Summary

Other Scenarios:

Buyer: Genzyme Corporation (GENZ) Last Price: 65.21 Market Cap.: 17.64B
Target: PDL BioPharma Inc. (PDLI) Last Price: 9.40 Market Cap.: 1.12B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 844
Biopharmaceuticals 368
Healthcare Services   142
Medical Devices   225
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: 89)
  • MG Therapeutics Autologous Skeletal Myoblasts
  • Ad2/HIF-1/VP16
  • Gene Therapy
  • Adult Stem Cells
Target (Total: 8)
  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  • Therapeutic Antibody Candidates
  • Volociximab/M200 (Chimeric Monoclonal Antibody)
Buyer
  • Genzyme Genetics
  • Genzyme Diagnostics OSOM hCG Combo
  • Genzyme Diagnostics OSOM Card Pregnancy
  • Genzyme Diagnostics OSOM hCG Urine
Target
  • Humanized Antibody Technology

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 16)
  • etrials Worldwide, Inc. (ETWC)
  • BioMed Realty Trust, Inc. (BMR)
  • Medco Health Solutions Inc. (MHS)
  • Open Text Corporation (USA) (OTEX)
Target (Total: 2)
  • Seattle Genetics, Inc. (SGEN)
  • Highland Distressed Opportunities, Inc (HCD)
Buyer (Total: 16)
  • Bayer AG (ADR) (BAYRY)
  • Alcon, Inc. (ACL)
  • Kirin Holdings Company, Limited. (ADR) (KNBWY)
  • C.R. Bard, Inc. (BCR)
Target (Total: 12)
  • Genentech, Inc. (DNA)
  • AstraZeneca plc (ADR) (AZN)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Wyeth (WYE)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 10,000 887
Revenue Per Employee 465,388.6 348,577.5
Total Revenue 1,160.3 77.3
Total Expenses 976.9 64.3
Other Revenue 9.4 0.0
Cost of Revenue 285.2 0.0
SG&A Expense 331.2 18.5
Research & Development 305.2 44.7
Other Operating Expense 0.0 0.0
Operating Income 183.4 13.1
Unusual Income 0.0 1.0
LT Debt to Capital 1.7 88.93
Fwd P/E 18.62 12.78
Fwd P/Rev 3.79 3.62
Book Value 7,235.9 66.4
Curr Portion of LTD/Cap Lease 697.4 0.8

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

Genzyme Corporation is a biotechnology company. The Company operates in six units. Renal develops, manufactures and distributes products that treat patients suffering from renal diseases, including chronic renal failure. Therapeutics develops, manufactures and distributes therapeutic products, with a focus on products to treat patients suffering from genetic diseases and other chronic debilitating diseases. Transplant develops, manufactures and distributes therapeutic products that address pre-transplantation, prevention and treatment of graft rejection in organ transplantation and other hematologic and auto-immune disorders. Biosurgery develops, manufactures and distributes biotherapeutics and biomaterial products, with an emphasis on products that meet medical needs in orthopaedics and broader surgical areas. Genetics provides testing services for the oncology, prenatal and reproductive markets. Oncology develops, manufactures and distributes products for the treatment of cancer.

Target

PDL BioPharma Inc. is a biopharmaceutical company focused on the discovery and development of novel antibodies in oncology and immunologic diseases. It receives royalties and other revenues through licensing agreements with various biotechnology and pharmaceutical companies based on its antibody humanization technology platform. These licensing agreements have contributed to the development by the Company?s licensees of nine marketed products. The Company has several investigational compounds in clinical development for severe or life-threatening diseases, two of which it is developing in collaboration with Biogen Idec MA, Inc. (Biogen Idec). Its products include Daclizumab, Volociximab, HuLuc63, PDL192 and Nuvion. In March 2008, the Company closed the sale of the Cardiovascular Assets, which included Cardene, to EKR Therapeutics, Inc (EKR). However, the Company continues to perform development work for new formulations and presentations of Cardene pursuant to an agreement with EKR.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 74.92 100
Operating Margin % 12.77 23.28
Quick Ratio 1.36 8.11
Current Ratio 1.9 8.34
Coverage Ratio 0.1 0.02
Total Assets 9,415.6 718.2
Return on Equity % 5.71 98.81
Return on Assets % 4.39 9.13
Cash+ ST Inv. Per Share 3.45 3.63
Total Debt 822.8 533.8
Total Debt to Equity % 11.37 804.19
Total Debt to Tangible Equity % 21.11 911.61
Debt to Asset % 8.74 74.32

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
  
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.
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
Ophthalmology
The Ophthalmology Subsector includes therapeutics that treat eye disorders, infections, inflammations and irritations.
  
