Summary

Other Scenarios:

Buyer: MedImmune, Inc. (MEDI) Last Price: 57.94 Market Cap.: 13.84B
Target: Biovail Corporation (USA) (BVF) Last Price: 25.33 Market Cap.: 4.07B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 884
Biopharmaceuticals 342
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: 36)
  • Siplizumab (Monoclonal Antibody - Formerly MEDI-507)
  • MEDI-545 (Anti-Interferon Alpha Monoclonal Antibody)
  • MDX-1103 (Human Antibodies)
  • MEDI-546 (Anti-Type 1 Interferon Receptor Monoclonal Antibody)
Target (Total: 44)
  • Cardizem LA (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Tiazac (Diltiazem)
Buyer

n/a
Target
  • Biovail Contract Research Division (CRD)
  • ShearForm
  • Macrocap
  • SmartCoat/SmartCoat AQ

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 17)
  • Micromet Inc. (MITI)
  • Infinity Pharmaceuticals Inc. (INFI)
  • Critical Therapeutics, Inc. (CRTX)
  • Option Care, Inc. (OPTN)
Target (Total: 9)
  • Johnson & Johnson (JNJ)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • Abbott Laboratories (ABT)
Buyer (Total: 10)
  • AmerisourceBergen Corp. (ABC)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • Abbott Laboratories (ABT)
Target (Total: 10)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • AstraZeneca plc (ADR) (AZN)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 2,359 1,734
Revenue Per Employee 976,913.8 572,678.8
Total Revenue 574.8 247.0
Total Expenses 342.4 148.4
Other Revenue 0.0 4.2
Cost of Revenue 115.5 56.4
SG&A Expense 147.1 49.6
Research & Development 79.5 29.7
Other Operating Expense 0.3 0.0
Operating Income 232.4 98.6
Unusual Income 0.0 0.6
LT Debt to Capital 44.29 0.1
Fwd P/E 64.37 13.56
Fwd P/Rev 9.51 4.70
Book Value 1,464.4 1,342.5
Curr Portion of LTD/Cap Lease 0.0 410.6

Individual Company Summary

Focused

Buyer

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

Target

Focused (): *Healthcare > Biopharmaceuticals

Business Description

Buyer

MedImmune, Inc. is a biotechnology company focusing its efforts on the therapeutic areas of infectious disease, cancer and inflammatory disease. The Company primarily develops monoclonal antibodies and vaccines. MedImmune markets three products: Synagis (palivizumab) and FluMist (Influenza Virus Vaccine Live, Intranasal) to help prevent two common respiratory infectious diseases, and Ethyol (amifostine) to help reduce adverse side effects of certain anti-cancer chemotherapies and radiotherapies. The Company is also developing a pipeline of product candidates for potential commercialization. MedImmune operates facilities in the United States and Europe to manufacture and distribute one or more components of each of its products. The Company has established clinical, research, development, manufacturing and commercialization collaborations with other companies and organizations. In December 2006, MedImmune sold all rights to the CytoGam product line and related assets to ZLB Behring AG.

Target

Biovail Corporation (Biovail) is a specialty pharmaceutical company that applies drug-delivery technologies to improve the clinical effectiveness of medicines. The Company?s principal therapeutic areas of focus are central nervous system disorders (CNS), pain management and cardiovascular disease. Biovail?s portfolio of oral drug-delivery technologies includes controlled release, graded release, enhanced absorption, rapid absorption, taste masking and oral disintegration, among others. These technologies can be combined to develop, a controlled release, orally disintegrating, taste masked tablet. Its drug-delivery technologies are applicable to a range of molecules, and can address the pharmaceutical industry's drug-delivery challenges.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 76.35 79.82
Operating Margin % 11.19 23.42
Quick Ratio 3.64 1.32
Current Ratio 3.98 1.46
Coverage Ratio 0.61 0.17
Total Assets 3,033.5 2,194.0
Return on Equity % 11.04 17.63
Return on Assets % 5.33 10.79
Cash+ ST Inv. Per Share 4.3 5.42
Total Debt 1,164.1 411.9
Total Debt to Equity % 79.49 30.69
Total Debt to Tangible Equity % 91.37 73.72
Debt to Asset % 38.37 18.78

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.
  
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.
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.
  
