Summary

Other Scenarios:

Buyer: Medarex, Inc. (MEDX) Last Price: 14.00 Market Cap.: 1.78B
Target: Penwest Pharmaceuticals (PPCO) Last Price: 8.55 Market Cap.: 200.03M

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 931
Biopharmaceuticals 377
Outsourced Services 69

- 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: 37)
  • Kirin KM-Mouse
  • Trans-Phage Technology
  • HuMAb-MOUSE
  • UltiMAb Human Antibody Development System
Target (Total: 12)
  • SyncroDose
  • Geminex
  • TIMERx
  • Gastroretentive Drug Delivery System
Buyer
  • CNTO 1275
  • AMG 714 (HuMax IL-15)
  • MEDI-545 (Anti-Interferon Alpha Monoclonal Antibody)
  • MDX-066 (CDA-1)
Target
  • Nifedipine XL
  • PW2132 (Torsemide ER)
  • PW4110
  • PW4153

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 5)
  • Inverness Medical Innovations, Inc. (IMA)
  • Sangamo Biosciences, Inc. (SGMO)
  • Peregrine Pharmaceuticals (PPHM)
  • Avalon Pharmaceuticals, Inc. (AVRX)
Target (Total: 2)
  • Mylan Inc. (MYL)
  • DRAXIS Health Inc. (USA) (DRAX)
Buyer (Total: 15)
  • Bristol Myers Squibb Co. (BMY)
  • Pfizer Inc. (PFE)
  • Genmab A/S
  • Johnson & Johnson (JNJ)
Target (Total: 4)
  • Mylan Inc. (MYL)
  • sanofi-aventis (ADR) (SNY)
  • Endo Pharmaceuticals (ENDP)
  • Merck KGaA

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 492 75
Revenue Per Employee 96,550.2 35,697.8
Total Revenue 11.8 0.7
Total Expenses 55.8 9.9
Other Revenue 0.0 0.0
Cost of Revenue 0.0 0.1
SG&A Expense 10.6 3.7
Research & Development 45.3 6.0
Other Operating Expense 0.0 0.0
Operating Income -44.0 -9.1
Unusual Income 0.0 0.0
LT Debt to Capital 20.69 25.18
Fwd P/E -100.64 -5.18
Fwd P/Rev 38.72 64.18
Book Value 546.5 32.1
Curr Portion of LTD/Cap Lease 0.0 1.2

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Outsourced Services > Drug Discovery Services > Lead Discovery/Validation/Optimization > Lead Biologics > Antibodies

Target

Focused (): Healthcare > Outsourced Services > Drug Delivery Technology > Oral Delivery

Business Description

Buyer

Medarex, Inc. (Medarex) is a biopharmaceutical company focused on the discovery, development and potential commercialization of fully human antibody-based therapeutic products. As of December 31, 2006, 34 antibody product candidates generated from the Company's UltiMAb Human Antibody Development System are in human clinical trials or had regulatory applications submitted for such trials. Six of the seven product candidates under Phase III trials were generated through the use of the Company's UltiMAb technology and include ipilimumab (MDX-010), golimumab (CNTO 148) under development by Centocor, Inc.; CNTO 1275 for the treatment of psoriasis; zanolimumab (HuMax-CD4), being developed by Genmab A/S for the treatment of T-cell lymphoma; ofatumumab (HuMax-CD20), being developed by Genmab and GlaxoSmithKline for the treatment of follicular non-Hodgkin?s lymphoma and chronic lymphocyte leukemia, and zalutumumab (HuMax-EGFr), being developed by Genmab.