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.
  
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
Healthcare Services  
Patient Care
The Patient Care Subsector is comprised of companies that provide services to patients for the diagnosis, treatment, and/or prevention of diseases and injuries.
  
Medical Devices  
Clinical Diagnostics
The Clinical Diagnostics Subsector includes medical devices that analyze human body specimens within a medical setting. These devices, including equipment, biological and chemical reagents are primarily used for the diagnosis of diseases.
  
Ear/Nose/Throat
The Ear/Nose/Throat Subsector includes medical devices that diagnose and treat conditions affecting these anatomical regions.
  
General Surgery
The General Surgery Subsector includes medical devices that perform general, non-specialty surgeries; these devices are often general in scope and are used in procedures involving various parts of the body.
  
Orthopedics
The Orthopedics Subsector includes medical devices that diagnose and treat musculoskeletal diseases involving muscles, bones and joints.
  
Plastic/Reconstructive Surgery
The Plastic/Reconstructive Surgery Subsector includes medical devices that treat and modify a patient's external appearance.
  
Radiology
The Radiology Subsector includes medical devices that generate images of internal physiology.
  
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  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • MG Therapeutics Autologous Skeletal Myoblasts
  • Ad2/HIF-1/VP16
  • Gene Therapy
  
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.

Buyer Products:

  • Adult Stem Cells
  
Dermatology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skin disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Hectorol Capsules (Doxercalciferol)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of skin disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Genzyme Oncology Clolar (Clofarabine)
  
Digestive System
Gastrointestinal Tract Disorders
Intestinal Disorders
Diarrhea  
Toxin Binding Agents
Therapeutics that treat antibiotic-associated diarrhea by binding to toxins release by C. difficile.

Buyer Products:

  • Tolevamer
  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
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.

Target Products:

  • Nuvion (Visilizumab)
  
Endocrinology/Metabolism  
Diabetes  
Non-Insulin Dependent Diabetes Mellitus (NIDDM)/Type 2 Diabetes  
Bile Acid Binding Agents
Therapeutics that treat abnormally high blood glucose levels by binding bile acids in the intestine.

Buyer Products:

  • Welchol (Colesevelam Hydrochloride)
  
Intermediary Metabolism Disorders  
Hypercholesterolemia  
Antisense Agents
Therapeutics that treat high cholesterol by targeting specific messenger-RNA and thereby inhibiting the production of specific proteins.

Buyer Products:

  • ISIS 301012 Parenteral (Mipomersen Sodium)
  
Bile Acid Binding Agents
Therapeutics that treat hypercholesterolemia by binding bile acids in the intestine.

Buyer Products:

  • Colestagel (Colesevelam Hydrochloride)
  • Welchol (Colesevelam Hydrochloride)
  
Lysosomal Storage Diseases  
Fabry Disease  
Enzyme Replacement Therapy
Therapeutics that treat Fabry's Disease by providing the missing enzymes that contributes to the disease symptoms.

Buyer Products:

  • Fabrazyme (Agalsidase Beta)
  
Gaucher Disease  
Enzyme Replacement Therapy
Therapeutics that treat Gaucher's Disease by providing the missing enzymes that contributes to the disease symptoms.

Buyer Products:

  • Cerezyme (Imiglucerase)
  • Ceredase (Alglucerase)
  
Hurler Disease  
Enzyme Replacement Therapy
Therapeutics that treat Hurler's Disease by providing the missing enzyme that contributes to the disease symptoms.

Buyer Products:

  • Aldurazyme (Laronidase)
  
Pompe Disease  
Enzyme Replacement Therapy  
Scheie Disease  
Enzyme Replacement Therapy
Therapeutics that treat Scheie's Disease by providing the missing enzyme that contributes to the disease symptoms.

Buyer Products:

  • Aldurazyme (Laronidase)
  
Parathyroid Gland Disorders  
Hyperparathyroidism (HPT)  
Vitamin D Analogs
Therapeutics that act similar to Vitamin D.

Buyer Products:

  • Hectorol Capsules (Doxercalciferol)
  • Hectorol Injection (Doxercalciferol)
  
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:

  • Acid Sphingomyelinase Enzyme Replacement Therapy
  • Gene Therapy
  • Thymoglobulin (Anti-Thymocyte Globulin)
  • Thyroid Stimulating Hormone (TSH)
  • GENZ-112638
  • Genz-642347
  • Thyrogen (Thyrotropin Alfa)
  
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.

