Summary

Other Scenarios:

Buyer: Medicis Pharmaceutical Corporation (MRX) Last Price: 38.30 Market Cap.: 2.36B
Target: Crucell N.V. (ADR) (CRXLY) Last Price: 35.00 Market Cap.: 2.33B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 772
Biopharmaceuticals 342
Medical Devices   191
Outsourced Biomedical Services   39

- 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: 17)
  • Solodyn Extended Release Tablet (Minocycline HCl)
  • Dynacin (Minocycline Hydrochloride)
  • Ziana Gel (Clindamycin/Tretinoin)
  • Dysport (Abobotulinumtoxin A)
Target (Total: 30)
  • Hepatitis C Antibody Cocktail
  • PER.C6 Factor V-Leiden/Cambridge
  • AdVac HIV Vaccine
  • PER.C6 rAd26 Adenovirus Vector HIV Vaccine
Buyer
  • LipSonix Ultrasound Transducer
  • Restylane SubQ
  • Restylane Fine Lines (Hyaluronic Acid)
  • Restylane/Restylane-L (Hyaluronic Acid)
Target
  • Crucell Manufacturing Services
  • SBL Vaccin AB
  • Virosomal Technology
  • PER.C6 (Human Fetal Cell Line Technology)

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 3)
  • QMed, Inc. (QMED)
  • Contract Pharmaceuticals Limited
  • Ipsen S.A. (IPSEY)
Target (Total: 7)
  • Novartis AG (ADR) (NVS)
  • Merck & Co., Inc. (MRK)
  • AstraZeneca plc (ADR) (AZN)
  • Cambrex Corporation (CBM)
Buyer (Total: 8)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • BioMarin Pharmaceutical Inc. (BMRN)
Target (Total: 30)
  • Johnson & Johnson (JNJ)
  • Pfizer Inc. (PFE)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 679 1,248
Revenue Per Employee 974,174.1 359,919.4
Total Revenue 164.9 98.2
Total Expenses 120.6 114.5
Other Revenue 0.0 0.0
Cost of Revenue 14.3 59.0
SG&A Expense 84.6 27.5
Research & Development 14.3 40.4
Other Operating Expense 0.0 -12.4
Operating Income 44.4 -16.3
Unusual Income 0.0 0.0
LT Debt to Capital 16.59 0
Fwd P/E 14.16 n/a
Fwd P/Rev 3.15 n/a
Book Value 851.5 1,065.6
Curr Portion of LTD/Cap Lease 0.0 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Dermatology

Target

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

Business Description

Buyer

Medicis Pharmaceutical Corporation (Medicis) is a specialty pharmaceutical company focusing primarily on helping patients attain a healthy and youthful appearance and self-image through the development and marketing in the United States of products for the treatment of dermatological and aesthetic conditions. The Company also markets products in Canada for the treatment of dermatological and aesthetic conditions. It also has operations in Europe. The Company offers a range of products addressing various conditions or aesthetic improvements, including facial wrinkles, acne, fungal infections, rosacea, hyperpigmentation, photoaging, psoriasis, seborrheic dermatitis and cosmesis (improvement in the texture and appearance of skin). On June 10, 2009, the Company sold Medicis Pediatrics, Inc.

Target

Crucell N.V. (Crucell) is a biopharmaceutical company. The Company is focused on developing, producing and marketing products that combat infectious diseases. Crucell product candidates include flu-mAb, an antibody product effective against a range of influenza virus strains, tuberculosis and malaria vaccines, as well as a rabies monoclonal antibody combination, all produced on its PER.C6 human cell-line technology. The Company focuses on the paediatric, travel and endemic, and respiratory markets. Its core product portfolio includes Quinvaxem, a liquid pentavalent vaccine against five important childhood diseases; Epaxal, the only aluminum-free hepatitis A vaccine on the market; Vivotif and Dukoral, oral vaccines against typhoid and cholera; and Inflexal V, a virosomal adjuvanted vaccine against influenza. During the year ended December 31, 2009 Crucell distributed more than 115 million doses of vaccines in over 100 countries.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 90.1 30.29
Operating Margin % 26.7 -10.41
Quick Ratio 2.31 2.94
Current Ratio 2.69 4.21
Coverage Ratio 0.01 -0.07
Total Assets 1,404.3 1,310.5
Return on Equity % 12.92 -3.51
Return on Assets % 7.83 -2.85
Cash+ ST Inv. Per Share 11.86 4.71
Total Debt 169.3 0.2
Total Debt to Equity % 19.89 0.02
Total Debt to Tangible Equity % 30.42 0.02
Debt to Asset % 12.06 0.01

