Summary

Other Scenarios:

Buyer: KOS Pharmaceuticals, Inc. (KOSP) Last Price: 78.00 Market Cap.: 3.72B
Target: Medicis Pharmaceutical Corporation (MRX) Last Price: 36.50 Market Cap.: 2.00B

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: 21)
  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Novacet Lotion (Sodium Sulfacetamide/Sulfur)
  • Solodyn Extended Release Tablet (Minocycline HCl)
  • Dynacin (Minocycline Hydrochloride)
Buyer
  • Breath-Actuated Inhaler (BAI)
  • Solid-Dose Drug Delivery System
Target
  • Restylane (Hyaluronic Acid)

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: 6)
  • sanofi-aventis (ADR) (SNY)
  • Par Pharmaceutical Companies, Inc (PRX)
  • Patheon, Inc. (PTI:CA)
  • Q-Med, Inc. (QMED)
Buyer (Total: 1)
  • Government - United States
Target (Total: 5)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • BioMarin Pharmaceutical (BMRN)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,361 356
Revenue Per Employee 710,573.3 1,002,602.0
Total Revenue 240.9 90.0
Total Expenses 190.1 129.6
Other Revenue 0.0 0.0
Cost of Revenue 28.3 8.5
SG&A Expense 127.7 53.6
Research & Development 34.2 9.0
Other Operating Expense 0.0 0.0
Operating Income 50.8 -39.6
Unusual Income 0.0 52.6
LT Debt to Capital 3.68 48.7
Fwd P/E 42.16 46.34
Fwd P/Rev 4.27 5.64
Book Value 786.2 477.2
Curr Portion of LTD/Cap Lease 0.1 0.0

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Cardiovascular System

Target

Focused (): *Healthcare > Biopharmaceuticals > Dermatology

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

Medicis Pharmaceutical Corporation (Medicis) is an independent specialty pharmaceutical company focusing primarily on helping patients attain a healthy and youthful appearance and self-image through the development and marketing of products in the United States for the treatment of dermatologic, aesthetic and podiatric conditions in the United States and Canada. The Company offers a range of products addressing various conditions, including acne, fungal infections, rosacea, hyperpigmentation, photoaging, psoriasis, eczema, skin and skin-structure infections, seborrheic dermatitis and cosmesis (improvement in the texture and appearance of skin). Medicis offers 15 branded products, including DYNACIN (minocycline HCI), LOPROX (ciclopirox), OMNICEF (cefdinir), PLEXION (sodium sulfacetamide/sulfur), RESTYLANE (hyaluronic acid), TRIAZ (benzoyl peroxide) and VANOS (fluocinonide) Cream 0.1%. On March 20, 2005, the Company entered into an agreement and plan of merger with Inamed Corporation.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 87.9 87.24
Operating Margin % 11.48 -47.94
Quick Ratio 2.61 7.66
Current Ratio 2.97 8.36
Coverage Ratio 0.19 -0.11
Total Assets 1,090.0 1,008.5
Return on Equity % 8.73 -11.83
Return on Assets % 6.3 -5.6
Cash+ ST Inv. Per Share 10.8 10.56
Total Debt 30.1 453.1
Total Debt to Equity % 3.83 94.94
Total Debt to Tangible Equity % 5.2 187.78
Debt to Asset % 2.76 44.92

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
  
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Obstetrics/Gynecology
The Obstetrics/Gynecology Subsector includes therapeutics that treat female genital disorders, pregnancy, and childbirth.
  
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.
  
Plastic/Reconstructive Surgery
The Plastic/Reconstructive Surgery Subsector includes medical devices that treat and modify a patient's external appearance.
  
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)
  
Dermatology  
Acne  
Rosacea  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat chronic inflammatory disorder of the face characterized by redness and pimple formation by inhibiting bacterial folic acid synthesis.

Target Products:

  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Novacet Lotion (Sodium Sulfacetamide/Sulfur)
  
Vulgaris  
Antibacterial Agents  
Tetracyclines
Therapeutics that treat acne caused by bacterial infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Target Products:

  • Solodyn Extended Release Tablet (Minocycline HCl)
  • Dynacin (Minocycline Hydrochloride)
  
Antibacterial Agents/Retinoids
Therapeutics that treat acne by preventing bacterial growth and helping in cell differentiation.

