Summary

Other Scenarios:

Buyer: KOS Pharmaceuticals, Inc. (KOSP) Last Price: 77.78 Market Cap.: 3.70B
Target: Endo Pharmaceuticals (ENDP) Last Price: 27.06 Market Cap.: 3.61B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 869
Biopharmaceuticals 328
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: 28)
  • RxKinetics RK-0202
  • Symmetrel (Amantadine Hydrochloride)
  • Frova (Frovatriptan Succinate)
  • Endo Generics Carbidopa/Levodopa
Buyer
  • Breath-Actuated Inhaler (BAI)
  • Solid-Dose Drug Delivery System
Target

n/a

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: 7)
  • DURECT Corporation (DRRX)
  • Vernalis plc (ADR) (VNLS)
  • United Parcel Service, Inc. (UPS)
  • SAP AG (ADR) (SAP)
Buyer (Total: 1)
  • Government - United States
Target (Total: 1)
  • EpiCept Corporation (EPCT)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,361 710
Revenue Per Employee 710,573.3 1,226,600.0
Total Revenue 240.9 217.1
Total Expenses 190.1 151.3
Other Revenue 0.0 0.0
Cost of Revenue 28.3 44.4
SG&A Expense 127.7 87.8
Research & Development 34.2 14.5
Other Operating Expense 0.0 0.0
Operating Income 50.8 65.8
Unusual Income 0.0 0.0
LT Debt to Capital 3.68 0
Fwd P/E 42.48 17.72
Fwd P/Rev 4.25 4.05
Book Value 786.2 1,026.7
Curr Portion of LTD/Cap Lease 0.1 0.0

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Cardiovascular System

Target

Focused (): *Healthcare > Biopharmaceuticals > Pain Management

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.

Target

Endo Pharmaceuticals Holdings Inc. through it's wholly owned subsidiary, Endo Pharmaceuticals Inc. (Endo), is engaged in the sales, marketing, research and development of branded and generic pharmaceutical products primarily in the United States. Its portfolio of branded products includes Lidoderm, Percocet, Percodan, Frova, DepoDur and Zydone. The Company concentrates on generics that have one or more barriers to market entry, such as complex formulation, regulatory or legal challenges or difficulty in raw material sourcing. Its late-stage branded products pipeline includes two filed new drug applications (NDAs), three products in Phase III clinical trials and four products in Phase II clinical trials. During the year ended December 31, 2005, the branded products and the generic portfolio comprised approximately 71% and 29%, respectively, of the Company's net sales.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 87.9 77.93
Operating Margin % 11.48 32.91
Quick Ratio 2.61 2.25
Current Ratio 2.97 2.58
Coverage Ratio 0.19 0.07
Total Assets 1,090.0 1,463.1
Return on Equity % 8.73 19.08
Return on Assets % 6.3 13.39
Cash+ ST Inv. Per Share 10.8 5.03
Total Debt 30.1 0.0
Total Debt to Equity % 3.83 0
Total Debt to Tangible Equity % 5.2 0
Debt to Asset % 2.76 0.00

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
  
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
  
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
  
Obstetrics/Gynecology
The Obstetrics/Gynecology Subsector includes therapeutics that treat female genital disorders, pregnancy, and childbirth.
  
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
  
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
  
Respiratory System
The Respiratory System Subsector includes therapeutics that treat disorders affecting both the upper and lower respiratory tract, including the nose, throat, larynx, trachea, bronchi, and lungs.
Toxicology
The Toxicology Subsector includes therapeutics that treat harmful effects from exposure to toxic substances; narcotics, nicotine and alcohol withdrawal therapeutics are also included in this sector.
  
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  
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)
  
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
  
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 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)
  
Peripheral Vascular Disease  
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:

  • KS 99-407
  • Icatibant

Target Products:

  • RxKinetics RK-0202
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  
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:

  • Simcor (Niacin/Simvastatin)
  • Advicor (Niacin/Lovastatin)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of endocrinology disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • 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:

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

  • KH01501
  • KHO1502
  • KH01500
  • KI 04 208
  • KH01503
  • Simcor (Niacin/Simvastatin)
  
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  
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  
RNA Viruses  
Orthomyxovirus  
Influenza A  
Viral Uncoating Inhibitors
Therapeutics that treat viral infections of the respiratory tract caused by Influenza A virus by preventing the removal of the protective shield around the viral genome, thus preventing the release of viral DNA into the host.

Target Products:

  • Symmetrel (Amantadine Hydrochloride)
  
Neurology  
Neurological Disorders  
Headaches  
Vascular (Migraine)  
Acute Treatments  
Selective Serotonin Receptor Agonists (Triptans)
Therapeutics that treat vascular/migraine headaches by stimulating the receptor that binds with the neurotransmitter, serotonin.

