Summary

Other Scenarios:

Buyer: Merck Serono S.A. (ADR) (SRA) Last Price: 22.49 Market Cap.: 13.76B
Target: New River Pharmaceuticals, Inc. (NRPH) Last Price: 63.73 Market Cap.: 2.36B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 867
Biopharmaceuticals 330
Digestive System   3
Endocrinology/Metabolism 11
Immunology   10
Infectious Diseases   34
Musculoskeletal System   4
Neurology 30
Obstetrics/Gynecology   4
Oncology   79
Pain Management   8
Urology   3
Weight Management   0
Medical Devices   244
Drug Delivery   12

- 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)
  • Mylinax (Cladribine)
  • Rebif (Recombinant Interferon Beta-1a)
  • Novantrone (Mitoxantrone Hydrochloride)
  • JNK Inhibitor
Target (Total: 5)
  • Vyvanse (Lisdexamfetamine Dimesylate)/Formerly NRP104
Buyer
  • Zorbtive (Somatropin)
  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)
  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  • PTP 1b Inhibitor
Target
  • NRP409
  • NRP290 (Hydrocodone Prodrug)
  • NRP388
  • NRP369 (Oxycodone Prodrug)

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 12)
  • Bioject Medical Technologies Inc. (BJCT)
  • Rigel Pharmaceuticals, Inc. (RIGL)
  • Vernalis plc (ADR) (VNLS)
  • Regeneron Pharmaceuticals, Inc. (REGN)
Target (Total: 1)
  • Albany Molecular Research, Inc. (AMRI)
Buyer (Total: 6)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Abbott Laboratories (ABT)
  • Amgen, Inc. (AMGN)
  • Akzo Nobel N.V. (ADR) (AKZOY)
Target (Total: 0)

n/a

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 4,826 38
Revenue Per Employee 580,517.2 248,982.3
Total Revenue 699.1 2.5
Total Expenses 499.5 50.1
Other Revenue 0.0 0.0
Cost of Revenue 70.4 0.0
SG&A Expense 226.1 29.3
Research & Development 141.3 16.6
Other Operating Expense 61.7 0.0
Operating Income 199.6 -47.7
Unusual Income 0.0 4.3
LT Debt to Capital 0.61 -0
Fwd P/E 19.56 -77.72
Fwd P/Rev 4.96 27.92
Book Value 2,763.0 -109.7
Curr Portion of LTD/Cap Lease 0.0 137.8

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Neurology

Target

Focused (): *Healthcare > Biopharmaceuticals > Neurology

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. The Company 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. The Company 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. In January 2007, Merck KGaA acquired majority interest in Serono S.A.

Target

New River Pharmaceuticals Inc. is a specialty pharmaceutical company developing pharmaceuticals. Utilizing the Company's Carrierwave technology, it is developing molecular entities that are derivatives of public domain actives, and attempting to address certain deficiencies associated with drugs on the market. The Company?s drug development pipeline includes three active programs in clinical or preclinical development stages. All of its drug candidates are small molecules designed for oral delivery. Vyvanse is intended to provide a safer, abuse-resistant and effective alternative to existing amphetamine-based therapies used to treat Attention Deficit Hyperactiviy Disorder (ADHD). The Company is developing NRP290 to treat acute pain as an alternative to Lortab, Vicodin and Vicoprofen. NRP290 is intended to provide a safer, abuse-resistant and an effective alternative to opioids.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 89.76 100
Operating Margin % 28.01 -174.85
Quick Ratio 1.5 0.88
Current Ratio 1.84 0.89
Coverage Ratio 0.05 -0.06
Total Assets 4,654.1 151.5
Return on Equity % 24.76 n/a
Return on Assets % 14.7 -37.43
Cash+ ST Inv. Per Share 3 3.98
Total Debt 769.9 137.8
Total Debt to Equity % 27.87 0
Total Debt to Tangible Equity % 31.85 n/a
Debt to Asset % 16.54 90.92

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
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.
  