Target Products:

  • Ziana Gel (Clindamycin/Tretinoin)
  
Keratolytic Agents
Therapeutics that soften, separate, and cause the shedding of skin.

Target Products:

  • Triaz (Benzoyl Peroxide)
  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat bacterial infections of the skin by inhibiting a bacterial enzyme responsible for synthesis of folic acid.

Target Products:

  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Novacet Lotion (Sodium Sulfacetamide/Sulfur)
  
Aging Disorders  
Photoaging  
Enzymatic Oxidation Inhibitors
Therapeutics composed of plant hormones that treat the effects on the skin of aging and sun exposure.

Target Products:

  • Lustra/Lustra-AF (Hydroquinone)
  
Wrinkles  
Acetylcholine Inhibitors
Therapeutics that treat wrinkling through prevention of muscle contractions that can result in the formation of facial lines.

Target Products:

  • Reloxin (Botulinum Toxin Type A)
  
Lesion/Scaling Disorders  
Dermatitis  
Atopic (Eczema)  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat atopic dermatoses by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

  • Synalar (Fluocinolone Acetonide)
  
Seborrheic (Dandruff)  
Antifungal Agents  
Imidazoles
Therapeutics that treat and prevent skin diseases caused by fungi.

Target Products:

  • Loprox (Ciclopirox)
  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat bacterial infections of the skin by inhibiting a bacterial enzyme responsible for synthesis of folic acid.

Target Products:

  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Novacet Lotion (Sodium Sulfacetamide/Sulfur)
  
Dermatoses  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

  • Topicort/Topicort LP (Desoximetasone)
  • Vanos (Fluocinonide)
  • Lidex (Fluocinonide)
  
Pruritus  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

  • Vanos (Fluocinonide)
  
Psoriasis  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

  • Synalar (Fluocinolone Acetonide)
  
Pigmentation Disorders  
Hyperpigmentation  
Enzymatic Oxidation Inhibitors
Therapeutics that treat disorders characterized by darkening of the skin by inhibiting metabolic processes of pigment producing skin cells.

Target Products:

  • Alustra (Hydroquinone)
  • Esoterica (Hydroquinone)
  
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
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)
  
Urea Cycle Disorders  
Glutamine Acetylyzing Agents
Therapeutics that conjugate with glutamine to help excrete nitrogen waste.

Target Products:

  • Buphenyl (Sodium Phenylbutyrate)
  • Ammonul (Sodium Phenylacetate, Sodium Benzoate)
  
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)
  
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  
Psoriasis  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat a chronic autoimmune disease characterized by softening, separating, causing the shedding of the horny layer of the skin with a steroidal compound.

Target Products:

  • Synalar (Fluocinolone Acetonide)
  • Vanos (Fluocinonide)
  
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  
Arachnids  
Lice  
Cholinesterase Inhibitors
Therapeutics that treat Lice by inhibiting the break down of acetylcholine.

Target Products:

  • Ovide (Malathion)
  
Bacterial  
Antibacterial Agents  
Broad Spectrum  
Antibiotics  
Cephalosporin Derivatives
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Target Products:

  • Omnicef (Cefdinir)
  
Tetracyclines
Therapeutics that treat a wide variety of infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Target Products:

  • Dynacin (Minocycline Hydrochloride)
  
Mycological (Fungal)  
Antifungal Agents  
Narrow Spectrum  
Dermatology  
Tinea Corporis (Ringworm)  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the skin characterized by scaly, red rings by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

  • Loprox (Ciclopirox)
  
Tinea Cruris (Jock Itch)  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the groin and perineum by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

  • Loprox (Ciclopirox)
  
Tinea Pedis  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the feet by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

  • Loprox (Ciclopirox)
  
Tinea Versicolor  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of skin exposed to the sun characterized by patches of depigmentation by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Target Products:

  • Loprox (Ciclopirox)
  
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
  
Respiratory System
Lower Respiratory Tract Disorders (Lung Disorders)
Asthma
Acute Treatments  
Bronchodilators  
Beta Adrenergic Receptor Agonists
Therapeutics that cause dilation of the lung passages by supporting the actions of the adrenergic transmitters like epinephrine and norepinephrine.

