Summary

Other Scenarios:

Buyer: Gilead Sciences, Inc. (GILD) Last Price: 83.02 Market Cap.: 38.76B
Target: Merck Serono S.A. (ADR) (SRA) Last Price: 22.72 Market Cap.: 13.92B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 879
Biopharmaceuticals 337
Medical Devices   247

- 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: 19)
  • Darusentan
  • Ambrisentan
  • Flolan (Epoprostenol Sodium)
  • Viread (Tenofovir Disoproxil Fumarate)
Target (Total: 38)
  • Zorbtive (Somatropin)
  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)
  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  • PTP 1b Inhibitor
Buyer

n/a
Target
  • easypod
  • SeroJet
  • one.click
  • Rebiject/Rebiject II

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 1)
  • Genelabs Technologies (GNLB)
Target (Total: 13)
  • Bioject Medical Technologies Inc. (BJCT)
  • Rigel Pharmaceuticals, Inc. (RIGL)
  • Vernalis plc (ADR) (VNLSY)
  • Regeneron Pharmaceuticals, Inc. (REGN)
Buyer (Total: 4)
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • AmerisourceBergen Corp. (ABC)
  • OSI Pharmaceuticals, Inc. (OSIP)
Target (Total: 6)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Abbott Laboratories (ABT)
  • Amgen, Inc. (AMGN)
  • Akzo Nobel N.V. (ADR) (AKZOY)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 2,515 4,775
Revenue Per Employee 1,636,913.0 620,306.2
Total Revenue 1,028.4 739.2
Total Expenses 468.3 605.3
Other Revenue 0.0 83.6
Cost of Revenue 171.6 84.9
SG&A Expense 166.6 283.0
Research & Development 130.1 165.9
Other Operating Expense 0.0 71.4
Operating Income 560.1 134.0
Unusual Income 0.0 0.0
LT Debt to Capital 35.3 0.75
Fwd P/E 27.28 n/a
Fwd P/Rev 9.44 n/a
Book Value 2,382.7 3,682.9
Curr Portion of LTD/Cap Lease 0.3 0.0

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Infectious Diseases > Viral

Target

Focused (): *Healthcare > Biopharmaceuticals > Neurology

Business Description

Buyer

Gilead Sciences, Inc. (Gilead) is a biopharmaceutical company that discovers, develops and commercializes therapeutics in areas of unmet medical need. The Company primarily focuses on the development and commercialization of human therapeutics for life threatening diseases. Gilead?s products include Truvada (tenofovir disoproxil fumarate and emtricitabine), Viread, Atripla (efavirenz 600 milligram/emtricitabine 200 milligram/tenofovir disoproxil fumarate 300 milligram), Emtriva, Hepsera (adefovir dipivoxil), AmBisome (amphotericin B liposome for injection), Vistide (cidofovir injection) and Flolan (epoprostenol sodium). The Company receives royalties from other products, including Tamiflu (oseltamivir phosphate), Macugen (pegaptanib sodium injection) and DaunoXome (liposomal daunorubicin injection). Gilead has operations in North America, Europe and Australia. In August 2006, the Company acquired Corus Pharma, Inc. In November 2006, Gilead acquired Myogen, Inc. and Raylo Chemicals Inc.

Target

Merck Serono S.A., formerly Serono S.A. is a biotechnology company that discovers, develops, manufactures and markets therapeutic products for the treatment of human diseases in selected therapeutic areas. It focuses on specialized markets of neurology, reproductive health, growth and metabolism, dermatology, oncology and autoimmune diseases and has eight biotechnology products on the market. The Company has a global presence with operations in more than 40 countries, main production facilities in four countries and sales in over 90 countries. As of December 31, 2006, the Company had approximately 25 ongoing development projects, based on proteins, monoclonal antibodies and small molecules. In January 2007, Merck KGaA acquired majority interest in Serono S.A.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 84.69 89.38
Operating Margin % -16.96 26.26
Quick Ratio 2.28 1.69
Current Ratio 3.44 2.38
Coverage Ratio -0.2 0.04
Total Assets 4,615.4 5,601.4
Return on Equity % -43.87 19.97
Return on Assets % -22.65 13.13
Cash+ ST Inv. Per Share 1.92 3.46
Total Debt 1,300.3 804.7
Total Debt to Equity % 54.57 21.85
Total Debt to Tangible Equity % 57.76 23.91
Debt to Asset % 28.17 14.37

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.
  