- 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
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
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:

  • NRP409
  
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:

  • 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  
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:

  • JNK Inhibitor
  • MMP-12 Inhibitor
  • Mylinax (Cladribine)
  
Psychiatric Disorders  
Childhood/Adolescent Disorders  
Attention Deficit Disorder (ADD)/Attention Deficit Hyperactivity Disorder (ADHD)  
Sympathomimetic Agents
Therapeutic members of the amphetamine group of sympathomimetic amines that treat the disorder involving hyperactivity in children due to an abnormally short attention span.

Target Products:

  • Vyvanse (Lisdexamfetamine Dimesylate)/Formerly NRP104
  
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:

  • 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  
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.

Target Products:

  • NRP290 (Hydrocodone Prodrug)
  
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:

  • NRP388
  • NRP369 (Oxycodone Prodrug)
  
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
  

- 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
  Novartis AG (ADR) n/a 130,937.348 24.87 16.90 3.56 3.30 6.59
Eli Lilly & Co. n/a 62,916.207 23.63 16.66 4.01 3.60 5.73
Shire plc (ADR) n/a 10,722.895 38.54 30.08 5.97 4.86 11.38
Buyer
  Pfizer Inc. n/a 182,865.248 9.46 11.75 3.78 3.81 7.00
Roche Holding Ltd. (ADR) n/a 157,158.883 24.84 24.29 4.66 n/a 6.98
Novartis AG (ADR) n/a 130,937.348 24.87 16.90 3.56 3.30 6.59
Genentech, Inc. n/a 87,827.456 41.56 31.71 9.46 7.46 11.43
Wyeth n/a 70,974.169 16.91 15.28 3.49 3.28 6.84
Target
  Johnson & Johnson n/a 178,185.093 16.12 15.74 3.34 3.00 16.76
GlaxoSmithKline plc (ADR) n/a 161,058.996 15.12 15.20 3.51 3.60 15.27
Novartis AG (ADR) n/a 130,937.348 24.87 16.90 3.56 3.30 6.59
Abbott Laboratories n/a 87,986.029 51.25 20.29 3.91 3.87 n/a
Tyco International Ltd. n/a 63,567.884 16.04 16.08 1.52 1.46 11.09
Eli Lilly & Co. n/a 62,916.207 23.63 16.66 4.01 3.60 5.73
Shire plc (ADR) n/a 10,722.895 38.54 30.08 5.97 4.86 11.38
Endo Pharmaceuticals n/a 4,079.028 29.59 18.17 4.48 3.93 5.22
Watson Pharmaceuticals, Inc. n/a 2,734.972 n/a 21.87 1.38 1.07 257.36
Ligand Pharmaceuticals Inc. n/a 751.502 n/a -37.20 5.33 27.49 n/a
Noven Pharmaceuticals, Inc. n/a 591.006 36.97 21.12 9.74 7.12 3.39
Pain Therapeutics, Inc. n/a 356.877 57.67 161.00 6.62 5.98 4.58
Nastech Pharmaceutical n/a 280.190 n/a -8.46 9.83 9.84 6.47
Acura Pharmaceuticals, Inc. n/a 256.652 n/a n/a n/a n/a n/a
Amarin Corporation plc (ADR) n/a 225.804 n/a -8.59 448.00 n/a 7.82
UCB S.A. n/a n/a n/a n/a n/a n/a n/a
Purdue Pharma L.P. 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. 32.00% 17.874 n/a n/a 1.66 n/a 3.58
Rigel Pharmaceuticals, Inc. 14.90% 281.822 n/a -5.38 8.42 8.18 3.23
Vernalis plc (ADR) 4.00% 371.261 n/a n/a 11.50 n/a n/a
Regeneron Pharmaceuticals, Inc. n/a 1,533.134 n/a -13.12 24.16 22.59 7.08
ZymoGenetics, Inc. n/a 1,035.261 n/a -6.96 40.79 32.23 4.39
Ness Technologies, Inc n/a 516.256 17.32 13.12 1.09 0.92 4.21
XOMA Limited n/a 389.903 n/a -6.52 13.22 7.22 n/a
Caliper Life Sciences Inc. n/a 271.534 n/a -16.00 2.52 1.93 11.40
TorreyPines Therapeutics Inc. n/a 103.584 n/a n/a n/a n/a 2.33
Micromet Inc. n/a 92.616 n/a -1.42 3.36 46.31 10.58
Columbia Laboratories Inc. n/a 74.710 n/a n/a 4.30 n/a n/a
Owen Mumford Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Albany Molecular Research, Inc. n/a 314.068 143.99 32.03 1.75 1.63 1.12