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
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.
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
  
Medical Devices  
Plastic/Reconstructive Surgery
The Plastic/Reconstructive Surgery Subsector includes medical devices that treat and modify a patient's external appearance.
  
Outsourced Biomedical 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.
  
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
Dermatology  
Acne  
Vulgaris  
Antibacterial Agents  
Tetracyclines
Therapeutics that treat acne caused by bacterial infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Buyer 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.

Buyer Products:

  • Ziana Gel (Clindamycin/Tretinoin)
  
Aging Disorders  
Wrinkles  
Acetylcholine Inhibitors
Therapeutics that treat wrinkling through prevention of muscle contractions that can result in the formation of facial lines.

Buyer Products:

  • Dysport (Abobotulinumtoxin 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.

Buyer Products:

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

Buyer Products:

  • Loprox (Ciclopirox)
  
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.

Buyer Products:

  • Lidex (Fluocinonide)
  • Vanos (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.

Buyer 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.

Buyer 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.

Buyer Products:

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

Buyer Products:

  • RT002 (Injectable Botulinum Toxin Type A)
  
Digestive System  
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.

Target Products:

  • Hepatitis C Antibody Cocktail
  
Endocrinology/Metabolism  
Intermediary Metabolism Disorders  
Urea Cycle Disorders  
Glutamine Acetylyzing Agents
Therapeutics that conjugate with glutamine to help excrete nitrogen waste.

Buyer Products:

  • Buphenyl (Sodium Phenylbutyrate)
  • Ammonul (Sodium Phenylacetate, Sodium Benzoate)
  
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.

Target Products:

  • PER.C6 Factor V-Leiden/Cambridge
  
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.

Buyer Products:

  • Synalar (Fluocinolone Acetonide)
  • Vanos (Fluocinonide)
  
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.

Target Products:

  • AdVac HIV Vaccine
  • PER.C6 rAd26 Adenovirus Vector HIV Vaccine
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in very early stages of research where no human subject is involved.

Target Products:

  • AdVac HIV Vaccine
  
Infectious Diseases
Bacterial
Antibacterial Agents  
Broad Spectrum  
Antibiotics  
Tetracyclines
Therapeutics that treat a wide variety of infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Buyer Products:

  • Dynacin (Minocycline Hydrochloride)
  
Vaccines  
Bacterial  
Single Target  
Cholera
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to pathogens that cause cholera.

Target Products:

  • Crucell/Berna Biotech Dukoral (Cholera Vaccine)
  
Typhoid Fever
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to pathogens that cause typhoid fever.

Target Products:

  • Crucell/Berna Biotech Vivotif (Typhoid Vaccine Live Oral Ty21a)
  
Bacterial/Viral
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to a bacterial or viral pathogen.

Target Products:

  • Quinvaxem
  
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.

Buyer 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.

Buyer 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.

Buyer 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.

Buyer Products:

  • Loprox (Ciclopirox)
  
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.

Target Products:

  • H9N2 Pandemic Avian Influenza Vaccine
  • PER.C6 H7N1 Pandemic Flu Vaccine
  • Ebola Vaccine
  • Ebola/Marburg/Lassa Vaccine
  • AdVac HIV Vaccine
  • Ad35 AdVac Tuberculosis Vaccine
  • PER.C6 rAd26 Adenovirus Vector HIV Vaccine
  • FluCell PER.C6 Seasonal (Epidemic) Influenza Vaccine
  • CL 184 (Rabies Monoclonal Antibody Cocktail)
  • AdVac Recombinant Malaria Vaccine
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in very early stages of research where no human subject is involved.

