Summary

Other Scenarios:

Buyer: KOS Pharmaceuticals, Inc. (KOSP) Last Price: 78.00 Market Cap.: 3.72B
Target: Biovail Corporation (USA) (BVF) Last Price: 20.45 Market Cap.: 3.28B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 870
Biopharmaceuticals 330
Medical Devices   247
Outsourced Services 66

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

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

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

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 27)
  • Cardizem LA (Diltiazem Hydrochloride)
  • Niaspan (Niacin)
  • KS 01-018
  • Reverse-D4F
Target (Total: 44)
  • Tiazac (Diltiazem)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  • Procardia XL (Nifedipine)
Buyer
  • Breath-Actuated Inhaler (BAI)
  • Solid-Dose Drug Delivery System
Target
  • Biovail Contract Research Division (CRD)
  • ShearForm
  • Macrocap
  • CEFORM

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 3)
  • Barr Pharmaceuticals, Inc. (BRL)
  • Biovail Corporation (USA) (BVF)
  • Inyx, Inc. (IYXI)
Target (Total: 8)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • Wyeth (WYE)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
Buyer (Total: 1)
  • Government - United States
Target (Total: 7)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • AstraZeneca plc (ADR) (AZN)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,361 1,744
Revenue Per Employee 710,573.3 667,465.4
Total Revenue 240.9 289.6
Total Expenses 190.1 340.5
Other Revenue 0.0 6.6
Cost of Revenue 28.3 59.3
SG&A Expense 127.7 50.2
Research & Development 34.2 26.3
Other Operating Expense 0.0 0.0
Operating Income 50.8 -50.9
Unusual Income 0.0 143.0
LT Debt to Capital 3.68 23.97
Fwd P/E 42.16 8.21
Fwd P/Rev 4.27 3.20
Book Value 786.2 1,270.8
Curr Portion of LTD/Cap Lease 0.1 18.0

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Cardiovascular System

Target

Focused (): *Healthcare > Biopharmaceuticals

Business Description

Buyer

Kos Pharmaceuticals, Inc. (Kos) is a fully integrated specialty pharmaceutical company engaged in the development and commercialization of prescription products for the treatment of chronic cardiovascular, metabolic and respiratory diseases. Kos manufactures its lead products, Niaspan and Advicor, and markets them directly through its own sales force and co-promotion partners in the United States, through its commercialization partner in Canada and through its commercialization partner and license arrangements outside of the United States, Canada and Japan. In December 2006, Abbott Laboratories acquired 91.4% of Kos Pharmaceuticals, Inc.

Target

Biovail Corporation (Biovail) is a specialty pharmaceutical company that applies advanced drug delivery technologies to improve the clinical effectiveness of medicines. The Company commercializes these products both directly and through partners. Its main therapeutic areas of focus are central nervous system disorders (CNS), pain management and cardiovascular disease (including type II diabetes). Biovail has a portfolio of drug delivery technologies that are used to develop improved formulations of late-stage, pre-market and existing in-market drugs that confer meaningful therapeutic benefits to patients. Its portfolio of oral drug delivery technologies includes controlled release, graded release, enhanced absorption, rapid absorption, taste masking and oral disintegration. These technologies can be combined to develop a controlled-release, orally disintegrating and taste-masked tablet. Its drug delivery technologies are applicable to a range of molecules.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 87.9 78.67
Operating Margin % 11.48 23.76
Quick Ratio 2.61 3.04
Current Ratio 2.97 3.39
Coverage Ratio 0.19 0.13
Total Assets 1,090.0 2,073.8
Return on Equity % 8.73 16.76
Return on Assets % 6.3 10.27
Cash+ ST Inv. Per Share 10.8 3.93
Total Debt 30.1 418.6
Total Debt to Equity % 3.83 32.94
Total Debt to Tangible Equity % 5.2 91.29
Debt to Asset % 2.76 20.19

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.
  
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
  
Respiratory System
The Respiratory System Subsector includes therapeutics that treat disorders affecting both the upper and lower respiratory tract, including the nose, throat, larynx, trachea, bronchi, and lungs.
  