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.
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.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
Weight Management
The Weight Management Subsectors includes herapeutics that treat and manage weight disorders.
  
Medical Devices  
Drug Delivery
The Drug Delivery Subsector includes medical devices that facilitate the delivery of medications through different anatomical entryways, including blood vessels, skin, the mouth, and the lungs. Common devices in this sector include vascular access catheters, needles, implants, and inhalers.
  

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

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

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

Product Details

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Cardiovascular System  
Vascular Disorders  
Hypertension  
Endothelin Receptor Antagonists
Therapeutics that treat hypertension by blocking the action of endothelin, which prevents/reduces constriction of the blood vessels.

Buyer Products:

  • Darusentan
  
Primary Pulmonary Hypertension  
Endothelin Receptor Antagonists
Therapeutics that treat hypertension by blocking the action of endothelin, which prevents/reduces constriction of the blood vessels.

Buyer Products:

  • Ambrisentan
  
Prostacyclins
Therapeutics that relieve pulmonary hypertension by causing vasodilation of the pulmonary blood vessels.

Buyer Products:

  • Flolan (Epoprostenol Sodium)
  
Digestive System
Gastrointestinal Tract Disorders  
Intestinal Disorders  
Short Bowel Syndrome  
Growth Hormones
Therapeutics similar to pituitary hormones, which stimulate body growth and development to treat a disorder resulting from operative resection of the intestines leading to impaired absorption and digestion in the intestines.

Target Products:

  • Zorbtive (Somatropin)
  
Liver Disorders
Hepatitis
Hepatitis B  
Chronic  
Reverse Transcriptase Inhibitors (Nucleoside Analogs)
Therapeutics that treat hepatitis by inhibiting the action of reverse transcriptase, an enzyme necessary for DNA synthesis using an RNA template.

Buyer Products:

  • Viread (Tenofovir Disoproxil Fumarate)
  • Hepsera (Adefovir Dipivoxil)
  
Hepatitis C  
Chronic  
Interferons
Therapeutics that treat hepatitis by providing a naturally occurring protein that stimulates the immune system.

Target 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:

  • Emtriva (Emtricitabine)

Target Products:

  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
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:

  • GS 9190 (HCV Polymerase Inhibitor)
  • NS4A Antagonists
  • HCV Protease And Polymerase Inhibitors
  
Endocrinology/Metabolism  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of endocrinology disorders in early stages of clinical research where human subject is involved.

Target Products:

  • PTP 1b Inhibitor
  
Pituitary Gland Disorders  
Lipodystrophy  
Growth Hormones
Therapeutics that treat lipodystrophy by providing a hormone which stimulates body growth and development.

Target Products:

  • Serostim (Somatropin)
  
Severe Short Stature  
Growth Hormones
Therapeutics similar to pituitary hormones, which stimulate body growth and development.

Target Products:

  • Geref (Sermorelin Acetate For Injection)
  • Saizen (Somatropin (rDNA Origin))
  
Turner`s Syndrome  
Growth Hormones
Therapeutics similar to pituitary hormones, which stimulate body growth and development.

Target Products:

  • Saizen (Somatropin (rDNA Origin))
  
Reproductive Disorders  
Amenorrhea  
Progestins
Female sex hormone necessary for the development of the female reproductive system.

Target Products:

  • Crinone (Progesterone Gel)
  
Hematology  
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:

  • Small Molecule Therapeutics
  
Immunology
Autoimmune Disorders  
Multiple Sclerosis (MS)  
Adenosine Deaminase Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting the transformation of deoxyadenosine into deoxyinosine, thereby impairing the proliferation of certain white blood cells.

Target Products:

  • Mylinax (Cladribine)
  
Interferons
Therapeutics that treat multiple sclerosis with a recombinant human protein that downregulates the antibody response of the immune system.

Target 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.

Target Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Immune Deficiency Disorders  
Human Immunodeficiency Virus (HIV)/Acquired Immune Deficiency Syndrome (AIDS)  
Nucleoside Reverse Transcriptase Inhibitors (NRTI)
Therapeutics that help manage HIV by inhibiting the action of reverse transcriptase, an enzyme necessary for the DNA synthesis on a RNA template.