Buyer Products:

  • Gene Therapy
  
Hematology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of hematological disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Genzyme Oncology Clolar (Clofarabine)
  • Thymoglobulin (Anti-Thymocyte Globulin)
  • ISIS 301012 Parenteral (Mipomersen Sodium)
  • Desferoxamine (DFO)/Deferitrin (GT56-252)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of hematological disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • GENZ 644470
  
Serum Factor Disorders  
Hypercholesterolemia  
Antisense Agents
Therapeutics that treat high cholesterol by targeting specific messenger-RNA and thereby inhibiting the production of specific proteins.

Buyer Products:

  • ISIS 301012 Parenteral (Mipomersen Sodium)
  
Bile Acid Binding Agents
Therapeutics that treat hypercholesterolemia by binding bile acids in the intestine.

Buyer Products:

  • Colestagel (Colesevelam Hydrochloride)
  • Welchol (Colesevelam Hydrochloride)
  
Hyperphosphatemia  
Phosphate Binding Agents
Therapeutics that bind blood phosphorous.

Buyer Products:

  • Renvela (Sevelamer Carbonate)
  • Renagel (Sevelamer Hydrochloride)
  
Immunology
Autoimmune Disorders
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
Multiple Sclerosis (MS)  
Monoclonal Antibodies
Therapeutics that treat multiple sclerosis by interfering with specific immune pathways implicated in the progression of the disease.

Buyer Products:

  • Genzyme Oncology CAMPATH (Alemtuzumab)
  
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:

  • FC Receptor 3 Antagonist
  • Hectorol Capsules (Doxercalciferol)
  • AMD070 (Chemokine Receptor Inhibitor)
  • GC-1008

Target Products:

  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
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:

  • Genzyme Oncology CAMPATH (Alemtuzumab)
  • Genzyme Oncology Clolar (Clofarabine)

Target Products:

  • Therapeutic Antibody Candidates
Infectious Diseases  
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:

  • AMD070 (Chemokine Receptor Inhibitor)
  
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:

  • PTC124
  
Neurology
Neuromuscular Disorders  
Multiple Sclerosis (MS)  
Monoclonal Antibodies
Therapeutics that treat multiple sclerosis by interfering with specific immune pathways implicated in the progression of the disease.

Buyer Products:

  • Genzyme Oncology CAMPATH (Alemtuzumab)
  
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:

  • CERE-120 (AAV Neurturin Gene Therapy)
  • Gene Therapy

Target Products:

  • Daclizumab (Monoclonal Antibody)
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:

  • Gene Therapy
  
Oncology
Endocrinology  
Thyroid Gland  
Localized  
Thyroid Stimulating Hormone (TSH)
Therapeutics that treat and manage primary tumors of the thyroid gland by enhancing the uptake of radioiodine which is aimed at ablating cancerous thyroid tissues.

Buyer Products:

  • Thyrogen (Thyrotropin Alfa)
  
Hematology  
Leukemia (White Blood Cell Cancer)  
Lymphoid  
Acute  
Lymphoblastic  
Antimetabolite Agents  
Pyrimidine Analogs  
Chronic  
Lymphocytic (CLL)  
Monoclonal Antibodies
Therapeutics that bind to specific receptors on the surface of leukemia cells and thereby induce their death.

Buyer Products:

  • Genzyme Oncology CAMPATH (Alemtuzumab)
  
Myeloid  
Acute  
Myelogenous (AML)  
Antimetabolite Agents  
Pyrimidine Analogs
Analogs of the pyrimidine bases of nucleic acids that treat and manage rapidly progressing cancers of the myelogenous cells by inhibiting the production of DNA.

Buyer Products:

  • Genzyme Oncology Clolar (Clofarabine)
  
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:

  • Genzyme Oncology Clolar (Clofarabine)
  • Thymoglobulin (Anti-Thymocyte Globulin)
  • Hectorol Capsules (Doxercalciferol)
  • Atiprimod
  • Intravenous Picoplatin (Platinum-Based Compound)
  • Genzyme Oncology Tasidotin
  • Bioenvision Modrenal (Trilostane)

Target Products:

  • Volociximab/M200 (Chimeric Monoclonal Antibody)
  • PDL192 (Humanized Monoclonal Antibody)
  • Elotuzumab/Previously HuLuc63 (Anti-CS1 Monoclonal Antibody)
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:

  • Atiprimod
  • MOZOBIL (Plerixafor)
  • Genzyme Oncology Clolar (Clofarabine)
  • Genzyme Oncology Topoisomerase I Inhibitors

Target Products:

  • Therapeutic Antibody Candidates
Respiratory System/Thoracic  
Lung Cancer  
Small Cell Lung Cancer (SCLC)  
Alkylating Agents  
Platinum-Based Agents
Therapeutics that treat and manage cancers of the small cells in the lung by interacting with DNA and inhibiting cell division.