Target Products:

  • Anti-H5N1 Avian Influenza Monoclonal Antibodies
  • Hepatitis C Antibody Cocktail
  • CR6261 (Monoclonal Antibody)
  • Anti-H1N1 Monoclonal Antibody
  
Viral  
Vaccines  
Bacterial/Viral
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to a bacterial and viral pathogens.

Target Products:

  • Quinvaxem
  
Viral  
Combination  
Measles/Rubella
Therapeutics that prevent or treat viral infections by producing or artificially increasing immunity to measles and rubella. .

Target Products:

  • MoRu-Viraten
  
Single Target  
Hepatitis A
Therapeutics that prevent or treat viral infections of the liver by producing or artificially increasing immunity to the Hepatitis A virus.

Target Products:

  • Crucell/Berna Biotech Epaxal/Epaxal Junior (Virosome-Adjuvanted Hepatitis A Vaccine)
  
Hepatitis B
Therapeutics that prevent or treat viral infections of the liver by producing or artificially increasing immunity to the Hepatitis B virus.

Target Products:

  • Hepavax-Gene (Recombinant Hepatitis B Vaccine)
  
Influenza (Flu)
Therapeutics that prevent or treat viral infections of the respiratory tract by producing or artificially increasing immunity to the Influenza virus.

Target Products:

  • Crucell/Berna Biotech Inflexal (Virosome-Adjuvanted Influenza Vaccine)
  
Yellow Fever
Therapeutics that prevent or treat viral infections characterized by fever and hemorrhage by producing or artificially increasing immunity to the yellow fever virus.

Target Products:

  • Flavimum (Yellow Fever Vaccine)
  
Neurology  
Neuromuscular Disorders  
Cervical Dystonia  
Acetylcholine Inhibitors
Therapeutics that treat cervical dystonia by binding to receptor sites on motor nerve terminals, entering the nerve terminals, and inhibiting the release of acetylcholine.

Buyer Products:

  • Dysport (Abobotulinumtoxin A)
  
Medical Devices  
Plastic/Reconstructive Surgery  
Surgical  
Procedure/Region Specific  
Liposuction/Lipolysis
Suction and/or other devices used to remove fat from the body, or to reduce fat by disrupting fat cells.

Buyer Products:

  • LipSonix Ultrasound Transducer
  
Treatment  
Wrinkle Removal  
Hyaluronic Acid
Devices consisting of hyaluronic acid, which reduces wrinkles by hydrating and repairing skin tissue.

Buyer Products:

  • Restylane SubQ
  • Restylane Fine Lines (Hyaluronic Acid)
  • Restylane/Restylane-L (Hyaluronic Acid)
  • Perlane/Perlane-L (Hyaluronic Acid)
  
Outsourced Biomedical Services  
Development/Manufacturing Services  
Contract Manufacturing Organizations (CMO)  
Biopharmaceutical OEM  
Biologics
Active Ingredient Contract Manufacturing Organizations (CMO) that manufacture antibodies, proteins, and genetic materials.

Target Products:

  • Crucell Manufacturing Services
  • SBL Vaccin AB
  
Drug Delivery Technology  
Parenteral/Injectable Delivery  
Carrier Protein/Vector Based
Drug Delivery Technology used to deliver drugs using a carrier or vector protein.

Target Products:

  • Virosomal Technology
  • PER.C6 (Human Fetal Cell Line Technology)
  
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.

Target Products:

  • STAR Technology
  • AdVac
  • MAbstract Phage Antibody Display Technology
  • PER.C6 (Human Fetal Cell Line Technology)
  
Nucleic Acids
Biological based lead compounds composed of DNA or RNA.

Target Products:

  • PER.C6 (Human Fetal Cell Line Technology)
  
Proteins
Biological based lead compounds composed of amino acids.

Target Products:

  • STAR Technology
  • PER.C6 (Human Fetal Cell Line Technology)
  
Target Discovery/Validation  
Services
Drug discovery services that discover and validate drug targets for the development of novel biopharmaceutical drugs.

