Summary

Other Scenarios:

Buyer: Serono S.A. (ADR) (SRA) Last Price: 21.67 Market Cap.: 13.26B
Target: Andrx Corporation (ADRX) Last Price: 25.00 Market Cap.: 1.85B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 872
Biopharmaceuticals 329
Healthcare Services   158
Medical Devices   246
Nutritional Health   22
Outsourced Services   66

- 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: 67)
  • Andrx Pharmaceuticals Loratadine Rapidly-Disintegrating Tablet
  • Andrx Pharmaceuticals Loratadine/Pseudoephedrine Sulfate
  • Andrx Pharmaceuticals Loratadine/Pseudoephedrine Extended Release
  • Andrx Pharmaceuticals Metoprolol Succinate
Buyer
  • cool.click
  • SeroJet
  • Rebiject/Rebiject II
  • one.click
Target
  • Anda, Inc.
  • Value In Pharmaceuticals (VIP)/Valmed Pharmaceuticals
  • Andrx Corp.
  • Armstrong Pharmaceuticals, Inc.

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: 7)
  • Johnson & Johnson (JNJ)
  • Pfizer Inc. (PFE)
  • Novartis AG (ADR) (NVS)
  • Tyco International Ltd. (TYC)
Buyer (Total: 7)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Amgen, Inc. (AMGN)
  • Abbott Laboratories (ABT)
  • Schering AG (ADR) (SHR)
Target (Total: 4)
  • Tyco International Ltd. (TYC)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
  • Sciele Pharma Inc. (SCRX)
  • Impax Laboratories Inc. (IPXL)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 4,826 1,680
Revenue Per Employee 580,517.2 608,216.4
Total Revenue 699.1 254.8
Total Expenses 499.5 257.1
Other Revenue 0.0 0.0
Cost of Revenue 70.4 203.1
SG&A Expense 226.1 41.0
Research & Development 141.3 13.0
Other Operating Expense 61.7 0.0
Operating Income 199.6 -2.4
Unusual Income 0.0 0.0
LT Debt to Capital 0.61 0
Fwd P/E 18.89 46.24
Fwd P/Rev 4.82 1.77
Book Value 2,763.0 771.9
Curr Portion of LTD/Cap Lease 0.0 0.0

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

Andrx Corporation is a pharmaceutical company that operates in four segments. The Distributed Products segment distributes primarily generic pharmaceuticals manufactured largely by others, as well as by Andrx, from its Weston, Florida and Groveport, Ohio distribution facilities. Through the Generic Products segment, the Company researches, develops, manufactures and sells generic versions of selected controlled-release pharmaceuticals, utilizing its drug delivery technologies, as well as generic versions of immediate-release and oral contraceptive products, primarily to a limited number of large pharmaceutical wholesalers and warehousing pharmacy chains. Through the Brand Products segment, the Company develops and commercializes brand name pharmaceuticals, in many cases, using its controlled-release drug delivery technologies. The Contract Services segment is pursuing the development and manufacture of pharmaceutical products for other pharmaceutical companies.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 89.76 21.01
Operating Margin % 28.01 -0.23
Quick Ratio 1.5 2.15
Current Ratio 1.84 3.79
Coverage Ratio 0.05 -7.61
Total Assets 4,654.1 1,120.2
Return on Equity % 24.76 1.11
Return on Assets % 14.7 0.76
Cash+ ST Inv. Per Share 3 4.15
Total Debt 769.9 0.0
Total Debt to Equity % 27.87 0
Total Debt to Tangible Equity % 31.85 0
Debt to Asset % 16.54 0.00

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.
  
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.
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
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.
  
Respiratory System
The Respiratory System Subsector includes therapeutics that treat disorders affecting both the upper and lower respiratory tract, including the nose, throat, larynx, trachea, bronchi, and lungs.
  
Toxicology
The Toxicology Subsector includes therapeutics that treat harmful effects from exposure to toxic substances; narcotics, nicotine and alcohol withdrawal therapeutics are also included in this sector.
  
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.
  
Healthcare Services  
Distributors
The Distributors Subsector is comprised of companies that distribute a wide variety of healthcare products, equipment and supplies to healthcare service providers and institutions.
  
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.
  
Nutritional Health  
Dietary/Naturopathic Supplements
The Dietary/Naturopathic Subsector includes nutritional biochemicals and nutrients derived from natural sources that are intended to support health.
  
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
Allergies  
Upper Respiratory  
Antihistamines
Therapeutics that inhibit the inflammation by blocking the action of histamines on tissues.

