.0
LT Debt to Capital 0.61 1.32
Fwd P/E 19.29 n/a
Fwd P/Rev 4.91 n/a
Book Value 2,763.0 2,844.3
Curr Portion of LTD/Cap Lease 0.0 373.5

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Neurology

Target

Focused (): *Healthcare > Biopharmaceuticals

Business Description

Buyer

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. Serono markets eight biotechnology products: Rebif, Gonal-f, Saizen, Serostim, Raptiva, Ovidrel, Luveris and Zorbtive. All of the Company's recombinant products are produced using mammalian cell technology. Serono has more than 25 post-discovery projects in pre-clinical or clinical development. The Company has a global presence with operations in over 40 countries, five principal production facilities located in four countries and sales in over 90 countries.

Target

ALTANA AG (ALTANA) is a globally operating company that develops, manufactures and markets pharmaceutical and chemical products for a range of targeted, highly specialized applications. The Company operates in two segments: pharmaceuticals and chemicals. ALTANA's pharmaceuticals division develops therapeutics for the global pharmaceuticals markets with a focus on unmet medical needs in the gastrointestinal and respiratory areas. The pharmaceuticals business is mainly driven by Pantoprazole. ALTANA's chemicals division offers a portfolio of specialty chemicals, including additives and measuring instruments, metallic effect pigments and printing inks, coatings and sealing compounds, and electrical insulation coatings for use in a range of downstream applications. On October 1, 2005, ALTANA acquired ECKART GmbH & Co. KG. During the year ended December 31, 2005, it sold its Austrian subsidiary Rembrandtin Lack Ges.m.b.H. In October 2005, the Company acquired Kelstar International.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 89.76 50.66
Operating Margin % 28.01 13.69
Quick Ratio 1.5 1.74
Current Ratio 1.84 2.45
Coverage Ratio 0.05 0
Total Assets 4,654.1 4,960.7
Return on Equity % 24.76 7.7
Return on Assets % 14.7 4.42
Cash+ ST Inv. Per Share 3 1.26
Total Debt 769.9 411.6
Total Debt to Equity % 27.87 14.47
Total Debt to Tangible Equity % 31.85 18.86
Debt to Asset % 16.54 8.30

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Allergies
The Allergies Subsector includes therapeutics that treat exaggerated immune reaction induced by exposure to a foreign substance.
  
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.
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.
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.
  
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.
  
Manufacturing  
Materials  
Chemicals
The Chemicals Subsector includes companies that manufacture basic, intermediate, specialty, and performance chemicals.
  

- 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
Allergies  
Upper Respiratory  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation using a steroidal compound.

Target Products:

  • Omnaris (Nasal Spray Ciclesonide)
  
Dermatology  
Acne  
Rosacea  
Emollients
Therapeutics that treat chronic inflammatory disorder of the face characterized by redness and pimple formation by moisturizing and softening the skin.

Target Products:

  • Metronidazole Topical Cream
  
Vulgaris  
Antibacterial Agents  
Macrolides
Therapeutics that treat acne vulgaris caused by bacterial infection by inhibiting RNA-dependent bacterial protein synthesis.

Target Products:

  • Erythromycin
  
Lesion/Scaling Disorders  
Dermatitis  
Atopic (Eczema)  
Emollients
Topical therapeutics that soothe and soften the skin.

Target Products:

  • Metronidazole Topical Cream
  
Seborrheic (Dandruff)  
Antifungal Agents  
Imidazoles
Therapeutics that treat and prevent skin diseases caused by fungi.

Target Products:

  • Ciclopirox
  • Ketoconazole
  
Dermatoses  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

  • Mometasone Furoate Cream
  • Fluticasone Propionate
  • Fluocinonide E Cream
  • Alclometasone Dipropionate
  • Betamethasone Dipropionate Cream
  • Mometasone Furoate Topical Solution
  • Aclovate (Alclometasone Dipropionate)
  • Cutivate (Fluticasone Propionate)
  • Temovate (Clobetasol Propionate)
  
Digestive System
Gastrointestinal Tract Disorders
Gastroduodenal Disorders  
Zollinger-Ellison Syndrome  
Proton Pump Inhibitors
Therapeutics that treat ulcers by inhibiting the membrane protein involved in the final steps of triggering acid release into the stomach.