Buyer Products:

  • Emtriva (Emtricitabine)
  • Truvada (Tenofovir Disoproxil Fumarate/Emtricitabine)
  • Viread (Tenofovir Disoproxil Fumarate)
  
Nucleoside and Non-Nucleoside Reverse Transcriptase Inhibitors (NRTI/NNRTI)
Therapeutics that help manage HIV by inhibiting the action of reverse transcriptase, an enzyme necessary for the DNA synthesis on a RNA template.

Buyer Products:

  • Atripla (Efavirenz/Emtricitabine/Tenofovir Disoproxil Fumarate)
  
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:

  • GS 9137 (HIV Integrase Inhibitor)

Target Products:

  • MMP-12 Inhibitor
  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  • JNK Inhibitor
  • Mylinax (Cladribine)
  • Atacicept/TACI-Ig
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in very early stages of research where no human subject is involved.

Target Products:

  • HuMax-TAC
  • Interferon Beta:Fc
  • NI-0401/NI-0501
  
Infectious Diseases
Mycological (Fungal)  
Antifungal Agents  
Broad Spectrum  
Polyene Macrolide Antibiotics
Therapeutics that treat fungal infections by increasing permeability of the cell wall causing leakage of cellular contents.

Buyer Products:

  • AmBisome (Amphotericin B)
  
Narrow Spectrum  
Nervous System  
Cryptococcal Meningitis  
Polyene Macrolide Antibiotics
Therapeutics that treat fungal infections of the lining of the brain and spinal cord by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • AmBisome (Amphotericin B)
  
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:

  • GS 9137 (HIV Integrase Inhibitor)
  
Protozoal  
Antiprotozoal Agents  
Narrow Spectrum  
Visceral Leishmaniasis  
Polyene Macrolide Antibiotics
Therapeutics that treat infections characterized by Leishmania in macrophages by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • AmBisome (Amphotericin B)
  
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:

  • Inhaled Therapeutics
  • Small Molecule Therapeutics
  • Tamiflu (Oseltamivir)
  
Viral
DNA Viruses  
Hepadnavirus  
Hepatitis B  
Chronic  
Reverse Transcriptase Inhibitors (Nucleoside Analogs)
Therapeutics that treat viral infections characterized by inflammation of the liver for more than six months by blocking enzyme essential for viral DNA synthesis.

Buyer Products:

  • Hepsera (Adefovir Dipivoxil)
  • Emtriva (Emtricitabine)
  • Viread (Tenofovir Disoproxil Fumarate)
  
RNA Viruses
Flavivirus  
Hepatitis C  
Chronic  
Interferons
Therapeutics that treat hepatitis by providing a naturally occurring protein that stimulates the immune system.

Target Products:

  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)
  
Orthomyxovirus  
Influenza A  
Neuraminidase Inhibitors
Therapeutics that treat viral infections of the respiratory tract caused by Influenza A virus by preventing the release of new viruses from infected cells.

Buyer Products:

  • Tamiflu (Oseltamivir)
  
Influenza B  
Neuraminidase Inhibitors
Therapeutics that treat viral infections of the respiratory tract caused by Influenza B virus by preventing the release of new viruses from infected cells.

Buyer Products:

  • Tamiflu (Oseltamivir)
  
Retrovirus  
Human Immunodeficiency Virus (HIV)/Acquired Immune Deficiency Syndrome (AIDS)  
Nucleoside Reverse Transcriptase Inhibitors (NRTI)
Therapeutics that help manage HIV by inhibiting the action of reverse transcriptase, an enzyme necessary for the DNA synthesis on a RNA template.

Buyer Products:

  • Emtriva (Emtricitabine)
  • Viread (Tenofovir Disoproxil Fumarate)
  • Truvada (Tenofovir Disoproxil Fumarate/Emtricitabine)
  
Nucleoside and Non-Nucleoside Reverse Transcriptase Inhibitors (NRTI/NNRTI)
Therapeutics that help manage HIV by inhibiting the action of reverse transcriptase, an enzyme necessary for the DNA synthesis on a RNA template.

Buyer Products:

  • Atripla (Efavirenz/Emtricitabine/Tenofovir Disoproxil Fumarate)
  
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.