- 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 157,158.883 24.84 24.29 4.66 n/a 6.98
Abbott Laboratories n/a 87,986.029 51.25 20.29 3.91 3.87 n/a
Amgen, Inc. n/a 68,077.761 23.08 13.86 4.77 4.42 17.39
Akzo Nobel N.V. (ADR) n/a 22,122.858 13.37 19.18 1.21 1.40 4.87
Biogen Idec Inc. n/a 15,416.505 70.98 17.94 5.75 4.98 4.75
Columbia University 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
Buyer
  Pfizer Inc. n/a 182,865.248 9.46 11.75 3.78 3.81 7.00
Roche Holding Ltd. (ADR) n/a 157,158.883 24.84 24.29 4.66 n/a 6.98
Abbott Laboratories n/a 87,986.029 51.25 20.29 3.91 3.87 n/a
Genentech, Inc. n/a 87,827.456 41.56 31.71 9.46 7.46 11.43
AstraZeneca plc (ADR) n/a 83,649.192 13.84 14.07 3.16 3.19 7.54
Wyeth n/a 70,974.169 16.91 15.28 3.49 3.28 6.84
Amgen, Inc. n/a 68,077.761 23.08 13.86 4.77 4.42 17.39
Bayer AG (ADR) n/a 50,423.636 22.52 18.64 1.31 1.34 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 22,436.579 41.09 17.88 2.67 2.49 20.09
Akzo Nobel N.V. (ADR) n/a 22,122.858 13.37 19.18 1.21 1.40 4.87
Biogen Idec Inc. n/a 15,416.505 70.98 17.94 5.75 4.98 4.75
OSI Pharmaceuticals, Inc. n/a 1,975.880 n/a -66.08 5.26 6.01 n/a
BioMarin Pharmaceutical Inc. n/a 1,709.264 n/a -77.78 20.30 14.61 20.14
Regeneron Pharmaceuticals, Inc. n/a 1,533.134 n/a -13.12 24.16 22.59 7.08
ZymoGenetics, Inc. n/a 1,035.261 n/a -6.96 40.79 32.23 4.39
Vernalis plc (ADR) n/a 371.261 n/a n/a 11.50 n/a n/a
Rigel Pharmaceuticals, Inc. n/a 281.822 n/a -5.38 8.42 8.18 3.23
AEterna Zentaris Inc. (USA) n/a 213.244 6.39 -8.53 5.15 4.78 1.65
Dyax Corp. n/a 210.456 n/a -4.55 16.47 12.75 9.55
TorreyPines Therapeutics Inc. n/a 103.584 n/a n/a n/a n/a 2.33
Micromet Inc. n/a 92.616 n/a -1.42 3.36 46.31 10.58
Target
  Shire plc (ADR) n/a 10,722.895 38.54 30.08 5.97 4.86 11.38
Albany Molecular Research, Inc. n/a 314.068 143.99 32.03 1.75 1.63 1.12
DepoMed, Inc. n/a 152.370 n/a -4.07 15.95 5.89 n/a
University Of California, San Francisco 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 34.3 2,561.4
Other Revenue 208.5 0.0 208.5
Total Revenue 2,735.6 34.3 2,769.9
Cost of Revenue 280.0 0.0 280.0
SG&A Expense 895.2 49.0 944.2
Depreciation & Amortization 0.0 0.2 0.2
Research & Development 539.2 41.0 580.2
Interest Expense 0.0 0.0 0.0
Other Operating Expense 255.0 0.0 255.0
Unusual Expense (Income) 0.0 4.3 4.3
Total Expenses 1,969.4 94.4 2,063.8
Operating Income 766.2 -60.0 706.2
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 39.4 3.6 43.0
Gain/Loss On Sale Of Assets 0.0 -0.0 -0.0
Other, Net -9.5 0.0 -9.5
Income Before Taxes 796.0 -56.4 739.6
Income Taxes 112.0 0.3 112.3
Income After Taxes 684.1 -56.7 627.4
Minority Interest (IS) -0.2 0.0 -0.2
