Summary

Other Scenarios:

Buyer: Cubist Pharmaceuticals, Inc. (CBST) Last Price: 24.58 Market Cap.: 1.40B
Target: Biovail Corporation (USA) (BVF) Last Price: 8.73 Market Cap.: 1.39B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 843
Biopharmaceuticals 365
Outsourced Services 48

- 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: 8)
  • HepeX-B (Dual Human Monoclonal Antibodies)
  • CB-183,872 (Protein Therapeutic)
  • Intravenous Cubicin (Daptomycin)
  • CB-183,315 (Oral Antibiotic)
Target (Total: 45)
  • Procardia XL (Nifedipine)
  • Adalat/Adalat CC (Nifedipine)
  • Tiazac (Diltiazem)
  • Cardizem CD (Diltiazem Hydrochloride)
Buyer
  • Directed Biosynthesis Program
  • Natural Products
Target
  • Biovail Contract Research Division (CRD)
  • ShearForm
  • Macrocap
  • Consurf

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 7)
  • Eli Lilly & Co. (LLY)
  • Cardinal Health, Inc. (CAH)
  • WPP PLC (ADR) (WPPGY)
  • Hospira, Inc. (HSP)
Target (Total: 10)
  • Johnson & Johnson (JNJ)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Abbott Laboratories (ABT)
  • Merck & Co., Inc. (MRK)
Buyer (Total: 8)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • McKesson Corporation (MCK)
  • Novartis AG (ADR) (NVS)
Target (Total: 11)
  • GlaxoSmithKline plc (ADR) (GSK)
  • McKesson Corporation (MCK)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
  • Cardinal Health, Inc. (CAH)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 489 1,533
Revenue Per Employee 920,358.3 474,735.9
Total Revenue 112.4 181.1
Total Expenses 83.7 132.7
Other Revenue 0.4 5.1
Cost of Revenue 23.5 47.5
SG&A Expense 31.6 44.7
Research & Development 28.6 18.7
Other Operating Expense 0.0 0.0
Operating Income 28.7 48.4
Unusual Income 0.0 9.6
LT Debt to Capital 67.06 0
Fwd P/E 19.42 6.49
Fwd P/Rev 3.18 1.89
Book Value 147.3 1,163.9
Curr Portion of LTD/Cap Lease 0.0 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Infectious Diseases > Bacterial

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

Cubist Pharmaceuticals, Inc. (Cubist) is a biopharmaceutical company focused on the research, development and commercialization of pharmaceutical products that address unmet medical needs in the acute care environment. The Company focuses on developing products for the anti-infective marketplace. Cubist has one marketed product, an intravenous (IV) antibiotic, CUBICIN (daptomycin for injection). CUBICIN is approved in the United States for the treatment of complicated skin and skin structure infections (cSSSI), caused by Staphylococcus aureus (S. aureus) and certain other Gram-positive bacteria, and for blood-stream infections (bacteremia), including right-sided infective endocarditis, caused by methicillin susceptible and methicillin resistant S. aureus (MSSA and MRSA). The Company has two anti-infective programs approaching the investigational new drug application (IND), filing stage preparatory to clinical trials.

Target

Biovail Corporation (Biovail) is a specialty pharmaceutical company that applies advanced drug-delivery technologies to improve the clinical effectiveness of medicines. The Company is engaged in the formulation, clinical testing, registration, manufacture and commercialization of pharmaceutical products. Its main therapeutic areas of focus are central nervous system (CNS) disorders, pain management and cardiovascular disease. The primary markets for its products are the United States and Canada. Biovail has a portfolio of drug-delivery technologies includes controlled release, enhanced absorption, rapid absorption, taste masking, and oral disintegration technologies, among others. In September 2008, Biovail acquired Prestwick Pharmaceuticals, Inc., a company that holds the Canadian and United States rights to Xenazine (tetrabenazine tablets).