Target Products:

  • Protonix (Pantoprazole Sodium)
  
Gastroesophageal Disorders  
Acid Indigestion/Heartburn  
Proton Pump Inhibitors
Therapeutics that treat heartburn by inhibiting the action of the membrane protein involved in the final steps of triggering acid release into the stomach.

Target Products:

  • Protonix (Pantoprazole Sodium)
  
Erosive Esophagitis  
Proton Pump Inhibitors
Therapeutics that treat Erosive Esophagus by inhibiting the actions of receptors responsible for triggering acid release into the stomach.

Target Products:

  • Protonix (Pantoprazole Sodium)
  
Gastroesophageal Reflux Disease (GERD)  
Proton Pump Inhibitors
Therapeutics that treat Gastroesophageal Reflux Disease by inhibiting the membrane protein involved in the final steps of triggering acid release into the stomach.

Target Products:

  • Protonix (Pantoprazole Sodium)
  
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)

Target Products:

  • Soraprazan
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.

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:

  • Saizen (Somatropin (rDNA Origin))
  • Geref (Sermorelin Acetate For Injection)
  
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)
  
Immunology  
Autoimmune 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 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:

  • JNK Inhibitor
  • Atacicept/TACI-Ig
  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  • MMP-12 Inhibitor
  
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:

  • NI-0401/NI-0501
  • Interferon Beta:Fc
  • HuMax-TAC
  
Infectious Diseases
Bacterial  
Antibacterial Agents  
Broad Spectrum  
Antibiotics  
Aminoglycosides
Therapeutics that treat a wide variety of infections by inhibiting bacterial protein synthesis.

Target Products:

  • Gentamicin
  
Macrolides
Therapeutics that treat a wide variety of infections by inhibiting RNA-dependent bacterial protein synthesis.

Target Products:

  • Erythromycin
  
Pseudominic Acids
Therapeutics that treat a wide variety of infections by inhibiting bacterial protein synthesis and RNA synthesis.

Target Products:

  • Mupirocin Ointment
  
Narrow Spectrum  
Urology  
Vaginitis  
Lincosamides
Therapeutics that treat inflammation of the mucous membrane of the vagina caused by bacterial infection by inhibiting bacterial protein synthesis.

Target Products:

  • Clindamycin Phosphate Vaginal Cream
  • Clindamycin Phosphate Topical Solution
  
Mycological (Fungal)  
Antifungal Agents  
Broad Spectrum  
Azoles  
Imidazoles
Therapeutics that treat fungal infections by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

  • Ketoconazole
  
Narrow Spectrum  
Dermatology  
Candidiasis  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the skin caused by yeast by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

  • Ketoconazole
  
Tinea Corporis (Ringworm)  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the skin characterized by scaly, red rings by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

  • Ciclopirox
  • Ketoconazole
  • Oxistat (Oxiconazole Nitrate)
  
Tinea Cruris (Jock Itch)  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the groin and perineum by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

  • Oxistat (Oxiconazole Nitrate)
  • Ciclopirox
  • Ketoconazole
  
Tinea Pedis  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the feet by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

  • Ketoconazole
  • Ciclopirox
  • Oxistat (Oxiconazole Nitrate)
  
Tinea Versicolor  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of skin exposed to the sun characterized by patches of depigmentation by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

  • Ketoconazole
  • Ciclopirox
  
Digestive System  
Mucous  
Candidiasis  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the secretory lining of the tissues caused by a yeast by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

  • Ketoconazole
  
Viral  
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
  
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:

  • MMP-12 Inhibitor
  • JNK Inhibitor
  
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
  
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:

  • Luveris (Lutropin alfa)
  • Ovidrel/Ovidrel Pre-Filled Syringe (Choriogonadotropin 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:

  • Oxytocin Receptor Antagonist
  • Anastrozole
  • Hyperglycosylated r-FSH
  
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  
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:

  • HuMax-CD4 (Zanolimumab)
  • R763 (Aurora Kinase Inhibitor)
  • MT201 (Adecatumumab)
  • Atacicept/TACI-Ig
  
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

Target Products:

  • Oncology Program
Respiratory System  
Lower Respiratory Tract Disorders (Lung Disorders)  
Asthma  
Acute Treatments  
Bronchodilators  
Phosphodiesterase Inhibitors (PDE Inhibitors)
Therapeutics that inhibit the break down of phosphodiesters thereby increasing levels of Nitric Oxide which help in dilating the blood vessels in the lungs.

