Summary

Other Scenarios:

Buyer: Medicis Pharmaceutical Corporation (MRX) Last Price: 23.49 Market Cap.: 1.33B
Target: PDL BioPharma Inc. (PDLI) Last Price: 10.54 Market Cap.: 1.26B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 880
Biopharmaceuticals 365
Medical Devices   234
Outsourced Services   64

- 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: 18)
  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Dynacin (Minocycline Hydrochloride)
  • Solodyn Extended Release Tablet (Minocycline HCl)
  • Ziana Gel (Clindamycin/Tretinoin)
Target (Total: 7)
  • Nuvion (Visilizumab)
  • Zenapax (Daclizumab)
  • Therapeutic Antibody Candidates
  • M200 (Volociximab)
Buyer
  • Restylane Fine Lines (Hyaluronic Acid)
  • Perlane (Hyaluronic Acid)
  • Restylane SubQ
  • Restylane (Hyaluronic Acid)
Target
  • Humanized Antibody Technology

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 4)
  • Sanofi-Aventis SA (ADR) (SNY)
  • Patheon, Inc. (PTI:CA)
  • QMed, Inc. (QMED)
  • Contract Pharmaceuticals Limited
Target (Total: 3)
  • Seattle Genetics, Inc. (SGEN)
  • Johnson & Johnson (JNJ)
  • ARIUS Research, Inc. (ARI:CA)
Buyer (Total: 4)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • BioMarin Pharmaceutical Inc. (BMRN)
  • Taro Pharmaceutical Industries Ltd. (TAROF)
Target (Total: 12)
  • Genentech, Inc. (DNA)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • McKesson Corporation (MCK)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 472 887
Revenue Per Employee 1,115,820.0 259,240.1
Total Revenue 131.3 57.3
Total Expenses 99.1 27.6
Other Revenue 0.0 0.0
Cost of Revenue 11.1 0.0
SG&A Expense 72.1 20.4
Research & Development 9.2 47.7
Other Operating Expense 0.0 -49.7
Operating Income 32.2 29.7
Unusual Income 0.0 9.2
LT Debt to Capital 20.72 52.63
Fwd P/E 15.79 34.35
Fwd P/Rev 2.56 4.69
Book Value 647.4 478.6
Curr Portion of LTD/Cap Lease 283.9 0.7

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Dermatology

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

Medicis Pharmaceutical Corporation (Medicis) is an independent specialty pharmaceutical company focused 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, aesthetic and podiatric conditions. It also markets products in Canada for the treatment of dermatological and aesthetic conditions. It offers a range of products addressing various conditions or aesthetic improvements, including facial wrinkles, acne, fungal infections, rosacea, hyperpigmentation, photoaging, psoriasis, skin and skin-structure infections, seborrheic dermatitis and cosmesis (improvement in the texture and appearance of skin). It offers 18 branded products, including PERLANE (hyaluronic acid), RESTYLANE (hyaluronic acid), SOLODYN (minocycline HCl, USP), TRIAZ (benzoyl peroxide), VANOS (fluocinonide) Cream 0.1%, and ZIANA (clindamycin phosphate 1.2% and tretinoin 0.025%) Gel.

Target

PDL BioPharma Inc. is a biopharmaceutical company focused on the discovery and development of novel antibodies in oncology and immunologic diseases. It receives royalties and other revenues through licensing agreements with various biotechnology and pharmaceutical companies based on its antibody humanization technology platform. These licensing agreements have contributed to the development by the Company?s licensees of nine marketed products. The Company has several investigational compounds in clinical development for severe or life-threatening diseases, two of which it is developing in collaboration with Biogen Idec MA, Inc. (Biogen Idec). Its products include Daclizumab, Volociximab, HuLuc63, PDL192 and Nuvion. In March 2008, the Company closed the sale of the Cardiovascular Assets, which included Cardene, to EKR Therapeutics, Inc (EKR). However, the Company continues to perform development work for new formulations and presentations of Cardene pursuant to an agreement with EKR.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 89.7 100
Operating Margin % 24.17 2.39
Quick Ratio 1.96 11.78
Current Ratio 2.09 12.12
Coverage Ratio 0.24 0.82
Total Assets 1,241.2 1,117.6
Return on Equity % 13.56 2.09
Return on Assets % 7.08 0.89
Cash+ ST Inv. Per Share 11.09 6.58
Total Debt 453.1 532.6
Total Debt to Equity % 69.98 111.27
Total Debt to Tangible Equity % 108.87 113.32
Debt to Asset % 36.50 47.65

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.
  
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.
  
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
  
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.
  
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
  
Medical Devices  
Plastic/Reconstructive Surgery
The Plastic/Reconstructive Surgery Subsector includes medical devices that treat and modify a patient's external appearance.
  