Target Products:

  • Andrx Pharmaceuticals Loratadine Rapidly-Disintegrating Tablet
  
Antihistamines/Decongestants
Therapeutics that block the inflammatory action of histamines and relieve or prevent coughs.

Target Products:

  • Andrx Pharmaceuticals Loratadine/Pseudoephedrine Sulfate
  • Andrx Pharmaceuticals Loratadine/Pseudoephedrine Extended Release
  
Cardiovascular System  
Heart Disorders  
Angina  
Beta Adrenergic Receptor Blocking Agents (Beta Blockers)
Therapeutics that treat chest pains by inhibiting stimulation of beta adrenergic receptors of the heart muscle.

Target Products:

  • Andrx Pharmaceuticals Metoprolol Succinate
  
Calcium Channel Blocking Agents
Therapeutics that treat chest pains by preventing the entry of calcium into heart muscle cells.

Target Products:

  • Andrx Pharmaceuticals Diltia XT (Diltiazem HCl Extended-Release)
  • Andrx Pharmaceuticals Taztia (Diltiazem HCl)
  • Andrx Pharmaceuticals Cartia XT (Diltiazem HCl Extended-Release)
  • Andrx Pharmaceuticals Taztia XT (Diltiazem HCl Extended Release)
  
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:

  • Andrx Pharmaceuticals Monopril (Fosinopril Sodium)
  
Beta Adrenergic Receptor Blocking Agents (Beta Blockers)
Therapeutics that treat the ineffective pumping of the heart by blocking beta adrenergic receptors of the heart muscle.

Target Products:

  • Andrx Pharmaceuticals Metoprolol Succinate
  
Vascular Disorders  
Atherosclerosis  
HMG CoA Reductase Inhibitors (Statins)
Therapeutics that treat the narrowing or hardening of the arteries by preventing the synthesis of cholesterol.

Target Products:

  • Andrx Pharmaceuticals Lovastatin
  
Hypertension  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system.

Target Products:

  • Andrx Pharmaceuticals Quinapril Hydrochloride
  • Andrx Pharmaceuticals Benazepril Hydrochloride
  
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:

  • Andrx Pharmaceuticals Benazepril Hydrochloride/Hydrochlorothiazide
  • Andrx Pharmaceuticals Fosinopril Sodium/Hydrochlorothiazide
  
Beta Adrenergic Receptor Blocking Agents (Beta Blockers)
Therapeutics that treat high blood pressure by blocking the beta adrenergic receptors of the heart muscle.

Target Products:

  • Andrx Pharmaceuticals Metoprolol Succinate
  
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:

  • Andrx Pharmaceuticals Diltia XT (Diltiazem HCl Extended-Release)
  • Andrx Pharmaceuticals Cartia XT (Diltiazem HCl Extended-Release)
  • Andrx Pharmaceuticals Taztia (Diltiazem HCl)
  
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:

  • Andrx Pharmaceuticals Cilostazol
  
Digestive System
Gastrointestinal Tract Disorders
Gastroduodenal Disorders  
Peptic Ulcers  
Duodenal  
H2 Receptor Antagonists
Therapeutics that treat peptic ulcers by inhibiting the actions of receptors responsible for triggering acid release into the stomach.

Target Products:

  • Andrx Pharmaceuticals Famotidine Tablets USP
  
Proton Pump Inhibitors
Therapeutics that treat peptic ulcers by inhibiting the membrane protein involved in the final steps of triggering acid release into the stomach.

Target Products:

  • Andrx Pharmaceuticals Omeprazole
  
Gastric  
H2 Receptor Antagonists
Therapeutics that treat peptic ulcers by inhibiting the actions of receptors responsible for triggering acid release into the stomach.

Target Products:

  • Andrx Pharmaceuticals Famotidine Tablets USP
  
Proton Pump Inhibitors
Therapeutics that treat peptic ulcers by inhibiting the membrane protein involved in the final steps of triggering acid release into the stomach.

Target Products:

  • Andrx Pharmaceuticals Omeprazole
  
Zollinger-Ellison Syndrome  
H2 Receptor Antagonists
Therapeutics that treat ulcers by inhibiting the actions of receptors responsible for triggering acid release into the stomach.

Target Products:

  • Andrx Pharmaceuticals Famotidine Tablets USP
  
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:

  • Andrx Pharmaceuticals Omeprazole
  
Gastroesophageal Disorders  
Acid Indigestion/Heartburn  
H2 Receptor Antagonists
Therapeutics that treat indigestion by blocking the action of histamine at the H2 receptors.

