Summary

Other Scenarios:

Buyer: MGi Pharma, Inc. (MOGN) Last Price: 40.73 Market Cap.: 3.28B
Target: Medicis Pharmaceutical Corporation (MRX) Last Price: 26.79 Market Cap.: 1.51B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 930
Biopharmaceuticals 381
Medical Devices   252

- 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: 14)
  • Poly ADP-Ribose Polymerase (PARP) Inhibitors
  • Aloxi (Palonosetron)
  • Oral Aloxi (Palonosetron)
  • Saforis (L-Glutamine)
Target (Total: 16)
  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Dynacin (Minocycline Hydrochloride)
  • Solodyn Extended Release Tablet (Minocycline HCl)
  • Ziana Gel (Clindamycin/Tretinoin)
Buyer

n/a
Target
  • Perlane (Hyaluronic Acid)
  • Restylane (Hyaluronic Acid)

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 10)
  • SuperGen, Inc. (SUPG)
  • Pfizer Inc. (PFE)
  • Merck & Co., Inc. (MRK)
  • Baxter International Inc. (BAX)
Target (Total: 4)
  • sanofi-aventis (ADR) (SNY)
  • Patheon, Inc. (PTI:CA)
  • QMed, Inc. (QMED)
  • Contract Pharmaceuticals Limited
Buyer (Total: 4)
  • Bristol Myers Squibb Co. (BMY)
  • AmerisourceBergen Corp. (ABC)
  • McKesson Corporation (MCK)
  • US Oncology, Inc.
Target (Total: 4)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • BioMarin Pharmaceutical Inc. (BMRN)
  • Taro Pharmaceutical Industries Ltd. (TAROF)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 540 391
Revenue Per Employee 835,726.7 1,235,323.0
Total Revenue 112.5 120.4
Total Expenses 101.3 91.6
Other Revenue 0.0 0.0
Cost of Revenue 38.2 17.5
SG&A Expense 38.7 60.3
Research & Development 22.8 7.4
Other Operating Expense 0.0 0.0
Operating Income 11.2 28.9
Unusual Income 1.6 0.0
LT Debt to Capital 64.1 43.54
Fwd P/E 116.49 21.77
Fwd P/Rev 8.00 3.30
Book Value 145.7 587.6
Curr Portion of LTD/Cap Lease 1.6 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Oncology

Target

Focused (): Healthcare > Biopharmaceuticals > Dermatology

Business Description

Buyer

MGI PHARMA, INC. (MGI) is a biopharmaceutical company focused in oncology and acute care that acquires, researches, develops and commercializes pharmaceutical products that address the unmet needs of patients. MGI focuses its sales efforts solely within the United States where it has retained product rights to its marketable products and product candidates under development. Its late stage product candidates include two product candidates from its acute care franchise (Aloxi for post operative nausea and vomiting (PONV) and Aquavan, a minimal to moderate sedative agent for patients undergoing brief diagnostic or surgical procedures, obtained in its acquisition of Guilford Pharmaceuticals Inc.), oncology (Dacogen for acute myeloid leukemia (AML)) and supportive care (Saforis Powder for Oral Suspension (Saforis)) products, as well as a biologics candidate, amolimogene bepiplasmid. On July 6, 2006, MGI entered into a license agreement with Cilag GmbH (Cilag), a Johnson & Johnson company.

Target

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 17 branded products, including OMNICEF (cefdinir), 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.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 67.06 87.34
Operating Margin % -1.18 17.66
Quick Ratio 3.34 7.04
Current Ratio 3.8 7.62
Coverage Ratio -0.02 0.35
Total Assets 516.4 1,162.1
Return on Equity % -4.11 11.13
Return on Assets % -1.16 5.63
Cash+ ST Inv. Per Share 1.97 10.77
Total Debt 261.9 453.1
Total Debt to Equity % 179.7 77.1
Total Debt to Tangible Equity % 1,377.82 131.69
Debt to Asset % 50.71 38.99

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
  
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
  
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
  
Obstetrics/Gynecology
The Obstetrics/Gynecology Subsector includes therapeutics that treat female genital disorders, pregnancy, and childbirth.
  