Target Products:

  • Daxas (Roflumilast)
  
Prophylactic Treatments  
Phosphodiesterase Inhibitors (PDE Inhibitors)
Therapeutics that inhibit the break down of phosphodiesters thereby increasing levels of Nitric Oxide which help in relaxing smooth muscles in the lungs.

Target Products:

  • Daxas (Roflumilast)
  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat asthma by reducing inflammation in the lung passages with steroids.

Target Products:

  • Alvesco (Ciclesonide)
  • Alvesco (Metered Dose Inhaler Ciclesonide)
  
Chronic Obstructive Pulmonary Disease (COPD)  
Acute Treatments  
Phosphodiesterase Inhibitors (PDE Inhibitors)
Therapeutics that inhibit the break down of phosphodiesters thereby increasing levels of Nitric Oxide which help in relaxing smooth muscles in the lungs.

Target Products:

  • Daxas (Roflumilast)
  
Prophylactic Treatments  
Phosphodiesterase Inhibitors (PDE Inhibitors)
Therapeutics that are used to prevent COPD attacks by inhibiting the break down of phosphodiesters thereby increasing levels of Nitric Oxide which help in relaxing smooth muscles in the lungs.

Target Products:

  • Daxas (Roflumilast)
  
Respiratory Distress Syndrome (RDS)  
Surfactants
Therapeutics that treat RDS by modifying alveolar surface tension and thereby stabilizing the alveoli.

Target Products:

  • Venticute
  
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.

Target Products:

  • Ciclesonide/Formoterol Combination Therapy
  • Alvesco (Dry Powder Inhaler Ciclesonide)
  
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  
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:

  • cool.click
  • SeroJet
  • Rebiject/Rebiject II
  • one.click
  
Manufacturing  
Materials  
Chemicals  
Basic and Intermediate Chemicals  
Dyes and Pigments
Includes companies engaged in the manufacturing of dyes and pigments.

Target Products:

  • ALTANA Chemie AG
  
Specialty and Performance Chemicals  
Additives  
Lubricant Additives
Includes companies engaged in the manufacturing of lubricant additives, chemicals added to lubricants to impart specific beneficial properties or to enhance performance.

Target Products:

  • ALTANA Chemie AG
  
Other Performance Additives
Includes companies engaged in the manufacturing of other performance additives, chemicals added to a variety of materials to impart specific beneficial properties or to enhance performance.

Target Products:

  • ALTANA Chemie AG
  
Polymer Additives
Includes companies engaged in the manufacturing of polymer additives, chemicals added to polymers to impart specific beneficial properties or to enhance performance.

Target Products:

  • ALTANA Chemie AG
  
Adhesives, Sealants, Coatings and Paints  
Adhesives and Sealants  
Building and Construction Adhesives and Sealants
Includes companies engaged in the manufacturing of building and construction adhesives and sealants.

Target Products:

  • ALTANA Chemie AG
  
Industrial Adhesives and Sealants
Includes companies engaged in the manufacturing of other industrial adhesives and sealants.

Target Products:

  • ALTANA Chemie AG
  
Coatings and Paints  
Coatings
Includes companies engaged in the manufacturing of coatings used in a wide range of industries.

Target Products:

  • ALTANA Chemie AG
  
Other Specialty and Performance Chemicals  
Electronic Materials
Materials used to manufacture electronic products such as printed circuit boards. Materials include laminates and specialty foams.