Outsourced 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.
  

- 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:

  • Cardizem LA (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Tiazac (Diltiazem)
  • Procardia XL (Nifedipine)
  
Vasodilatory Agents
Therapeutics that treat chest pains by acting on blood vessels to lower blood pressure.

Target Products:

  • Isordil (Isosorbide Dinitrate)
  
Arrhythmia  
Sodium Channel Blocking Agents
Therapeutics that treat abnormal rhythm of the heart by preventing the entry of sodium into heart muscle cells.

Target Products:

  • Norpace (Disopyramide Phosphate)
  
Heart Failure (HF)  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat the ineffective pumping of the heart by inhibiting the renin-angiotensin system.

Target Products:

  • Vasotec Tablets (Enalapril Maleate)
  
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.

Target Products:

  • Metoprolol ER/ACE Inhibitor
  • Carvedilol CR
  • Metformin/ACE Inhibitor
  • Metoprolol Once-Daily
  
Vascular Disorders  
Hypertension  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system.

Target Products:

  • Vasotec Tablets (Enalapril Maleate)
  • Vasotec I.V. (Enalapril)
  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)/Thiazide Diuretic Agents
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system and increasing the excretion of sodium ions, potassium ions, and water through urine.

Target Products:

  • Vaseretic (Enalapril Maleate/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.

Target Products:

  • Procardia XL (Nifedipine)
  • Cardizem LA (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  • Cardizem SR (Diltiazem Hydrochloride)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Tiazac (Diltiazem)
  
Peripheral Vascular Disease  
Blood Viscosity Reducing Agents
Therapeutics that treat arterial obstruction outside of the heart by altering the flow of red blood cells.

Target Products:

  • Trental (Pentoxifylline)
  
Dermatology  
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:

  • Siplizumab (Monoclonal Antibody - Formerly MEDI-507)
  • MEDI-545 (Anti-Interferon Alpha Monoclonal Antibody)
  
Endocrinology/Metabolism  
Diabetes  
Non-Insulin Dependent Diabetes Mellitus (NIDDM)/Type 2 Diabetes  
Biguanides
Therapeutics that treat abnormally high blood glucose levels by decreasing the production of glucose in the liver, decreasing intestinal absorption of glucose and increasing peripheral uptake and utilization of glucose.

Target Products:

  • Glumetza (Metformin GR)
  
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.

Target Products:

  • Metformin/ACE Inhibitor
  • Simvastatin EA
  
Immunology
Autoimmune Disorders  
Arthritis  
Rheumatoid Arthritis (RA)  
Analgesics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking cyclooxygenase activity.

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
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:

  • MEDI-545 (Anti-Interferon Alpha Monoclonal Antibody)
  • Siplizumab (Monoclonal Antibody - Formerly MEDI-507)
  
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:

  • Siplizumab (Monoclonal Antibody - Formerly MEDI-507)
  • MDX-1103 (Human Antibodies)
  • MEDI-546 (Anti-Type 1 Interferon Receptor Monoclonal Antibody)
  • Anti-Chitinase MAb
  • Anti-CD19/Anti-CD20/Anti-CD22 Monoclonal Antibodies
  • Anti-HMGB1 Monoclonal Antibody
  • Anti-ICOS MAbs
  
Infectious Diseases
Mycological (Fungal)  
Antifungal Agents  
Narrow Spectrum  
Respiratory System  
Pneumocystis Carinii Pneumonia (PCP)  
Dihydrofolate Reductase Inhibitors
Therapeutics that treat infections of the lungs of immunocompromised patients caused by Pneumocystis carinii by blocking the action of dihydrofolate reductase.

Buyer Products:

  • Neutrexin (Trimetrexate Glucuronate)
  
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:

  • RSV/Anti-Human Metapneumovirus (hMPV)/Parainfluenzavirus (PIV) Vaccine
  • Anti-Human Metapneumovirus Monoclonal Antibody
  • RSV Vaccine
  • Epstein-Barr Virus (EBV) Vaccine
  • Streptococcus pneumoniae Vaccine
  • Intranasal H5N1 Influenza 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.