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.
  
Medical Devices  
Plastic/Reconstructive Surgery
The Plastic/Reconstructive Surgery Subsector includes medical devices that treat and modify a patient's external appearance.
  

- 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  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Poly ADP-Ribose Polymerase (PARP) Inhibitors
  
Dermatology  
Acne  
Rosacea  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat chronic inflammatory disorder of the face characterized by redness and pimple formation by inhibiting bacterial folic acid synthesis.

Target Products:

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

Target Products:

  • 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.

Target Products:

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

Target Products:

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

Target Products:

  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  
Aging Disorders  
Wrinkles  
Acetylcholine Inhibitors
Therapeutics that treat wrinkling through prevention of muscle contractions that can result in the formation of facial lines.

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

  • Esoterica (Hydroquinone)
  
Digestive System  
Gastrointestinal Tract Disorders  
Gastroesophageal Disorders  
Nausea/Vomiting  
Serotonin Receptor Antagonists
Therapeutics that treat nausea and vomiting by blocking the serotonin receptors.

Buyer Products:

  • Aloxi (Palonosetron)
  • Oral Aloxi (Palonosetron)
  
Stomatognathic Disorders  
Mucositis  
Immunomodulatory Agents
Therapeutics that treat mucositis by stimulating the immune system.

Buyer Products:

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

Target Products:

  • Ammonul (Sodium Phenylacetate, Sodium Benzoate)
  • Buphenyl (Sodium Phenylbutyrate)
  
Hematology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of hematological disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Dacogen (Decitabine)
  
White Blood Cell (WBC) Disorders  
Myelodysplastic Syndromes (MDS)  
Antimetabolite Agents  
Pyrimidine Analogs
Therapeutics that treat and manage rmyelodysplastic syndrome by interfering with the production of DNA.

Buyer Products:

  • Dacogen (Decitabine)
  
Immunology
Autoimmune Disorders
Psoriasis  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat a chronic autoimmune disease characterized by softening, separating, causing the shedding of the horny layer of the skin with a steroidal compound.

Target Products:

  • Synalar (Fluocinolone Acetonide)
  • Vanos (Fluocinonide)
  
Sjogren`s Syndrome  
Palliative Agents  
Cholinergic Agents
Therapeutics that treat the symptoms of a chronic systemic inflammatory disorder characterized by progressive dryness of mucous membranes by stimulating saliva production.

Buyer Products:

  • Salagen (Pilocarpine Hydrochloride)
  
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:

  • AKR-501 (Thrombopoietin Mimetic)
  
Infectious Diseases  
Bacterial  
Antibacterial Agents  
Broad Spectrum  
Antibiotics  
Cephalosporin Derivatives
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

  • Loprox (Ciclopirox)
  
Neurology  
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.

Buyer Products:

  • GPC II Inhibitors
  
Obstetrics/Gynecology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of female reproductive disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Amolimogene Bepiplasmid (DNA Based Immunostimulant - Formerly ZYC101a)
  
Oncology  
Head/Neck Cancer  
Palliative Agents  
Cholinergic Agents
Therapeutics that treat dry mouth resulting from radiotherapy for cancer of the head and neck.

Buyer Products:

  • Salagen (Pilocarpine Hydrochloride)
  
Hematology  
Leukemia (White Blood Cell Cancer)  
Myeloid  
Acute  
Myelogenous (AML)  
Antimetabolite Agents  
Pyrimidine Analogs
Analogs of the pyrimidine bases of nucleic acids that treat and manage rapidly progressing cancers of the myelogenous cells by inhibiting the production of DNA.

Buyer Products:

  • Dacogen (Decitabine)
  
Neurology  
Brain Cancer  
Glioma  
Glioblastoma  
Alkylating Agents  
Nitrosoureas
Therapeutics that can cross the blood-brain barrier to treat and manage tumors of the glial cells by interacting with DNA and inhibiting cell division.