Buyer Products:

  • Intravenous Picoplatin (Platinum-Based Compound)
  
Ophthalmology  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of eye disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Gene Therapy
  
Respiratory System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of respiratory disorders in early stages of clinical research where human subject is involved.

Target Products:

  • Daclizumab (Monoclonal Antibody)
  
Transplantation
Lung  
Rejection Prophylaxis  
Immunoglobulins
Therapeutics that prevent the rejection of lung transplants with target specific proteins.

Buyer Products:

  • Thymoglobulin (Anti-Thymocyte Globulin)
  
Peripheral Blood Progenitor Cell Transplant (PBPCT)  
Preparation  
Stem Cell Mobilizer
Therapeutics used for peripheral blood progenitor cell transplantation by blocking a specific cellular receptor, CXCR4, and triggering the movement of stem cells out of the bone marrow and into circulating blood.

Buyer Products:

  • MOZOBIL (Plerixafor)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the management of rejection and infection in early stages of clinical research where human subject is involved.

Buyer Products:

  • Thymoglobulin (Anti-Thymocyte Globulin)

Target Products:

  • Daclizumab (Monoclonal Antibody)
Renal (Kidney)
Rejection Prophylaxis
Immunoglobulins
Therapeutics that prevent the rejection of kidney transplants with target specific proteins.

Buyer Products:

  • Thymoglobulin (Anti-Thymocyte Globulin)
  
Monoclonal Antibodies
Protein-based therapeutics that target specific substances like proteins.

Target Products:

  • Zenapax (Daclizumab)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the management of rejection and infection associated with transplantation in very early stages of research where no human subject is involved.

Buyer Products:

  • GENZ-29155
  
Urology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of urological disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • GC-1008
  
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.

Buyer Products:

  • Small Molecule Compound
  
Urological Disorders  
Kidney (Renal)  
Chronic Renal Failure (CRF)  
Complications  
Hyperparathyroidism  
Vitamin D Analogs
Therapeutics that provide the body with vitamin D like substances that help regulate the levels of calcium and phosphate in the blood.

Buyer Products:

  • Hectorol Capsules (Doxercalciferol)
  • Hectorol Injection (Doxercalciferol)
  
Hyperphosphatemia  
Phosphate Binding Agents
Therapeutics that treat abnormal levels of phosphate in the blood by binding to excess phosphate groups.

Buyer Products:

  • Renvela (Sevelamer Carbonate)
  • Renagel (Sevelamer Hydrochloride)
  
Healthcare Services  
Patient Care  
Ambulatory/Outpatient  
Diagnostic  
Laboratory  
Pathology
Similar to routine clinical lab services, pathology services are provided by licensed medical physicians and therefore may involve the additional role of diagnosis and consultation of results with the referring physician.

Buyer Products:

  • Genzyme Genetics
  
Specialized
Specialized laboratory testing services involving highly specialized equipment, personnel, and procedures.

Buyer Products:

  • Genzyme Genetics
  
Medical Devices  
Clinical Diagnostics  
Chemistry  
Home Testing  
Urine  
Pregnancy
Home pregnancy testing kits.

Buyer Products:

  • Genzyme Diagnostics OSOM hCG Combo
  • Genzyme Diagnostics OSOM Card Pregnancy
  • Genzyme Diagnostics OSOM hCG Urine
  
Point of Care Testing  
Kits  
Infectious Diseases
Test kits used to aid in the diagnosis of infectious diseases.

Buyer Products:

  • Genzyme Diagnostics OSOM BVBLUE
  • Genzyme Diagnostics OSOM Trichomonas Rapid Test
  
Oncology (Cancer)
Test kits used to aid in the diagnosis of cancers.

Buyer Products:

  • Genzyme Diagnostics Hematological Malignancy Tests
  
Reagents  
Calibrators  
Routine Analyte  
Single
Calibrators which contain a specific analyte used to establish the accuracy of chemistry analyzers.

Buyer Products:

  • Genzyme Diagnostics Liquid N-geneous Cholesterol Calibrators
  
Controls  
Routine
Controls used to test the accuracy of discrete chemistry test systems.

Buyer Products:

  • Genzyme Diagnostics N-geneous HDL/LDL Linearity Verifiers
  
Test Kits  
Genetic Analysis  
Cancers  
Leukemia/Lymphoma
Tests designed to determine pre-disposition to leukemia/lymphoma.

Buyer Products:

  • WT1 RQ-PCR Test
  • FLT3 Mutation Analysis
  
Pharmacogenetic
Test kits designed to determine individuals' reaction to specific medications based on their specific genes.