Buyer Products:

  • EphA2 Antagonists
  • Streptococcus pneumoniae Vaccine
  • Anti-Candida HP Monoclonal Antibody
  • Anti-Staphylococcal HP Monoclonal Antibody
  • Anti-RSV Drug
  • Third Generation Respiratory Syncitial Virus (RSV) Monoclonal Antibody
  • Anti-HMGB1 Monoclonal Antibody
  
Viral
DNA Viruses  
Herpesvirus  
Herpes Simplex Type 1  
Purine Nucleoside Analogs
Therapeutics that treat viral infections characterized by recurrent cold sores and fever blisters by inhibiting replication of viral DNA by incorporating themselves into growing viral DNA stands.

Target Products:

  • Zovirax Cream/Ointment (Acyclovir)
  
RNA Viruses  
Paramyxovirus  
Respiratory Syncytial Virus (RSV)  
Immunoglobulins
Therapeutics that treat viral infections in the respiratory tracts of infants with a variety of specific protein that neutralizes the virus.

Buyer Products:

  • RespiGam (Respiratory Syncytial Virus Immune Globulin Intravenous)
  
Monoclonal Antibodies
Therapeutics that treat viral infections in the respiratory tracts of infants with a neutralizing protein that targets a specific site on the virus.

Buyer Products:

  • Numax (Anti-RSV MAb)
  • Synagis (Palivizumab)
  • Liquid Synagis (Palivizumab)
  
Vaccines  
Viral  
Single Target  
Influenza (Flu)
Therapeutics that prevent or treat viral infections of the respiratory tract by producing or artificially increasing immunity to the Influenza virus.

Buyer Products:

  • FluMist (Influenza Virus Vaccine Live, Intranasal)
  • FluMist Refrigerated Formualtion (Influenza Vaccine Live, Intranasal)
  
Musculoskeletal System
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Anti-HMGB1 Monoclonal Antibody
  • Siplizumab (Monoclonal Antibody - Formerly MEDI-507)
  
Skeletal Disorders  
Joint Disorders  
Osteoarthritis (OA)  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat inflammation by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
Rheumatoid Arthritis (RA)  
Analgesics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking cyclooxygenase activity.

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
Neurology  
Psychiatric Disorders  
Anxiety  
Generalized Anxiety Disorder (GAD)  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat anxiety by enhancing the inhibitory neurotransmitter action of gamma-aminobutyric acid.

Target Products:

  • Ativan Injection (Lorazepam)
  • Ativan (Lorazepam)
  
Mood Disorders  
Depression  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat depression by selectively preventing the removal of serotonin.

Target Products:

  • Citalopram ODT
  • Paroxetine CR/FD
  
Serotonin/Norepinephrine Reuptake Inhibitors
Therapeutics that treat depression by inhibiting the neuronal uptake of serotonin and norepinephrine.

Target Products:

  • Wellbutrin XL (Bupropion Hydrochloride)
  • Wellbutrin SR (Bupropion Hydrochloride)
  
Sleep Disorders  
Insomnia  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat insomnia by enhancing the inhibitory action of gamma-aminobutyric acid.

Target Products:

  • Zolpidem ODT
  
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:

  • Venlafaxine CR
  • Bupropion Salt
  • Bupropion/SSRI Combination
  
Oncology  
Head/Neck Cancer  
Palliative Agents  
Thiophosphate Cytoprotective Agents
Therapeutics that treat nephropathy associated with repeated cisplatin treament for head and neck cancers.

Buyer Products:

  • Ethyol (Amifostine)
  
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:

  • MT103/MEDI-538 (T-Cell Engager)
  • Siplizumab (Monoclonal Antibody - Formerly MEDI-507)
  • Intravenous IPI-504 (Hsp90 inhibitor)
  • Ethyol (Amifostine)
  
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:

  • Anti-EphB4/Anti-EphrinB2 Antibodies
  • cMET Receptor Antagonists
  • EphA4 Agonists
  • Anti-CD19/Anti-CD20/Anti-CD22 Monoclonal Antibodies
  • Anti-ALK Monoclonal Antibody
  • EphA2 Antagonists
  • Siplizumab (Monoclonal Antibody - Formerly MEDI-507)
  • Hedgehog Antagonist
  • Anti-Chitinase MAb
  
Respiratory System/Thoracic  
Lung Cancer  
Non Small Cell Lung Cancer (NSCLC)  
Palliative Agents  
Thiophosphate Cytoprotective Agents
Therapeutics that treat nephropathy associated with repeated cisplatin treatment for cancers of the lung including squamous cell carcinoma, adenocarcinoma and large cell carcinoma

Buyer Products:

  • Ethyol (Amifostine)
  
Urology  
Ovarian Cancer  
Palliative Agents  
Thiophosphate Cytoprotective Agents
Therapeutics that treat nephropathy associated with repeated cisplatin treatment for cancers of the ovaries.