Weight Management
The Weight Management Subsectors includes herapeutics that treat and manage weight disorders.
  
Wound Management
The Wound Management Subsector includes therapeutics that treat cuts, abrasions, and burns from trauma or diseases.
  
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.
  
Outsourced Services
Development/Manufacturing Services
The Development/Manufacturing Services Subsector includes companies that provide research, development, manufacturing, sales and marketing to biopharmaceutical and medical device companies.
  
Drug Delivery Technology
The Drug Delivery Technology Subsector includes companies that develop novel delivery methods for therapeutics.

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

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

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

Product Details

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

Buyer Products:

  • Cardizem LA (Diltiazem Hydrochloride)

Target Products:

  • Tiazac (Diltiazem)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  • Procardia XL (Nifedipine)
  • 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)
  
Arrhythmia  
Sodium Channel Blocking Agents
Therapeutics that treat abnormal rhythm of the heart by preventing the entry of sodium into heart muscle cells.

Target Products:

  • Norpace (Disopyramide Phosphate)
  
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)
  
Myocardial Infarction (MI)  
Free Fatty Acid Inhibitors
Therapeutics that treat irreversible damage to the heart muscle by inhibiting the release of fatty acids from adipose tissue.

Buyer Products:

  • Niaspan (Niacin)
  
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:

  • KS 01-018
  
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:

  • Reverse-D4F

Target Products:

  • Metoprolol ER/ACE Inhibitor
  • Metoprolol Once-Daily
  • Carvedilol CR
  • Metformin/ACE Inhibitor
Vascular Disorders
Atherosclerosis  
Free Fatty Acid Inhibitors
Therapeutics that treat the narrowing or hardening of arteries by inhibiting the release of fatty acids from adipose tissue.

Buyer Products:

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

Target Products:

  • Vasotec Tablets (Enalapril Maleate)
  • Vasotec I.V. (Enalapril)
  
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)
  
Angiotensin II Receptor Antagonists
Therapeutics that treat high blood pressure by blocking the angiotensin II receptor.

Buyer Products:

  • Teveten (Eprosartan Mesylate)
  
Angiotensin II Receptor Antagonists/Thiazide Diuretic Agents
Therapeutics that treat high blood pressure by blocking the angiotensin II receptor and increasing the excretion of sodium ions, potassium ions, and water through urine.

Buyer Products:

  • Teveten HCT (Eprosartan/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.

Buyer Products:

  • Cardizem LA (Diltiazem Hydrochloride)

Target Products:

  • Procardia XL (Nifedipine)
  • Tiazac (Diltiazem)
  • Cardizem LA (Diltiazem Hydrochloride)
  • Cardizem SR (Diltiazem Hydrochloride)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem XL (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)
  
Free Fatty Acid Inhibitors/HMG CoA Reductase Inhibitors (Statins)
Therapeutics that treat arterial obstruction outside of the heart by inhibiting the release of fatty acids from adipose tissue and blocking cholesterol synthesis by binding a key enzyme in the synthesis process.

Buyer Products:

  • Advicor (Niacin/Lovastatin)
  
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:

  • Icatibant
  • KS 99-407
  
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:

  • KS 99-407
  
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  
Free Fatty Acid Inhibitors
Therapeutics that treat the abnormally high concentrations of cholesterol by inhibiting the release of fatty acids from adipose tissue.

Buyer Products:

  • Niaspan (Niacin)
  • Niaspan CF (Niacin)
  
Free Fatty Acid Inhibitors/HMG CoA Reductase Inhibitors (Statins)
Therapeutics that treat elevated cholesterol by inhibiting the release of fatty acids from adipose tissue and blocking cholesterol synthesis by binding a key enzyme in the synthesis process.

Buyer Products:

  • Advicor (Niacin/Lovastatin)
  
Hyperlipidemia  
Free Fatty Acid Inhibitors
Therapeutics that inhibit the release of fatty acids from adipose tissue.