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 78.17 73.4
Operating Margin % 13.16 8.41
Quick Ratio 5.75 1.74
Current Ratio 6.15 2.21
Coverage Ratio 0.06 -0.07
Total Assets 535.5 1,501.0
Return on Equity % 37.21 4.09
Return on Assets % 10.24 3.17
Cash+ ST Inv. Per Share 5.09 1.43
Total Debt 300.0 0.0
Total Debt to Equity % 203.62 0
Total Debt to Tangible Equity % 236.45 0
Debt to Asset % 56.02 0.00

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
  
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
  
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.
  
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
  
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
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.
  
Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
  

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

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

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

Product Details

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

  • BVF-203
  • BVF-239
  
Vascular Disorders  
Hypertension  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system.

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

  • Trental (Pentoxifylline)
  
Digestive System  
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:

  • HepeX-B (Dual Human Monoclonal Antibodies)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of digestive disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • CB-183,872 (Protein Therapeutic)
  
Endocrinology/Metabolism  
Diabetes  
Non-Insulin Dependent Diabetes Mellitus (NIDDM)/Type 2 Diabetes  
Biguanides
Therapeutics that treat abnormally high blood glucose levels by decreasing the production of glucose in the liver, decreasing intestinal absorption of glucose and increasing peripheral uptake and utilization of glucose.

Target Products:

  • Glumetza (Metformin GR)
  
Intermediary Metabolism Disorders  
Hypercholesterolemia  
Plasma Triglyceride Reducing Agents (Fibrate Compounds)
Therapeutics that reduce cholesterol levels by reducing the levels of low-density lipoproteins (LDL) and increasing levels of high-density lipoproteins (HDL).

Target Products:

  • Fenofibrate
  
Hyperlipidemia  
Plasma Triglyceride Reducing Agents (Fibrate Compounds)
Therapeutics that reduce the levels of very low-density lipoprotein and increase levels of high-density lipoproteins.

Target Products:

  • Fenofibrate
  
Hematology  
Serum Factor Disorders  
Hypercholesterolemia  
Plasma Triglyceride Reducing Agents (Fibrate Compounds)  
Hyperlipidemia  
Plasma Triglyceride Reducing Agents (Fibrate Compounds)
Therapeutics that reduce the levels of very low-density lipoprotein and increase levels of high-density lipoproteins.

Target Products:

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

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
Infectious Diseases
Bacterial  
Antibacterial Agents  
Broad Spectrum  
Antibiotics  
Lipopeptides
Therapeutics that treat bacterial infections by inhibiting bacterial cell wall synthesis.

Buyer Products:

  • Intravenous Cubicin (Daptomycin)
  
Narrow Spectrum  
Dermatology  
Skin/Soft Tissue Infections  
Lipopeptides
Therapeutics that treat bacterial infections of non-skeletal tissue usually involving fat, muscle, and skin by disrupting multiple cbacterial cell membrane functions.

Buyer Products:

  • Intravenous Cubicin (Daptomycin)
  
Musculoskeletal System  
Skin/Soft Tissue Infections  
Lipopeptides
Therapeutics that treat bacterial infections of non-skeletal tissue usually involving fat, muscle, and skin by disrupting bacterial cytoplasmic memranes.

Buyer Products:

  • Intravenous Cubicin (Daptomycin)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in early stages of clinical research where human subject is involved.

Buyer Products:

  • Intravenous Cubicin (Daptomycin)
  • HepeX-B (Dual Human Monoclonal Antibodies)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in very early stages of research where no human subject is involved.

Buyer Products:

  • CB-183,872 (Protein Therapeutic)
  • CB-183,315 (Oral Antibiotic)
  • CB-182,804 (IV Antibiotic)
  
Viral  
DNA Viruses  
Herpesvirus  
Herpes Simplex Type 1  
Purine Nucleoside Analogs
Therapeutics that treat viral infections characterized by recurrent cold sores and fever blisters by inhibiting replication of viral DNA by incorporating themselves into growing viral DNA stands.

Target Products:

  • Zovirax Cream/Ointment (Acyclovir)
  
Musculoskeletal System  
Skeletal Disorders  
Joint Disorders  
Osteoarthritis (OA)  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat inflammation by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

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

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
Neurology  
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.

