Summary
Other Scenarios:
- PPDI - CRXLY
- PPDI - SGMO
- CRXLY - PDLI
- SGMO - PDLI
| Buyer: | Pharmaceutical Product Development, Inc. (PPDI) | Last Price: | 33.19 | Market Cap.: | 3.78B |
|---|---|---|---|---|---|
| Target: | PDL BioPharma Inc. (PDLI) | Last Price: | 6.30 | Market Cap.: | 880.71M |
Lines of Business Summary:
- Pharmaceutical Product Development, Inc. (PPDI) competes in 2 industries and 15 product/service groups
- PDL BioPharma Inc. (PDLI) competes in 1 industry and 10 product/service groups
- A combined entity will have 0% Product/Service Group overlap
- Pharmaceutical Product Development, Inc. (PPDI) has 0 and PDL BioPharma Inc. (PDLI) has 2 customers that derive significant revenue from each. They share 0 in common.
Product Summary:
Overlap & Complementary Sectors
| Sector | Buyer | Target | # of Focused Companies |
|---|---|---|---|
Healthcare |
|
|
741 |
Biopharmaceuticals |
|
|
337 |
|
Healthcare Services |
|
129 | |
|
Outsourced Biomedical Services |
|
|
39 |
|
Technology |
|
808 | |
|
Information Technology (IT) Services |
|
105 | |
|
Software |
|
245 |
- 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: 21)
|
Target (Total: 5)
|
Buyer
|
Target
|
Business Relationship Summary:
Top Key Suppliers |
Top Key Customers |
||
Buyer (Total: 0)n/a |
Target (Total: 1)
|
Buyer (Total: 2)
|
Target (Total: 7)
|
Key Financial Summary:
Key Metrics
| Buyer | Target | |
|---|---|---|
| Number of Employees | 11,000 | 8 |
| Revenue Per Employee | 148,662.9 | 61,231,260.0 |
| Total Revenue | 415.4 | 83.8 |
| Total Expenses | 350.0 | 4.0 |
Other Revenue
|
n/a | n/a |
|
Cost of Revenue
|
223.5 | n/a |
|
SG&A Expense
|
107.6 | 3.9 |
|
Research & Development
|
2.1 | n/a |
|
Other Operating Expense
|
n/a | n/a |
|
Operating Income
|
65.4 | 79.8 |
|
Unusual Income
|
n/a | n/a |
|
LT Debt to Capital
|
n/a | 350.87 |
|
Fwd P/E
|
20.89 | 5.42 |
|
Fwd P/Rev
|
2.46 | 2.38 |
| Book Value | 1,191.3 | -243.2 |
|
Curr Portion of LTD/Cap Lease
|
n/a | 115.3 |
Individual Company Summary
Focused
Buyer
Focused ():
Healthcare > Outsourced Biomedical Services > Development/Manufacturing Services > Contract Research Organizations (CRO) > Full Service
Target
Focused ():
Healthcare > Outsourced Biomedical Services > Drug Discovery Services > Lead Discovery/Validation/Optimization > Lead Biologics > Antibodies
Business Description
Buyer
Pharmaceutical Product Development, Inc. (PPD) is a global contract research organization providing drug discovery, development and lifecycle management services. The Company?s clients and partners include pharmaceutical, biotechnology, medical device, academic, non-profit and government organizations. Its development services include preclinical drug discovery services, programs, Phase I through Phase IV clinical development services and post-approval services, as well as bioanalytical, good manufacturing practices (cGMP), global central laboratory and vaccines and biologics laboratory services. It also offers support, such as medical information, patient compliance programs, patient and disease registry programs, product safety and pharmacovigilance, standard response document development, observational studies, Phase IV monitored studies and prescription-to-over-the-counter (Rx to OTC), programs. It operates in two segments: Clinical Development Services and Laboratory Services.
Target
PDL BioPharma, Inc. (PDL) is engaged in the management of its antibody humanization patents and royalty assets, which consist of its Queen et al. patents and license agreements with pharmaceutical and biotechnology companies. The Company receives royalties based on these license agreements on sales of a number of humanized antibody products marketed and also may receive royalty payments on additional humanized antibody products launched before final patent expiry in December 2014. The Company has entered into licensing agreements with numerous entities that are independently developing or have developed humanized antibodies pursuant to which it has licensed certain rights under its Queen et al. patents to make, use, sell, offer for sale and import humanized antibodies. It receives royalties on net sales of products that are made, used or sold prior to patent expiry. In general, these agreements cover antibodies targeting antigens specified in the license agreements.
Deal Summary
Key Ratios
| Buyer | Target | |
|---|---|---|
|
Gross Margin %
|
46.7 | 100 |
|
Operating Margin %
|
14.65 | 67.76 |
|
Quick Ratio
|
1.54 | 1.12 |
|
Current Ratio
|
1.69 | 1.26 |
|
Coverage Ratio
|
n/a | n/a |
| Total Assets | 1,950.9 | 270.5 |
| Return on Equity % | 55.7 | n/a |
| Return on Assets % | 34.01 | 201.07 |
|
Cash+ ST Inv. Per Share
|
4.17 | 1.17 |
| Total Debt | 0.0 | 455.5 |
| Total Debt to Equity % | 0 | 0 |
| Total Debt to Tangible Equity % | 0 | n/a |
|
Debt to Asset %
|
0.00 | 168.36 |
Product Summary
| Sector | Buyer | Target |
|---|---|---|
|
Healthcare |
|
|
Biopharmaceuticals |
|
|
|
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
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Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
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Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
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Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
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Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
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Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
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Healthcare Services |
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Healthcare Support Services
The Support Services Subsector is comprised of companies that provide non-medical services for managing, enhancing, facilitating, and enabling the healthcare delivery process.