Target 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.

Target Products:

  • FGF-18
  
Neurology  
Neuromuscular Disorders  
Multiple Sclerosis (MS)  
Adenosine Deaminase Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting the transformation of deoxyadenosine into deoxyinosine, thereby impairing the proliferation of certain white blood cells.

Target Products:

  • Mylinax (Cladribine)
  
Interferons
Therapeutics that treat multiple sclerosis with a recombinant human protein that down regulates the antibody response of the immune system.

Target Products:

  • Rebif (Recombinant Interferon Beta-1a)
  
Topoisomerase II Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting a key enzyme involved with cell division.

Target 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.

Target Products:

  • JNK Inhibitor
  • MMP-12 Inhibitor
  • Mylinax (Cladribine)
  
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:

  • Osteopontin
  
Obstetrics/Gynecology  
Female Genital Disorders  
Infertility  
Complications  
Premature Ovulation  
Gonadotropin Releasing Hormone (GnRH) Antagonists
Therapeutics that prevent premature ovulation by blocking the action of gonadotropin releasing hormone, which can stimulate ovulation.

Target Products:

  • Cetrotide (Cetrorelix Acetate)
  
Hormonal Treatments  
Gonadotropins
Therapeutics that treat difficulties in conceiving by stimulating sex hormone secretion from the female gonads.

Target Products:

  • Ovidrel/Ovidrel Pre-Filled Syringe (Choriogonadotropin Alfa)
  • Luveris (Lutropin alfa)
  
Ovulation Stimulating Agents
Therapeutics that treat infertility by stimulating the ovaries to release a mature egg.

Target 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.

Target 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.

Target Products:

  • Hyperglycosylated r-FSH
  • Anastrozole
  • Oxytocin Receptor Antagonist
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of female reproductive disorders in very early stages of research where no human subject is involved.

Target Products:

  • Prostanoid FP Receptor Antagonist
  
Oncology
Dermatology  
Kaposi`s Sarcoma  
Topoisomerase II Inhibitors
Therapeutics that treat and manage cancers of spindle cells by inhibiting a specific enzyme needed for transcription and replication of DNA.

Buyer Products:

  • DaunoXome (Liposomal Daunorubicin Injection)
  
Hematology  
Lymphoma (Lymphatic Cancer)  
Cutaneous T-Cell (CTCL)  
Mycosis Fungoides  
Monoclonal Antibodies
Therapeutics that treat T-cell lymphomas by binding to specific structures on the surface of the tumor and eliciting a reaction, which results in tumor degeneration.

Target 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.

Target Products:

  • Atacicept/TACI-Ig
  • MT201 (Adecatumumab)
  • R763 (Aurora Kinase Inhibitor)
  • HuMax-CD4 (Zanolimumab)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer and are currently in an early research or preclinical stage of development.

Target Products:

  • IKK2 Inhibitor
  
Ophthalmology  
Degenerative Disorders  
Retinitis  
AIDS-Related Cytomegalovirus (CMV) Retinitis  
Viral DNA Polymerase Inhibitors
Therapeutics that treat cytomegalovirus (CMV) infections by inhibiting a key enzyme necessary for viral replication.

Buyer Products:

  • Vistide (Cidofovir)
  
Respiratory System  
Lower Respiratory Tract Disorders (Lung Disorders)  
Cystic Fibrosis (CF)  
Complications  
Bacterial Infections  
Antibacterial Agents (Antibiotics)  
Monobactams
Therapeutics that treat bacterial infections of the lung resulting as a complication of cystic fibrosis by inhibiting bacterial cell wall synthesis during active multiplication.

Buyer Products:

  • Inhaled Aztreonam Lysine
  
Urology  
Male Genital Disorders  
Testicular  
Hypogonadism  
Gonadotropins
Therapeutics that treat hypogonadism by providing gonadotropins which stimulate sex hormone secretion from the gonads.

Target 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.

Target 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.