Outsourced Services  
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  
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.

Buyer Products:

  • Plexion/Plexion TS/Plexion SCT (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.

Buyer Products:

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

Buyer Products:

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

Buyer 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.

Buyer Products:

  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  
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:

  • 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.

Buyer Products:

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

Buyer 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.

Buyer Products:

  • Plexion/Plexion TS/Plexion SCT (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.

Buyer Products:

  • 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.

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)
  
Digestive System  
Gastrointestinal Tract Disorders  
Intestinal Disorders  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
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.

Target Products:

  • Nuvion (Visilizumab)
  
Endocrinology/Metabolism  
Intermediary Metabolism Disorders  
Urea Cycle Disorders  
Glutamine Acetylyzing Agents
Therapeutics that conjugate with glutamine to help excrete nitrogen waste.

Buyer Products:

  • Ammonul (Sodium Phenylacetate, Sodium Benzoate)
  • Buphenyl (Sodium Phenylbutyrate)
  
Immunology
Autoimmune Disorders
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
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:

  • Nuvion (Visilizumab)
  • Zenapax (Daclizumab)
  
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:

  • Therapeutic Antibody Candidates
  
Infectious Diseases  
Bacterial  
Antibacterial Agents  
Broad Spectrum  
Antibiotics  
Cephalosporin Derivatives
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Buyer Products:

  • Omnicef (Cefdinir)
  
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)
  
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)
  
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.

Target Products:

  • Zenapax (Daclizumab)
  
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:

  • M200 (Volociximab)
  • HuLuc63 (Monoclonal Antibody)
  
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.

Target Products:

  • Therapeutic Antibody Candidates
  • PDL192 Antibody
  
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.

Target Products:

  • Zenapax (Daclizumab)
  
Transplantation  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the management of rejection and infection in early stages of clinical research where human subject is involved.

Target Products:

  • Zenapax (Daclizumab)
  
Renal (Kidney)  
Rejection Prophylaxis  
Monoclonal Antibodies
Protein-based therapeutics that target specific substances like proteins.

Target Products:

  • Zenapax (Daclizumab)
  
Medical Devices  
Plastic/Reconstructive Surgery  
Treatment  
Wrinkle Removal  
Hyaluronic Acid  
Outsourced Services  
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:

  • Humanized Antibody 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
Buyer
  Johnson & Johnson n/a 185,324.306 15.97 15.05 2.98 2.93 11.45
Sanofi-Aventis SA (ADR) n/a 96,253.256 12.37 8.66 2.14 2.28 n/a
Bristol Myers Squibb Co. n/a 41,334.006 19.35 12.90 2.05 2.02 9.66
Allergan, Inc. n/a 17,513.003 30.89 22.99 4.23 3.97 53.92
Warner Chilcott Ltd. n/a 4,401.461 65.67 13.76 4.83 4.83 n/a
Valeant Pharmaceuticals International n/a 1,449.209 n/a 48.53 1.68 1.71 100.91
Sciele Pharma Inc. n/a 707.482 16.10 10.19 1.77 1.58 n/a
Taro Pharmaceutical Industries Ltd. n/a 328.101 15.52 n/a 1.05 n/a 1.76
Obagi Medical Products, Inc. n/a 203.170 13.31 10.88 1.94 1.78 4.74
BioForm Medical, Inc. n/a 202.964 n/a -11.33 3.07 3.16 2.00
Barrier Therapeutics, Inc. n/a 90.737 n/a -2.67 3.05 2.33 4.78
Uluru Inc. n/a 69.963 n/a n/a 52.37 n/a 5.03
Access Pharmaceuticals, Inc. n/a 17.546 n/a n/a 308.12 n/a n/a
Artes Medical, Inc. n/a 13.376 n/a -0.38 0.99 1.12 1.26
DFB Pharmaceuticals, Inc. n/a n/a n/a n/a n/a n/a n/a
Stiefel Laboratories, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  GlaxoSmithKline plc (ADR) n/a 112,827.613 11.53 11.08 2.53 2.52 18.90
Genentech, Inc. n/a 77,440.229 25.42 23.21 6.48 5.93 7.44
Baxter International Inc. n/a 38,232.490 22.06 19.21 3.33 3.18 7.32
Hospira, Inc. n/a 6,640.638 28.68 17.07 1.87 1.83 74.45
Medarex inc. n/a 1,056.721 n/a -6.36 18.63 23.04 2.67
Sangamo Biosciences, Inc. n/a 385.706 n/a -15.14 36.94 30.71 5.99
Nuvelo, Inc. n/a 37.989 n/a -1.03 0.83 3.80 0.83
DOR BioPharma, Inc. n/a 14.147 n/a n/a 8.32 n/a 14.92
Boehringer Ingelheim GmbH 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
  Sanofi-Aventis SA (ADR) n/a 96,253.256 12.37 8.66 2.14 2.28 n/a
Patheon, Inc. n/a 378.852 n/a n/a 0.56 n/a 2.39
QMed, Inc. n/a 0.171 n/a n/a 0.04 n/a 0.06
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
Target
  Seattle Genetics, Inc. 1.60% 709.513 n/a -8.46 28.19 23.29 5.14
Johnson & Johnson n/a 185,324.306 15.97 15.05 2.98 2.93 11.45
ARIUS Research, Inc. n/a 104.035 n/a n/a 50.13 n/a 12.58