Buyer Products:

  • Niaspan (Niacin)
  
Free Fatty Acid Inhibitors/HMG CoA Reductase Inhibitors (Statins)
Therapeutics that treat hyperlipidemia by inhibiting the release of free fatty acid from adipose tissues as well as blocking cholesterol synthesis by binding a key enzyme in the synthesis process.

Buyer Products:

  • Advicor (Niacin/Lovastatin)
  • Simcor (Niacin/Simvastatin)
  
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:

  • KS 01-017
  • KI 02-212 (Inhaled Insulin)
  
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:

  • KS 01-017
  • KH01503
  • KH01501
  • KHO1502
  • KH01500
  • Simcor (Niacin/Simvastatin)

Target Products:

  • Simvastatin EA
  • Metformin/ACE Inhibitor
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:

  • KH01500
  • Simcor (Niacin/Simvastatin)
  • KI 04 208
  • KHO1502
  • KH01501
  • KH01503
  
Serum Factor Disorders  
Hypercholesterolemia  
Free Fatty Acid Inhibitors
Therapeutics that treat the abnormally high concentrations of cholesterol by inhibiting the release of fatty acids from adipose tissue.

Buyer Products:

  • Niaspan CF (Niacin)
  • Niaspan (Niacin)
  
Free Fatty Acid Inhibitors/HMG CoA Reductase Inhibitors (Statins)
Therapeutics that treat the abnormally high concentrations of cholesterol by inhibiting the release of fatty acids from adipose tissue and blocking cholesterol synthesis by binding a key enzyme in the synthesis process.

Buyer Products:

  • Advicor (Niacin/Lovastatin)
  
Hyperlipidemia  
Free Fatty Acid Inhibitors
Therapeutics that inhibit the release of fatty acids from adipose tissue.

Buyer Products:

  • Niaspan (Niacin)
  
Free Fatty Acid Inhibitors/HMG CoA Reductase Inhibitors (Statins)
Therapeutics that treat hyperlipidemia by inhibiting the release of free fatty acid from adipose tissues as well as blocking cholesterol synthesis by binding a key enzyme in the synthesis process.

Buyer Products:

  • Advicor (Niacin/Lovastatin)
  • Simcor (Niacin/Simvastatin)
  
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)
  
Immune Deficiency Disorders  
Hereditary Angioedema  
Bradykinin B2 Receptor Antagonists
Therapeutics that treat swelling under the skin caused by the absence of an essential immune regulator by inhibiting the release of bradykinin, a peptide hormone which is released during trauma.

Buyer Products:

  • Icatibant
  
Infectious Diseases  
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  
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  
Depression  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat depression by selectively preventing the removal of serotonin.

Target Products:

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

Target Products:

  • Wellbutrin XL (Bupropion Hydrochloride)
  • Wellbutrin SR (Bupropion Hydrochloride)
  
Sleep Disorders  
Insomnia  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat insomnia by enhancing the inhibitory action of gamma-aminobutyric acid.

Target Products:

  • Zolpidem ODT
  
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:

  • Bupropion/SSRI Combination
  • Bupropion Salt
  • Venlafaxine CR
  
Obstetrics/Gynecology  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of female reproductive disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • KI03218
  
Pain Management  
Narcotics  
Analgesics/Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters the both the perception of pain as well as the emotional response to pain.

Target Products:

  • Tramadol/Acetaminophen ODT Combination
  
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
  • Tramadol ER
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of pain in very early stages of research where no human subject is involved.

Target Products:

  • Tramadol ER/NSAID
  
Respiratory System  
Lower Respiratory Tract Disorders (Lung Disorders)  
Asthma  
Prophylactic Treatments  
Beta Adrenergic Receptor Agonists/Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat asthma by reducing inflammation in the lungs with steroids and that cause dilation of the lung passages by supporting the actions of the adrenergic transmitters like epinephrine and norepinephrine.

Buyer Products:

  • Flutiform (Formoterol/Fluticasone)
  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat asthma by reducing inflammation in the lung passages with steroids.

Buyer Products:

  • Azmacort HFA(EDC)
  • Azmacort Inhalation Aerosol
  
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.

