Summary

Other Scenarios:

Buyer: Novo Nordisk A/S (ADR) (NVO) Last Price: 52.85 Market Cap.: 37.87B
Target: Alpharma Inc. (ALO) Last Price: 36.99 Market Cap.: 1.99B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 843
Biopharmaceuticals 365
Medical Devices   225
Veterinary Products and Services   7

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

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

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

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 37)
  • NovoSeven (Recombinant Coagulation Factor VIIa)
  • NovoLog Mix 70/30 (Insulin Aspart)
  • NovoMix 50 (Insulin Aspart Mixture)
  • Levemir (Insulin Detemir)
Target (Total: 10)
  • Tirosint Capsule (Levothyroxine Sodium)
  • Ketoprofen Transfersome Gel
  • Kadian (Morphine Sulphate Extended Release)
  • Embeda (Abuse Resistant Morphine Sulphate/Naltrexone)
Buyer
  • Levemir Flexpen
  • Norditropin NordiFlex/NordiFlex PenMate
  • NovoPen Delivery System Series
  • Novolin InnoLet
Target
  • Alpharma Animal Health Division

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 9)
  • Transition Therapeutics Inc. (TTHI)
  • Neose Technologies, Inc. (NTEC)
  • MDRNA, Inc. (MRNA)
  • Crucell N.V. (ADR) (CRXL)
Target (Total: 9)
  • Bayer AG (ADR) (BAYRY)
  • Archer Daniels Midland Company (ADM)
  • Koninklijke DSM N.V. (ADR) (RDSMY)
  • Cambrex Corporation (CBM)
Buyer (Total: 4)
  • Pfizer Inc. (PFE)
  • Cephalon, Inc. (CEPH)
  • Enzon Pharmaceuticals, Inc. (ENZN)
  • Amicus Therapeutics, Inc. (FOLD)
Target (Total: 4)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
  • Alcon, Inc. (ACL)
  • Enzon Pharmaceuticals, Inc. (ENZN)
  • Accentia Biopharmaceuticals, Inc (ABPIQ)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 26,360 2,000
Revenue Per Employee 330,094.1 352,361.4
Total Revenue 1,915.9 175.7
Total Expenses 1,349.6 166.0
Other Revenue 0.0 0.0
Cost of Revenue 444.0 63.1
SG&A Expense 645.3 89.3
Research & Development 260.5 13.5
Other Operating Expense -8.7 0.0
Operating Income 566.3 9.7
Unusual Income 8.5 0.0
LT Debt to Capital 2.94 27.66
Fwd P/E 18.50 106.50
Fwd P/Rev 5.09 2.81
Book Value 5,481.2 784.6
Curr Portion of LTD/Cap Lease 0.0 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Endocrinology/Metabolism > Diabetes

Target

Focused (): Healthcare > Biopharmaceuticals > Pain Management

Business Description

Buyer

Novo Nordisk A/S is a Denmark-based healthcare company. The Company provides diabetes care and has diabetes product portfolio in the industry, including insulin delivery systems. Novo Nordisk operates on a worldwide basis in two business segments: diabetes care, which includes discovery, development, manufacturing and marketing of products within the areas of insulin and delivery systems and oral anti-diabetic products (OAD), and biopharmaceuticals, which includes discovery, development, manufacturing and marketing of products within the therapy areas hemostasis management (NovoSeven), growth hormone therapy, hormone replacement therapy, inflammation therapy and other therapy areas. During the year ended December 31, 2007, it initiated Phase I studies of its long-acting recombinant factor VIIa analogue, a subcutaneous formulation of rFVIIa for the treatment of hemophilia patients with inhibitors and a long-acting human growth hormone.

Target

Alpharma Inc. is a global specialty pharmaceutical company that develops, manufactures and markets pharmaceutical products for humans and animals. As of April 2, 2008, the Company operated in two business segments: Pharmaceuticals and Animal Health (AH). The Company markets an extended release morphine sulfate pain medication sold under the trademark KADIAN, in the United States and a topical non-steroidal, anti-inflammatory (NSAID) patch product sold in the United States, under the trademark FLECTOR. The Company manufactures and markets animal health products, consisting primarily of medicated feed additives (MFAs) and water soluble therapeutics for production animals, principally poultry, cattle and swine. In April 2008, ALPHARMA, Inc. announced the divestiture of its Active Pharmaceutical Ingredients (API) business to 3i.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 76.83 63.54
Operating Margin % 23.06 -14.42
Quick Ratio 1.45 3.65
Current Ratio 2.2 4.49
Coverage Ratio 0.08 -0.07
Total Assets 8,346.2 1,353.7
Return on Equity % 25.77 -11.9
Return on Assets % 16.93 -6.9
Cash+ ST Inv. Per Share 2.42 13.54
Total Debt 303.1 305.1
Total Debt to Equity % 5.53 38.89
Total Debt to Tangible Equity % 5.68 67.82
Debt to Asset % 3.63 22.54

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
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.
  