Target Products:

  • PTP 1b Inhibitor
  
Medical Devices  
Drug Delivery  
Percutaneous (Subcutaneous/Intramuscular/Intravenous)  
Syringes  
Specialty  
Prefillable
Syringes designed for the advanced loading and storage of medications prior to use

Target Products:

  • easypod
  
Transdermal  
Needle Free Injection Systems
Medical devices which generate a highly-pressurized jet of medication for direct delivery through the skin; also known as jet-injectors

Target Products:

  • SeroJet
  • one.click
  • Rebiject/Rebiject II
  • cool.click
  

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

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

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

Relationship Details

Key Competitors

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Pfizer Inc. n/a 192,581.140 10.35 12.73 3.92 4.03 6.86
Roche Holding Ltd. (ADR) n/a 160,264.110 24.51 21.03 4.59 4.01 6.88
Novartis AG (ADR) n/a 132,695.720 24.32 16.91 3.48 3.56 3.28
Genentech, Inc. n/a 81,388.978 33.94 29.34 8.03 6.96 9.71
Shire plc (ADR) n/a 12,878.614 39.05 36.38 6.73 5.78 6.63
Orchestra Therapeutics, Inc. n/a 4.944 0.03 n/a 5.31 n/a n/a
Buyer
  Pfizer Inc. n/a 192,581.140 10.35 12.73 3.92 4.03 6.86
GlaxoSmithKline plc (ADR) n/a 165,197.578 15.49 14.52 3.64 3.54 15.82
Target
  Pfizer Inc. n/a 192,581.140 10.35 12.73 3.92 4.03 6.86
Roche Holding Ltd. (ADR) n/a 160,264.110 24.51 21.03 4.59 4.01 6.88
Novartis AG (ADR) n/a 132,695.720 24.32 16.91 3.48 3.56 3.28
Genentech, Inc. n/a 81,388.978 33.94 29.34 8.03 6.96 9.71
Wyeth n/a 75,840.119 17.51 16.02 3.63 3.44 7.06
Eli Lilly & Co. n/a 67,328.131 28.81 17.46 4.16 3.79 7.38
Bayer AG (ADR) n/a 52,907.745 10.05 16.01 1.28 1.16 n/a
Novo Nordisk A/S (ADR) n/a 34,487.857 27.15 19.93 4.76 n/a 6.50
Teva Pharmaceutical Industries Ltd (ADR) n/a 23,784.954 12.54 18.38 2.70 2.63 17.54
Akzo Nobel N.V. (ADR) n/a 23,296.279 14.08 16.61 1.27 1.54 5.13
Biogen Idec Inc. n/a 15,869.459 70.30 18.88 5.69 5.17 4.50
Solvay S.A. (ADR) n/a 13,405.454 12.89 n/a 1.05 n/a n/a
Shire plc (ADR) n/a 12,878.614 39.05 36.38 6.73 5.78 6.63
Elan Corporation, plc (ADR) n/a 7,760.633 n/a -25.97 12.89 8.82 n/a
Pharmion Corporation n/a 1,068.252 n/a -18.15 4.36 4.16 6.64
Par Pharmaceutical Companies, Inc n/a 1,016.836 n/a 18.55 2.00 1.36 2.92
GPC Biotech AG (ADR) n/a 933.819 n/a n/a 30.81 n/a 10.46