Buyer Products:

  • Icatibant
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of respiratory disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • KI03219
  • KI04204
  
Weight Management  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of weight disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • KD01026
  
Wound Management  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of wounds in very early stages of research where no human subject is involved.

Buyer Products:

  • Icatibant
  
Medical Devices  
Drug Delivery  
Pulmonary Delivery  
Aerosol Therapy  
Metered Dose  
Liquid  
Breath Actuated (BAI)
Inhalation devices which are activated by the patients' inspiration

Buyer Products:

  • Breath-Actuated Inhaler (BAI)
  
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.

Buyer Products:

  • Solid-Dose Drug Delivery System

Target Products:

  • CEFORM
  • SmartCoat/SmartCoat AQ
  • Multipart
  • Chronotabs
  • Dimatrix
  • Consurf
Taste Masking
Drug Delivery Technologies used to mask the taste of various drugs.

Target Products:

  • ShearForm
  

- 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
  Sciele Pharma Inc. n/a 814.257 18.26 19.77 2.90 2.85 12.82
DepoMed, Inc. n/a 134.439 n/a -3.76 17.51 11.12 n/a
Medicure Inc. (USA) n/a 129.688 n/a n/a 158.82 n/a 15.15
Buyer
  Pfizer Inc. n/a 184,875.794 14.65 12.47 3.83 3.83 7.92
GlaxoSmithKline plc (ADR) n/a 149,540.389 14.29 14.90 3.29 3.50 14.48
Novartis AG (ADR) n/a 137,633.808 20.06 18.92 3.80 3.74 3.57
Merck & Co., Inc. n/a 95,524.127 18.81 17.37 4.27 4.31 5.44
AstraZeneca plc (ADR) n/a 86,846.087 14.88 14.54 3.39 3.35 8.71
Abbott Laboratories n/a 74,394.862 23.47 19.16 3.34 3.29 29.70
Bristol Myers Squibb Co. n/a 50,367.902 22.71 24.61 2.69 2.82 10.43
Schering-Plough Corporation n/a 35,003.503 35.75 28.78 3.41 3.37 4.54
Target
  Teva Pharmaceutical Industries Ltd (ADR) n/a 24,468.181 62.58 13.76 3.25 2.90 33.99
King Pharmaceuticals, Inc. n/a 3,957.934 25.14 9.72 2.08 2.06 3.30
Sciele Pharma Inc. n/a 814.257 18.26 19.77 2.90 2.85 12.82
Flamel Technologies S.A. (ADR) n/a 762.035 n/a -20.58 35.45 31.48 10.60
Impax Laboratories Inc. n/a 517.590 443.08 23.53 4.59 n/a 8.82
Penwest Pharmaceuticals n/a 390.586 n/a -12.01 105.82 100.65 8.05
SCOLR Pharma Inc. n/a 167.335 n/a n/a 102.87 n/a 8.82
DepoMed, Inc. n/a 134.439 n/a -3.76 17.51 11.12 n/a
Medicure Inc. (USA) n/a 129.688 n/a n/a 158.82 n/a 15.15
Advancis Pharmaceutical Corporation n/a 110.749 n/a -2.83 21.35 15.60 n/a
AVANIR Pharmaceuticals n/a 88.535 n/a -2.70 3.57 3.45 n/a
Elite Pharmaceuticals, Inc. n/a 43.873 n/a n/a 92.13 n/a 7.17
BioDelivery Sciences International, Inc. n/a 43.208 n/a -2.68 15.27 14.72 n/a
Access Pharmaceuticals, Inc. n/a 10.429 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
  Barr Pharmaceuticals, Inc. n/a 5,484.312 17.92 16.27 4.10 3.47 4.41
Biovail Corporation (USA) n/a 3,276.926 15.73 8.21 3.12 3.20 7.15
Inyx, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  GlaxoSmithKline plc (ADR) n/a 149,540.389 14.29 14.90 3.29 3.50 14.48
Merck & Co., Inc. n/a 95,524.127 18.81 17.37 4.27 4.31 5.44
Wyeth n/a 68,910.588 16.92 16.20 3.47 3.42 6.56
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,468.181 62.58 13.76 3.25 2.90 33.99
Flamel Technologies S.A. (ADR) n/a 762.035 n/a -20.58 35.45 31.48 10.60
Newkirk Realty Trust, Inc. n/a 338.869 7.38 7.38 1.45 n/a 2.21
DepoMed, Inc. n/a 134.439 n/a -3.76 17.51 11.12 n/a
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
Buyer
  Government - United States n/a n/a n/a n/a n/a n/a n/a
Target
  GlaxoSmithKline plc (ADR) n/a 149,540.389 14.29 14.90 3.29 3.50 14.48
Merck & Co., Inc. n/a 95,524.127 18.81 17.37 4.27 4.31 5.44
AstraZeneca plc (ADR) n/a 86,846.087 14.88 14.54 3.39 3.35 8.71
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,468.181 62.58 13.76 3.25 2.90 33.99
Forest Laboratories, Inc. n/a 16,311.277 22.38 19.07 5.13 4.89 6.18
KOS Pharmaceuticals, Inc. n/a 3,715.206 54.14 42.16 4.37 4.27 6.42
DepoMed, Inc. n/a 134.439 n/a -3.76 17.51 11.12 n/a