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.
  
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.
  
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Weight Management
The Weight Management Subsectors includes herapeutics that treat and manage weight disorders.
  
Medical Devices  
Drug Delivery
The Drug Delivery Subsector includes medical devices that facilitate the delivery of medications through different anatomical entryways, including blood vessels, skin, the mouth, and the lungs. Common devices in this sector include vascular access catheters, needles, implants, and inhalers.
  
Veterinary Products and Services  
Veterinary Pharmaceuticals
The Veterinary Pharmaceuticals Subsector includes companies that manufacture veterinary pharmaceuticals and vaccines for the prevention and treatment of veterinary diseases.

Target Products:

  • Alpharma Animal Health Division
  

- 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
Digestive System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of digestive disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • NovoSeven (Recombinant Coagulation Factor VIIa)
  
Endocrinology/Metabolism
Diabetes  
Insulin Dependent Diabetes Mellitus (IDDM)/Type 1 Diabetes  
Insulin Therapy  
Human Analogs
Insulin supplements that resemble natural human insulin.

Buyer Products:

  • NovoLog Mix 70/30 (Insulin Aspart)
  • NovoMix 50 (Insulin Aspart Mixture)
  • Levemir (Insulin Detemir)
  • NovoMix 70 (Insulin Aspart Mixture)
  • NovoLog (Insulin Aspart (rDNA Origin))
  
Recombinant Human
Therapeutics that are derived from human genes.

Buyer Products:

  • Novolin 70/30 (Isophane/Regular Insulin)
  • Novolin N (Isophane Insulin Suspension)
  • Novolin R (Regular Insulin)
  
Non-Insulin Dependent Diabetes Mellitus (NIDDM)/Type 2 Diabetes  
Biguanides/Insulin Stimulating Agents
Therapeutics that control high blood sugar by stimulating the release of insulin as well as decreasing the production of glucose in the liver.

Buyer Products:

  • PrandiMet (Repaglinide/Metformin Fixed Combo)
  
Glucagon-Like Peptide-1 Receptor Agonists (GLP-1 Receptor Agonists)
Therapeutics that treat non-insulin dependent diabetes by stimulating the Glucagon-Like Peptide (GLP) receptor. GLP regulates gastric emptying, insulin secretion, food intake, and glucagon secretion.

Buyer Products:

  • Liraglutide (NN 2211)
  
Insulin Stimulating Agents (Non-Sulfonylureas)
Therapeutics that treat non-insulin dependent diabetes by stimulating the secretion of insulin.

Buyer Products:

  • Prandin (Repaglinide)
  
Insulin Therapy  
Human Analogs
Insulin supplements that resemble natural human insulin.

Buyer Products:

  • Levemir (Insulin Detemir)
  • NovoMix 50 (Insulin Aspart Mixture)
  • NovoMix 70 (Insulin Aspart Mixture)
  • NovoLog Mix 70/30 (Insulin Aspart)
  • NovoLog (Insulin Aspart (rDNA Origin))
  
Recombinant Human
Therapeutics that are derived from human genes.

Buyer Products:

  • Novolin R (Regular Insulin)
  • Novolin N (Isophane Insulin Suspension)
  • Novolin 70/30 (Isophane/Regular Insulin)
  
General Hormone Treatments  
Estrogens
Therapeutics that treat hormonal disorders by providing estrogen.

Buyer Products:

  • Vagifem (Estradiol Vaginal Tablets, USP)
  
Hypoglycemia  
Gluconeogenic Agents/Glycogenolytic Agents
Therapeutics that treat hypoglycemia by enabling the release of glucose from the liver.

Buyer Products:

  • GlucaGen (Recombinant Glucagon)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of endocrinology disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Oral Glucagon-Like Peptide-1 (GLP-1)
  • NN1731 (Recombinant Factor VII Short-Acting Analog)
  • Long-Acting Growth Hormone
  • NN9535 (Once-Weekly GLP-1 Analog)
  • NN5401 (Next-Generation Insulin Analogue)
  • NN1250 (Next-Generation Insulin Analogue)
  
Pituitary Gland Disorders
Pituitary Hyperthyroidism (TSH-Induced)  
Thyroid Hormones
Hormones that affect the rate of cell metabolism and blood calcium levels.