Target Products:

  • Pediavent (Albuterol)
  
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)
  
Plastic/Reconstructive Surgery  
Treatment  
Wrinkle Removal  
Hyaluronic Acid  
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 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
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
Sciele Pharma Inc. n/a 814.257 18.26 19.77 2.90 2.85 12.82
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
Target
  Johnson & Johnson n/a 192,198.230 17.37 17.71 3.68 3.60 7.06
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
sanofi-aventis (ADR) n/a 123,912.610 32.64 14.45 3.32 3.48 n/a
Wyeth n/a 68,910.588 16.92 16.20 3.47 3.42 6.56
Bristol Myers Squibb Co. n/a 50,367.902 22.71 24.61 2.69 2.82 10.43
Bayer AG (ADR) n/a 40,349.508 21.74 15.71 1.06 1.09 n/a
Schering-Plough Corporation n/a 35,003.503 35.75 28.78 3.41 3.37 4.54
Allergan, Inc. n/a 18,514.350 n/a 32.98 6.54 6.00 119.68
Altana AG (ADR) n/a 8,250.172 12.94 n/a 3.42 n/a 3.78
Elan Corporation, plc (ADR) n/a 6,068.297 n/a -17.86 11.36 11.17 n/a
King Pharmaceuticals, Inc. n/a 3,957.934 25.14 9.72 2.08 2.06 3.30
Warner Chilcott Ltd. n/a 3,402.568 n/a 24.42 4.96 4.63 n/a
Valeant Pharmaceuticals International n/a 1,589.037 n/a 48.91 1.81 1.80 n/a
Sciele Pharma Inc. n/a 814.257 18.26 19.77 2.90 2.85 12.82
Connetics Corporation n/a 601.095 n/a -26.36 4.12 3.62 n/a
Bradley Pharmaceuticals, Inc. n/a 366.011 48.41 25.81 2.65 2.59 30.04
Taro Pharmaceutical Industries Ltd. n/a 296.106 17.07 18.80 0.98 1.01 0.77