Buyer Products:

  • Invader UGT1A1 Molecular Assay
  • KRAS Mutation Analysis Assay
  • EGFR Mutation Assay
  
Photometric  
Cardiac  
HDL Cholesterol
High density lipoprotein cholesterol.

Buyer Products:

  • Genzyme Diagnostics N-geneous Liquid HDL
  • Genzyme Diagnostics N-geneous Ultra HDL
  
LDL Cholesterol
Low density lipoprotein cholesterol.

Buyer Products:

  • Genzyme Diagnostics N-Geneous LDL
  
Enzymes
Photometric test kits which quantitatively measure for specific metabolic enzymes in body fluids.

Buyer Products:

  • Genzyme Diagnostics Lipase Color
  • Genzyme Diagnostics Direct Amylase
  
Immunoassays  
Reagents  
Test Kits  
Bacterial  
Clostridium Difficile
Immunoassay kits which test for current or previous infection caused by clostridium difficile bacteria.

Buyer Products:

  • Genzyme Diagnostics Clostridium difficile Associated Diarrhea Assay
  
Helicobacter Pylori
Immunoassay kits which test for current or previous infection caused by the helicobacter pylori bacteria.

Buyer Products:

  • Genzyme Diagnostics Helicobacter pylori Diagnostic Product
  
Streptococcus Group A
Immunoassay kits which test for current infection caused by the Streptococcus A bacteria.

Buyer Products:

  • Genzyme Diagnostics OSOM Strep A/Ultra Strep A
  
Mycological (Fungal)  
Candida
Immunoassay kit which tests for current or previous infection caused by the candida yeast.

Buyer Products:

  • Genzyme Diagnostics Candida Assay
  
Parasitic  
Cryptosporidium
Immunoassay kit which tests for the presence of infectious disease or previous infection caused by cryptosporidium.

Buyer Products:

  • Genzyme Diagnostics Giardia/Cryptosporidium Rapid Assay
  
Giardia
Immunoassay kit which tests for the presence of infectious disease or previous infection caused by cryptococcus.

Buyer Products:

  • Genzyme Diagnostics Giardia/Cryptosporidium Rapid Assay
  
Special/Immuno Chemistry  
Endocrine  
Fructosamine
Reagents designed to measure serum fructosamine, an important diabetes test.

Buyer Products:

  • Genzyme Diagnostics GlyPro
  
General Immunodiagnostics  
C Reactive Protein
Immunoassay test kits which test for non specific disease states by testing for C-reactive protein.

Buyer Products:

  • Genzyme Diagnostics N-Geneous Wide Range CRP Reagent/Calibrators
  
Viral  
Epstein Barr Virus
Immunoassay kit which tests for the presence of infectious disease or previous infection caused by the Epstein Barr virus.

Buyer Products:

  • Genzyme Diagnostics OSOM Mono
  
Influenza
Immunoassay kit which tests for the presence of infectious disease caused by Influenza viruses.

Buyer Products:

  • Genzyme Diagnostics OSOM Influenza A & B
  
Ear/Nose/Throat  
Surgical  
Procedure/Region Specific  
Nose/Sinus  
Accessories  
Surgical Sealants
Glue like material used to close up surgery incisions.

Buyer Products:

  • Genzyme Biosurgery Seprapack
  • Genzyme Biosurgery Sepragel Sinus
  
General Surgery  
Invasive  
Procedure/Region Specific  
Hernia Repair  
Grafts/Mesh
Mesh or soft tissue used to repair the opening in an abnormal hernia.

Buyer Products:

  • Genzyme Biosurgery Sepramesh IP
  
Surgical-Site Treatments  
Anti-Adhesives/Anti-Scarring  
Membranes
Membrane-based products applied during interventional procedures to prevent adhesion to medical devices or to prevent scarring of the surgical sites

Buyer Products:

  • Genzyme Biosurgery Sepraspray
  • Genzyme Biosurgery Seprafilm
  
Orthopedics  
Surgical  
Procedure Specific  
Joint Replacement/Reconstruction  
Accessories  
Allografts  
Cartilage
Tissue obtained from cadavers to compensate for excessive tissue removal.

Buyer Products:

  • Third Generation Cartilage Repair
  • Genzyme Biosurgery Carticel (Autologous Cultured Chondrocytes)
  
Treatment  
Pain Management  
Joint/Region Specific  
Ankle/Foot  
Viscosupplementation
Devices used to mimic the synovial fluid in the ankle/shoulder joint in order to relieve pain.

Buyer Products:

  • Genzyme Biosurgery Synvisc
  
Hip  
Viscosupplementation
Devices used to mimic the synovial fluid in the hip joint in order to relieve pain.