Target Products:

  • Tirosint Capsule (Levothyroxine Sodium)
  
Severe Short Stature  
Growth Hormones
Therapeutics similar to pituitary hormones, which stimulate body growth and development.

Buyer Products:

  • Norditropin (r-Somatropin)
  
Turner`s Syndrome  
Growth Hormones
Therapeutics similar to pituitary hormones, which stimulate body growth and development.

Buyer Products:

  • Norditropin (r-Somatropin)
  
Reproductive Disorders  
Menopause  
Estrogens
Therapeutics that are female sex hormones.

Buyer Products:

  • Vagifem (Estradiol Vaginal Tablets, USP)
  
Estrogens/Progestins
Therapeutics that are mixture of two female sex hormones that are important for the development of the female reproductive system.

Buyer Products:

  • Activella (Estradiol/Norethindrone Acetate)
  
Thyroid Gland Disorders  
Hypothyroidism  
Thyroid Hormones
Therapeutics that treat a deficiency in thyroid activity by supplementing thyroid hormones.

Target Products:

  • Tirosint Capsule (Levothyroxine Sodium)
  
Hematology  
Hemophilia  
Hemophilia A  
Clotting Agents
Therapeutics that aid in blood coagulation.

Buyer Products:

  • NovoSeven (Recombinant Coagulation Factor VIIa)
  
Hemophilia B  
Clotting Agents
Therapeutics that assist in blood coagulation.

Buyer Products:

  • NovoSeven (Recombinant Coagulation Factor VIIa)
  
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:

  • rFVIIa Analog (Recombinant Factor VII Long-Acting Analog)
  • NN1731 (Recombinant Factor VII Short-Acting Analog)
  
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.

Buyer Products:

  • Thrombin-Activable factor X
  
Serum Factor Disorders  
Hypoglycemia  
Gluconeogenic Agents/Glycogenolytic Agents
Therapeutics that treat low blood sugar by promoting the breakdown of glycogen into glucose in the liver as well as the synthesis of glucose from non-carbohydrate precursors.

Buyer Products:

  • GlucaGen (Recombinant Glucagon)
  
Immunology  
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:

  • Anti-IL20
  • Anti-c5aR
  
Musculoskeletal System
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Anti-c5aR
  • Anti-IL20
  
Skeletal Disorders
Bone Disorders  
Osteoporosis  
Hormonal Treatments  
Estrogens/Progestins
Therapeutics that treat osteoporosis by providing female hormones which results in a decrease in the rate of bone loss due to osteoclasts.

Buyer Products:

  • Activella (Estradiol/Norethindrone Acetate)
  
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:

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

Buyer Products:

  • NovoSeven (Recombinant Coagulation Factor VIIa)
  
Obstetrics/Gynecology  
Female Genital Disorders  
Vulvovaginal  
Atrophy  
Hormonal Treatments  
Estrogens/Progestins
Therapeutics that treat disorders characterized by thinning of the vaginal walls with a combination of the female sex hormones estrogen and progestin.

Buyer Products:

  • Activella (Estradiol/Norethindrone Acetate)
  
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.

Buyer Products:

  • Anti-KIR (IgG4 Monoclonal Antibody)
  • Interleukin 21 (IL-21)
  
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:

  • Interleukin 21 (IL-21)
  
Pain Management  
Anesthesia  
General (Systemic)  
Adjunctive  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters both the perception of pain as well as the emotional response to pain.

Target Products:

  • Kadian (Morphine Sulphate Extended Release)
  
Narcotics  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alter both the perception of pain as well as the emotional response to pain.

Target Products:

  • Embeda (Abuse Resistant Morphine Sulphate/Naltrexone)
  • Kadian (Morphine Sulphate Extended Release)
  
Non-Narcotics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Flector Patch (Diclofenac Epolamine)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of pain in early stages of clinical research where human subject is involved.

Target Products:

  • ALO-02 (Oxycodone/Naltrexone)
  • ELADUR (TRANSDUR-Bupivacaine)
  • ALO-03
  • ALO-04
  
Surgery  
General  
Complications  
Hemorrhage  
Coagulating Agents (Coagulants)
Therapeutics that treat bleeding during a surgical procedure by promoting blood clotting.