Target

Penwest Pharmaceuticals Co. (Penwest) develops pharmaceutical products based on drug delivery technologies with a focus on products that address disorders of the nervous system. In June 2006, the United States Food and Drug Administration (FDA), approved for marketing Opana ER, an extended release formulation of oxymorphone hydrochloride that the Company developed with Endo Pharmaceuticals Inc (Endo), using its TIMERx drug delivery technology. Penwest is also developing product candidates designed for the treatment of pain, epilepsy, Parkinson?s disease and spasticity, as well as a product candidate for the treatment of edema resulting from congestive heart failure. The Company conducts its business primarily in North America.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 100 85.73
Operating Margin % -424.37 -1,171.13
Quick Ratio 7.01 6.99
Current Ratio 7.32 7.23
Coverage Ratio -0.85 -0.05
Total Assets 844.6 51.4
Return on Equity % -6.28 -104.45
Return on Assets % -4.07 -65.22
Cash+ ST Inv. Per Share 3.38 1.62
Total Debt 142.5 12.0
Total Debt to Equity % 26.08 37.41
Total Debt to Tangible Equity % 26.08 41.44
Debt to Asset % 16.88 23.36

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.
  
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
  
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Musculoskeletal System
The Musculoskeletal System Subsector includes therapeutics that treat disorders of the bones, joints, ligaments, tendons, and soft tissue involved with them.
  
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
  
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.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
Outsourced Services
Drug Delivery Technology
The Drug Delivery Technology Subsector includes companies that develop novel delivery methods for therapeutics.
  
Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
  

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

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

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

Product Details

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

Target Products:

  • Nifedipine XL
  
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.

Target Products:

  • PW2132 (Torsemide ER)
  
Vascular Disorders  
Hypertension  
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.

Target Products:

  • Nifedipine XL
  
Dermatology  
Lesion/Scaling Disorders  
Psoriasis  
Monoclonal Antibodies
Therapeutics that treat psoriasis by binding to certain receptors on antigens associated with the disease, thus modulating the immune reaction.

Buyer Products:

  • CNTO 1275
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skin disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • AMG 714 (HuMax IL-15)
  • MEDI-545 (Anti-Interferon Alpha Monoclonal Antibody)
  
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:

  • MDX-066 (CDA-1)
  • MDX-1100 (Anti-IP10 Antibody)
  • MDX-1388 (CDA-2)
  
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:

  • MDX-1388 (CDA-2)
  
Immunology  
Autoimmune Disorders  
Arthritis  
Psoriatic Arthritis  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat chronic inflammation of the joints coupled with red, scaly skin patches by blocking the action of tumor necrosis factor.

Buyer Products:

  • CNTO 148 (Golimumab)
  
Rheumatoid Arthritis (RA)  
Immunotherapy  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat chronic inflammation of the joints by blocking the action of tumor necrosis factor.

Buyer Products:

  • CNTO 148 (Golimumab)
  
Psoriasis  
Monoclonal Antibodies
Therapeutics that treat psoriasis by binding to certain receptors on antigens associated with the disease, thus modulating the immune reaction.

Buyer Products:

  • CNTO 1275
  
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:

  • HuMax CD20 (Ofatumumab)
  • NI-0401
  • MEDI-545 (Anti-Interferon Alpha Monoclonal Antibody)
  • MDX-010 (Ipilimumab)
  • CNTO 148 (Golimumab)
  • FG-3019 (Anti-CTGF Antibody)
  • CNTO 1275
  • AMG 714 (HuMax IL-15)
  • MDX-1100 (Anti-IP10 Antibody)
  • NVS Antibody-2
  • NVS Antibody-1
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • MDX-1333 (Human Antibodies)
  
Infectious Diseases  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in early stages of clinical research where human subject is involved.

Buyer Products:

  • MDX-010 (Ipilimumab)
  • Valortim (MDX-1303)
  
Musculoskeletal System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • CNTO 1275
  • HuMax CD20 (Ofatumumab)
  • AMG 714 (HuMax IL-15)
  
Skeletal Disorders  
Joint Disorders  
Ankylosing Spondylitis  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat ankylosing spondylitis by blocking the effect of TNF-alpha, a pro-inflammatory molecule.