Target Products:

  • Frova (Frovatriptan Succinate)
  
Neuromuscular Disorders  
Parkinson`s Disease (PD)  
Adjunctive Treatments  
Dopamine Receptor Agonists
Therapeutics that assist in the treatment of the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by stimulating dopamine receptors on neurons.

Target Products:

  • Endo Generics Carbidopa/Levodopa
  
Monoamine Oxidase (MAO) Inhibitors
Therapeutics that assist in the treatment of the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by inhibiting the degradation of neurotransmitters.

Target Products:

  • Endo Generics Selegiline Hydrochloride
  
Serotonin/Dopamine Reuptake Inhibitors
Therapeutics that treat the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by blocking the reabsorption of serotonin and dopamine in the brain.

Target Products:

  • Symmetrel (Amantadine Hydrochloride)
  
Psychiatric Disorders  
Schizophrenia  
Monoaminergic Antagonists
Therapeutics that treat schizophrenia by blocking the serotonin and dopamine receptors.

Target Products:

  • Moban (Molindone Hydrochloride)
  
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
  
Oncology  
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:

  • Rapinyl (Sublingual Fentanyl)
  
Pain Management  
Anesthesia  
General (Systemic)  
Adjunctive  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters both the perception of pain as well as the emotional response to pain.

Target Products:

  • Nubain (Nalbuphine Hydrochloride)
  • Numorphan (Oxymorphone Hydrochloride)
  
Local  
Sodium Channel Blocking Agents
Therapeutics that treat pain by blocking the movement of sodium ions and thus the initiation and conduction of nerve impulses across the neuronal membrane.

Target Products:

  • Lidoderm (Lidocaine)
  • Synera Patch (Lidocaine/Tetracaine)
  
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:

  • Endo Generics Aspirin/Oxycodone
  • Percodan (Aspirin/Oxycodone)
  • Percocet (Acetaminophen/Oxycodone)
  • Zydone (Hydrocodone Bitartrate/Acetaminophen)
  • Endo Generics Endocet (Acetaminophen/Oxycodone)
  
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:

  • Oxycodone Hydrochloride ER
  • Opana IR (Oxymorphone Hydrochloride Immediate-Release)
  • Opana ER (Oxymorphone Hydrochloride Extended-Release)
  • DUROS Chronogesic (Sufentanil)
  • Depodur (Morphine Sulfate/Liposome)
  • Numorphan (Oxymorphone Hydrochloride)
  • Nubain (Nalbuphine Hydrochloride)
  • Endo Generics Morphine Sulfate Extended-Release Tablets
  • Rapinyl (Sublingual Fentanyl)
  
Non-Narcotics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Ketoprofen Patch
  
Sodium Channel Blocking Agents
Therapeutics that treat pain by blocking the movement of sodium ions and thus the initiation and conduction of nerve impulses across the neuronal membrane.

Target Products:

  • Synera Patch (Lidocaine/Tetracaine)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of pain in early stages of clinical research where human subject is involved.

Target Products:

  • Lidoderm (Lidocaine)
  • Transdermal Sufentanil Patch
  • LidoPAIN BP
  
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 Inhalation Aerosol
  • Azmacort HFA(EDC)
  
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
  
Upper Respiratory Tract Disorders  
Coughs/Colds  
Anticholinergic Agents/Opioids
Therapeutics that treat coughs and colds by relieving pain and fever as well as suppressing cough.

Target Products:

  • Hycodan (Hydrocodone Bitartrate/Homatropine Methylbromide)
  
Expectorants/Opioids
Therapeutics that treat coughs and colds by suppressing the cough and helping in the ejection of the mucous.

Target Products:

  • Hycotuss (Guaifenesin/Hydrocodone Bitartrate)
  
Toxicology  
Substance Abuse  
Withdrawal  
Narcotics  
Opioid Antagonists
Therapeutics that treat narcotic addiction by blocking the effect of opioids.