Buyer Products:

  • NovoSeven (Recombinant Coagulation Factor VIIa)
  • rFactor XIII
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of surgical complications in early stages of clinical research where human subject is involved.

Buyer Products:

  • NN7128 (GlycoPEGylated Factor VIIa)
  • NovoSeven (Recombinant Coagulation Factor VIIa)
  
Weight Management  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of weight disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Liraglutide (NN 2211)
  
Medical Devices  
Drug Delivery  
Percutaneous (Subcutaneous/Intramuscular/Intravenous)  
Automatic Injectors
Pen-shaped medical devices used to contain and deliver liquid medications to a specified needle depth with a press of a button.

Buyer Products:

  • Levemir Flexpen
  • Norditropin NordiFlex/NordiFlex PenMate
  • NovoPen Delivery System Series
  • Novolin InnoLet
  • NovoLog FlexPen/Novolog MIX 70/30 FlexPen
  • NordiPen/NordiPenMate Systems
  
Needleless  
Disposable  
Hypodermic
Disposable needles for use below the skin.

Buyer Products:

  • NovoFine Insulin Series
  
Veterinary Products and Services  
Veterinary Pharmaceuticals
The Veterinary Pharmaceuticals Subsector includes companies that manufacture veterinary pharmaceuticals and vaccines for the prevention and treatment of veterinary diseases.

Target Products:

  • Alpharma Animal Health Division
  

- 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
  Eli Lilly & Co. n/a 43,181.474 17.90 9.45 2.12 2.08 3.77
Buyer
  Genentech, Inc. n/a 86,487.712 27.67 26.04 6.82 6.51 7.21
Sanofi-Aventis SA (ADR) n/a 85,433.983 13.51 8.76 2.35 2.24 n/a
Target
  Pfizer Inc. n/a 115,304.202 10.92 7.15 2.36 2.37 4.27
Novartis AG (ADR) n/a 108,257.444 14.32 12.41 2.55 2.54 3.67
Abbott Laboratories n/a 81,473.569 17.92 15.86 2.83 2.76 27.79
Bristol Myers Squibb Co. n/a 45,599.400 11.65 13.73 2.20 2.20 6.62
Eli Lilly & Co. n/a 43,181.474 17.90 9.45 2.12 2.08 3.77
Teva Pharmaceutical Industries Ltd (ADR) n/a 33,970.080 17.95 14.84 3.14 3.07 7.59
Perrigo Company n/a 2,929.556 20.97 16.12 1.53 1.37 4.71
Endo Pharmaceuticals n/a 2,824.646 11.90 10.70 2.32 2.22 4.42
King Pharmaceuticals, Inc. n/a 2,479.481 9.60 8.48 1.42 1.63 1.27
XenoPort, Inc. n/a 555.251 n/a -8.50 9.72 14.35 5.84
Acura Pharmaceuticals, Inc. n/a 319.570 11.84 n/a 7.42 n/a 8.28
DURECT Corporation n/a 281.901 n/a -10.00 10.86 8.06 8.52
DepoMed, Inc. n/a 83.220 4.17 -3.21 2.65 2.61 1.92
Javelin Pharmaceuticals Inc. n/a 76.988 n/a -1.76 126.22 56.57 2.56
BioDelivery Sciences International, Inc. n/a 47.142 n/a n/a 162.97 n/a n/a
Penwest Pharmaceuticals n/a 41.801 n/a -1.40 9.75 5.09 2.74
Elite Pharmaceuticals, Inc. n/a 2.101 n/a n/a 1.05 n/a 0.26
Livzon Pharmaceutical Group Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Phibro Animal Health Corporation n/a n/a n/a n/a n/a n/a n/a
Huvepharma AD n/a n/a n/a n/a n/a n/a n/a
Zhejiang Medicine Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Shanghai Pharmaceutical Co., Ltd. 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
  Transition Therapeutics Inc. 100.00% 98.200 n/a -4.49 78.94 46.93 3.75
Neose Technologies, Inc. 69.30% 18.630 n/a n/a 1.79 n/a 2.37
MDRNA, Inc. 18.00% 13.123 n/a -0.24 1.49 n/a 2.47
Crucell N.V. (ADR) n/a 1,015.065 n/a -219.29 3.22 3.65 2.71
Medarex inc. n/a 740.474 n/a -16.26 14.06 15.65 2.25
ZymoGenetics, Inc. n/a 197.957 n/a -1.43 3.38 3.70 7.11
Sangamo Biosciences, Inc. n/a 149.985 n/a -5.40 12.38 10.55 2.78
Emisphere Technologies, Inc. n/a 20.935 n/a n/a 38.34 n/a n/a
Aradigm Corporation n/a 13.218 n/a -0.54 48.81 9.11 0.96
Target
  Bayer AG (ADR) n/a 42,099.954 5.82 10.59 0.92 1.04 n/a
Archer Daniels Midland Company n/a 18,185.796 7.54 8.16 0.23 0.24 1.40
Koninklijke DSM N.V. (ADR) n/a 3,957.680 4.32 3.99 0.29 n/a 0.65
Cambrex Corporation n/a 131.867 14.42 11.65 0.52 0.60 1.98
Kaken Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Actavis Group hf. n/a n/a n/a n/a n/a n/a n/a
Roquette America, Inc. n/a n/a n/a n/a n/a n/a n/a
IBSA Institut Biochimique SA n/a n/a n/a n/a n/a n/a n/a
Tris Pharma, Inc. 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
  Enzon Pharmaceuticals, Inc. n/a 260.282 n/a -32.33 1.32 1.51 n/a
Buyer
  Pfizer Inc. n/a 115,304.202 10.92 7.15 2.36 2.37 4.27
Cephalon, Inc. n/a 5,267.573 20.65 16.44 2.80 2.67 15.15
Enzon Pharmaceuticals, Inc. n/a 260.282 n/a -32.33 1.32 1.51 n/a
Amicus Therapeutics, Inc. n/a 180.152 n/a -4.94 14.52 12.18 2.17
Target
  Teva Pharmaceutical Industries Ltd (ADR) n/a 33,970.080 17.95 14.84 3.14 3.07 7.59
Alcon, Inc. n/a 25,696.909 12.85 14.04 4.10 4.07 6.98
Enzon Pharmaceuticals, Inc. n/a 260.282 n/a -32.33 1.32 1.51 n/a
Accentia Biopharmaceuticals, Inc n/a 6.040 n/a n/a 0.39 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
  Enzon Pharmaceuticals, Inc. n/a 260.282 n/a -32.33 1.32 1.51 n/a
Buyer
  Pfizer Inc. n/a 115,304.202 10.92 7.15 2.36 2.37 4.27
Cephalon, Inc. n/a 5,267.573 20.65 16.44 2.80 2.67 15.15
Crucell N.V. (ADR) n/a 1,015.065 n/a -219.29 3.22 3.65 2.71
Medarex inc. n/a 740.474 n/a -16.26 14.06 15.65 2.25
Enzon Pharmaceuticals, Inc. n/a 260.282 n/a -32.33 1.32 1.51 n/a
ZymoGenetics, Inc. n/a 197.957 n/a -1.43 3.38 3.70 7.11
Amicus Therapeutics, Inc. n/a 180.152 n/a -4.94 14.52 12.18 2.17
Sangamo Biosciences, Inc. n/a 149.985 n/a -5.40 12.38 10.55 2.78
Emisphere Technologies, Inc. n/a 20.935 n/a n/a 38.34 n/a n/a
Neose Technologies, Inc. n/a 18.630 n/a n/a 1.79 n/a 2.37