- 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
Overlap
  McKesson Corporation 56.80% 15,810.460 15.97 15.16 0.16 0.15 6.14
Cardinal Health, Inc. 19.30% 19,977.185 10.60 15.12 0.22 0.22 11.67
Buyer
  McKesson Corporation 56.80% 15,810.460 15.97 15.16 0.16 0.15 6.14
Cardinal Health, Inc. 19.30% 19,977.185 10.60 15.12 0.22 0.22 11.67
BioMarin Pharmaceutical Inc. n/a 3,765.627 n/a 89.98 23.66 12.29 20.98
Taro Pharmaceutical Industries Ltd. n/a 328.101 15.52 n/a 1.05 n/a 1.76
Target
  Genentech, Inc. 36.00% 77,440.229 25.42 23.21 6.48 5.93 7.44
Cardinal Health, Inc. 18.00% 19,977.185 10.60 15.12 0.22 0.22 11.67
AmerisourceBergen Corp. 14.00% 6,620.888 14.36 14.98 0.10 0.10 n/a
McKesson Corporation 13.00% 15,810.460 15.97 15.16 0.16 0.15 6.14
AstraZeneca plc (ADR) 8.00% 61,278.409 11.06 9.56 2.02 2.02 n/a
Roche Holding Ltd. (ADR) n/a 152,587.305 16.03 16.45 3.39 3.50 4.86
Wyeth n/a 57,240.199 12.56 12.90 2.52 2.61 3.87
Biogen Idec Inc. n/a 18,290.434 27.35 19.45 5.38 4.88 9.28
Elan Corporation, plc (ADR) n/a 11,910.311 n/a -54.78 14.92 11.31 n/a
Seattle Genetics, Inc. n/a 709.513 n/a -8.46 28.19 23.29 5.14
Progenics Pharmaceuticals, Inc. n/a 494.461 n/a -15.62 6.79 5.54 3.59
Chugai Pharmaceutical Co., Ltd. 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
Overlap
  Cardinal Health, Inc. n/a 19,977.185 10.60 15.12 0.22 0.22 11.67
Buyer
  Sanofi-Aventis SA (ADR) n/a 96,253.256 12.37 8.66 2.14 2.28 n/a
Abbott Laboratories n/a 84,510.892 21.97 17.25 3.16 2.95 39.11
Cardinal Health, Inc. n/a 19,977.185 10.60 15.12 0.22 0.22 11.67
McKesson Corporation n/a 15,810.460 15.97 15.16 0.16 0.15 6.14
BioMarin Pharmaceutical Inc. n/a 3,765.627 n/a 89.98 23.66 12.29 20.98
Patheon, Inc. n/a 378.852 n/a n/a 0.56 n/a 2.39
Taro Pharmaceutical Industries Ltd. n/a 328.101 15.52 n/a 1.05 n/a 1.76
QMed, Inc. n/a 0.171 n/a n/a 0.04 n/a 0.06
Target
  Johnson & Johnson n/a 185,324.306 15.97 15.05 2.98 2.93 11.45
Roche Holding Ltd. (ADR) n/a 152,587.305 16.03 16.45 3.39 3.50 4.86
Genentech, Inc. n/a 77,440.229 25.42 23.21 6.48 5.93 7.44
Wyeth n/a 57,240.199 12.56 12.90 2.52 2.61 3.87
Eli Lilly & Co. n/a 55,052.329 15.69 12.59 2.87 2.77 4.39
Cardinal Health, Inc. n/a 19,977.185 10.60 15.12 0.22 0.22 11.67
Biogen Idec Inc. n/a 18,290.434 27.35 19.45 5.38 4.88 9.28
Kirin Holdings Company, Limited. (ADR) n/a 15,036.986 32.46 28.22 0.99 0.88 2.53
Elan Corporation, plc (ADR) n/a 11,910.311 n/a -54.78 14.92 11.31 n/a
Seattle Genetics, Inc. n/a 709.513 n/a -8.46 28.19 23.29 5.14
Exelixis, Inc. n/a 630.669 n/a -4.45 5.57 5.65 n/a
Progenics Pharmaceuticals, Inc. n/a 494.461 n/a -15.62 6.79 5.54 3.59
ARIUS Research, Inc. n/a 104.035 n/a n/a 50.13 n/a 12.58
Chugai Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Ophthotech Corp. n/a n/a n/a n/a n/a n/a n/a
Pierre Fabre Medicament 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 500.8 257.4 758.2
Other Revenue 0.0 0.0 0.0
Total Revenue 500.8 257.4 758.2
Cost of Revenue 51.6 0.0 51.6