- 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
  Genelabs Technologies 50.80% 54.864 n/a n/a 4.89 n/a 18.25
Target
  Bioject Medical Technologies Inc. 27.00% 19.247 n/a n/a 1.78 n/a 3.86
Rigel Pharmaceuticals, Inc. 14.90% 286.415 n/a -4.84 8.56 9.06 3.28
Vernalis plc (ADR) 4.00% 399.459 n/a n/a 12.26 n/a n/a
Regeneron Pharmaceuticals, Inc. n/a 1,640.404 n/a -14.33 26.89 19.94 8.34
ZymoGenetics, Inc. n/a 1,022.986 n/a -6.67 44.15 32.60 4.85
Taleo Corporation n/a 478.282 n/a 128.29 4.62 3.80 6.42
Ness Technologies, Inc n/a 468.258 16.04 12.17 0.95 0.83 3.60
XOMA Limited n/a 434.514 n/a -11.29 14.73 7.71 n/a
Caliper Life Sciences Inc. n/a 236.790 n/a -12.05 2.08 1.65 12.68
Columbia Laboratories Inc. n/a 120.294 n/a n/a 6.92 n/a n/a
TorreyPines Therapeutics Inc. n/a 112.261 n/a n/a 11.40 n/a 2.76
Micromet Inc. n/a 77.495 n/a -2.51 2.81 5.28 8.86
Owen Mumford 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
  Cardinal Health, Inc. 18.00% 27,606.223 20.45 20.84 0.32 0.31 7.97
McKesson Corporation 11.80% 18,402.914 20.16 19.02 0.20 0.18 5.88
AmerisourceBergen Corp. 11.80% 9,806.312 19.89 19.77 0.15 0.15 7.05
OSI Pharmaceuticals, Inc. n/a 2,134.020 n/a 30.67 6.34 6.54 n/a
Target
  Roche Holding Ltd. (ADR) n/a 160,264.110 24.51 21.03 4.59 4.01 6.88
Abbott Laboratories n/a 91,543.593 59.09 20.96 4.05 4.04 n/a
Amgen, Inc. n/a 62,667.219 20.48 13.09 4.25 4.15 13.05
Akzo Nobel N.V. (ADR) n/a 23,296.279 14.08 16.61 1.27 1.54 5.13
Biogen Idec Inc. n/a 15,869.459 70.30 18.88 5.69 5.17 4.50
Columbia University n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Pfizer Inc. n/a 192,581.140 10.35 12.73 3.92 4.03 6.86
Roche Holding Ltd. (ADR) n/a 160,264.110 24.51 21.03 4.59 4.01 6.88
OSI Pharmaceuticals, Inc. n/a 2,134.020 n/a 30.67 6.34 6.54 n/a
Buyer
  Pfizer Inc. n/a 192,581.140 10.35 12.73 3.92 4.03 6.86
GlaxoSmithKline plc (ADR) n/a 165,197.578 15.49 14.52 3.64 3.54 15.82
Target
  Pfizer Inc. n/a 192,581.140 10.35 12.73 3.92 4.03 6.86
Roche Holding Ltd. (ADR) n/a 160,264.110 24.51 21.03 4.59 4.01 6.88
Abbott Laboratories n/a 91,543.593 59.09 20.96 4.05 4.04 n/a
AstraZeneca plc (ADR) n/a 81,935.278 13.26 13.57 3.01 2.92 8.66
Genentech, Inc. n/a 81,388.978 33.94 29.34 8.03 6.96 9.71
Wyeth n/a 75,840.119 17.51 16.02 3.63 3.44 7.06
Amgen, Inc. n/a 62,667.219 20.48 13.09 4.25 4.15 13.05
Bayer AG (ADR) n/a 52,907.745 10.05 16.01 1.28 1.16 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 23,784.954 12.54 18.38 2.70 2.63 17.54
Akzo Nobel N.V. (ADR) n/a 23,296.279 14.08 16.61 1.27 1.54 5.13
Biogen Idec Inc. n/a 15,869.459 70.30 18.88 5.69 5.17 4.50
OSI Pharmaceuticals, Inc. n/a 2,134.020 n/a 30.67 6.34 6.54 n/a
BioMarin Pharmaceutical Inc. n/a 1,779.040 n/a -77.08 19.08 15.17 13.39
Regeneron Pharmaceuticals, Inc. n/a 1,640.404 n/a -14.33 26.89 19.94 8.34
ZymoGenetics, Inc. n/a 1,022.986 n/a -6.67 44.15 32.60 4.85
Vernalis plc (ADR) n/a 399.459 n/a n/a 12.26 n/a n/a
Rigel Pharmaceuticals, Inc. n/a 286.415 n/a -4.84 8.56 9.06 3.28
Dyax Corp. n/a 214.574 n/a -3.67 16.85 13.40 n/a
AEterna Zentaris Inc. (USA) n/a 195.700 6.34 -7.06 4.59 4.33 3.79
Columbia Laboratories Inc. n/a 120.294 n/a n/a 6.92 n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 3,361.7 2,498.4 5,860.1
Other Revenue 0.0 306.6 306.6