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Barr Pharmaceuticals, Inc. n/a 5,484.312 17.92 16.27 4.10 3.47 4.41
Biovail Corporation (USA) n/a 3,276.926 15.73 8.21 3.12 3.20 7.15
SkyePharma PLC (ADR) n/a 320.877 n/a n/a 3.38 n/a n/a
University of Southern California n/a n/a n/a n/a n/a n/a n/a
Strix Systems, Inc n/a n/a n/a n/a n/a n/a n/a
Boston University n/a n/a n/a n/a n/a n/a n/a
Arisaph Pharmaceuticals, Inc. n/a n/a n/a n/a n/a n/a n/a
Merck KGaA n/a n/a n/a n/a n/a n/a n/a
Tufts University n/a n/a n/a n/a n/a n/a n/a
Target
  Johnson & Johnson n/a 192,198.230 17.37 17.71 3.68 3.60 7.06
GlaxoSmithKline plc (ADR) n/a 149,540.389 14.29 14.90 3.29 3.50 14.48
sanofi-aventis (ADR) n/a 123,912.610 32.64 14.45 3.32 3.48 n/a
Merck & Co., Inc. n/a 95,524.127 18.81 17.37 4.27 4.31 5.44
Wyeth n/a 68,910.588 16.92 16.20 3.47 3.42 6.56
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,468.181 62.58 13.76 3.25 2.90 33.99
Forest Laboratories, Inc. n/a 16,311.277 22.38 19.07 5.13 4.89 6.18
Solvay SA (ADR) n/a 12,061.013 12.15 n/a 1.00 n/a 4.21
KOS Pharmaceuticals, Inc. n/a 3,715.206 54.14 42.16 4.37 4.27 6.42
Flamel Technologies S.A. (ADR) n/a 762.035 n/a -20.58 35.45 31.48 10.60
Hemispherx BioPharma, Inc n/a 135.437 n/a n/a 139.68 n/a 6.57
DepoMed, Inc. n/a 134.439 n/a -3.76 17.51 11.12 n/a
DOV Pharmaceutical, Inc. n/a 9.628 n/a -0.12 1.88 1.78 n/a
H. Lundbeck A/S n/a n/a n/a n/a n/a n/a n/a
Reliant Pharmaceuticals, LLC n/a n/a n/a n/a n/a n/a n/a
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 849.3 1,024.1 1,873.4
Other Revenue 0.0 26.4 26.4
Total Revenue 849.3 1,050.5 1,899.8
Cost of Revenue 102.8 224.0 326.8
SG&A Expense 478.5 226.5 705.0
Depreciation & Amortization 0.0 59.9 59.9
Research & Development 170.6 93.4 264.0
Interest Expense 0.0 51.3 51.3
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 0.0 145.8 145.8
Total Expenses 751.8 800.9 1,552.7
Operating Income 97.5 249.6 347.1
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 18.5 -12.0 6.5
Other, Net -0.2 -0.8 -1.0
Income Before Taxes 115.8 236.8 352.6
Income Taxes 47.2 23.8 70.9
Income After Taxes 68.6 213.0 281.6
Net Income - Excl. Xord. Items 68.6 213.0 281.6
Discontinued Operations 0.0 -4.6 -4.6
Net Income - Incl. Xord. Items 68.6 208.3 277.0
Income Avail. to Common 68.6 208.3 277.0
Share Items