Target Products:

  • Lisuride SubQ
  
Psychiatric Disorders  
Anxiety  
Generalized Anxiety Disorder (GAD)  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat anxiety by enhancing the inhibitory neurotransmitter action of gamma-aminobutyric acid.

Target Products:

  • Ativan (Lorazepam)
  • Ativan Injection (Lorazepam)
  
Mood Disorders  
Bipolar Disorders (Manic Depressive Disorders)  
Monoaminergic Antagonists
Therapeutics that treat bipolar disorder by blocking the serotonin and dopamine receptors.

Target Products:

  • Quetiapine Fumarate Sustained Release
  
Depression  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat depression by selectively preventing the removal of serotonin.

Target Products:

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

Target Products:

  • Aplenzin (Once-Daily Bupropion Salt)/Formerly BVF-033
  • Wellbutrin XL (Bupropion Hydrochloride)
  
Schizophrenia  
Monoaminergic Antagonists
Therapeutics that treat schizophrenia by blocking the serotonin and dopamine receptors.

Target Products:

  • Quetiapine Fumarate Sustained Release
  
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.

Target Products:

  • BVF-045 (Bupropion/SSRI Combination)
  • BVF-058
  • BVF-068
  • BVF-012/Venlafaxine EA
  • BVF-065
  
Pain Management  
Narcotics  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alter both the perception of pain as well as the emotional response to pain.

Target Products:

  • Ultram ER (Tramadol Hydrochloride Extended Release)/Ultram ODT (Tramadol Hydrochloride Orally Disintegrating Tablet)
  • Tramadol ODT
  
Surgery  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of surgical complications in early stages of clinical research where human subject is involved.

Buyer Products:

  • DX-88 (Ecallantide)
  
Urology  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of urological disorders in very early stages of research where no human subject is involved.

Target Products:

  • BVF-324
  
Outsourced Services
Development/Manufacturing Services  
Contract Research Organizations (CRO)  
Full Service
Contract Research Organizations (CROs) that conduct both preclinical and clinical studies in the development of new therapeutic products.

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

  • Consurf
  • Multipart
  • Dimatrix
  • Zero Order Release System (ZORS)
  • SmartCoat/SmartCoat AQ
  • CEFORM
  • Chronotabs
  
Taste Masking
Drug Delivery Technologies used to mask the taste of various drugs.

Target Products:

  • Flash Dose
  • ShearForm
  
Drug Discovery Services  
Lead Discovery/Validation/Optimization  
Combinatorial Chemistry Libraries
Drug discovery companies that provide biopharmaceutical companies a library of combinatorial chemical compounds used for testing.

Buyer Products:

  • Directed Biosynthesis Program
  
High Throughput Screening (HTS)
Bioanalytical services that allow for the biological testing of up to 10,000 compounds each day.

Buyer Products:

  • Natural Products
  

- 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
  MiddleBrook Pharmaceuticals, Inc. n/a 149.507 n/a -3.86 14.89 6.58 2.12
Buyer
  Pfizer Inc. n/a 115,304.202 10.92 7.15 2.36 2.37 4.27
Abbott Laboratories n/a 81,473.569 17.92 15.86 2.83 2.76 27.79
Wyeth n/a 48,119.939 10.75 10.19 2.07 2.06 3.22
King Pharmaceuticals, Inc. n/a 2,479.481 9.60 8.48 1.42 1.63 1.27
Theravance, Inc. n/a 727.925 n/a -7.25 31.96 31.22 n/a
MiddleBrook Pharmaceuticals, Inc. n/a 149.507 n/a -3.86 14.89 6.58 2.12
Achillion Pharmaceuticals, Inc. n/a 23.214 n/a -0.73 16.09 19.34 0.70
Targanta Therapeutics Corporation n/a 10.914 n/a -0.18 n/a 0.68 0.56
Shionogi & Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Teva Pharmaceutical Industries Ltd (ADR) n/a 33,970.080 17.95 14.84 3.14 3.07 7.59
Watson Pharmaceuticals, Inc. n/a 2,571.265 11.67 12.32 1.02 1.02 4.03
Valeant Pharmaceuticals International n/a 1,794.575 14.81 66.12 2.51 2.34 8.64
Eurand N.V. n/a 442.926 26.32 -41.77 3.56 2.60 4.77
MiddleBrook Pharmaceuticals, Inc. n/a 149.507 n/a -3.86 14.89 6.58 2.12
Flamel Technologies S.A. (ADR) n/a 90.731 n/a -9.27 2.28 2.18 n/a
DepoMed, Inc. n/a 83.220 4.17 -3.21 2.65 2.61 1.92
Labopharm Inc. n/a 65.918 n/a -2.35 4.03 3.87 3.62
BioDelivery Sciences International, Inc. n/a 47.142 n/a n/a 162.97 n/a n/a
Penwest Pharmaceuticals n/a 41.801 n/a -1.40 9.75 5.09 2.74
AVANIR Pharmaceuticals n/a 33.632 n/a n/a 4.83 n/a 1.16
SCOLR Pharma Inc. n/a 22.622 n/a n/a 22.49 n/a 2.42
Access Pharmaceuticals, Inc. n/a 5.538 n/a -0.37 20.66 5.86 n/a
Elite Pharmaceuticals, Inc. n/a 2.101 n/a n/a 1.05 n/a 0.26