Buyer Products:

  • Gliadel Wafer (Polifeprosan 20 With Carmustine Implant)
  
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:

  • Dacogen (Decitabine)
  • ZYC300 (DNA Based Immunostimulant)
  • Irofulven (Hydroxymethylacylfulvene)
  
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:

  • Poly ADP-Ribose Polymerase (PARP) Inhibitors
  
Urology  
Ovarian Cancer  
Palliative Agents  
DNA Synthesis Inhibitors
Therapeutics that treat and manage ovarian cancer by inhibiting the synthesis of DNA but are not curative.

Buyer Products:

  • Hexalen (Altretamine)
  
Pain Management  
Anesthesia  
General (Systemic)  
Primary  
Hypnotic Agents (Sedatives)
Therapeutics that result in anesthesia by inducing sleep. These therapeutics have no analgesic action.

Buyer Products:

  • AQUAVAN Injection (Propofol)
  
Medical Devices  
Plastic/Reconstructive Surgery  
Treatment  
Wrinkle Removal  
Hyaluronic Acid  

- 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
  GlaxoSmithKline plc (ADR) n/a 146,343.100 13.82 13.75 3.25 3.26 14.27
Schering-Plough Corporation n/a 44,914.893 22.97 20.33 3.87 3.67 3.43
Celgene Corporation n/a 20,940.632 120.32 53.33 16.54 14.68 8.94
Target
  Johnson & Johnson n/a 194,255.585 18.73 16.48 3.30 3.21 13.81
sanofi-aventis (ADR) n/a 131,103.867 22.34 12.98 3.02 3.31 n/a
Bristol Myers Squibb Co. n/a 52,390.969 24.71 18.45 2.81 2.70 11.17
Allergan, Inc. n/a 20,803.181 43.72 31.22 5.66 5.37 38.64
Shire plc (ADR) n/a 12,768.416 0.00 29.93 5.78 5.43 n/a
Warner Chilcott Ltd. n/a 4,402.682 6,512.23 16.64 5.01 4.96 n/a
Biovail Corporation (USA) n/a 2,070.765 5.99 7.35 2.19 2.52 3.32
Valeant Pharmaceuticals International n/a 1,161.014 0.00 29.83 1.30 1.31 n/a
Sciele Pharma Inc. n/a 859.843 16.82 14.27 2.41 2.17 687.87
Obagi Medical Products, Inc. n/a 391.887 29.56 24.21 3.98 3.85 20.32
XOMA Limited n/a 378.432 0.00 -20.20 4.82 5.21 40.91
Bradley Pharmaceuticals, Inc. n/a 336.688 463.02 165.83 2.38 2.40 47.35
BioForm Medical, Inc. n/a 279.150 0.00 -18.78 5.09 3.53 12.07
Taro Pharmaceutical Industries Ltd. n/a 277.428 48.87 23.06 0.93 n/a 1.17
CollaGenex Pharmaceutical, Inc n/a 219.030 0.00 -14.08 3.66 3.48 4.03
Uluru Inc. n/a 171.537 0.00 n/a 116.43 n/a 11.11
Barrier Therapeutics, Inc. n/a 131.964 0.00 -2.26 7.57 5.78 3.19
Artes Medical, Inc. n/a 44.093 0.00 -1.98 30.59 3.56 1.49
Nestle S.A. n/a 0.000 0.00 19.64 0.00 n/a n/a
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
Groupe L'Oreal 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
Overlap
  Patheon, Inc. n/a 294.529 0.00 n/a 0.44 n/a 1.59
Buyer
  SuperGen, Inc. 13.20% 199.449 123.33 18.25 11.06 9.24 2.28
Pfizer Inc. n/a 164,051.911 11.04 11.20 3.41 3.45 6.72
Merck & Co., Inc. n/a 131,791.135 24.50 19.26 5.49 5.42 7.12
Baxter International Inc. n/a 40,396.759 24.32 22.76 3.67 3.58 8.71
Ferro Corporation n/a 822.869 73.18 21.67 0.39 0.39 4.96
Alpharma Inc. n/a 821.898 14.72 21.35 1.18 1.21 2.02
Patheon, Inc. n/a 294.529 0.00 n/a 0.44 n/a 1.59
Merck KGaA n/a n/a n/a n/a n/a n/a n/a
The Regents of the University of California n/a n/a n/a n/a n/a n/a n/a
Helsinn Group n/a n/a n/a n/a n/a n/a n/a
Target
  sanofi-aventis (ADR) n/a 131,103.867 22.34 12.98 3.02 3.31 n/a
Patheon, Inc. n/a 294.529 0.00 n/a 0.44 n/a 1.59
QMed, Inc. n/a 2.213 0.00 n/a 0.08 0.06 1.56
Contract Pharmaceuticals Limited 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
  McKesson Corporation n/a 19,620.458 19.98 20.17 0.20 0.19 6.24
Buyer
  Bristol Myers Squibb Co. 10.00% 52,390.969 24.71 18.45 2.81 2.70 11.17
AmerisourceBergen Corp. 10.00% 7,946.245 16.94 16.28 0.12 0.12 726.35
McKesson Corporation n/a 19,620.458 19.98 20.17 0.20 0.19 6.24
US Oncology, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  McKesson Corporation 56.80% 19,620.458 19.98 20.17 0.20 0.19 6.24
Cardinal Health, Inc. 19.30% 22,149.356 11.29 15.25 0.25 0.24 17.78
BioMarin Pharmaceutical Inc. n/a 3,809.749 0.00 -265.93 38.58 32.23 26.29
Taro Pharmaceutical Industries Ltd. n/a 277.428 48.87 23.06 0.93 n/a 1.17