Target Products:

  • Andrx Pharmaceuticals Famotidine Tablets USP
  
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:

  • Andrx Pharmaceuticals Omeprazole
  
Gastroesophageal Reflux Disease (GERD)  
H2 Receptor Antagonists
Therapeutics that treat Gastroesophageal Reflux Disease by inhibiting the actions of receptors responsible for triggering acid release into the stomach.

Target Products:

  • Andrx Pharmaceuticals Famotidine Tablets USP
  
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:

  • Andrx Pharmaceuticals Omeprazole
  
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:

  • Andrx Pharmaceuticals Metformin Hydrochloride Extended Release
  • Andrx Pharmaceuticals Metformin Hydrochloride
  
Biguanides/Peroxisome Proliferator-Activated Receptor Agonists (PPAR Agonists)
Therapeutics that control high blood sugar by stimulating the release of insulin as well as sensitizing organs to insulin.

Target Products:

  • Andrx Laboratories ACTOplus met XR (Pioglitazone/Metformin Extended Release)
  
Insulin Stimulating Agents (Sulfonylureas)
Therapeutics that treat non-insulin dependent diabetes by stimulating the secretion of insulin.

Target Products:

  • Andrx Pharmaceuticals Glipizide Extended Release
  
Hyperglycemia  
Insulin Stimulating Agents (Sulfonylureas)
Therapeutics that stimulate the secretion of insulin.

Target Products:

  • Andrx Pharmaceuticals Glipizide Extended Release
  
Intermediary Metabolism Disorders  
Gout  
Gouty Arthritis  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that counteract or suppress inflammation preventing cyclooxygenase activity.

Target Products:

  • Andrx Pharmaceuticals Naproxen Sodium
  
Hypercholesterolemia  
HMG CoA Reductase Inhibitors (Statins)
Therapeutics that block cholesterol synthesis by binding a key enzyme in the synthesis process.

Target Products:

  • Andrx Pharmaceuticals Lovastatin
  
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)
  
Hematology  
Serum Factor Disorders  
Hypercholesterolemia  
HMG CoA Reductase Inhibitors (Statins)
Therapeutics that block cholesterol synthesis by binding a key enzyme in the synthesis process.

Target Products:

  • Andrx Pharmaceuticals Lovastatin
  
Hyperglycemia  
Insulin Stimulating Agents (Sulfonylureas)
Therapeutics that stimulate the secretion of insulin.

Target Products:

  • Andrx Pharmaceuticals Glipizide Extended Release
  
Hypokalemia  
Potassium Supplements
Therapeutics that treat hypokalemia by providing potassium to the body.

Target Products:

  • Andrx Pharmaceuticals Potassium Chloride Extended Release
  
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:

  • Andrx Pharmaceuticals Ketoprofen Extended Release
  • Andrx Pharmaceuticals Naproxen Sodium
  • Andrx Pharmaceuticals Etodolac Extended Release
  
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  
Macrolides
Therapeutics that treat a wide variety of infections by inhibiting RNA-dependent bacterial protein synthesis.

Target Products:

  • Andrx Pharmaceuticals Clarithromycin Extended Release
  
Mycological (Fungal)  
Antifungal Agents  
Narrow Spectrum  
Dermatology  
Onychomycosis (Nail)  
Amine Derivatives  
Allyl
Therapeutics that treat fungal infections of the nail caused by yeast by causing a deficiency in the cell wall.

Target Products:

  • Andrx Pharmaceuticals Terbinafine Hydrochloride
  
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
  
Skeletal Disorders  
Joint Disorders  
Ankylosing Spondylitis  
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:

  • Andrx Pharmaceuticals Naproxen Sodium
  
Gouty Arthritis  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat inflammation by inhibiting cyclooxygenase activity.

Target Products:

  • Andrx Pharmaceuticals Naproxen Sodium
  
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:

  • Andrx Pharmaceuticals Naproxen Sodium
  • Andrx Pharmaceuticals Ketoprofen Extended Release
  • Andrx Pharmaceuticals Etodolac Extended Release
  
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:

  • Andrx Pharmaceuticals Etodolac Extended Release
  • Andrx Pharmaceuticals Ketoprofen Extended Release
  • Andrx Pharmaceuticals Naproxen Sodium
  
Neurology
Neurological Disorders  
Epilepsy  
Partial Seizures  
Complex  
Adjunctive Therapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat complex partial seizures by preventing the uptake of gamma-aminobutyric acid, which prevent nerve activation.

Target Products:

  • Andrx Laboratories Valproate Delayed Release Tablet (Divalproex)
  • Andrx Pharmaceuticals Gabapentin
  
Monotherapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat complex partial seizures by preventing the uptake of gamma-aminobutyric acid, that prevents nerve activation.