Buyer Products:

  • Ethyol (Amifostine)
  
Pain Management  
Narcotics  
Analgesics/Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters the both the perception of pain as well as the emotional response to pain.

Target Products:

  • Tramadol/Acetaminophen ODT Combination
  
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:

  • Tramadol ER
  • Ultram ER (Tramadol Hydrochloride Extended Release)/Ultram ODT (Tramadol Hydrochloride Orally Disintegrating Tablet)
  • Tramadol ODT
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of pain in very early stages of research where no human subject is involved.

Target Products:

  • Tramadol ER/NSAID
  
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:

  • BIW-8405 (IL-5 Monoclonal Antibody)
  • MEDI-528 (IL-9 Monoclonal Antibody)
  
Outsourced Services  
Development/Manufacturing Services  
Contract Research Organizations (CRO)  
Full Service
Contract Research Organizations (CROs) that conduct both preclinical and clinical studies in the development of new therapeutic products.

Target Products:

  • Biovail Contract Research Division (CRD)
  
Drug Delivery Technology  
Oral Delivery  
Effervescents
Drug Delivery Technologies used to deliver drugs by dissolving in liquid which can then be ingested.

Target Products:

  • ShearForm
  
Osmotic
Drug Delivery Technologies utilizing an osmotic mechanism for sustained release of the drugs.

Target Products:

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

Target Products:

  • SmartCoat/SmartCoat AQ
  • Chronotabs
  • CEFORM
  • Consurf
  • Multipart
  • Dimatrix
  
Taste Masking
Drug Delivery Technologies used to mask the taste of various drugs.

Target Products:

  • ShearForm
  

- 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 185,773.425 9.98 12.27 3.78 3.88 6.62
Johnson & Johnson n/a 181,816.951 17.62 15.46 3.28 2.98 15.54
Eli Lilly & Co. n/a 65,456.964 28.01 16.98 4.04 3.68 7.18
Bristol Myers Squibb Co. n/a 60,537.680 38.78 21.16 3.42 3.01 16.56
Schering-Plough Corporation n/a 46,156.165 36.96 24.25 4.19 3.89 5.98
AVANIR Pharmaceuticals n/a 136.747 n/a n/a 7.26 15.69 n/a
Buyer
  Pfizer Inc. n/a 185,773.425 9.98 12.27 3.78 3.88 6.62
Johnson & Johnson n/a 181,816.951 17.62 15.46 3.28 2.98 15.54
Target
  Pfizer Inc. n/a 185,773.425 9.98 12.27 3.78 3.88 6.62
Johnson & Johnson n/a 181,816.951 17.62 15.46 3.28 2.98 15.54
Merck & Co., Inc. n/a 109,945.758 23.81 17.14 4.78 4.69 6.80
Abbott Laboratories n/a 84,288.496 54.40 19.28 3.73 3.72 n/a
Wyeth n/a 78,234.501 18.06 16.43 3.75 3.56 7.28
Eli Lilly & Co. n/a 65,456.964 28.01 16.98 4.04 3.68 7.18
Bristol Myers Squibb Co. n/a 60,537.680 38.78 21.16 3.42 3.01 16.56
Schering-Plough Corporation n/a 46,156.165 36.96 24.25 4.19 3.89 5.98
Allergan, Inc. n/a 18,031.493 49.92 27.25 5.42 4.91 293.67
Forest Laboratories, Inc. n/a 15,373.885 33.86 15.56 4.47 4.23 5.39
Shire plc (ADR) n/a 13,353.002 40.49 35.28 6.98 5.87 6.87
Barr Pharmaceuticals, Inc. n/a 5,743.144 n/a 17.22 3.08 2.33 n/a
Cephalon, Inc. n/a 5,552.009 25.65 20.61 3.01 3.10 32.11
King Pharmaceuticals, Inc. n/a 5,158.354 14.56 12.15 2.55 2.53 4.40
Sepracor Inc. n/a 4,953.313 25.13 21.44 3.99 3.54 34.95
Endo Pharmaceuticals n/a 4,619.195 26.48 20.29 4.82 4.44 5.48
Mylan Laboratories Inc. n/a 4,612.619 21.23 10.61 2.86 2.33 6.75