Buyer Products:

  • Genzyme Biosurgery Synvisc
  
Knee  
Viscosupplementation
Devices used to mimic the synovial fluid in the knee joint in order to relieve pain associated with osteoarthritis.

Buyer Products:

  • Genzyme Biosurgery Synvisc
  • Genzyme Biosurgery Synvisc-One
  • Third Generation Viscosupplement
  • Genzyme Biosurgery Hylastan
  
Plastic/Reconstructive Surgery  
Surgical  
Procedure/Region Specific  
Skin Grafts  
Artificial Skin  
Acellular
Skin grafts that are do not consist of living human cells.

Buyer Products:

  • Genzyme Biosurgery Hylaform/Hylaform Plus (Hylan B Gel)
  
Cellular
Skin grafts that contain living human cells.

Buyer Products:

  • Genzyme Biosurgery Epicel (Cultured Epidermal Autograft)
  
Treatment  
Wrinkle Removal  
Hyaluronic Acid  
Radiology  
Nuclear  
Gamma Camera  
Contrast Agents  
Radionuclides  
Adjuncts
Radioactive materials that are introduced to the body for nuclear imaging purposes.

Buyer Products:

  • Thyrogen (Thyrotropin Alfa)
  
Outsourced Services
Development/Manufacturing Services  
Contract Manufacturing Organizations (CMO)  
Medical Devices
Contract Manufacturing Organizations that manufacture (and/or design, develop) medical devices and products for other organizations.

Buyer Products:

  • Genzyme Biosurgery Synvisc
  • Genzyme Advanced Biomaterials
  • Genzyme Diagnostics Clinical Chemistry Reagents/Raw Materials
  
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.

Buyer Products:

  • Genzyme Pharmaceuticals
  
Biologics
Active Ingredient Contract Manufacturing Organizations (CMO) that manufacture antibodies, proteins, and genetic materials.

Buyer Products:

  • Genzyme Pharmaceuticals
  
Drug Delivery Technology  
Oral Delivery  
Lipid Based
Drug Delivery Technologies used to deliver drugs in a liposomal/lipid formulation.

Buyer Products:

  • Genzyme Pharmaceuticals LipoMask
  • Genzyme Pharmaceuticals Lipobridge
  
Drug Discovery Services  
Lead Discovery/Validation/Optimization  
Lead Biologics  
Antibodies
Biological lead compounds which have a specific amino acid sequence that only interacts with specific substances to cause an immunological response.

Target Products:

  • Humanized Antibody Technology
  

- 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
  GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Genentech, Inc. n/a 81,785.127 26.16 24.31 6.45 6.12 6.82
Buyer
  Johnson & Johnson n/a 158,844.010 12.60 12.86 2.46 2.50 9.26
Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Pfizer Inc. n/a 114,090.476 10.81 6.96 2.34 2.31 4.22
Novartis AG (ADR) n/a 106,581.492 14.10 12.04 2.51 2.47 3.62
GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Genentech, Inc. n/a 81,785.127 26.16 24.31 6.45 6.12 6.82
Sanofi-Aventis SA (ADR) n/a 81,363.100 12.87 8.19 2.24 2.10 n/a
Abbott Laboratories n/a 78,742.790 17.32 15.37 2.73 2.67 26.86
Amgen, Inc. n/a 61,589.955 15.13 12.81 4.11 4.03 11.41
Teva Pharmaceutical Industries Ltd (ADR) n/a 34,606.559 18.28 15.00 3.20 3.09 7.74
Celgene Corporation n/a 22,716.981 n/a 33.99 11.13 9.63 8.73
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Fresenius Medical Care AG & Co. (ADR) n/a 13,312.437 16.63 16.05 1.27 1.23 n/a
Quest Diagnostics Incorporated n/a 9,254.210 22.77 14.66 1.28 1.26 n/a
Target
  GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Genentech, Inc. n/a 81,785.127 26.16 24.31 6.45 6.12 6.82
Baxter International Inc. n/a 31,107.783 16.18 15.17 2.54 2.56 5.82
Hospira, Inc. n/a 4,280.381 14.64 11.00 1.17 1.19 17.62
Medarex inc. n/a 610.859 n/a -13.91 11.60 12.46 1.85
Dyax Corp. n/a 207.090 n/a -2.65 6.87 7.62 n/a
Sangamo Biosciences, Inc. n/a 133.183 n/a -4.41 10.99 8.82 2.47
Nuvelo, Inc. n/a 16.099 n/a -0.53 1.06 1.12 0.37
Boehringer Ingelheim GmbH 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
  etrials Worldwide, Inc. 10.00% 9.085 n/a n/a 0.50 n/a 0.75
BioMed Realty Trust, Inc. 5.70% 688.559 13.03 4.16 2.43 2.07 0.46
Medco Health Solutions Inc. n/a 20,149.909 19.45 17.59 0.41 0.40 n/a
Open Text Corporation (USA) n/a 1,407.105 23.50 11.94 1.89 1.70 n/a
ISIS Pharmaceuticals, Inc. n/a 1,125.224 n/a -87.15 10.11 9.70 34.62
Steelcase Inc. n/a 807.006 6.99 8.52 0.23 0.24 1.37
Forest City Enterprises, Inc. n/a 650.736 n/a n/a 0.47 n/a 0.72
Osiris Therapeutics, Inc. n/a 573.243 n/a 12.14 51.86 4.70 n/a
Phase Forward Incorporated n/a 566.531 21.13 38.24 3.55 3.31 3.43
Sapient Corporation n/a 460.607 10.03 9.50 0.68 0.68 2.06
Dyax Corp. n/a 207.090 n/a -2.65 6.87 7.62 n/a
XOMA Limited n/a 119.190 n/a -2.14 2.60 2.26 n/a
QAD Inc. n/a 104.727 82.88 -29.50 0.37 n/a 2.62
Avigen, Inc. n/a 15.182 n/a -0.56 n/a 0.56 0.32
Genetic Technologies Limited (ADR) n/a 14.986 n/a n/a 1.28 n/a 1.35
Ceregene, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Highland Distressed Opportunities, Inc n/a 20.374 n/a 1.89 0.70 1.80 0.17