Target Products:

  • Andrx Laboratories Valproate Delayed Release Tablet (Divalproex)
  
Primary Generalized Seizures  
Absence (Petit Mal)  
Adjunctive Therapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat Petit Mal Seizures by preventing the uptake of molecules that prevents nerve activation.

Target Products:

  • Andrx Laboratories Valproate Delayed Release Tablet (Divalproex)
  
Monotherapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat Petit Mal Seizures by preventing the uptake of molecules that prevents nerve activation.

Target Products:

  • Andrx Laboratories Valproate Delayed Release Tablet (Divalproex)
  
Headaches  
Vascular (Migraine)  
Prophylactic Treatments  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that provide preventative treatments for migraine headaches by inhibiting the uptake of molecules that prevent nerve activation.

Target Products:

  • Andrx Laboratories Valproate Delayed Release Tablet (Divalproex)
  
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
  
Psychiatric Disorders  
Anxiety  
Generalized Anxiety Disorder (GAD)  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat anxiety by selectively preventing the removal of serotonin.

Target Products:

  • Andrx Pharmaceuticals Paroxetine Hydrochloride
  
Obsessive Compulsive Disorder (OCD)  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat Anxiety by selectively preventing the removal of serotonin.

Target Products:

  • Andrx Pharmaceuticals Sertraline Hydrochloride
  • Andrx Pharmaceuticals Paroxetine Hydrochloride
  • Andrx Pharmaceuticals Fluoxetine Hydrochloride
  
Panic Disorder  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat panic disorder by selectively preventing the removal of serotonin.

Target Products:

  • Andrx Pharmaceuticals Sertraline Hydrochloride
  • Andrx Pharmaceuticals Paroxetine Hydrochloride
  
Post-Traumatic Stress Disorder (PTSD)  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat post traumatic stress disorder by selectively preventing the removal of serotonin.

Target Products:

  • Andrx Pharmaceuticals Sertraline Hydrochloride
  • Andrx Pharmaceuticals Paroxetine Hydrochloride
  
Social Anxiety Disorder (SAD)  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat Social Anxiety Disorder by selectively preventing the removal of serotonin.

Target Products:

  • Andrx Pharmaceuticals Sertraline Hydrochloride
  • Andrx Pharmaceuticals Paroxetine Hydrochloride
  
Childhood/Adolescent Disorders  
Attention Deficit Disorder (ADD)/Attention Deficit Hyperactivity Disorder (ADHD)  
Dopamine Receptor Blocking Agents
Therapeutics that treat attention deficit disorder by blocking the dopamine receptors.

Target Products:

  • Andrx Pharmaceuticals Methylphenidate Hydrochloride
  
Eating Disorders  
Bulimia  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat eating disorders by selectively preventing the removal of serotonin.

Target Products:

  • Andrx Pharmaceuticals Fluoxetine Hydrochloride
  
Mood Disorders  
Bipolar Disorders (Manic Depressive Disorders)  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat bipolar disorders by preventing the uptake of gamma-aminobutyric acid, that prevents nerve activation.

Target Products:

  • Andrx Laboratories Valproate Delayed Release Tablet (Divalproex)
  
Depression  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat depression by selectively preventing the removal of serotonin.

Target Products:

  • Andrx Pharmaceuticals Paroxetine Hydrochloride
  • Andrx Pharmaceuticals Sertraline Hydrochloride
  • Andrx Pharmaceuticals Fluoxetine Hydrochloride
  
Tetracyclic Compounds
Therapeutics that treat depression by increasing the synaptic concentrations of norepinephrine.

Target Products:

  • Andrx Pharmaceuticals Mirtazapine
  
Premenstrual Dysphoric Disorders  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat premenstrual dysphoric disorders by selectively preventing the removal of serotonin.

Target Products:

  • Andrx Pharmaceuticals Sertraline Hydrochloride
  
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
Child Birth/Pregnancy  
Prevention (Contraception)  
Contraceptives (Birth Control)  
Estrogens/Progestins
Therapeutics that prevent conception by decreasing the secretion of gonadotropin-releasing hormone in the hypothalamus, resulting in an anti-ovulatory effect.