- 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
  sanofi-aventis (ADR) n/a 131,103.867 22.34 12.98 3.02 3.31 n/a
Patheon, Inc. n/a 294.529 0.00 n/a 0.44 n/a 1.59
Buyer
  Johnson & Johnson n/a 194,255.585 18.73 16.48 3.30 3.21 13.81
Pfizer Inc. n/a 164,051.911 11.04 11.20 3.41 3.45 6.72
Roche Holding Ltd. (ADR) n/a 161,126.679 20.32 19.17 3.98 4.11 5.97
GlaxoSmithKline plc (ADR) n/a 146,343.100 13.82 13.75 3.25 3.26 14.27
Novartis AG (ADR) n/a 133,029.790 16.08 18.63 3.49 3.57 4.69
Merck & Co., Inc. n/a 131,791.135 24.50 19.26 5.49 5.42 7.12
sanofi-aventis (ADR) n/a 131,103.867 22.34 12.98 3.02 3.31 n/a
Schering-Plough Corporation n/a 44,914.893 22.97 20.33 3.87 3.67 3.43
Baxter International Inc. n/a 40,396.759 24.32 22.76 3.67 3.58 8.71
Target
  sanofi-aventis (ADR) n/a 131,103.867 22.34 12.98 3.02 3.31 n/a
Abbott Laboratories n/a 93,488.955 48.51 21.24 3.75 3.64 1,094.80
Cardinal Health, Inc. n/a 22,149.356 11.29 15.25 0.25 0.24 17.78
McKesson Corporation n/a 19,620.458 19.98 20.17 0.20 0.19 6.24
BioMarin Pharmaceutical Inc. n/a 3,809.749 0.00 -265.93 38.58 32.23 26.29
Patheon, Inc. n/a 294.529 0.00 n/a 0.44 n/a 1.59
Taro Pharmaceutical Industries Ltd. n/a 277.428 48.87 23.06 0.93 n/a 1.17
QMed, Inc. n/a 2.213 0.00 n/a 0.08 0.06 1.56
Astellas Pharma Inc. n/a 0.000 0.00 n/a 0.00 n/a n/a
Hyperion Therapeutics, Inc. 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
Dow Pharmaceutical Sciences, Inc. n/a n/a n/a n/a n/a n/a n/a
AAIPharma Inc. n/a n/a n/a n/a n/a n/a n/a
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 369.2 423.5 792.7
Other Revenue 0.0 0.0 0.0
Total Revenue 369.2 423.5 792.7
Cost of Revenue 121.6 53.6 175.2
SG&A Expense 163.4 233.3 396.7
Depreciation & Amortization 0.0 23.3 23.3
Research & Development 84.7 34.4 119.1
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 3.9 4.1 8.0
Total Expenses 373.6 348.7 722.3
Operating Income -4.4 74.8 70.4
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 0.1 26.4 26.5
Other, Net -0.1 0.0 -0.1
Income Before Taxes -4.4 101.2 96.7
Income Taxes 1.6 35.7 37.3
Income After Taxes -6.0 65.4 59.4
Net Income - Excl. Xord. Items -6.0 65.4 59.4
Net Income - Incl. Xord. Items -6.0 65.4 59.4
Income Avail. to Common -6.0 65.4 59.4
Share Items