Target Products:

  • MAbstract Phage Antibody Display Technology
  

- 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
  GlaxoSmithKline plc (ADR) n/a 112,096.644 37.27 10.89 2.51 2.52 n/a
Sanofi SA (ADR) n/a 107,220.399 16.46 8.46 2.37 2.17 n/a
Buyer
  Johnson & Johnson n/a 182,889.061 14.89 13.40 2.94 2.79 7.30
GlaxoSmithKline plc (ADR) n/a 112,096.644 37.27 10.89 2.51 2.52 n/a
Target
  Novartis AG (ADR) n/a 169,734.414 17.62 11.16 3.18 2.95 15,430.40
Pfizer Inc. n/a 158,575.679 18.76 8.82 2.35 2.38 n/a
GlaxoSmithKline plc (ADR) n/a 112,096.644 37.27 10.89 2.51 2.52 n/a
Merck & Co., Inc. n/a 111,394.853 69.40 9.37 2.41 2.37 26.08
Sanofi SA (ADR) n/a 107,220.399 16.46 8.46 2.37 2.17 n/a
Abbott Laboratories n/a 82,299.285 18.34 11.41 2.25 2.12 n/a
Baxter International Inc. n/a 35,243.632 17.17 14.55 2.67 2.61 8.44
Biogen Idec Inc. n/a 25,506.695 23.62 16.93 5.30 5.29 9.36
Regeneron Pharmaceuticals, Inc. n/a 5,223.514 n/a -67.55 11.17 10.60 10.08
Talecris Biotherapeutics Holdings Corp n/a 3,628.391 20.59 n/a 2.23 n/a n/a
PDL BioPharma Inc. n/a 886.966 8.03 4.73 2.42 2.36 n/a
Enzon Pharmaceuticals, Inc. n/a 549.122 3.10 26.59 5.61 8.02 1.88
Vical Incorporated n/a 372.913 n/a -10.63 47.24 35.19 7.01
Dynavax Technologies Corporation n/a 298.512 n/a -5.37 17.21 23.92 8.75
AVI BioPharma, Inc. n/a 216.904 n/a -10.25 5.10 3.98 n/a
Dyax Corp. n/a 184.588 n/a -12.79 4.67 4.17 n/a
Sinovac Biotech Ltd. n/a 170.535 n/a 46.00 5.07 2.70 1.38
Inovio Pharmaceuticals, Inc. n/a 86.535 n/a -3.53 10.99 10.35 2.35
XOMA Limited n/a 66.395 n/a -1.81 1.58 1.24 2.74
GenVec, Inc. n/a 39.656 n/a -2.43 2.11 1.81 1.30
Bavarian Nordic A/S 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
  QMed, Inc. n/a 0.055 n/a n/a 0.01 n/a 0.02
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
Target
  Novartis AG (ADR) n/a 169,734.414 17.62 11.16 3.18 2.95 15,430.40
Merck & Co., Inc. n/a 111,394.853 69.40 9.37 2.41 2.37 26.08
AstraZeneca plc (ADR) n/a 67,808.441 8.42 8.12 2.04 2.06 57.27
Cambrex Corporation n/a 145.330 13.62 10.26 0.63 0.63 1.88
XOMA Limited n/a 66.395 n/a -1.81 1.58 1.24 2.74
LFB S.A. n/a n/a n/a n/a n/a n/a n/a
Zotefoams PLC 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
  McKesson Corporation 42.60% 20,254.433 16.85 11.88 0.18 0.17 7.49
Cardinal Health, Inc. 35.40% 16,141.002 16.48 15.18 0.16 0.15 11.60
Target
  Johnson & Johnson n/a 182,889.061 14.89 13.40 2.94 2.79 7.30
Pfizer Inc. n/a 158,575.679 18.76 8.82 2.35 2.38 n/a
GlaxoSmithKline plc (ADR) n/a 112,096.644 37.27 10.89 2.51 2.52 n/a
Merck & Co., Inc. n/a 111,394.853 69.40 9.37 2.41 2.37 26.08
Sanofi SA (ADR) n/a 107,220.399 16.46 8.46 2.37 2.17 n/a
Abbott Laboratories n/a 82,299.285 18.34 11.41 2.25 2.12 n/a
AstraZeneca plc (ADR) n/a 67,808.441 8.42 8.12 2.04 2.06 57.27