Target Products:

  • ALTANA Chemie AG
  

- 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
  Roche Holding Ltd. (ADR) n/a 154,398.687 34.26 24.41 5.58 n/a 8.47
Novartis AG (ADR) n/a 137,633.808 20.06 18.92 3.80 3.74 3.57
Bayer AG (ADR) n/a 40,349.508 21.74 15.71 1.06 1.09 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,468.181 62.58 13.76 3.25 2.90 33.99
Akzo Nobel N.V. (ADR) n/a 17,297.201 10.85 15.90 0.98 0.89 3.96
Buyer
  Pfizer Inc. n/a 184,875.794 14.65 12.47 3.83 3.83 7.92
Roche Holding Ltd. (ADR) n/a 154,398.687 34.26 24.41 5.58 n/a 8.47
Target
  General Electric Company n/a 385,110.639 22.41 18.29 2.42 2.29 14.85
Roche Holding Ltd. (ADR) n/a 154,398.687 34.26 24.41 5.58 n/a 8.47
GlaxoSmithKline plc (ADR) n/a 149,540.389 14.29 14.90 3.29 3.50 14.48
Novartis AG (ADR) n/a 137,633.808 20.06 18.92 3.80 3.74 3.57
Merck & Co., Inc. n/a 95,524.127 18.81 17.37 4.27 4.31 5.44
AstraZeneca plc (ADR) n/a 86,846.087 14.88 14.54 3.39 3.35 8.71
Tyco International Ltd. n/a 60,341.830 16.19 14.76 1.47 1.39 11.11
BASF AG (ADR) n/a 47,541.928 12.18 10.62 0.74 0.91 4.45
E.I. du Pont de Nemours & Company n/a 44,840.436 18.52 16.98 1.58 1.59 8.34
Bayer AG (ADR) n/a 40,349.508 21.74 15.71 1.06 1.09 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,468.181 62.58 13.76 3.25 2.90 33.99
Hitachi, Ltd. (ADR) n/a 20,363.121 n/a -32.67 0.24 0.24 0.99
Akzo Nobel N.V. (ADR) n/a 17,297.201 10.85 15.90 0.98 0.89 3.96
Air Products & Chemicals, Inc. n/a 15,717.077 21.73 18.21 1.78 1.66 4.11
PPG Industries, Inc. n/a 10,920.520 16.37 12.72 1.01 0.99 7.11
Imperial Chemical Industries PLC (ADR) n/a 10,436.301 17.60 15.20 0.90 n/a n/a
Mylan Laboratories Inc. n/a 4,358.526 16.83 14.75 3.21 3.03 5.75
Ciba Specialty Chemicals (ADR) n/a 4,352.012 n/a 11.13 0.77 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. 32.00% 15.423 n/a n/a 1.61 n/a 2.64
Rigel Pharmaceuticals, Inc. 14.90% 298.091 n/a -8.02 8.20 8.92 3.00
Vernalis plc (ADR) 4.00% 222.165 n/a n/a 7.93 n/a n/a
Regeneron Pharmaceuticals, Inc. n/a 1,159.934 n/a -11.12 16.45 16.57 18.57
ZymoGenetics, Inc. n/a 1,116.659 n/a -8.24 30.64 36.84 4.20
Ness Technologies, Inc n/a 599.398 22.21 20.22 1.34 1.27 5.98
Phase Forward Incorporated n/a 536.894 113.48 52.29 5.37 4.88 11.02
Caliper Life Sciences Inc. n/a 256.724 n/a -9.30 2.56 2.41 10.36
Columbia Laboratories Inc. n/a 243.979 n/a n/a 12.26 n/a 32.71
XOMA Limited n/a 220.254 n/a -4.71 8.29 7.06 n/a
TorreyPines Therapeutics Inc. n/a 100.293 n/a n/a n/a n/a 2.26
Micromet Inc. n/a 93.611 n/a -2.15 6.04 6.48 20.42
Owen Mumford Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  GPC Biotech AG (ADR) 97.00% 711.171 n/a n/a 27.14 n/a 7.05
3M Company n/a 57,664.827 16.78 17.35 2.57 2.54 8.88
Rockwood Holdings, Inc. n/a 1,891.100 23.43 17.68 0.58 0.57 n/a
inVentiv Health Inc. n/a 965.894 19.15 23.73 1.32 1.28 n/a
Nanophase Technologies Corporation n/a 122.512 n/a -27.79 14.84 13.76 7.21
Bracco S.p.A. 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 154,398.687 34.26 24.41 5.58 n/a 8.47
Amgen, Inc. n/a 81,912.898 27.85 18.88 5.98 5.76 30.38
Abbott Laboratories n/a 74,394.862 23.47 19.16 3.34 3.29 29.70
Biogen Idec Inc. n/a 17,314.832 105.31 23.86 6.64 6.41 5.88
Akzo Nobel N.V. (ADR) n/a 17,297.201 10.85 15.90 0.98 0.89 3.96
Columbia University n/a n/a n/a n/a n/a n/a n/a
Target
  Wyeth 11.40% 68,910.588 16.92 16.20 3.47 3.42 6.56
sanofi-aventis (ADR) n/a 123,912.610 32.64 14.45 3.32 3.48 n/a
CollaGenex Pharmaceutical, Inc n/a 225.480 n/a -6.06 14.01 9.79 10.70