- 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
  Eli Lilly & Co. n/a 43,181.474 17.90 9.45 2.12 2.08 3.77
Cardinal Health, Inc. n/a 11,939.131 9.57 8.71 0.13 0.12 7.22
WPP PLC (ADR) n/a 7,269.909 9.62 7.45 0.72 0.19 n/a
Hospira, Inc. n/a 4,139.936 14.16 10.31 1.13 1.12 17.04
Koninklijke DSM N.V. (ADR) n/a 3,957.680 4.32 3.99 0.29 n/a 0.65
XTL Biopharmaceuticals Ltd. (ADR) n/a 1.906 n/a -0.10 0.41 0.47 0.69
ACS Dobfar n/a n/a n/a n/a n/a n/a n/a
Target
  Johnson & Johnson n/a 162,478.703 12.89 12.93 2.52 2.52 9.47
GlaxoSmithKline plc (ADR) n/a 93,132.874 13.35 10.27 2.67 2.29 78.53
Abbott Laboratories n/a 81,473.569 17.92 15.86 2.83 2.76 27.79
Merck & Co., Inc. n/a 61,311.394 13.53 8.87 2.55 2.60 3.49
Wyeth n/a 48,119.939 10.75 10.19 2.07 2.06 3.22
Teva Pharmaceutical Industries Ltd (ADR) n/a 33,970.080 17.95 14.84 3.14 3.07 7.59
QAD Inc. n/a 112.098 88.71 -30.58 0.40 n/a 2.85
DepoMed, Inc. n/a 83.220 4.17 -3.21 2.65 2.61 1.92
DOV Pharmaceutical, Inc. n/a 1.048 n/a n/a 0.27 n/a 0.22
Ethypharm n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Cardinal Health, Inc. 32.00% 11,939.131 9.57 8.71 0.13 0.12 7.22
AmerisourceBergen Corp. 30.00% 5,375.489 21.45 10.84 0.08 0.08 n/a
McKesson Corporation 20.00% 10,219.854 9.55 9.22 0.10 0.09 3.91
Merck & Co., Inc. n/a 61,311.394 13.53 8.87 2.55 2.60 3.49
AstraZeneca plc (ADR) n/a 56,972.169 9.31 7.94 1.80 1.77 n/a
Buyer
  Cardinal Health, Inc. 32.00% 11,939.131 9.57 8.71 0.13 0.12 7.22
AmerisourceBergen Corp. 30.00% 5,375.489 21.45 10.84 0.08 0.08 n/a
McKesson Corporation 20.00% 10,219.854 9.55 9.22 0.10 0.09 3.91
Novartis AG (ADR) n/a 108,257.444 14.32 12.41 2.55 2.54 3.67
Merck & Co., Inc. n/a 61,311.394 13.53 8.87 2.55 2.60 3.49
AstraZeneca plc (ADR) n/a 56,972.169 9.31 7.94 1.80 1.77 n/a
Verenium Corporation n/a 45.990 n/a -0.52 0.73 0.69 n/a
Kuhnil Pharmaceutical Company n/a n/a n/a n/a n/a n/a n/a
Target
  GlaxoSmithKline plc (ADR) 25.00% 93,132.874 13.35 10.27 2.67 2.29 78.53
McKesson Corporation 20.00% 10,219.854 9.55 9.22 0.10 0.09 3.91
Teva Pharmaceutical Industries Ltd (ADR) 11.00% 33,970.080 17.95 14.84 3.14 3.07 7.59
Cardinal Health, Inc. 10.00% 11,939.131 9.57 8.71 0.13 0.12 7.22
Owens & Minor, Inc. 10.00% 1,557.415 16.30 15.61 0.22 0.21 4.07
Sanofi-Aventis SA (ADR) n/a 85,433.983 13.51 8.76 2.35 2.24 n/a
Merck & Co., Inc. n/a 61,311.394 13.53 8.87 2.55 2.60 3.49
AstraZeneca plc (ADR) n/a 56,972.169 9.31 7.94 1.80 1.77 n/a
Forest Laboratories, Inc. n/a 7,419.983 7.72 7.53 1.88 1.88 2.21
AmerisourceBergen Corp. n/a 5,375.489 21.45 10.84 0.08 0.08 n/a
DepoMed, Inc. n/a 83.220 4.17 -3.21 2.65 2.61 1.92