Target
  Bayer AG (ADR) n/a 42,099.954 5.82 10.59 0.92 1.04 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 33,970.080 17.95 14.84 3.14 3.07 7.59
Alcon, Inc. n/a 25,696.909 12.85 14.04 4.10 4.07 6.98
Archer Daniels Midland Company n/a 18,185.796 7.54 8.16 0.23 0.24 1.40
Koninklijke DSM N.V. (ADR) n/a 3,957.680 4.32 3.99 0.29 n/a 0.65
DURECT Corporation n/a 281.901 n/a -10.00 10.86 8.06 8.52
Enzon Pharmaceuticals, Inc. n/a 260.282 n/a -32.33 1.32 1.51 n/a
Cambrex Corporation n/a 131.867 14.42 11.65 0.52 0.60 1.98
Accentia Biopharmaceuticals, Inc n/a 6.040 n/a n/a 0.39 n/a n/a
IBSA Institut Biochimique SA n/a n/a n/a n/a n/a n/a n/a
Tris Pharma, Inc. n/a n/a n/a n/a n/a n/a n/a
Actavis Group hf. n/a n/a n/a n/a n/a n/a n/a
Kaken Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Roquette America, Inc. 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 7,481.7 650.3 8,132.1
Other Revenue 0.0 0.0 0.0
Total Revenue 7,481.7 650.3 8,132.1
Cost of Revenue 1,733.3 237.1 1,970.4
SG&A Expense 2,571.0 345.4 2,916.4
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 1,559.7 161.8 1,721.5
Interest Expense 0.0 0.0 0.0
Other Operating Expense -52.0 0.0 -52.0
Unusual Expense (Income) -55.4 -0.2 -55.6
Total Expenses 5,756.6 744.0 6,500.7
Operating Income 1,725.1 -93.7 1,631.4
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 144.1 6.7 150.9
Other, Net 0.0 -0.6 -0.6
Income Before Taxes 1,869.2 -87.6 1,781.6
Income Taxes 456.6 5.7 462.3
Income After Taxes 1,412.7 -93.3 1,319.3
Net Income - Excl. Xord. Items 1,412.7 -93.3 1,319.3
Discontinued Operations 0.0 207.5 207.5
Net Income - Incl. Xord. Items 1,412.7 114.1 1,526.8
Income Avail. to Common 1,412.7 114.1 1,526.8
Share Items
Basic Avg. Shares Outstanding 614.2 41.1 655.4
Basic EPS - Excl. Xord. Items 2.30 n/a 2.01
Basic EPS - Incl. Xord. Items 2.30 2.78 2.33
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 618.7 42.2 660.8
F.D. EPS - Excl. Xord. Items 2.28 n/a 2.00
F.D. EPS - Incl. Xord. Items 2.28 2.71 2.31
Dividends Per Common Share 0.77 0.00 0.77
Balance Sheet
Assets
Cash and Equivalents 1,217.1 571.0 1,788.1
ST Investments 281.3 0.0 281.3
Accounts Receivable 1,552.2 98.6 1,650.8
Inventory 1,574.0 122.3 1,696.3
Prepayments and Advances 0.0 30.8 30.8
Other Current Assets 0.0 0.0 0.0
Current Assets 4,624.6 822.8 5,447.4
Accum D&A 0.0 0.0 0.0
PPE, Net 3,207.8 140.6 3,348.5
Goodwill & Intangibles 143.3 334.6 477.9
Long Term Investments 68.3 0.0 68.3
Other Assets 0.0 0.0 0.0
Other LT Assets 302.2 55.6 357.8
Total Assets 8,346.2 1,353.7 9,699.9
Liabilities
Accounts Payable 258.8 62.5 321.3
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 0.0 115.7 115.7
ST Debt 137.1 5.1 142.3
Other (Current) Liabilities 1,702.3 0.0 1,702.3
Current Liab. 2,098.2 183.3 2,281.5
LT Debt 165.9 300.0 465.9
Total LT Debt 165.9 300.0 465.9
Deferred Taxes 379.1 55.4 434.5
Other LT Liab. 221.8 30.4 252.2
Total Liabilities 2,865.0 569.1 3,434.2
Shareholders Equity
Common Stock 108.0 11.3 119.3
Additional Paid in Capital 0.0 1,150.7 1,150.7
Retained Earnings 5,441.6 1.6 5,443.2
Treasure Stock -3.9 -377.0 -380.9
Other Equity -64.6 -2.2 -66.7
Total Equity 5,481.2 784.6 6,265.7
Total Liab. & Equity 8,346.2 1,353.7 9,699.9
Shares Outstanding 634.0 53.7 687.7
Cash Flow
Operating Cash Flow
CF Net Income 1,412.7 114.2 1,526.9
CF Depreciation 0.0 42.7 42.7
CF Deferred Taxes 0.0 12.9 12.9
Other Non-Cash Items 1,151.2 -221.1 930.1
Change in Working Capital -492.7 -4.0 -496.7
Total Cash From Operating Activities 2,071.1 -55.3 2,015.8
Investing Cash Flow (not calculated)
Capital Expenditures -338.3 -37.8 -376.1
Other Investing Cash Flows 183.5 384.5 568.0
Total Cash From Investing Activities -154.9 346.7 191.9
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 0.0 -48.9 -48.9
Purchase and Retirement of Debt 0.0 3.0 3.0
Other Financing Cash Flow -1,407.0 0.0 -1,407.0
Total Cash From Financing Activities -1,407.0 -53.8 -1,460.9
Exchange Rate Effects -1.5 0.7 -0.9
Net Change in Cash 507.7 238.3 746.0
Cash Taxes Paid 444.1 5.4 449.6
Cash Interest Paid 0.0 6.6 6.6