Target Products:

  • Narcan (Naloxone Hydrocloride)
  
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  
Drug Delivery Technology  
Oral Delivery  
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
  

- 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 200,882.995 15.92 13.54 4.16 4.13 8.61
Abbott Laboratories n/a 71,478.616 22.55 18.59 3.20 3.19 28.53
Buyer
  Pfizer Inc. n/a 200,882.995 15.92 13.54 4.16 4.13 8.61
GlaxoSmithKline plc (ADR) n/a 154,817.200 14.92 15.05 3.43 3.53 15.03
Target
  Pfizer Inc. n/a 200,882.995 15.92 13.54 4.16 4.13 8.61
Johnson & Johnson n/a 191,270.437 17.28 17.62 3.66 3.58 7.02
Abbott Laboratories n/a 71,478.616 22.55 18.59 3.20 3.19 28.53
Tyco International Ltd. n/a 60,824.216 16.32 14.92 1.48 1.43 11.31
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,392.051 62.38 13.82 3.24 2.90 33.88
Elan Corporation, plc (ADR) n/a 6,265.570 n/a -18.32 11.72 11.45 n/a
Watson Pharmaceuticals, Inc. n/a 2,632.403 41.89 22.13 1.48 1.40 2.33
New River Pharmaceuticals, Inc. n/a 1,821.984 n/a -63.74 57.21 36.82 n/a
Alpharma Inc. n/a 1,218.592 7.92 16.22 1.90 1.85 1.70
Ligand Pharmaceuticals Inc. n/a 854.888 n/a 2.35 5.48 4.42 n/a
POZEN Inc. n/a 486.087 n/a -23.74 16.89 36.42 21.04
Impax Laboratories Inc. n/a 481.914 412.54 24.41 4.28 n/a 8.21
Pain Therapeutics, Inc. n/a 375.920 42.87 57.07 7.14 6.54 4.62
Cadence Pharmaceuticals, Inc. n/a 360.666 n/a n/a n/a n/a 8.89
DURECT Corporation n/a 344.468 n/a -9.96 15.50 14.85 9.09
Acura Pharmaceuticals, Inc. n/a 254.534 n/a n/a n/a n/a n/a
Gentium S.p.A. (ADR) n/a 198.439 n/a n/a 39.77 n/a 5.60
YM BioSciences Inc. (USA) n/a 158.421 n/a -7.38 44.87 19.70 2.27
Javelin Pharmaceuticals Inc. n/a 149.515 n/a -8.56 128.32 101.68 6.51
AVANIR Pharmaceuticals n/a 92.660 n/a -1.77 3.74 5.28 n/a
Pharmos Corporation n/a 46.785 n/a -2.18 n/a n/a 1.34