- 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
Overlap
  Abbott Laboratories n/a 84,288.496 54.40 19.28 3.73 3.72 n/a
Buyer
  Micromet Inc. 19.00% 82.856 n/a -2.53 3.16 5.32 26.73
Infinity Pharmaceuticals Inc. 18.00% 208.108 n/a -9.56 8.71 9.09 3.43
Critical Therapeutics, Inc. 10.00% 104.389 n/a -3.05 7.30 4.67 2.25
Option Care, Inc. 9.50% 535.901 22.65 20.26 0.75 0.66 16.40
Seattle Genetics, Inc. 9.30% 564.933 n/a -14.03 46.30 29.38 6.92
PDL BioPharma Inc. 8.00% 2,877.777 n/a 73.88 6.67 5.94 24.10
Abbott Laboratories n/a 84,288.496 54.40 19.28 3.73 3.72 n/a
Baxter International Inc. n/a 37,709.816 24.84 21.71 3.54 3.43 8.34
Cardinal Health, Inc. n/a 26,906.163 19.93 20.66 0.31 0.31 7.77
Becton, Dickinson and Co. n/a 18,677.709 24.39 20.13 3.11 2.96 5.58
Medarex, Inc. n/a 1,924.479 n/a -62.54 40.86 41.21 3.45
Human Genome Sciences n/a 1,365.526 n/a -5.98 48.47 26.89 7.89
Applix, Inc. n/a 255.585 25.58 40.35 4.48 3.79 12.00
Dyax Corp. n/a 223.889 n/a -3.64 17.58 13.74 10.98
Cerus Corporation n/a 196.206 n/a -5.07 5.90 11.01 2.07
Target
  Johnson & Johnson n/a 181,816.951 17.62 15.46 3.28 2.98 15.54
GlaxoSmithKline plc (ADR) n/a 150,489.154 14.15 13.27 3.32 3.23 14.40
Merck & Co., Inc. n/a 109,945.758 23.81 17.14 4.78 4.69 6.80
Abbott Laboratories n/a 84,288.496 54.40 19.28 3.73 3.72 n/a
Wyeth n/a 78,234.501 18.06 16.43 3.75 3.56 7.28
Teva Pharmaceutical Industries Ltd (ADR) n/a 31,840.000 16.79 17.90 3.61 3.47 23.48
DepoMed, Inc. n/a 233.553 n/a -5.81 19.40 8.83 n/a
DOV Pharmaceutical, Inc. n/a 9.360 n/a n/a 0.29 n/a 0.61
Ethypharm 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
Overlap
  AmerisourceBergen Corp. 29.00% 9,647.715 19.56 19.88 0.15 0.15 6.93
McKesson Corporation 18.00% 18,039.456 19.76 18.84 0.19 0.18 5.76
Cardinal Health, Inc. 15.00% 26,906.163 19.93 20.66 0.31 0.31 7.77
GlaxoSmithKline plc (ADR) n/a 150,489.154 14.15 13.27 3.32 3.23 14.40
Merck & Co., Inc. n/a 109,945.758 23.81 17.14 4.78 4.69 6.80
Buyer
  AmerisourceBergen Corp. 29.00% 9,647.715 19.56 19.88 0.15 0.15 6.93
McKesson Corporation 18.00% 18,039.456 19.76 18.84 0.19 0.18 5.76
Cardinal Health, Inc. 15.00% 26,906.163 19.93 20.66 0.31 0.31 7.77
Abbott Laboratories 12.00% 84,288.496 54.40 19.28 3.73 3.72 n/a
GlaxoSmithKline plc (ADR) n/a 150,489.154 14.15 13.27 3.32 3.23 14.40
Merck & Co., Inc. n/a 109,945.758 23.81 17.14 4.78 4.69 6.80
Medco Health Solutions Inc. n/a 22,523.128 26.18 23.05 0.52 0.49 n/a
Option Care, Inc. n/a 535.901 22.65 20.26 0.75 0.66 16.40
GTC Biotherapeutics, Inc. n/a 90.373 n/a -2.74 9.66 12.98 3.21
Government - United States n/a n/a n/a n/a n/a n/a n/a
Target
  GlaxoSmithKline plc (ADR) n/a 150,489.154 14.15 13.27 3.32 3.23 14.40