Buyer Products:

  • CNTO 148 (Golimumab)
  
Psoriatic Arthritis  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat chronic inflammation of the joints by blocking the action of tumor necrosis factor.

Buyer Products:

  • CNTO 148 (Golimumab)
  
Rheumatoid Arthritis (RA)  
Immunotherapy  
Tumor Necrosis Factor-Alpha Antagonists (TNF-Alpha Antagonists)
Therapeutics that treat chronic inflammation of the joints by blocking the action of tumor necrosis factor.

Buyer Products:

  • CNTO 148 (Golimumab)
  
Neurology
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • CNTO 1275

Target Products:

  • PW4110
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:

  • PW4153
  • PW4159
  • PW4158
  
Oncology  
Dermatology  
Malignant Melanoma  
Monoclonal Antibodies
Therapeutics that treat melanoma by binding to specific structures on the surface of the tumor and eliciting a reaction, which results in tumor degeneration.

Buyer Products:

  • MDX-010 ((Ipilimumab)/MDX-1379 (Melanoma-Peptide Vaccine))
  • MDX-010 (Ipilimumab)
  • CP-675,206 (Ticilimumab)
  
Head/Neck Cancer  
Localized  
Monoclonal Antibodies
Therapeutics that bind to specific receptors on the surface of head and neck cancer cells that inhibit the cancer cells' growth and induce their death.

Buyer Products:

  • HuMax EGFR (Zalutumumab)
  
Hematology  
Leukemia (White Blood Cell Cancer)  
Lymphoid  
Chronic  
Lymphocytic (CLL)  
Monoclonal Antibodies
Therapeutics that bind to specific receptors on the surface of leukemia cells and thereby induce their death.

Buyer Products:

  • HuMax CD20 (Ofatumumab)
  
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.

Buyer Products:

  • HuMax-CD4 (Zanolimumab)
  
Non-Hodgkin`s Lymphoma (NHL)  
Monoclonal Antibodies
Therapeutics that bind to specific receptors on the surface of lymphoma cells and thereby induce their death.

Buyer Products:

  • HuMax CD20 (Ofatumumab)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer in early stages of clinical research where human subject is involved.

Buyer Products:

  • MDX-214 (Anti-EGFr/CD89 Antibody)
  • MDX-1307
  • CNTO 95
  • HGS-TR2J
  • IMC-3G3 (Platelet-Derived Growth Factor Receptor Alpha Inhibitor (PDGFR-Alpha))
  • IMC-18F1
  • MDX-1106/ONO-4538 (anti-PD-1 Antibody)
  • CP-675,206 (Ticilimumab)
  • FG-3019 (Anti-CTGF Antibody)
  • MDX-1401 (Anti-CD30 Antibody)
  • MDX-060 (Anti-CD30 Antibody)
  • MDX-010 (Ipilimumab)
  • 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.

Buyer Products:

  • Alpha SDF-1 Antibody
  • Anti-CD19/Anti-CD20 Antibody-Drug Conjugates
  • MDX-1307
  • PacMab Antibody
  • MDX-1342 (Anti-CD19 Antibody)
  • MDX-1411
  • MDX-1401 (Anti-CD30 Antibody)
  
Pain Management  
Narcotics  
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:

  • Opana ER (Oxymorphone Hydrochloride Extended Release)
  
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:

  • PW4142 (Nalbuphine ER)
  
Respiratory System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of respiratory disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • CNTO 148 (Golimumab)
  
Urology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of urological disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • FG-3019 (Anti-CTGF Antibody)
  
Outsourced Services
Drug Delivery Technology  
Oral Delivery  
Hydrogel Based/Polymer Coated
Drug Delivery Technologies used to deliver drugs in a jelly like base which are enclosed using a polymer matrix.

Target Products:

  • SyncroDose
  • Geminex
  • TIMERx
  
Polymer Coated
Drug Delivery Technologies used to deliver drugs in a polymer based matrix to hold/enclose the drug.