Target Products:

  • Andrx Pharmaceuticals Previfem (Norgestimate/Ethinyl Estradiol)
  • Andrx Pharmaceuticals Tri-Previfem (Norgestimate/Ethinyl Estradiol)
  • Andrx Pharmaceuticals Norethindrone/Ethinyl Estradiol/Ferrous Fumarate
  
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
  
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:

  • Anexsia (Acetaminophen/Hydrocodone Bitartrate)
  • Andrx Pharmaceuticals Codeine Phosphate/Acetaminophen
  • Andrx Pharmaceuticals Ibuprofen/Hydrocodone Bitartrate
  • Andrx Pharmaceuticals Propoxyphene Hydrochloride/Acetaminophen
  • Andrx Pharmaceuticals Acetaminophen/Tramadol Hydrochloride
  
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:

  • Andrx Pharmaceuticals Fentanyl
  • Andrx Pharmaceuticals Oxycodone HCl Extended Release
  
Non-Narcotics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Andrx Pharmaceuticals Naproxen Sodium
  
Respiratory System  
Lower Respiratory Tract Disorders (Lung Disorders)  
Asthma  
Acute Treatments  
Bronchodilators  
Beta Adrenergic Receptor Agonists
Therapeutics that cause dilation of the lung passages by supporting the actions of the adrenergic transmitters like epinephrine and norepinephrine.

Target Products:

  • Armstrong Pharmaceuticals Albuterol MDI
  • Andrx Pharmaceuticals Albuterol Inhalation Aerosol
  
Bronchitis  
Acute Treatments  
Bronchodilators  
Beta Adrenergic Receptor Agonists
Therapeutics that cause dilation of the lung passages by supporting the actions of the adrenergic transmitters like epinephrine and norepinephrine.

Target Products:

  • Armstrong Pharmaceuticals Albuterol MDI
  • Andrx Pharmaceuticals Albuterol Inhalation Aerosol
  
Bronchospasm  
Bronchodilators  
Beta Adrenergic Receptor Agonists
Therapeutics that cause dilation of the lung passages by supporting the actions of the adrenergic transmitters like epinephrine and norepinephrine.

Target Products:

  • Armstrong Pharmaceuticals Albuterol MDI
  • Andrx Pharmaceuticals Albuterol Inhalation Aerosol
  
Chronic Obstructive Pulmonary Disease (COPD)  
Acute Treatments  
Bronchodilators  
Beta Adrenergic Receptor Agonists
Therapeutics that cause dilation of the lung passages by supporting the actions of the adrenergic transmitters like epinephrine and norepinephrine.

Target Products:

  • Andrx Pharmaceuticals Albuterol Inhalation Aerosol
  • Armstrong Pharmaceuticals Albuterol MDI
  
Upper Respiratory Tract Disorders  
Coughs/Colds  
Decongestants/Expectorants
Therapeutics that treat coughs and colds by reducing mucous build up and help in ejection of mucous.

Target Products:

  • Andrx Laboratories Entex LA (Phenylephrine Hydrochloride/Guaifenesin)
  • Andrx Laboratories Pseudoephedrine Extended Release/Guaifenesin Capsules
  • Andrx Pharmaceuticals Phenylephrine Hydrochloride/Guaifenesin
  
Toxicology  
Substance Abuse  
Withdrawal  
Nicotine (Smoking Cessation)  
Serotonin/Norepinephrine Reuptake Inhibitors
Therapeutics that increase the concentration of several neurotransmitters in the brain by inhibiting their uptake.

Target Products:

  • Andrx Pharmaceuticals Bupropion Hydrochloride
  
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
  
Healthcare Services  
Distributors  
Pharmaceutical  
Specialty/Generic
Specialty drug distributors focus on the distribution of specific drugs. Because specialty drug distributors typically target certain therapeutic areas, in addition to distributing only certain classes of drugs, these companies will provide complementary services to the targeted patient populations. Examples of such complementary services include disease management programs, drug therapies (such as infusion therapy), and other disease class-specific services.

Target Products:

  • Anda, Inc.
  • Value In Pharmaceuticals (VIP)/Valmed Pharmaceuticals
  
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
  
Nutritional Health  
Dietary/Naturopathic Supplements  
Women`s Health
Products consisting of dietary/naturopathic supplements that are intended to support women's health.

Target Products:

  • Andrx Corp.
  
Outsourced Services  
Development/Manufacturing Services  
Contract Manufacturing Organizations (CMO)  
Pharmaceuticals  
Active/Intermediate Chemicals
Intermediate and active ingredient contract manufacturing organizations that produce large quantities of small molecule compounds for use in final dosage forms.

Target Products:

  • Armstrong Pharmaceuticals, Inc.
  
Drug Delivery Technology  
Oral Delivery  
Hydrogel Based
Drug Delivery Technologies used to deliver drugs in a jelly like base.