- 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
  Merck & Co., Inc. n/a 61,311.394 13.53 8.87 2.55 2.60 3.49
Cardinal Health, Inc. n/a 11,939.131 9.57 8.71 0.13 0.12 7.22
Buyer
  Novartis AG (ADR) n/a 108,257.444 14.32 12.41 2.55 2.54 3.67
Merck & Co., Inc. n/a 61,311.394 13.53 8.87 2.55 2.60 3.49
AstraZeneca plc (ADR) n/a 56,972.169 9.31 7.94 1.80 1.77 n/a
Eli Lilly & Co. n/a 43,181.474 17.90 9.45 2.12 2.08 3.77
Cardinal Health, Inc. n/a 11,939.131 9.57 8.71 0.13 0.12 7.22
Hospira, Inc. n/a 4,139.936 14.16 10.31 1.13 1.12 17.04
Koninklijke DSM N.V. (ADR) n/a 3,957.680 4.32 3.99 0.29 n/a 0.65
Sepracor Inc. n/a 1,146.425 2.72 8.09 0.91 0.88 2.63
Verenium Corporation n/a 45.990 n/a -0.52 0.73 0.69 n/a
Target
  Johnson & Johnson n/a 162,478.703 12.89 12.93 2.52 2.52 9.47
GlaxoSmithKline plc (ADR) n/a 93,132.874 13.35 10.27 2.67 2.29 78.53
Sanofi-Aventis SA (ADR) n/a 85,433.983 13.51 8.76 2.35 2.24 n/a
Abbott Laboratories n/a 81,473.569 17.92 15.86 2.83 2.76 27.79
Merck & Co., Inc. n/a 61,311.394 13.53 8.87 2.55 2.60 3.49
Wyeth n/a 48,119.939 10.75 10.19 2.07 2.06 3.22
Teva Pharmaceutical Industries Ltd (ADR) n/a 33,970.080 17.95 14.84 3.14 3.07 7.59
Cardinal Health, Inc. n/a 11,939.131 9.57 8.71 0.13 0.12 7.22
McKesson Corporation n/a 10,219.854 9.55 9.22 0.10 0.09 3.91
Forest Laboratories, Inc. n/a 7,419.983 7.72 7.53 1.88 1.88 2.21
AmerisourceBergen Corp. n/a 5,375.489 21.45 10.84 0.08 0.08 n/a
DepoMed, Inc. n/a 83.220 4.17 -3.21 2.65 2.61 1.92
Hemispherx BioPharma, Inc n/a 27.866 n/a n/a 53.14 n/a 2.36
Ethypharm 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 386.4 761.0 1,147.4
Other Revenue 1.7 18.6 20.3
Total Revenue 388.1 779.6 1,167.6
Cost of Revenue 84.7 207.4 292.1
SG&A Expense 121.8 176.3 298.1
Depreciation & Amortization 0.0 47.8 47.8
Research & Development 130.5 106.0 236.5
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 0.0 176.4 176.4
Total Expenses 337.0 714.0 1,051.0
Operating Income 51.1 65.6 116.7
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 3.0 -4.7 -1.7
Other, Net 3.4 2.9 6.4
Income Before Taxes 57.5 63.9 121.3
Income Taxes 2.7 16.3 19.0
Income After Taxes 54.8 47.6 102.4
Net Income - Excl. Xord. Items 54.8 47.6 102.4
Net Income - Incl. Xord. Items 54.8 47.6 102.4
Income Avail. to Common 54.8 47.6 102.4
Share Items