Target Products:

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

Buyer Products:

  • Kirin KM-Mouse
  • Trans-Phage Technology
  • HuMAb-MOUSE
  • UltiMAb Human Antibody Development 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
  Johnson & Johnson n/a 190,863.999 18.04 16.24 3.34 3.16 13.68
Buyer
  Johnson & Johnson n/a 190,863.999 18.04 16.24 3.34 3.16 13.68
Pfizer Inc. n/a 174,978.777 10.02 12.06 3.61 3.71 7.23
GlaxoSmithKline plc (ADR) n/a 145,898.979 13.21 13.20 3.13 3.18 11.63
Novartis AG (ADR) n/a 124,963.848 20.52 16.54 3.29 3.33 5.53
Abbott Laboratories n/a 81,352.647 42.24 18.92 3.37 3.26 473.16
Genentech, Inc. n/a 81,346.724 31.11 27.75 7.43 6.82 8.93
AstraZeneca plc (ADR) n/a 77,334.217 12.88 13.12 2.77 2.64 n/a
Amgen, Inc. n/a 63,215.722 15.55 14.21 4.25 4.31 37.97
Wyeth n/a 61,719.024 13.82 13.01 2.89 2.78 5.27
Biogen Idec Inc. n/a 19,990.682 34.32 26.43 6.89 6.17 22.87
Kirin Holdings Company, Ltd. (ADR) n/a 12,997.143 30.53 26.56 0.90 0.80 1.69
Target
  Johnson & Johnson n/a 190,863.999 18.04 16.24 3.34 3.16 13.68
Elan Corporation, plc (ADR) n/a 10,448.804 n/a -34.81 15.97 14.04 n/a
Biovail Corporation (USA) n/a 2,858.171 13.02 10.20 2.75 3.44 4.70
King Pharmaceuticals, Inc. n/a 2,574.611 8.36 5.85 1.25 1.23 1.90
K-V Pharmaceutical Company n/a 1,505.213 31.66 n/a 3.96 n/a 6.07
Alpharma Inc. n/a 929.815 16.08 22.14 1.36 1.29 1.93
Eurand N.V. n/a 731.542 n/a -79.52 6.39 6.35 9.57
Ligand Pharmaceuticals Inc. n/a 603.788 1.51 2.18 8.33 n/a 12.96
SkyePharma PLC (ADR) n/a 256.721 n/a -4.63 2.48 3.36 n/a
SCOLR Pharma Inc. n/a 128.925 n/a n/a 37.40 n/a 9.30
BioDelivery Sciences International, Inc. n/a 66.577 n/a -2.23 24.06 n/a n/a
Elite Pharmaceuticals, Inc. n/a 49.101 n/a -4.42 35.58 6.30 3.48
Purdue Pharma L.P. n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Inverness Medical Innovations, Inc. n/a 3,172.206 n/a 47.17 5.15 3.98 n/a
Sangamo Biosciences, Inc. n/a 623.825 n/a -26.60 78.18 58.97 16.08
Peregrine Pharmaceuticals n/a 143.644 n/a n/a 29.29 n/a 4.29
Avalon Pharmaceuticals, Inc. n/a 95.556 n/a -3.46 37.09 38.00 2.65
Lonza Group Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Mylan Inc. n/a 3,903.698 17.63 12.21 2.17 1.39 5.06
DRAXIS Health Inc. (USA) n/a 226.270 22.92 26.80 2.63 2.60 2.15