- 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 5,401.329 17.65 n/a 4.04 3.79 4.34
Biovail Corporation (USA) n/a 2,978.878 14.30 6.97 2.84 2.71 6.50
Inyx, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  DURECT Corporation 26.00% 344.468 n/a -9.96 15.50 14.85 9.09
Vernalis plc (ADR) 22.50% 207.984 n/a n/a 7.42 n/a n/a
United Parcel Service, Inc. n/a 82,995.683 20.13 20.19 1.77 1.75 5.94
SAP AG (ADR) n/a 63,407.866 28.95 28.23 5.34 5.38 11.50
Noven Pharmaceuticals, Inc. n/a 584.181 39.12 36.97 9.70 9.61 3.65
Penwest Pharmaceuticals n/a 388.512 n/a -12.46 105.25 104.35 8.01
SkyePharma PLC (ADR) n/a 333.164 n/a n/a 3.51 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
  EpiCept Corporation n/a 40.304 n/a n/a 50.88 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
  SkyePharma PLC (ADR) n/a 333.164 n/a n/a 3.51 n/a n/a
Buyer
  Barr Pharmaceuticals, Inc. n/a 5,401.329 17.65 n/a 4.04 3.79 4.34
Biovail Corporation (USA) n/a 2,978.878 14.30 6.97 2.84 2.71 6.50
SkyePharma PLC (ADR) n/a 333.164 n/a n/a 3.51 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
  Novartis AG (ADR) n/a 135,825.318 19.80 18.84 3.75 3.73 3.52
United Parcel Service, Inc. n/a 82,995.683 20.13 20.19 1.77 1.75 5.94
Tyco International Ltd. n/a 60,824.216 16.32 14.92 1.48 1.43 11.31
inVentiv Health Inc. n/a 899.997 17.84 22.62 1.23 1.22 n/a
Noven Pharmaceuticals, Inc. n/a 584.181 39.12 36.97 9.70 9.61 3.65
Penwest Pharmaceuticals n/a 388.512 n/a -12.46 105.25 104.35 8.01
DURECT Corporation n/a 344.468 n/a -9.96 15.50 14.85 9.09
SkyePharma PLC (ADR) n/a 333.164 n/a n/a 3.51 n/a n/a
Vernalis plc (ADR) n/a 207.984 n/a n/a 7.42 n/a n/a
EpiCept Corporation n/a 40.304 n/a n/a 50.88 n/a n/a
ZARS, Inc. n/a n/a n/a n/a n/a n/a n/a
ProEthic Pharmaceuticals, Inc. n/a n/a n/a n/a n/a n/a n/a
Teikoku Seiyaku Pharmaceuticals n/a n/a n/a n/a n/a n/a n/a
Hind Healthcare Inc. n/a n/a n/a n/a n/a n/a n/a
Orexo AB 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 849.3 891.0 1,740.3
Other Revenue 0.0 0.0 0.0
Total Revenue 849.3 891.0 1,740.3
Cost of Revenue 102.8 196.7 299.4
SG&A Expense 478.5 306.5 785.0
Depreciation & Amortization 0.0 17.0 17.0
Research & Development 170.6 77.6 248.2
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Total Expenses 751.8 597.8 1,349.6
Operating Income 97.5 293.2 390.7
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 18.5 21.4 39.9
Other, Net -0.2 0.0 -0.2
Income Before Taxes 115.8 314.6 430.4
Income Taxes 47.2 118.7 165.8
Income After Taxes 68.6 195.9 264.6
Net Income - Excl. Xord. Items 68.6 195.9 264.6
Net Income - Incl. Xord. Items 68.6 195.9 264.6
Income Avail. to Common 68.6 195.9 264.6
Share Items
Basic Avg. Shares Outstanding 47.4 133.3 180.7
Basic EPS - Excl. Xord. Items 1.45 1.47 1.46
Basic EPS - Incl. Xord. Items 1.45 1.47 1.46
Full Dilution Adjustment 0.3 0.0 0.3
Fully Diluted Shares Outstanding 50.3 134.1 184.5
F.D. EPS - Excl. Xord. Items 1.36 1.46 1.43
F.D. EPS - Incl. Xord. Items 1.36 1.46 1.43
Balance Sheet
Assets
Cash and Equivalents 542.5 674.6 1,217.1
ST Investments 1.2 0.0 1.2
Accounts Receivable 123.8 259.9 383.7
Inventory 24.8 68.4 93.1
Prepayments and Advances 20.6 8.9 29.4
Other Current Assets 46.7 61.2 107.9
Current Assets 759.5 1,073.1 1,832.6
Accum D&A 0.0 0.0 0.0
PPE, Net 43.7 35.6 79.4
Goodwill & Intangibles 207.6 292.7 500.3
Long Term Investments 15.8 0.0 15.8
Note Receivable 0.0 51.9 51.9
Other Assets 0.0 0.0 0.0
Other LT Assets 63.3 9.9 73.2
Total Assets 1,090.0 1,463.1 2,553.1
Liabilities
Accounts Payable 20.1 113.4 133.5
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 233.1 157.8 390.9
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.1 0.0 0.1
Other (Current) Liabilities 2.0 144.2 146.2
Current Liab. 255.4 415.4 670.8
LT Debt 30.0 0.0 30.0
Total LT Debt 30.0 0.0 30.0
Deferred Taxes 0.0 18.5 18.5
Other LT Liab. 18.4 2.5 20.8
Total Liabilities 303.8 436.4 740.1
Shareholders Equity
Common Stock 0.5 1.3 1.8
Additional Paid in Capital 723.4 680.6 1,403.9
Retained Earnings 59.9 344.1 403.9
Other Equity 2.5 0.8 3.3
Total Equity 786.2 1,026.7 1,813.0
Total Liab. & Equity 1,090.0 1,463.1 2,553.1
Shares Outstanding 47.4 133.4 180.8
Cash Flow
Operating Cash Flow
CF Net Income 71.6 195.9 267.6
CF Depreciation 8.2 17.0 25.2
CF Amortization 31.0 0.0 31.0
CF Deferred Taxes -43.3 0.9 -42.3
Other Non-Cash Items 51.1 249.5 300.6
Change in Working Capital 84.3 -74.3 10.0
Total Cash From Operating Activities 203.0 389.0 592.1
Investing Cash Flow (not calculated)
Capital Expenditures -24.6 -25.5 -50.0
Other Investing Cash Flows -15.7 -18.3 -34.0
Total Cash From Investing Activities -40.3 -43.8 -84.1
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 24.5 7.4 31.9
Purchase and Retirement of Debt 29.9 -2.6 27.3
Other Financing Cash Flow 4.1 -86.0 -81.9
Total Cash From Financing Activities 58.4 -81.1 -22.7
Exchange Rate Effects 0.0 0.0 0.0
Net Change in Cash 221.1 264.2 485.3
Cash Taxes Paid 15.3 15.6 30.9
Cash Interest Paid 0.7 1.6 2.3