Total Revenue 3,361.7 2,804.9 6,166.6
Cost of Revenue 514.6 298.0 812.6
SG&A Expense 597.7 954.3 1,552.0
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 425.6 560.5 986.0
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 255.6 255.6
Unusual Expense (Income) 2,394.1 0.0 2,394.1
Total Expenses 3,932.0 2,068.4 6,000.3
Operating Income -570.3 736.6 166.3
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 115.5 30.0 145.5
Other, Net 0.0 0.0 0.0
Income Before Taxes -454.8 766.6 311.8
Income Taxes 590.5 31.0 621.5
Income After Taxes -1,045.3 735.6 -309.7
Minority Interest (IS) 0.0 -0.2 -0.2
Net Income - Excl. Xord. Items -1,045.3 735.4 -309.8
Net Income - Incl. Xord. Items -1,045.3 735.4 -309.8
Income Avail. to Common -1,045.3 735.4 -309.8
Share Items
Basic Avg. Shares Outstanding 463.5 595.4 1,058.9
Basic EPS - Excl. Xord. Items n/a 1.24 -0.29
Basic EPS - Incl. Xord. Items n/a 1.24 -0.29
Full Dilution Adjustment 0.0 10.8 10.8
Fully Diluted Shares Outstanding 481.4 602.2 1,083.5
F.D. EPS - Excl. Xord. Items n/a 1.22 -0.29
F.D. EPS - Incl. Xord. Items n/a 1.22 -0.29
Balance Sheet
Assets
Cash and Equivalents 729.1 1,734.9 2,464.1
ST Investments 196.6 351.2 547.7
Accounts Receivable 692.1 439.5 1,131.6
Inventory 522.4 254.9 777.3
Prepayments and Advances 48.5 788.3 836.9
Other Current Assets 251.8 0.0 251.8
Current Assets 2,440.6 3,568.9 6,009.4
Accum D&A 0.0 0.0 0.0
PPE, Net 377.1 873.5 1,250.6
Goodwill & Intangibles 131.4 317.3 448.7
Long Term Investments 934.7 474.9 1,409.6
Other Assets 0.0 0.0 0.0
Other LT Assets 731.6 366.8 1,098.4
Total Assets 4,615.4 5,601.4 10,216.8
Liabilities
Accounts Payable 297.3 421.9 719.1
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 365.9 0.0 365.9
ST Debt 0.0 776.7 776.7
Curr Port of LTD & Cap Lease Oblg 0.3 0.0 0.3
Other (Current) Liabilities 47.0 298.3 345.3
Current Liab. 710.5 1,496.9 2,207.4
LT Debt 1,300.0 28.0 1,328.0
Total LT Debt 1,300.0 28.0 1,328.0
Minority Interest (BS) 57.9 0.9 58.8
Deferred Taxes 0.0 5.6 5.6
Other LT Liab. 164.3 387.1 551.4
Total Liabilities 2,232.7 1,918.5 4,151.2
Shareholders Equity
Common Stock 0.5 237.1 237.5
Additional Paid in Capital 2,885.3 817.7 3,703.0
Retained Earnings -498.0 2,571.7 2,073.7
Other Equity -5.1 56.3 51.3
Total Equity 2,382.7 3,682.9 6,065.6
Total Liab. & Equity 4,615.4 5,601.4 10,216.8
Shares Outstanding 465.5 612.5 1,078.1
Cash Flow
Operating Cash Flow
CF Net Income -1,045.3 735.6 -309.7
CF Depreciation 28.1 126.5 154.6
CF Amortization 19.6 0.0 19.6
CF Deferred Taxes -0.7 0.0 -0.7
Other Non-Cash Items 2,713.8 101.3 2,815.1
Change in Working Capital -228.8 -73.6 -302.4
Total Cash From Operating Activities 1,486.7 889.8 2,376.5
Investing Cash Flow (not calculated)
Capital Expenditures -116.0 -199.7 -315.7
Other Investing Cash Flows -1,523.8 742.9 -780.9
Total Cash From Investing Activities -1,639.8 543.2 -1,096.6
Financing Cash Flow (not calculated)
Dividends Paid 0.0 -117.1 -117.1
Purchase Or Sale of Stock -337.0 41.8 -295.2
Purchase and Retirement of Debt 1,031.7 58.4 1,090.1
Other Financing Cash Flow -52.0 -34.0 -86.0
Total Cash From Financing Activities 642.7 -58.6 584.1
Exchange Rate Effects -29.1 1.7 -27.4
Net Change in Cash 460.5 1,376.1 1,836.6
Cash Taxes Paid 489.7 108.7 598.4
Cash Interest Paid 15.7 6.5 22.2