- 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
  sanofi-aventis (ADR) n/a 123,912.610 32.64 14.45 3.32 3.48 n/a
Par Pharmaceutical Companies, Inc n/a 757.066 n/a 24.41 1.49 1.12 2.18
Patheon, Inc. n/a 459.176 n/a n/a 0.64 n/a 2.23
Q-Med, Inc. n/a 72.097 n/a -5.61 5.25 7.34 4.22
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
DPT Laboratories, 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
  Government - United States n/a n/a n/a n/a n/a n/a n/a
Target
  McKesson Corporation 51.20% 15,147.693 18.34 18.80 0.17 0.16 3.72
Cardinal Health, Inc. 21.80% 26,305.528 25.23 19.08 0.32 0.30 7.81
AmerisourceBergen Corp. n/a 8,918.669 19.07 18.60 0.15 0.14 5.74
BioMarin Pharmaceutical n/a 1,546.589 n/a -47.00 21.58 19.27 17.55
Quality King Distributors 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
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
Oryx Pharmaceuticals Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  sanofi-aventis (ADR) n/a 123,912.610 32.64 14.45 3.32 3.48 n/a
Abbott Laboratories n/a 74,394.862 23.47 19.16 3.34 3.29 29.70
Cardinal Health, Inc. n/a 26,305.528 25.23 19.08 0.32 0.30 7.81
McKesson Corporation n/a 15,147.693 18.34 18.80 0.17 0.16 3.72
AmerisourceBergen Corp. n/a 8,918.669 19.07 18.60 0.15 0.14 5.74
BioMarin Pharmaceutical n/a 1,546.589 n/a -47.00 21.58 19.27 17.55
Par Pharmaceutical Companies, Inc n/a 757.066 n/a 24.41 1.49 1.12 2.18
Patheon, Inc. n/a 459.176 n/a n/a 0.64 n/a 2.23
Taro Pharmaceutical Industries Ltd. n/a 296.106 17.07 18.80 0.98 1.01 0.77
Q-Med, Inc. n/a 72.097 n/a -5.61 5.25 7.34 4.22
Dow Pharmaceutical Sciences, Inc. n/a n/a n/a n/a n/a n/a n/a
Quality King Distributors n/a n/a n/a n/a n/a n/a n/a
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
Ipsen S.A. n/a n/a n/a n/a n/a n/a n/a
DPT Laboratories, Ltd. 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 849.3 330.9 1,180.2
Other Revenue 0.0 0.0 0.0
Total Revenue 849.3 330.9 1,180.2
Cost of Revenue 102.8 42.2 145.0
SG&A Expense 478.5 203.8 682.3
Depreciation & Amortization 0.0 23.6 23.6
Research & Development 170.6 167.3 337.9
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 0.0 52.6 52.6
Total Expenses 751.8 489.5 1,241.3
Operating Income 97.5 -158.6 -61.1
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 18.5 17.5 36.0
Other, Net -0.2 59.8 59.6
Income Before Taxes 115.8 -81.3 34.5
Income Taxes 47.2 -24.9 22.3
Income After Taxes 68.6 -56.4 12.2
Net Income - Excl. Xord. Items 68.6 -56.4 12.2
Net Income - Incl. Xord. Items 68.6 -56.4 12.2
Income Avail. to Common 68.6 -56.4 12.2
Share Items
Basic Avg. Shares Outstanding 47.4 54.7 102.2
Basic EPS - Excl. Xord. Items 1.45 n/a 0.12
Basic EPS - Incl. Xord. Items 1.45 n/a 0.12
Full Dilution Adjustment 0.3 0.0 0.3
Fully Diluted Shares Outstanding 50.3 54.7 105.1
F.D. EPS - Excl. Xord. Items 1.36 n/a 0.12
F.D. EPS - Incl. Xord. Items 1.36 n/a 0.12
Dividends Per Common Share 0.00 0.09 0.09
Balance Sheet
Assets
Cash and Equivalents 542.5 578.3 1,120.8
ST Investments 1.2 0.0 1.2
Accounts Receivable 123.8 21.0 144.8
Inventory 24.8 20.1 44.8
Prepayments and Advances 20.6 0.0 20.6
Other Current Assets 46.7 34.3 81.0
Current Assets 759.5 653.7 1,413.2
PPE 0.0 6.4 6.4
Accum D&A 0.0 0.0 0.0
PPE, Net 43.7 6.4 50.2
Goodwill & Intangibles 207.6 236.0 443.6
Long Term Investments 15.8 0.0 15.8
Other Assets 0.0 0.0 0.0
Other LT Assets 63.3 112.5 175.8
Total Assets 1,090.0 1,008.5 2,098.5
Liabilities
Accounts Payable 20.1 0.0 20.1
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 233.1 0.0 233.1
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 78.2 80.2
Current Liab. 255.4 78.2 333.6
LT Debt 30.0 453.1 483.1
Total LT Debt 30.0 453.1 483.1
Other LT Liab. 18.4 0.0 18.4
Total Liabilities 303.8 531.3 835.1
Shareholders Equity
Common Stock 0.5 0.0 0.5
Additional Paid in Capital 723.4 0.0 723.4
Retained Earnings 59.9 0.0 59.9
Other Equity 2.5 477.2 479.7
Total Equity 786.2 477.2 1,263.4
Total Liab. & Equity 1,090.0 1,008.5 2,098.5
Shares Outstanding 47.4 54.7 102.2
Cash Flow
Operating Cash Flow
CF Net Income 71.6 n/a 71.6
CF Depreciation 8.2 n/a 8.2
CF Amortization 31.0 n/a 31.0
CF Deferred Taxes -43.3 n/a -43.3
Other Non-Cash Items 51.1 n/a 51.1
Change in Working Capital 84.3 n/a 84.3
Total Cash From Operating Activities 203.0 n/a 203.0
Investing Cash Flow (not calculated)
Capital Expenditures -24.6 n/a -24.6
Other Investing Cash Flows -15.7 n/a -15.7
Total Cash From Investing Activities -40.3 n/a -40.3
Financing Cash Flow (not calculated)
Dividends Paid 0.0 n/a 0.0
Purchase Or Sale of Stock 24.5 n/a 24.5
Purchase and Retirement of Debt 29.9 n/a 29.9
Other Financing Cash Flow 4.1 n/a 4.1
Total Cash From Financing Activities 58.4 n/a 58.4
Exchange Rate Effects 0.0 n/a 0.0
Net Change in Cash 221.1 n/a 221.1
Cash Taxes Paid 15.3 n/a 15.3
Cash Interest Paid 0.7 n/a 0.7