Merck & Co., Inc. n/a 109,945.758 23.81 17.14 4.78 4.69 6.80
AstraZeneca plc (ADR) n/a 77,549.535 12.55 12.58 2.84 2.73 8.20
Teva Pharmaceutical Industries Ltd (ADR) n/a 31,840.000 16.79 17.90 3.61 3.47 23.48
Cardinal Health, Inc. n/a 26,906.163 19.93 20.66 0.31 0.31 7.77
McKesson Corporation n/a 18,039.456 19.76 18.84 0.19 0.18 5.76
Forest Laboratories, Inc. n/a 15,373.885 33.86 15.56 4.47 4.23 5.39
AmerisourceBergen Corp. n/a 9,647.715 19.56 19.88 0.15 0.15 6.93
Sciele Pharma Inc. n/a 878.377 17.88 14.49 2.84 2.30 8.36
DepoMed, Inc. n/a 233.553 n/a -5.81 19.40 8.83 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
  GlaxoSmithKline plc (ADR) n/a 150,489.154 14.15 13.27 3.32 3.23 14.40
sanofi-aventis (ADR) n/a 113,703.100 20.78 11.45 2.82 2.92 n/a
Merck & Co., Inc. n/a 109,945.758 23.81 17.14 4.78 4.69 6.80
Abbott Laboratories n/a 84,288.496 54.40 19.28 3.73 3.72 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 31,840.000 16.79 17.90 3.61 3.47 23.48
Cardinal Health, Inc. n/a 26,906.163 19.93 20.66 0.31 0.31 7.77
Buyer
  GlaxoSmithKline plc (ADR) n/a 150,489.154 14.15 13.27 3.32 3.23 14.40
Novartis AG (ADR) n/a 130,940.797 23.99 16.65 3.43 3.42 3.23
Target
  Johnson & Johnson n/a 181,816.951 17.62 15.46 3.28 2.98 15.54
GlaxoSmithKline plc (ADR) n/a 150,489.154 14.15 13.27 3.32 3.23 14.40
sanofi-aventis (ADR) n/a 113,703.100 20.78 11.45 2.82 2.92 n/a
Merck & Co., Inc. n/a 109,945.758 23.81 17.14 4.78 4.69 6.80
Abbott Laboratories n/a 84,288.496 54.40 19.28 3.73 3.72 n/a
Wyeth n/a 78,234.501 18.06 16.43 3.75 3.56 7.28
Teva Pharmaceutical Industries Ltd (ADR) n/a 31,840.000 16.79 17.90 3.61 3.47 23.48
Cardinal Health, Inc. n/a 26,906.163 19.93 20.66 0.31 0.31 7.77
McKesson Corporation n/a 18,039.456 19.76 18.84 0.19 0.18 5.76
Forest Laboratories, Inc. n/a 15,373.885 33.86 15.56 4.47 4.23 5.39
AmerisourceBergen Corp. n/a 9,647.715 19.56 19.88 0.15 0.15 6.93
Sciele Pharma Inc. n/a 878.377 17.88 14.49 2.84 2.30 8.36
DepoMed, Inc. n/a 233.553 n/a -5.81 19.40 8.83 n/a
Hemispherx BioPharma, Inc n/a 100.785 n/a -6.00 106.12 22.84 3.80
DOV Pharmaceutical, Inc. n/a 9.360 n/a n/a 0.29 n/a 0.61
Ethypharm n/a n/a n/a n/a n/a n/a n/a
Reliant Pharmaceuticals, LLC 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 1,353.6 1,069.0 2,422.6
Other Revenue 0.0 23.1 23.1
Total Revenue 1,353.6 1,092.1 2,445.7
Cost of Revenue 320.1 220.4 540.5
SG&A Expense 476.4 231.5 707.9
Depreciation & Amortization 0.0 53.6 53.6
Research & Development 440.5 102.9 543.4
Interest Expense 0.0 54.8 54.8
Other Operating Expense 13.6 0.0 13.6
Unusual Expense (Income) -48.5 173.2 124.7
Total Expenses 1,202.1 836.3 2,038.4
Operating Income 151.5 255.8 407.3
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 92.9 -3.5 89.4