Basic Avg. Shares Outstanding 56.8 158.7 215.5
Basic EPS - Excl. Xord. Items 0.97 0.30 0.48
Basic EPS - Incl. Xord. Items 0.97 0.30 0.48
Full Dilution Adjustment 1.9 0.0 1.9
Fully Diluted Shares Outstanding 68.0 158.7 226.7
F.D. EPS - Excl. Xord. Items 0.81 0.30 0.45
F.D. EPS - Incl. Xord. Items 0.81 0.30 0.45
Dividends Per Common Share 0.00 1.50 1.50
Balance Sheet
Assets
Cash and Equivalents 346.1 219.0 565.1
ST Investments 0.0 7.6 7.6
Accounts Receivable 40.9 101.7 142.6
Inventory 19.4 70.2 89.5
Prepayments and Advances 7.9 10.7 18.6
Other Current Assets 0.0 7.0 7.0
Current Assets 414.3 416.1 830.4
PPE 102.5 0.0 102.5
Accum D&A -35.9 0.0 -35.9
PPE, Net 66.6 167.5 234.1
Goodwill & Intangibles 20.5 846.1 866.6
Long Term Investments 27.0 23.3 50.4
Other Assets 0.0 0.0 0.0
Other LT Assets 7.1 47.9 55.1
Total Assets 535.5 1,501.0 2,036.5
Liabilities
Accounts Payable 9.5 31.0 40.4
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 56.2 109.8 166.1
ST Debt 0.0 0.0 0.0
Other (Current) Liabilities 1.6 47.5 49.1
Current Liab. 67.3 188.3 255.6
LT Debt 300.0 0.0 300.0
Total LT Debt 300.0 0.0 300.0
Deferred Taxes 0.0 53.0 53.0
Other LT Liab. 20.8 95.8 116.6
Total Liabilities 388.2 337.1 725.3
Shareholders Equity
Common Stock 0.1 1,468.5 1,468.5
Additional Paid in Capital 567.6 30.8 598.4
Retained Earnings -389.3 -381.3 -770.5
Other Equity -31.1 45.9 14.8
Total Equity 147.3 1,163.9 1,311.2
Total Liab. & Equity 535.5 1,501.0 2,036.5
Shares Outstanding 56.9 158.7 215.6
Cash Flow
Operating Cash Flow
CF Net Income 54.8 47.6 102.4
CF Depreciation 8.5 102.7 111.2
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 29.5 12.3 41.9
Change in Working Capital 9.3 14.1 23.4
Total Cash From Operating Activities 102.1 176.7 278.8
Investing Cash Flow (not calculated)
Capital Expenditures -21.7 -37.7 -59.4
Other Investing Cash Flows 15.3 -66.1 -50.8
Total Cash From Investing Activities -6.4 -103.8 -110.2
Financing Cash Flow (not calculated)
Dividends Paid 0.0 -240.7 -240.7
Purchase Or Sale of Stock 10.4 -25.5 -15.2
Purchase and Retirement of Debt 0.0 406.9 406.9
Other Financing Cash Flow 0.0 -0.3 -0.3
Total Cash From Financing Activities -36.5 -266.4 -302.9
Exchange Rate Effects 0.0 0.7 0.7
Net Change in Cash 59.3 -192.9 -133.6
Cash Taxes Paid 1.4 0.0 1.4
Cash Interest Paid 7.9 0.0 7.9