Target Products:

  • Andrx Laboratories Granulated Modulating Hydrogel System (GMHS)
  • Andrx Laboratories Delayed Pulsatile Hydrogel System (DPHS)
  • Andrx Laboratories Directly Compressible Hydrogel System
  • Andrx Laboratories Pulsatile Hydrogel System
  • Andrx Laboratories Solubility Modulating Hydrogel System (SMHS)
  
Hydrogel Based/Polymer Coated
Drug Delivery Technologies used to deliver drugs in a jelly like base which are enclosed using a polymer matrix.

Target Products:

  • Andrx Laboratories Granulated Modulating Hydrogel System (GMHS)
  
Osmotic
Drug Delivery Technologies utilizing an osmotic mechanism for sustained release of the drugs.

Target Products:

  • Andrx Laboratories Single Composition Osmotic Tablet System (SCOT)
  • Andrx Laboratories Porous Tablet System (PORTAB)
  
Polymer Coated
Drug Delivery Technologies used to deliver drugs in a polymer based matrix to hold/enclose the drug.

Target Products:

  • Andrx Laboratories Pelletized Pulsatile Delivery System (PPDS)
  • Andrx Laboratories Stabilized Pellet Delivery System (SPDS)
  • Andrx Laboratories Stabilized Tablet Delivery System (STDS)
  • Andrx Laboratories Pelletized Tablet System (PELTAB)
  • Andrx Laboratories Modified Antihistamine/Decongestant Combination System (MACS)
  • Andrx Laboratories Pulsatile Enteric Coating System
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Pfizer Inc. n/a 193,588.019 15.34 13.15 4.01 4.08 n/a
Roche Holding Ltd. (ADR) n/a 152,501.060 33.84 24.04 5.51 n/a 8.36
Novartis AG (ADR) n/a 142,847.934 20.82 19.72 3.95 3.90 3.70
Genentech, Inc. n/a 85,447.860 45.98 40.93 10.10 9.50 12.08
Wyeth n/a 67,538.571 16.58 15.89 3.40 3.36 n/a
Eli Lilly & Co. n/a 63,392.776 19.62 17.90 4.14 4.12 4.86
Novo Nordisk A/S (ADR) n/a 28,957.096 28.64 22.80 4.50 n/a 6.14
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,586.134 475.54 14.50 3.75 2.88 n/a
Schering AG (ADR) n/a 22,367.484 29.70 n/a 3.19 n/a 6.45
Akzo Nobel N.V. (ADR) n/a 16,083.615 10.37 15.04 0.94 0.83 3.78
Biogen Idec Inc. n/a 15,966.720 97.11 22.29 6.12 5.99 5.42
Solvay SA (ADR) n/a 11,180.153 11.34 n/a 0.94 n/a 3.93
Elan Corporation, plc (ADR) n/a 6,158.356 n/a -18.54 11.52 11.33 n/a
Pharmion Corporation n/a 789.112 n/a -32.55 3.36 3.37 n/a
GPC Biotech AG (ADR) n/a 674.938 n/a n/a 32.84 n/a 5.54
Par Pharmaceutical Companies, Inc n/a 657.175 n/a 21.45 1.29 1.00 1.89
Savient Pharmaceuticals, Inc. n/a 467.120 5.99 -370.00 7.46 6.54 2.56
Target
  Cardinal Health, Inc. n/a 25,649.449 24.60 17.66 0.31 0.29 7.62
McKesson Corporation n/a 14,360.415 17.39 18.32 0.16 0.16 3.52
AmerisourceBergen Corp. n/a 9,155.055 19.57 18.89 0.15 0.15 2.21
Barr Pharmaceuticals, Inc. n/a 5,305.811 15.77 15.40 4.04 3.75 4.33
Flamel Technologies S.A. (ADR) n/a 656.234 n/a -19.18 30.53 22.37 n/a
Impax Laboratories Inc. n/a 404.129 345.95 20.53 3.59 n/a 6.89
Penwest Pharmaceuticals n/a 385.474 n/a -12.51 104.43 78.58 n/a
Elite Pharmaceuticals, Inc. n/a 42.470 n/a n/a 72.14 n/a 5.36