- 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
  Bayer AG (ADR) n/a 40,815.858 5.65 10.31 0.89 1.00 n/a
Alcon, Inc. n/a 23,918.514 11.96 13.51 3.82 3.91 6.50
Kirin Holdings Company, Limited. (ADR) n/a 11,500.828 9.41 20.02 0.61 0.63 1.95
C.R. Bard, Inc. n/a 8,038.203 21.59 18.45 3.35 3.29 7.23
Shire Plc. (ADR) n/a 7,984.115 35.20 10.96 2.68 2.57 n/a
Edwards Lifesciences Corp n/a 2,703.544 25.36 18.37 2.21 2.08 6.00
Abaxis, Inc. n/a 338.358 26.87 24.13 3.23 2.98 2.93
CARDIOME PHARMA CORP n/a 309.247 n/a -5.18 165.53 70.85 10.39
Exactech, Inc. n/a 191.163 17.89 17.36 1.24 1.19 1.91
Discovery Laboratories, Inc. n/a 121.587 n/a -2.58 26.46 25.43 7.53
Poniard Pharmaceuticals, Inc. n/a 82.904 n/a -1.81 n/a 7.74 1.63
GTC Biotherapeutics, Inc. n/a 18.525 n/a -0.70 0.99 n/a n/a
EXACT Sciences Corporation n/a 10.082 n/a n/a -7.42 n/a n/a
Target
  Genentech, Inc. 68.00% 81,785.127 26.16 24.31 6.45 6.12 6.82
AstraZeneca plc (ADR) 14.00% 56,480.158 9.23 7.88 1.79 1.75 n/a
Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation n/a 9,990.133 9.34 8.83 0.09 0.10 3.82
AmerisourceBergen Corp. n/a 5,164.594 20.61 10.17 0.07 0.07 n/a
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Progenics Pharmaceuticals, Inc. n/a 259.793 n/a -7.00 3.40 2.94 2.03