Basic Avg. Shares Outstanding 47.4 160.2 207.7
Basic EPS - Excl. Xord. Items 1.45 1.33 1.36
Basic EPS - Incl. Xord. Items 1.45 1.30 1.33
Full Dilution Adjustment 0.3 0.0 0.3
Fully Diluted Shares Outstanding 50.3 160.2 210.6
F.D. EPS - Excl. Xord. Items 1.36 1.33 1.34
F.D. EPS - Incl. Xord. Items 1.36 1.30 1.32
Dividends Per Common Share 0.00 0.88 0.88
Balance Sheet
Assets
Cash and Equivalents 542.5 629.5 1,172.0
ST Investments 1.2 0.0 1.2
Accounts Receivable 123.8 200.7 324.6
Inventory 24.8 81.3 106.0
Prepayments and Advances 20.6 14.7 35.2
Other Current Assets 46.7 0.0 46.7
Current Assets 759.5 926.2 1,685.7
Accum D&A 0.0 0.0 0.0
PPE, Net 43.7 221.2 265.0
Goodwill & Intangibles 207.6 812.2 1,019.8
Long Term Investments 15.8 64.9 80.7
Other Assets 0.0 0.0 0.0
Other LT Assets 63.3 49.3 112.6
Total Assets 1,090.0 2,073.8 3,163.8
Liabilities
Accounts Payable 20.1 36.8 56.9
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 233.1 110.4 343.5
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.1 18.0 18.2
Other (Current) Liabilities 2.0 108.0 110.0
Current Liab. 255.4 273.2 528.6
LT Debt 30.0 400.6 430.6
Total LT Debt 30.0 400.6 430.6
Other LT Liab. 18.4 129.2 147.6
Total Liabilities 303.8 803.0 1,106.7
Shareholders Equity
Common Stock 0.5 1,473.1 1,473.5
Additional Paid in Capital 723.4 13.0 736.4
Retained Earnings 59.9 -261.6 -201.8
Other Equity 2.5 46.4 48.9
Total Equity 786.2 1,270.8 2,057.0
Total Liab. & Equity 1,090.0 2,073.8 3,163.8
Shares Outstanding 47.4 160.2 207.7
Cash Flow
Operating Cash Flow
CF Net Income 71.6 218.9 290.6
CF Depreciation 8.2 106.2 114.4
CF Amortization 31.0 0.0 31.0
CF Deferred Taxes -43.3 0.0 -43.3
Other Non-Cash Items 51.1 207.9 259.0
Change in Working Capital 84.3 -24.4 60.0
Total Cash From Operating Activities 203.0 508.6 711.7
Investing Cash Flow (not calculated)
Capital Expenditures -24.6 -52.4 -77.0
Other Investing Cash Flows -15.7 3.9 -11.8
Total Cash From Investing Activities -40.3 -48.5 -88.8
Financing Cash Flow (not calculated)
Dividends Paid 0.0 -139.8 -139.8
Purchase Or Sale of Stock 24.5 13.9 38.3
Purchase and Retirement of Debt 29.9 9.2 39.0
Other Financing Cash Flow 4.1 0.0 4.1
Total Cash From Financing Activities 58.4 -157.5 -99.0
Exchange Rate Effects 0.0 0.1 0.1
Net Change in Cash 221.1 302.8 523.9
Cash Taxes Paid 15.3 9.2 24.5
Cash Interest Paid 0.7 31.4 32.1