Novo Nordisk A/S (ADR) n/a 59,409.034 21.08 19.55 5.10 4.78 8.97
Koninklijke DSM N.V. (ADR) n/a 11,066.925 13.32 n/a 0.94 n/a 1.91
Life Technologies Corp. n/a 9,229.678 24.26 11.76 2.56 2.38 2.10
Watson Pharmaceuticals, Inc. n/a 8,914.268 55.75 12.59 2.49 2.07 38.94
Micromet Inc. n/a 556.505 n/a -7.33 19.89 22.55 3.38
Enzon Pharmaceuticals, Inc. n/a 549.122 3.10 26.59 5.61 8.02 1.88
XOMA Limited n/a 66.395 n/a -1.81 1.58 1.24 2.74
GenVec, Inc. n/a 39.656 n/a -2.43 2.11 1.81 1.30
TapImmune Inc. n/a 12.797 n/a n/a n/a n/a n/a
Grifols S n/a n/a n/a n/a n/a n/a n/a
International AIDS Vaccine Initiative (IAVI) n/a n/a n/a n/a n/a n/a n/a
Galapagos NV n/a n/a n/a n/a n/a n/a n/a
Ferring Group n/a n/a n/a n/a n/a n/a n/a
Israel Ministry of Agriculture n/a n/a n/a n/a n/a n/a n/a
Harvard Medical School n/a n/a n/a n/a n/a n/a n/a
NeoTropiX, Inc. 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
  McKesson Corporation n/a 20,254.433 16.85 11.88 0.18 0.17 7.49
Cardinal Health, Inc. n/a 16,141.002 16.48 15.18 0.16 0.15 11.60
Target
  Johnson & Johnson n/a 182,889.061 14.89 13.40 2.94 2.79 7.30
Novartis AG (ADR) n/a 169,734.414 17.62 11.16 3.18 2.95 15,430.40
Pfizer Inc. n/a 158,575.679 18.76 8.82 2.35 2.38 n/a
GlaxoSmithKline plc (ADR) n/a 112,096.644 37.27 10.89 2.51 2.52 n/a
Merck & Co., Inc. n/a 111,394.853 69.40 9.37 2.41 2.37 26.08
Sanofi SA (ADR) n/a 107,220.399 16.46 8.46 2.37 2.17 n/a
Abbott Laboratories n/a 82,299.285 18.34 11.41 2.25 2.12 n/a
AstraZeneca plc (ADR) n/a 67,808.441 8.42 8.12 2.04 2.06 57.27
Novo Nordisk A/S (ADR) n/a 59,409.034 21.08 19.55 5.10 4.78 8.97
Koninklijke DSM N.V. (ADR) n/a 11,066.925 13.32 n/a 0.94 n/a 1.91
Life Technologies Corp. n/a 9,229.678 24.26 11.76 2.56 2.38 2.10
Sigma-Aldrich Corporation n/a 8,957.910 22.23 18.31 3.84 3.62 5.92
Watson Pharmaceuticals, Inc. n/a 8,914.268 55.75 12.59 2.49 2.07 38.94
Talecris Biotherapeutics Holdings Corp n/a 3,628.391 20.59 n/a 2.23 n/a n/a
Micromet Inc. n/a 556.505 n/a -7.33 19.89 22.55 3.38
Cambrex Corporation n/a 145.330 13.62 10.26 0.63 0.63 1.88
XOMA Limited n/a 66.395 n/a -1.81 1.58 1.24 2.74
GenVec, Inc. n/a 39.656 n/a -2.43 2.11 1.81 1.30
TapImmune Inc. n/a 12.797 n/a n/a n/a n/a n/a
Bachem Holding Ltd. n/a n/a n/a n/a n/a n/a n/a
Grifols S n/a n/a n/a n/a n/a n/a n/a
Kenta Biotech AG n/a n/a n/a n/a n/a n/a n/a
Ark Therapeutics Group PLC 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 699.3 446.9 1,146.2
Other Revenue 0.0 0.0 0.0
Total Revenue 699.3 446.9 1,146.2
Cost of Revenue 69.2 311.5 380.7
SG&A Expense 335.4 94.6 430.0
Depreciation & Amortization 29.9 0.0 29.9
Research & Development 66.0 135.5 201.5
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 -48.3 -48.3
Unusual Expense (Income) 12.1 0.0 12.1