- 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
  Roche Holding Ltd. (ADR) n/a 154,398.687 34.26 24.41 5.58 n/a 8.47
Wyeth n/a 68,910.588 16.92 16.20 3.47 3.42 6.56
Buyer
  Pfizer Inc. n/a 184,875.794 14.65 12.47 3.83 3.83 7.92
Roche Holding Ltd. (ADR) n/a 154,398.687 34.26 24.41 5.58 n/a 8.47
AstraZeneca plc (ADR) n/a 86,846.087 14.88 14.54 3.39 3.35 8.71
Target
  Roche Holding Ltd. (ADR) n/a 154,398.687 34.26 24.41 5.58 n/a 8.47
sanofi-aventis (ADR) n/a 123,912.610 32.64 14.45 3.32 3.48 n/a
Wyeth n/a 68,910.588 16.92 16.20 3.47 3.42 6.56
3M Company n/a 57,664.827 16.78 17.35 2.57 2.54 8.88
Solvay SA (ADR) n/a 12,061.013 12.15 n/a 1.00 n/a 4.21
Invitrogen Corporation n/a 2,708.846 n/a 19.16 2.15 2.17 n/a
GPC Biotech AG (ADR) n/a 711.171 n/a n/a 27.14 n/a 7.05
Protherics PLC (ADR) n/a 371.558 n/a n/a 10.34 n/a 15.01
CollaGenex Pharmaceutical, Inc n/a 225.480 n/a -6.06 14.01 9.79 10.70
Nanophase Technologies Corporation n/a 122.512 n/a -27.79 14.84 13.76 7.21
Pharmacopeia Drug Discovery, Inc. n/a 84.492 n/a -2.50 4.39 4.72 4.46
Teijin Limited n/a n/a n/a n/a n/a n/a n/a
SR Pharma plc n/a n/a n/a n/a n/a n/a n/a
Proteros Biostructures GmbH n/a n/a n/a n/a n/a n/a n/a
BIOCRATES Life Sciences GmbH n/a n/a n/a n/a n/a n/a n/a
GeneData A.G. n/a n/a n/a n/a n/a n/a n/a
Bracco S.p.A. n/a n/a n/a n/a n/a n/a n/a
Evotec OAI AG n/a n/a n/a n/a n/a n/a n/a
Tanabe Seiyaku Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
OM PHARMA SA 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 2,527.1 2,412.1 4,939.1
Other Revenue 208.5 0.0 208.5
Total Revenue 2,735.6 2,412.1 5,147.7
Cost of Revenue 280.0 1,190.1 1,470.1
SG&A Expense 895.2 684.4 1,579.6
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 539.2 236.2 775.5
Interest Expense 0.0 0.0 0.0
Other Operating Expense 255.0 -29.0 226.0
Total Expenses 1,969.4 2,081.8 4,051.2
Operating Income 766.2 330.3 1,096.5
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 39.4 0.0 39.4
Other, Net -9.5 -7.5 -17.0
Income Before Taxes 796.0 322.8 1,118.9
Income Taxes 112.0 103.8 215.8
Income After Taxes 684.1 219.0 903.1
Minority Interest (IS) -0.2 -0.4 -0.6
U.S. GAAP Adjustment 0.0 -13.1 -13.1
Net Income - Excl. Xord. Items 683.9 205.5 889.4
Discontinued Operations 0.0 431.9 431.9
Net Income - Incl. Xord. Items 683.9 637.4 1,321.3
Income Avail. to Common 683.9 637.4 1,321.3
Share Items
Basic Avg. Shares Outstanding 586.2 136.0 722.2