Other, Net 0.0 0.0 0.0
Income Before Taxes 244.4 252.3 496.7
Income Taxes 82.7 15.5 98.2
Income After Taxes 161.7 236.7 398.4
Net Income - Excl. Xord. Items 161.7 236.7 398.4
Discontinued Operations 0.0 0.3 0.3
Net Income - Incl. Xord. Items 161.7 237.0 398.7
Income Avail. to Common 161.7 237.0 398.7
Share Items
Basic Avg. Shares Outstanding 237.9 160.6 398.5
Basic EPS - Excl. Xord. Items 0.68 1.47 1.00
Basic EPS - Incl. Xord. Items 0.68 1.48 1.00
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 241.4 160.6 402.0
F.D. EPS - Excl. Xord. Items 0.67 1.47 0.99
F.D. EPS - Incl. Xord. Items 0.67 1.48 0.99
Dividends Per Common Share 0.00 1.20 1.20
Balance Sheet
Assets
Cash and Equivalents 463.3 870.2 1,333.5
ST Investments 574.2 0.0 574.2
Accounts Receivable 280.6 113.2 393.8
Inventory 87.6 79.8 167.4
Prepayments and Advances 0.0 16.4 16.4
Other Current Assets 35.3 3.5 38.8
Current Assets 1,441.0 1,083.0 2,524.0
Accum D&A 0.0 0.0 0.0
PPE, Net 502.8 213.0 715.8
Goodwill & Intangibles 190.4 783.7 974.1
Long Term Investments 566.4 57.5 623.9
Other Assets 0.0 0.0 0.0
Other LT Assets 332.9 56.9 389.8
Total Assets 3,033.5 2,194.0 5,227.5
Liabilities
Accounts Payable 45.1 42.8 87.9
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 185.3 169.2 354.5
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.0 410.6 410.6
Other (Current) Liabilities 131.8 119.7 251.5
Current Liab. 362.2 742.2 1,104.4
LT Debt 1,164.1 1.3 1,165.4
Total LT Debt 1,164.1 1.3 1,165.4
Other LT Liab. 42.8 108.0 150.8
Total Liabilities 1,569.1 851.5 2,420.6
Shareholders Equity
Common Stock 2.6 1,478.9 1,481.5
Additional Paid in Capital 2,713.7 19.2 2,732.9
Retained Earnings -705.7 -199.1 -904.8
Treasure Stock -540.5 0.0 -540.5
Other Equity -5.7 43.5 37.8
Total Equity 1,464.4 1,342.5 2,806.9
Total Liab. & Equity 3,033.5 2,194.0 5,227.5
Shares Outstanding 237.7 160.5 398.2
Cash Flow
Operating Cash Flow
CF Net Income 161.7 237.0 398.7
CF Depreciation 117.8 91.1 208.9
CF Deferred Taxes -11.5 0.0 -11.5
Other Non-Cash Items -26.8 220.2 193.4
Change in Working Capital -346.0 -0.5 -346.5
Total Cash From Operating Activities -104.8 547.7 442.9
Investing Cash Flow (not calculated)
Capital Expenditures -145.6 -44.8 -190.4
Other Investing Cash Flows 417.7 16.8 434.5
Total Cash From Investing Activities 272.1 -28.0 244.1
Financing Cash Flow (not calculated)
Dividends Paid 0.0 -80.1 -80.1
Purchase Or Sale of Stock -179.8 15.6 -164.2
Purchase and Retirement of Debt 638.5 -26.6 611.9
Other Financing Cash Flow -310.6 -71.4 -382.0
Total Cash From Financing Activities 148.1 -162.4 -14.3
Exchange Rate Effects -0.1 0.0 -0.1
Net Change in Cash 315.3 357.4 672.7
Cash Taxes Paid 2.0 11.0 13.0
Cash Interest Paid 3.8 31.5 35.3