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Buyer
  Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bayer AG (ADR) n/a 40,815.858 5.65 10.31 0.89 1.00 n/a
Medtronic, Inc. n/a 33,446.109 15.15 10.45 2.30 2.33 11.49
Alcon, Inc. n/a 23,918.514 11.96 13.51 3.82 3.91 6.50
Medco Health Solutions Inc. n/a 20,149.909 19.45 17.59 0.41 0.40 n/a
Kirin Holdings Company, Limited. (ADR) n/a 11,500.828 9.41 20.02 0.61 0.63 1.95
C.R. Bard, Inc. n/a 8,038.203 21.59 18.45 3.35 3.29 7.23
Shire Plc. (ADR) n/a 7,984.115 35.20 10.96 2.68 2.57 n/a
Edwards Lifesciences Corp n/a 2,703.544 25.36 18.37 2.21 2.08 6.00
BioMarin Pharmaceutical Inc. n/a 1,697.047 190.84 57.33 7.01 5.70 8.06
Target
  Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Genentech, Inc. n/a 81,785.127 26.16 24.31 6.45 6.12 6.82
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Eli Lilly & Co. n/a 41,396.458 17.16 8.88 2.03 1.97 3.62
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Exelixis, Inc. n/a 522.719 n/a -2.38 4.45 3.34 n/a
Progenics Pharmaceuticals, Inc. n/a 259.793 n/a -7.00 3.40 2.94 2.03
Pierre Fabre Medicament 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 4,436.7 296.3 4,733.0
Other Revenue 31.6 0.0 31.6
Total Revenue 4,468.2 296.3 4,764.6
Cost of Revenue 1,120.5 0.0 1,120.5
SG&A Expense 1,305.2 77.7 1,383.0
Depreciation & Amortization 218.4 0.0 218.4
Research & Development 1,147.2 185.2 1,332.4
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 -49.7 -49.7
Unusual Expense (Income) 106.4 14.1 120.5
Total Expenses 3,897.7 227.3 4,125.0
Operating Income 570.6 69.0 639.5
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 57.2 1.2 58.3
Other, Net -1.6 0.0 -1.6
Income Before Taxes 626.1 70.2 696.3
Income Taxes 212.8 4.6 217.4
Income After Taxes 413.3 65.6 478.9
Net Income - Excl. Xord. Items 413.3 65.6 478.9
Discontinued Operations 0.0 -53.4 -53.4
Net Income - Incl. Xord. Items 413.3 12.2 425.5
Income Avail. to Common 413.3 12.2 425.5
Share Items
Basic Avg. Shares Outstanding 269.2 119.3 388.4
Basic EPS - Excl. Xord. Items 1.54 0.55 1.23
Basic EPS - Incl. Xord. Items 1.54 0.10 1.10
Full Dilution Adjustment 1.9 2.3 4.1
Fully Diluted Shares Outstanding 288.2 152.8 441.0
F.D. EPS - Excl. Xord. Items 1.43 0.43 1.09
F.D. EPS - Incl. Xord. Items 1.43 0.08 0.96
Balance Sheet
Assets
Cash and Equivalents 918.7 555.3 1,474.0
ST Investments 76.6 0.0 76.6
Accounts Receivable 1,013.5 0.0 1,013.5
Inventory 442.9 0.0 442.9
Prepayments and Advances 200.7 0.0 200.7
Other Current Assets 157.7 16.4 174.1
Current Assets 2,810.1 571.7 3,381.8
Accum D&A 0.0 0.0 0.0
PPE, Net 2,268.9 127.3 2,396.1
Goodwill & Intangibles 3,338.6 7.8 3,346.4
Long Term Investments 647.6 0.0 647.6
Other Assets 0.0 0.0 0.0
Other LT Assets 350.4 11.5 361.9
Total Assets 9,415.6 718.2 10,133.8
Liabilities
Accounts Payable 120.7 3.5 124.2
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 640.0 52.1 692.1
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 697.4 0.8 698.2
Other (Current) Liabilities 17.8 12.2 30.0
Current Liab. 1,476.0 68.5 1,544.5
LT Debt 125.3 532.9 658.3
Total LT Debt 125.3 532.9 658.3
Other LT Liab. 578.3 50.4 628.7
Total Liabilities 2,179.7 651.9 2,831.6
Shareholders Equity
Common Stock 2.7 1.2 3.9
Additional Paid in Capital 5,723.7 629.3 6,352.9
Retained Earnings 1,161.1 -563.6 597.5
Other Equity 348.4 -0.5 347.9
Total Equity 7,235.9 66.4 7,302.3
Total Liab. & Equity 9,415.6 718.2 10,133.8
Shares Outstanding 270.5 119.3 389.8
Cash Flow
Operating Cash Flow
CF Net Income 413.3 12.2 425.5
CF Depreciation 367.7 26.2 393.9
CF Amortization 0.0 7.2 7.2
CF Deferred Taxes -260.8 -0.3 -261.1
Other Non-Cash Items 369.9 38.0 407.9
Change in Working Capital -148.2 33.8 -114.4
Total Cash From Operating Activities 741.9 117.1 859.0
Investing Cash Flow (not calculated)
Capital Expenditures -663.0 -15.1 -678.1
Other Investing Cash Flows -312.5 723.1 410.6
Total Cash From Investing Activities -975.5 708.0 -267.5
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 286.7 20.6 307.3
Purchase and Retirement of Debt -10.9 -6.1 -17.0
Other Financing Cash Flow 33.7 -494.2 -460.5
Total Cash From Financing Activities 309.5 -479.8 -170.2
Exchange Rate Effects -7.1 0.0 -7.1
Net Change in Cash 68.9 345.3 414.2
Cash Taxes Paid 447.6 0.2 447.7
Cash Interest Paid 5.5 12.4 17.9