- 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
  Bristol Myers Squibb Co. 37.00% 58,882.351 36.80 20.63 3.31 2.97 13.94
Pfizer Inc. 21.00% 174,978.777 10.02 12.06 3.61 3.71 7.23
Genmab A/S 3.00% n/a n/a n/a n/a n/a n/a
Johnson & Johnson n/a 190,863.999 18.04 16.24 3.34 3.16 13.68
Novartis AG (ADR) n/a 124,963.848 20.52 16.54 3.29 3.33 5.53
Abbott Laboratories n/a 81,352.647 42.24 18.92 3.37 3.26 473.16
Eli Lilly & Co. n/a 66,389.582 30.48 16.82 3.91 3.66 7.32
Amgen, Inc. n/a 63,215.722 15.55 14.21 4.25 4.31 37.97
Novo Nordisk A/S (ADR) n/a 38,962.684 23.69 21.18 5.19 5.09 6.41
Kirin Holdings Company, Ltd. (ADR) n/a 12,997.143 30.53 26.56 0.90 0.80 1.69
ImClone Systems Incorporated n/a 3,891.662 23.65 35.54 6.77 6.34 4.58
Human Genome Sciences n/a 1,322.877 n/a -5.87 37.84 33.38 10.54
ZymoGenetics, Inc. n/a 891.063 n/a -5.50 46.08 37.45 4.96
Government - United States n/a n/a n/a n/a n/a n/a n/a
Immuno-Designed Molecules (IDM), S.A. n/a n/a n/a n/a n/a n/a n/a
Target
  Mylan Inc. 89.10% 3,903.698 17.63 12.21 2.17 1.39 5.06
sanofi-aventis (ADR) n/a 120,772.157 22.87 12.33 2.99 3.11 n/a
Endo Pharmaceuticals n/a 3,759.637 21.20 16.09 3.80 3.55 4.11
Merck KGaA 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
  Johnson & Johnson n/a 190,863.999 18.04 16.24 3.34 3.16 13.68
Pfizer Inc. n/a 174,978.777 10.02 12.06 3.61 3.71 7.23
Roche Holding Ltd. (ADR) n/a 158,366.482 21.04 19.17 4.13 4.04 6.18
Novartis AG (ADR) n/a 124,963.848 20.52 16.54 3.29 3.33 5.53
Abbott Laboratories n/a 81,352.647 42.24 18.92 3.37 3.26 473.16
Genentech, Inc. n/a 81,346.724 31.11 27.75 7.43 6.82 8.93
Eli Lilly & Co. n/a 66,389.582 30.48 16.82 3.91 3.66 7.32
Amgen, Inc. n/a 63,215.722 15.55 14.21 4.25 4.31 37.97
Bristol Myers Squibb Co. n/a 58,882.351 36.80 20.63 3.31 2.97 13.94
Gilead Sciences, Inc. n/a 40,112.714 n/a 25.49 10.77 9.29 17.01
Novo Nordisk A/S (ADR) n/a 38,962.684 23.69 21.18 5.19 5.09 6.41
Akzo Nobel N.V. (ADR) n/a 23,815.440 15.89 15.92 1.41 1.60 4.93
Kirin Holdings Company, Ltd. (ADR) n/a 12,997.143 30.53 26.56 0.90 0.80 1.69
Applied Biosystem Inc. n/a 6,600.199 36.79 22.70 3.15 2.94 5.12
ImClone Systems Incorporated n/a 3,891.662 23.65 35.54 6.77 6.34 4.58
Watson Pharmaceuticals, Inc. n/a 3,187.153 n/a 23.78 1.36 1.25 16.11
Inverness Medical Innovations, Inc. n/a 3,172.206 n/a 47.17 5.15 3.98 n/a
Target
  sanofi-aventis (ADR) n/a 120,772.157 22.87 12.33 2.99 3.11 n/a
Mylan Inc. n/a 3,903.698 17.63 12.21 2.17 1.39 5.06
Endo Pharmaceuticals n/a 3,759.637 21.20 16.09 3.80 3.55 4.11
DRAXIS Health Inc. (USA) n/a 226.270 22.92 26.80 2.63 2.60 2.15
Pharmaceutics International, Inc. n/a n/a n/a n/a n/a n/a n/a
Edison 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
Otsuka Pharmaceutical Co., 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 47.1 3.0 50.1
Other Revenue 0.0 0.0 0.0
Total Revenue 47.1 3.0 50.1