SG&A Expense 257.7 75.8 333.5
Depreciation & Amortization 25.8 0.0 25.8
Research & Development 40.6 203.8 244.4
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 -49.7 -49.7
Unusual Expense (Income) 4.1 21.3 25.4
Total Expenses 379.8 251.2 631.0
Operating Income 121.1 6.2 127.2
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 28.8 5.1 33.9
Other, Net -2.9 0.0 -2.9
Income Before Taxes 147.0 11.2 158.2
Income Taxes 59.2 1.2 60.4
Income After Taxes 87.8 10.0 97.8
Net Income - Excl. Xord. Items 87.8 10.0 97.8
Discontinued Operations 0.0 -82.3 -82.3
Net Income - Incl. Xord. Items 87.8 -72.3 15.5
Income Avail. to Common 87.8 -72.3 15.5
Share Items
Basic Avg. Shares Outstanding 56.4 117.5 173.9
Basic EPS - Excl. Xord. Items 1.56 0.08 0.56
Basic EPS - Incl. Xord. Items 1.56 n/a 0.09
Full Dilution Adjustment 1.5 2.9 4.4
Fully Diluted Shares Outstanding 70.3 141.2 211.6
F.D. EPS - Excl. Xord. Items 1.25 0.07 0.46
F.D. EPS - Incl. Xord. Items 1.25 n/a 0.07
Dividends Per Common Share 0.13 0.00 0.13
Balance Sheet
Assets
Cash and Equivalents 201.6 905.7 1,107.3
ST Investments 578.5 23.0 601.5
Accounts Receivable 27.0 5.8 32.8
Inventory 26.7 0.0 26.7
Other Current Assets 24.5 27.3 51.9
Current Assets 858.4 961.8 1,820.2
Accum D&A 0.0 0.0 0.0
PPE, Net 23.1 134.5 157.6
Goodwill & Intangibles 231.3 8.6 239.9
Other Assets 0.0 0.0 0.0
Other LT Assets 128.5 12.6 141.0
Total Assets 1,241.2 1,117.6 2,358.8
Liabilities
Accounts Payable 52.8 3.1 55.8
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 0.0 58.2 58.2
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 283.9 0.7 284.6
Other (Current) Liabilities 74.1 17.3 91.5
Current Liab. 410.8 79.3 490.1
LT Debt 169.1 531.8 701.0
Total LT Debt 169.1 531.8 701.0
Other LT Liab. 13.8 27.8 41.6
Total Liabilities 593.8 639.0 1,232.8
Shareholders Equity
Common Stock 1.0 1.2 2.1
Additional Paid in Capital 646.7 1,131.0 1,777.7
Retained Earnings 339.6 -653.2 -313.6
Treasure Stock -343.2 0.0 -343.2
Other Equity 3.2 -0.4 2.9
Total Equity 647.4 478.6 1,126.0
Total Liab. & Equity 1,241.2 1,117.6 2,358.8
Shares Outstanding 56.4 118.1 174.5
Cash Flow
Operating Cash Flow
CF Net Income 87.8 -83.2 4.6
CF Depreciation 25.8 25.5 51.3
CF Amortization 0.0 15.2 15.2
CF Deferred Taxes 15.5 0.0 15.5
Other Non-Cash Items 4.7 38.0 42.7
Change in Working Capital 32.4 -3.6 28.8
Total Cash From Operating Activities 166.3 -8.3 158.0
Investing Cash Flow (not calculated)
Capital Expenditures -42.4 -42.1 -84.5
Other Investing Cash Flows -11.6 719.4 707.8
Total Cash From Investing Activities -54.0 677.3 623.3
Financing Cash Flow (not calculated)
Dividends Paid -6.8 0.0 -6.8
Purchase Or Sale of Stock 10.9 13.5 24.4
Purchase and Retirement of Debt -0.0 -6.0 -6.0
Other Financing Cash Flow 0.7 23.7 24.4
Total Cash From Financing Activities 4.7 31.2 35.9
Exchange Rate Effects 0.7 0.0 0.7
Net Change in Cash 117.7 700.3 818.0
Cash Taxes Paid 35.4 0.2 35.6
Cash Interest Paid 0.0 12.4 12.4