Total Expenses 512.6 493.4 1,006.0
Operating Income 186.7 -46.5 140.2
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 1.1 3.3 4.4
Other, Net 0.0 0.0 0.0
Income Before Taxes 186.7 -42.1 144.6
Income Taxes 76.7 -4.8 71.9
Income After Taxes 110.0 -37.4 72.6
Net Income - Excl. Xord. Items 110.0 -37.4 72.6
Discontinued Operations -2.7 0.0 -2.7
Net Income - Incl. Xord. Items 107.3 -37.4 70.0
Misc. Earnings Adjustment -3.4 0.0 -3.4
Income Avail. to Common 103.9 -37.4 66.5
Share Items
Basic Avg. Shares Outstanding 59.1 81.7 140.9
Basic EPS - Excl. Xord. Items 1.86 n/a 0.52
Basic EPS - Incl. Xord. Items 1.82 n/a 0.50
Full Dilution Adjustment 0.7 0.0 0.7
Fully Diluted Shares Outstanding 65.4 81.7 147.1
F.D. EPS - Excl. Xord. Items 1.68 n/a 0.49
F.D. EPS - Incl. Xord. Items 1.64 n/a 0.48
Dividends Per Common Share 0.26 0.00 0.26
Balance Sheet
Assets
Cash and Equivalents 306.8 314.4 621.2
ST Investments 468.7 70.5 539.2
Accounts Receivable 99.6 102.0 201.6
Inventory 34.4 173.2 207.7
Other Current Assets 107.6 37.1 144.7
Current Assets 1,017.1 697.3 1,714.3
Accum D&A 0.0 0.0 0.0
PPE, Net 24.1 347.8 371.9
Goodwill & Intangibles 294.9 189.2 484.1
Long Term Investments 32.2 39.8 72.0
Other Assets 0.0 0.0 0.0
Other LT Assets 36.1 36.4 72.5
Total Assets 1,404.3 1,310.5 2,714.9
Liabilities
Accounts Payable 45.3 94.0 139.4
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 175.0 0.0 175.0
ST Debt 0.0 0.2 0.2
Other (Current) Liabilities 158.2 71.6 229.8
Current Liab. 378.5 165.8 544.3
LT Debt 169.3 0.0 169.4
Total LT Debt 169.3 0.0 169.4
Deferred Taxes 0.0 18.4 18.4
Other LT Liab. 5.0 60.7 65.7
Total Liabilities 552.8 244.9 797.7
Shareholders Equity
Common Stock 1.0 0.0 1.0
Additional Paid in Capital 728.8 0.0 728.8
Retained Earnings 475.2 0.0 475.2
Treasure Stock -351.5 0.0 -351.5
Other Equity -1.9 1,065.6 1,063.7
Total Equity 851.5 1,065.6 1,917.1
Total Liab. & Equity 1,404.3 1,310.5 2,714.9
Shares Outstanding 59.6 81.7 141.3
Cash Flow
Operating Cash Flow
CF Net Income 107.3 -58.9 48.5
CF Depreciation 29.6 15.7 45.4
CF Amortization 0.0 8.0 8.0
CF Deferred Taxes 4.0 0.0 4.0
Other Non-Cash Items 39.1 15.0 54.2
Change in Working Capital 51.7 1.5 53.2
Total Cash From Operating Activities 231.7 -18.6 213.1
Investing Cash Flow (not calculated)
Capital Expenditures -7.7 -51.7 -59.4
Other Investing Cash Flows -32.0 72.4 40.4
Total Cash From Investing Activities -39.7 20.7 -19.0
Financing Cash Flow (not calculated)
Dividends Paid -14.4 0.0 -14.4
Purchase Or Sale of Stock 25.0 0.5 25.5
Purchase and Retirement of Debt 0.0 -21.5 -21.5
Other Financing Cash Flow 0.8 0.0 0.8
Total Cash From Financing Activities 11.3 -21.0 -9.7
Exchange Rate Effects 0.2 0.6 0.9
Net Change in Cash 203.6 -18.3 185.3
Cash Taxes Paid 70.3 -15.1 55.2
Cash Interest Paid 0.0 -1.8 -1.8