- 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% 18.221 n/a n/a 1.87 n/a 2.99
Rigel Pharmaceuticals, Inc. 14.90% 274.821 n/a -6.66 8.20 7.78 2.61
Vernalis plc (ADR) 4.00% 225.946 n/a -0.10 8.06 6.71 n/a
Regeneron Pharmaceuticals, Inc. n/a 1,183.869 n/a -10.52 16.65 15.24 14.13
ZymoGenetics, Inc. n/a 1,035.099 n/a -7.63 28.40 33.33 3.90
Ness Technologies, Inc n/a 530.415 21.16 17.98 1.24 1.08 5.29
Phase Forward Incorporated n/a 467.868 98.89 47.00 4.68 4.41 9.61
TorreyPines Therapeutics Inc. n/a 363.955 n/a n/a n/a n/a 7.13
Columbia Laboratories Inc. n/a 229.463 n/a n/a 10.68 n/a 23.66
XOMA Limited n/a 213.329 n/a -5.36 9.03 6.15 n/a
Caliper Life Sciences Inc. n/a 174.435 n/a -8.50 1.84 1.58 4.26
Micromet Inc. n/a 81.674 n/a -1.98 2.21 7.76 57.48
Owen Mumford Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Johnson & Johnson n/a 198,345.736 17.92 18.16 3.80 3.73 n/a
Pfizer Inc. n/a 193,588.019 15.34 13.15 4.01 4.08 n/a
Novartis AG (ADR) n/a 142,847.934 20.82 19.72 3.95 3.90 3.70
Tyco International Ltd. n/a 58,346.115 17.17 16.12 1.50 1.44 12.41
Elan Corporation, plc (ADR) n/a 6,158.356 n/a -18.54 11.52 11.33 n/a
Amphastar Pharmaceuticals, Inc. n/a n/a n/a n/a n/a n/a n/a
Ranbaxy Laboratories Ltd. 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 152,501.060 33.84 24.04 5.51 n/a 8.36
Amgen, Inc. n/a 87,298.425 29.68 19.92 6.37 6.19 32.38
Abbott Laboratories n/a 72,784.724 22.96 18.91 3.26 3.24 n/a
Schering AG (ADR) n/a 22,367.484 29.70 n/a 3.19 n/a 6.45
Akzo Nobel N.V. (ADR) n/a 16,083.615 10.37 15.04 0.94 0.83 3.78
Biogen Idec Inc. n/a 15,966.720 97.11 22.29 6.12 5.99 5.42
Columbia University n/a n/a n/a n/a n/a n/a n/a
Target
  Tyco International Ltd. n/a 58,346.115 17.17 16.12 1.50 1.44 12.41
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,586.134 475.54 14.50 3.75 2.88 n/a
Sciele Pharma Inc. n/a 731.262 16.40 17.92 2.61 2.54 11.51
Impax Laboratories Inc. n/a 404.129 345.95 20.53 3.59 n/a 6.89