Cost of Revenue 0.0 0.4 0.4
SG&A Expense 54.1 14.2 68.3
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 192.8 23.7 216.5
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Total Expenses 247.0 38.3 285.3
Operating Income -199.9 -35.3 -235.1
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 170.8 1.8 172.6
Other, Net -5.2 0.0 -5.2
Income Before Taxes -34.2 -33.5 -67.7
Income Taxes 0.2 0.0 0.2
Income After Taxes -34.3 -33.5 -67.8
Net Income - Excl. Xord. Items -34.3 -33.5 -67.8
Net Income - Incl. Xord. Items -34.3 -33.5 -67.8
Income Avail. to Common -34.3 -33.5 -67.8
Share Items
Basic Avg. Shares Outstanding 126.4 23.2 149.6
Basic EPS - Excl. Xord. Items n/a n/a -0.45
Basic EPS - Incl. Xord. Items n/a n/a -0.45
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 126.4 23.2 149.6
F.D. EPS - Excl. Xord. Items n/a n/a -0.45
F.D. EPS - Incl. Xord. Items n/a n/a -0.45
Balance Sheet
Assets
Cash and Equivalents 28.2 21.0 49.2
ST Investments 399.1 16.6 415.7
Accounts Receivable 0.0 0.6 0.6
Inventory 0.0 0.4 0.4
Prepayments and Advances 19.0 0.9 20.0
Other Current Assets 0.0 0.0 0.0
Current Assets 446.4 39.5 485.9
PPE 161.1 0.0 161.1
Accum D&A -81.1 0.0 -81.1
PPE, Net 80.0 3.6 83.6
Goodwill & Intangibles 0.0 3.1 3.1
Long Term Investments 312.9 0.0 312.9
Other Assets 0.0 0.0 0.0
Other LT Assets 5.3 5.1 10.4
Total Assets 844.6 51.4 896.0
Liabilities
Accounts Payable 2.6 1.3 4.0
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 32.2 2.6 34.9
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.0 1.2 1.2
Other (Current) Liabilities 26.1 0.3 26.4
Current Liab. 61.0 5.5 66.5
LT Debt 142.5 10.8 153.3
Total LT Debt 142.5 10.8 153.3
Minority Interest (BS) 1.8 0.0 1.8
Other LT Liab. 92.8 3.0 95.8
Total Liabilities 298.1 19.3 317.4
Shareholders Equity
Common Stock 1.3 0.0 1.3
Additional Paid in Capital 1,129.0 220.3 1,349.3
Retained Earnings -894.3 -188.3 -1,082.7
Treasure Stock -0.1 0.0 -0.1
Other Equity 310.7 0.1 310.8
Total Equity 546.5 32.1 578.6
Total Liab. & Equity 844.6 51.4 896.0
Shares Outstanding 126.7 23.4 150.0
Cash Flow
Operating Cash Flow
CF Net Income -34.3 -33.5 -67.8
CF Depreciation 12.9 0.0 12.9
CF Amortization 4.5 0.0 4.5
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items -129.3 0.0 -129.3
Change in Working Capital -9.2 4.5 -4.8
Total Cash From Operating Activities -155.6 -29.0 -184.6
Investing Cash Flow (not calculated)
Capital Expenditures -10.3 -2.4 -12.7
Other Investing Cash Flows 36.9 3.4 40.3
Total Cash From Investing Activities 26.5 1.1 27.6
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 0.0 3.5 3.5
Purchase and Retirement of Debt -0.0 12.0 12.0
Other Financing Cash Flow 14.0 -0.1 13.9
Total Cash From Financing Activities 14.0 15.4 29.4
Exchange Rate Effects 3.2 0.0 3.2
Net Change in Cash -111.8 -12.6 -124.4
Cash Taxes Paid 0.1 0.0 0.1
Cash Interest Paid 3.4 0.0 3.4