Basic EPS - Excl. Xord. Items 1.17 1.51 1.23
Basic EPS - Incl. Xord. Items 1.17 4.69 1.83
Full Dilution Adjustment -10.8 0.0 -10.8
Fully Diluted Shares Outstanding 586.2 136.0 722.2
F.D. EPS - Excl. Xord. Items 1.17 1.51 1.23
F.D. EPS - Incl. Xord. Items 1.17 4.69 1.83
Dividends Per Common Share 0.00 1.40 1.40
Balance Sheet
Assets
Cash and Equivalents 1,361.9 171.5 1,533.4
ST Investments 397.5 0.0 397.5
Accounts Receivable 467.5 480.2 947.7
Inventory 242.6 261.7 504.3
Prepayments and Advances 252.7 0.0 252.7
Other Current Assets 0.0 0.0 0.0
Current Assets 2,722.3 913.4 3,635.7
Accum D&A 0.0 0.0 0.0
PPE, Net 819.7 656.8 1,476.5
Goodwill & Intangibles 345.5 661.9 1,007.3
Long Term Investments 476.1 199.4 675.6
Other Assets 0.0 2,502.6 2,502.6
Other LT Assets 290.6 26.7 317.2
Total Assets 4,654.1 4,960.7 9,614.9
Liabilities
Accounts Payable 386.3 0.0 386.3
Payable/Accrued 0.0 0.0 0.0
ST Debt 753.0 0.0 753.0
Curr Port of LTD & Cap Lease Oblg 0.0 373.5 373.5
Other (Current) Liabilities 342.7 0.0 342.7
Current Liab. 1,482.0 373.5 1,855.5
LT Debt 16.9 38.1 55.0
Total LT Debt 16.9 38.1 55.0
Minority Interest (BS) 1.0 2.5 3.5
Deferred Taxes 18.3 77.5 95.7
Other LT Liab. 373.0 1,624.8 1,997.8
Total Liabilities 1,891.1 2,116.4 4,007.6
Shareholders Equity
Common Stock 236.7 0.0 236.7
Additional Paid in Capital 534.0 0.0 534.0
Retained Earnings 2,340.3 0.0 2,340.3
Treasure Stock -369.9 0.0 -369.9
Other Equity 21.9 2,844.3 2,866.2
Total Equity 2,763.0 2,844.3 5,607.3
Total Liab. & Equity 4,654.1 4,960.7 9,614.9
Shares Outstanding 611.9 136.0 747.9
Cash Flow
Operating Cash Flow
CF Net Income 684.1 0.0 684.1
CF Depreciation 131.5 0.0 131.5
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items -577.8 0.0 -577.8
Change in Working Capital -181.0 613.3 432.3
Total Cash From Operating Activities 56.8 613.3 670.0
Investing Cash Flow (not calculated)
Capital Expenditures -182.7 0.0 -182.7
Other Investing Cash Flows 509.7 -856.9 -347.3
Total Cash From Investing Activities 327.0 -856.9 -529.9
Financing Cash Flow (not calculated)
Dividends Paid -117.1 0.0 -117.1
Purchase Or Sale of Stock 43.4 0.0 43.4
Purchase and Retirement of Debt 77.2 0.0 77.2
Other Financing Cash Flow -3.0 89.4 86.4
Total Cash From Financing Activities -4.2 89.4 85.2
Exchange Rate Effects 1.1 0.3 1.4
Net Change in Cash 380.6 -154.0 226.7
Cash Taxes Paid 102.2 300.0 402.1
Cash Interest Paid 5.5 6.3 11.8