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Pfizer Inc. n/a 193,588.019 15.34 13.15 4.01 4.08 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,586.134 475.54 14.50 3.75 2.88 n/a
Buyer
  Pfizer Inc. n/a 193,588.019 15.34 13.15 4.01 4.08 n/a
Roche Holding Ltd. (ADR) n/a 152,501.060 33.84 24.04 5.51 n/a 8.36
AstraZeneca plc (ADR) n/a 93,979.877 16.11 15.75 3.67 3.62 9.42
Amgen, Inc. n/a 87,298.425 29.68 19.92 6.37 6.19 32.38
Genentech, Inc. n/a 85,447.860 45.98 40.93 10.10 9.50 12.08
Abbott Laboratories n/a 72,784.724 22.96 18.91 3.26 3.24 n/a
Wyeth n/a 67,538.571 16.58 15.89 3.40 3.36 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,586.134 475.54 14.50 3.75 2.88 n/a
Target
  Johnson & Johnson n/a 198,345.736 17.92 18.16 3.80 3.73 n/a
Pfizer Inc. n/a 193,588.019 15.34 13.15 4.01 4.08 n/a
Novartis AG (ADR) n/a 142,847.934 20.82 19.72 3.95 3.90 3.70
Tyco International Ltd. n/a 58,346.115 17.17 16.12 1.50 1.44 12.41
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,586.134 475.54 14.50 3.75 2.88 n/a
Elan Corporation, plc (ADR) n/a 6,158.356 n/a -18.54 11.52 11.33 n/a
Watson Pharmaceuticals, Inc. n/a 2,678.138 38.93 21.30 1.53 1.44 2.55
Perrigo Company n/a 1,564.196 20.57 18.87 1.13 1.09 4.53
Sciele Pharma Inc. n/a 731.262 16.40 17.92 2.61 2.54 11.51
Impax Laboratories Inc. n/a 404.129 345.95 20.53 3.59 n/a 6.89
Schwarz Pharma, Inc. n/a n/a n/a n/a n/a n/a n/a
Ranbaxy Laboratories Ltd. n/a n/a n/a n/a n/a n/a n/a
Amphastar Pharmaceuticals, Inc. n/a n/a n/a n/a n/a n/a n/a
InvaGen Inc. n/a n/a n/a n/a n/a n/a n/a
Merck KGaA 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 1,001.4 3,528.5
Other Revenue 208.5 0.0 208.5
Total Revenue 2,735.6 1,001.4 3,737.0
Cost of Revenue 280.0 791.0 1,071.0
SG&A Expense 895.2 163.0 1,058.2
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 539.2 49.6 588.9
Interest Expense 0.0 0.0 0.0
Other Operating Expense 255.0 0.0 255.0
Total Expenses 1,969.4 1,003.7 2,973.1
Operating Income 766.2 -2.3 763.9
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 39.4 17.2 56.6
Other, Net -9.5 -1.2 -10.7
Income Before Taxes 796.0 13.8 809.8
Income Taxes 112.0 5.2 117.2
Income After Taxes 684.1 8.6 692.7
Minority Interest (IS) -0.2 0.0 -0.2
Net Income - Excl. Xord. Items 683.9 8.6 692.4
Accounting Change 0.0 0.7 0.7
Net Income - Incl. Xord. Items 683.9 9.3 693.1
Income Avail. to Common 683.9 9.3 693.1
Share Items
Basic Avg. Shares Outstanding 586.2 73.9 660.1
Basic EPS - Excl. Xord. Items 1.17 0.12 1.05
Basic EPS - Incl. Xord. Items 1.17 0.13 1.05
Full Dilution Adjustment -10.8 0.0 -10.8
Fully Diluted Shares Outstanding 586.2 74.5 660.7
F.D. EPS - Excl. Xord. Items 1.17 0.12 1.05
F.D. EPS - Incl. Xord. Items 1.17 0.12 1.05
Balance Sheet
Assets
Cash and Equivalents 1,361.9 15.7 1,377.6
ST Investments 397.5 293.5 691.0
Accounts Receivable 467.5 149.7 617.3
Inventory 242.6 229.5 472.1
Prepayments and Advances 252.7 15.0 267.7
Other Current Assets 0.0 103.5 103.5
Current Assets 2,722.3 806.8 3,529.1
Accum D&A 0.0 0.0 0.0
PPE, Net 819.7 233.4 1,053.1
Goodwill & Intangibles 345.5 11.0 356.5
Long Term Investments 476.1 58.4 534.6
Other Assets 0.0 0.0 0.0
Other LT Assets 290.6 10.6 301.1
Total Assets 4,654.1 1,120.2 5,774.4
Liabilities
Accounts Payable 386.3 118.9 505.2
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 0.0 94.1 94.1
ST Debt 753.0 0.0 753.0
Other (Current) Liabilities 342.7 0.0 342.7
Current Liab. 1,482.0 213.0 1,695.0
LT Debt 16.9 0.0 16.9
Total LT Debt 16.9 0.0 16.9
Minority Interest (BS) 1.0 0.0 1.0
Deferred Taxes 18.3 30.2 48.4
Other LT Liab. 373.0 105.2 478.2
Total Liabilities 1,891.1 348.4 2,239.5
Shareholders Equity
Common Stock 236.7 0.1 236.8
Additional Paid in Capital 534.0 522.5 1,056.5
Retained Earnings 2,340.3 250.5 2,590.8
Treasure Stock -369.9 0.0 -369.9
Other Equity 21.9 -1.1 20.7
Total Equity 2,763.0 771.9 3,534.9
Total Liab. & Equity 4,654.1 1,120.2 5,774.4
Shares Outstanding 611.9 73.9 685.8
Cash Flow
Operating Cash Flow
CF Net Income 684.1 9.3 693.4
CF Depreciation 131.5 36.0 167.5
CF Deferred Taxes 0.0 -5.6 -5.6
Other Non-Cash Items -577.8 28.7 -549.1
Change in Working Capital -181.0 -35.4 -216.4
Total Cash From Operating Activities 56.8 33.0 89.8
Investing Cash Flow (not calculated)
Capital Expenditures -182.7 -30.8 -213.4
Other Investing Cash Flows 509.7 -34.8 474.8
Total Cash From Investing Activities 327.0 -65.6 261.4
Financing Cash Flow (not calculated)
Dividends Paid -117.1 0.0 -117.1
Purchase Or Sale of Stock 43.4 5.3 48.6
Purchase and Retirement of Debt 77.2 0.0 77.2
Other Financing Cash Flow -3.0 1.1 -1.9
Total Cash From Financing Activities -4.2 6.3 2.1
Exchange Rate Effects 1.1 0.0 1.1
Net Change in Cash 380.6 -26.3 354.4
Cash Taxes Paid 102.2 6.0 108.2
Cash Interest Paid 5.5 1.2 6.7