Net Income - Excl. Xord. Items 683.9 -56.7 627.2
Accounting Change 0.0 -0.7 -0.7
Net Income - Incl. Xord. Items 683.9 -57.4 626.4
Income Avail. to Common 683.9 -57.4 626.4
Share Items
Basic Avg. Shares Outstanding 586.2 37.0 623.1
Basic EPS - Excl. Xord. Items 1.17 n/a 1.01
Basic EPS - Incl. Xord. Items 1.17 n/a 1.01
Full Dilution Adjustment -10.8 0.0 -10.8
Fully Diluted Shares Outstanding 586.2 37.0 623.1
F.D. EPS - Excl. Xord. Items 1.17 n/a 1.01
F.D. EPS - Incl. Xord. Items 1.17 n/a 1.01
Balance Sheet
Assets
Cash and Equivalents 1,361.9 87.0 1,448.9
ST Investments 397.5 60.0 457.5
Accounts Receivable 467.5 0.2 467.8
Inventory 242.6 0.0 242.6
Prepayments and Advances 252.7 1.1 253.8
Other Current Assets 0.0 0.0 0.0
Current Assets 2,722.3 148.3 2,870.6
PPE 0.0 2.9 2.9
Accum D&A 0.0 -0.7 -0.7
PPE, Net 819.7 2.2 821.8
Goodwill & Intangibles 345.5 0.0 345.5
Long Term Investments 476.1 0.0 476.1
Other Assets 0.0 0.0 0.0
Other LT Assets 290.6 1.1 291.6
Total Assets 4,654.1 151.5 4,805.7
Liabilities
Accounts Payable 386.3 6.0 392.2
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 0.0 13.8 13.8
ST Debt 753.0 0.0 753.0
Curr Port of LTD & Cap Lease Oblg 0.0 137.8 137.8
Other (Current) Liabilities 342.7 9.6 352.3
Current Liab. 1,482.0 167.2 1,649.2
LT Debt 16.9 0.0 16.9
Capitalized Lease Obligations 0.0 0.0 0.0
Total LT Debt 16.9 0.0 16.9
Minority Interest (BS) 1.0 0.0 1.0
Deferred Taxes 18.3 0.0 18.3
Other LT Liab. 373.0 94.1 467.1
Total Liabilities 1,891.1 261.2 2,152.4
Shareholders Equity
Common Stock 236.7 0.0 236.8
Additional Paid in Capital 534.0 17.5 551.5
Retained Earnings 2,340.3 -127.3 2,213.1
Treasure Stock -369.9 0.0 -369.9
Other Equity 21.9 0.0 21.9
Total Equity 2,763.0 -109.7 2,653.3
Total Liab. & Equity 4,654.1 151.5 4,805.7
Shares Outstanding 611.9 37.0 648.8
Cash Flow
Operating Cash Flow
CF Net Income 684.1 -57.4 626.7
CF Depreciation 131.5 0.2 131.7
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items -577.8 42.7 -535.1
Change in Working Capital -181.0 30.5 -150.5
Total Cash From Operating Activities 56.8 15.9 72.7
Investing Cash Flow (not calculated)
Capital Expenditures -182.7 -2.1 -184.7
Other Investing Cash Flows 509.7 -10.8 498.9
Total Cash From Investing Activities 327.0 -12.8 314.2
Financing Cash Flow (not calculated)
Dividends Paid -117.1 0.0 -117.1
Purchase Or Sale of Stock 43.4 31.7 75.1
Purchase and Retirement of Debt 77.2 89.7 166.9
Other Financing Cash Flow -3.0 -41.0 -44.0
Total Cash From Financing Activities -4.2 80.4 76.2
Exchange Rate Effects 1.1 0.0 1.1
Net Change in Cash 380.6 83.5 464.1
Cash Taxes Paid 102.2 0.0 102.2
Cash Interest Paid 5.5 0.0 5.5