Basic Avg. Shares Outstanding 80.2 56.1 136.4
Basic EPS - Excl. Xord. Items n/a 1.17 0.44
Basic EPS - Incl. Xord. Items n/a 1.17 0.44
Full Dilution Adjustment 0.0 1.5 1.5
Fully Diluted Shares Outstanding 83.3 71.2 154.4
F.D. EPS - Excl. Xord. Items n/a 0.92 0.38
F.D. EPS - Incl. Xord. Items n/a 0.92 0.38
Dividends Per Common Share 0.00 0.12 0.12
Balance Sheet
Assets
Cash and Equivalents 79.0 83.6 162.5
ST Investments 85.3 682.5 767.9
Accounts Receivable 135.1 15.3 150.4
Inventory 36.4 28.5 64.9
Other Current Assets 4.9 35.9 40.7
Current Assets 340.6 845.8 1,186.4
PPE 20.8 0.0 20.8
Accum D&A -9.4 0.0 -9.4
PPE, Net 11.4 11.8 23.1
Goodwill & Intangibles 126.7 243.5 370.3
Long Term Investments 26.1 0.0 26.1
Other Assets 0.0 0.0 0.0
Other LT Assets 11.6 61.0 72.7
Total Assets 516.4 1,162.1 1,678.6
Liabilities
Accounts Payable 13.2 50.5 63.8
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 72.8 0.0 72.8
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 1.6 0.0 1.6
Other (Current) Liabilities 2.0 60.4 62.5
Current Liab. 89.6 111.0 200.6
LT Debt 260.3 453.1 713.3
Total LT Debt 260.3 453.1 713.3
Other LT Liab. 20.8 10.5 31.3
Total Liabilities 370.7 574.5 945.2
Shareholders Equity
Common Stock 0.8 1.0 1.8
Additional Paid in Capital 609.9 633.8 1,243.7
Retained Earnings -466.9 294.1 -172.8
Treasure Stock 0.0 -343.0 -343.0
Other Equity 2.0 1.7 3.7
Total Equity 145.7 587.6 733.3
Total Liab. & Equity 516.4 1,162.1 1,678.6
Shares Outstanding 80.5 56.2 136.7
Cash Flow
Operating Cash Flow
CF Net Income -6.0 65.4 59.4
CF Depreciation 11.2 23.3 34.6
CF Deferred Taxes 0.0 6.2 6.2
Other Non-Cash Items 24.4 25.8 50.2
Change in Working Capital -1.1 40.5 39.5
Total Cash From Operating Activities 28.6 161.3 189.9
Investing Cash Flow (not calculated)
Capital Expenditures -5.8 -39.8 -45.6
Other Investing Cash Flows -13.3 -168.7 -181.9
Total Cash From Investing Activities -19.1 -208.4 -227.5
Financing Cash Flow (not calculated)
Dividends Paid 0.0 -6.7 -6.7
Purchase Or Sale of Stock 17.1 26.6 43.7
Purchase and Retirement of Debt -0.3 -0.0 -0.3
Other Financing Cash Flow 2.6 2.6 5.2
Total Cash From Financing Activities 19.5 22.4 41.9
Exchange Rate Effects 0.0 0.5 0.5
Net Change in Cash 28.9 -24.2 4.7
Cash Taxes Paid 0.9 35.7 36.6
Cash Interest Paid 5.9 0.0 5.9