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Outsourced Biomedical Services |
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Analytical Services
The Analytical Services Subsector includes outsourced services that utilize analytical instruments to analyze biological and chemical samples.
Buyer Products:
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Development/Manufacturing Services
The Development/Manufacturing Services Subsector includes companies that provide research, development, manufacturing, sales and marketing to biopharmaceutical and medical device companies.
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Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
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Technology |
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Information Technology (IT) Services |
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Enterprise and Technology Consulting
Information technology related to consulting services designed to improve a client company's operating efficiency, and business capabilities through the expert application of information technology resources and best practices. These services can be delivered on a project-by-project basis, or via an on-going relationship.
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Software |
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Industry-Specific
Software that has functionality specific to a vertical industry.
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- 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 |
|
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|
Biopharmaceuticals |
|
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Digestive System |
|
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Gastrointestinal Tract Disorders |
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Intestinal Disorders |
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Inflammatory Bowel Disease (IBD) |
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Ulcerative Colitis |
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Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.
Target Products:
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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:
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Hematology |
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Red Blood Cell (RBC) Disorders |
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Hemoglobinuria |
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Monoclonal Antibodies
Therapeutics that treat hemoglobinuria by specifically binding to the C5 complement component and inhibiting its activation.
Target Products:
|
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Immunology |
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Autoimmune Disorders |
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Inflammatory Bowel Disease (IBD) |
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Ulcerative Colitis |
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Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.
Target Products:
|
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Immune Deficiency Disorders |
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Atypical Hemolytic Uremic Syndrome (aHUS) |
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Monoclonal Antibodies
Therapeutics that treat Atypical Hemolytic Uremic Syndrome by specifically binding certain receptors implicated with the disease.
Target Products:
|
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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:
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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:
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Oncology |
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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:
|
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Transplantation |
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Renal (Kidney) |
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Rejection Prophylaxis |
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Monoclonal Antibodies
Protein-based therapeutics that target specific substances like proteins.
Target Products:
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Urology |
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Male Genital Disorders |
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Penile |
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Premature Ejaculation |
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Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat premature ejaculation by selectively preventing the removal of serotonin.
Buyer Products:
|
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Healthcare Services |
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Healthcare Support Services |
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Consulting
Services providing advice, assistance, and information to a wide range of healthcare companies, including pharmaceutical, medical devices, and health services companies.
Buyer Products:
|
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Outsourced Biomedical Services |
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Analytical Services
The Analytical Services Subsector includes outsourced services that utilize analytical instruments to analyze biological and chemical samples.
Buyer Products:
|
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Development/Manufacturing Services |
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Chemistry Services
Outsourced companies that provide medicinal chemistry, organic synthesis, process research, cGMP synthesis, and analytical services to the biopharmaceutical industry.
Buyer Products:
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Contract Research Organizations (CRO) |
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Full Service
Contract Research Organizations (CROs) that conduct both preclinical and clinical studies in the development of new therapeutic products.
Buyer Products:
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Limited Service |
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Clinical
Limited Service Contract Research Organizations that design, manage, and monitor human studies of new therapeutics. Other services include project management, patient recruitment, data management, biostatistical analysis, medical and regulatory affairs, and quality assurance.
Buyer Products:
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Preclinical
Limited Service Contract Research Organizations that design, manage, and monitor animal studies of new therapeutics. In addition to animal studies, these limited service companies also provide formulation development services.
Buyer Products:
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Sales/Marketing
Outsourced companies that provide biopharmaceutical and medical device companies with contract sales and marketing services.
Buyer Products:
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Drug Discovery Services |
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Lead Discovery/Validation/Optimization |
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Assay Development
Bioanalytical services that are used to develop biologically based tests for use in high throughput screening (HTS).
Buyer Products:
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Combinatorial Chemistry Libraries
Drug discovery companies that provide biopharmaceutical companies a library of combinatorial chemical compounds used for testing.
Buyer Products:
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Combinatorial Services
Drug discovery companies that provide biopharmaceutical companies combinatorial chemistry services.
Buyer Products:
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High Throughput Screening (HTS)
Bioanalytical services that allow for the biological testing of up to 10,000 compounds each day.
Buyer Products:
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Lead Biologics |
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Antibodies
Biological lead compounds which have a specific amino acid sequence that only interacts with specific substances to cause an immunological response.
Target Products:
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Target Discovery/Validation |
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Services
Drug discovery services that discover and validate drug targets for the development of novel biopharmaceutical drugs.
Buyer Products:
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Technology |
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Information Technology (IT) Services |
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Enterprise and Technology Consulting |
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Industry-Specific IT Services |
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Healthcare
IT solutions tailored and marketed for the healthcare industry.
Buyer Products:
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Software |
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Industry-Specific |
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Healthcare/Pharma |
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Drug Development |
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Clinical Trials Management
Software designed to manage the information and processes relating to clinical trials.
Buyer Products:
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- 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 | Rel. Revenue % | Market Cap. | P/E Ratio (TTM) | Fwd P/E | P/R Ratio (TTM) | Fwd P/Rev | Price To Tang. Book Value | |
|---|---|---|---|---|---|---|---|---|---|
| Buyer | |||||||||
Covance Inc.
|
|
n/a | 2,734.090 | 19.75 | 16.77 | 1.26 | 1.31 | 2.09 | |
|
PAREXEL International Corporation
|
|
n/a | 1,146.826 | 28.17 | 17.66 | 0.80 | 0.84 | 5.37 | |
|
ICON plc (ADR)
|
|
n/a | 1,003.585 | 24.76 | 30.35 | 1.07 | 1.06 | 1.44 | |
|
WuXi PharmaTech (Cayman) Inc. (ADR)
|
|
n/a | 829.852 | 8.38 | 11.27 | 2.26 | 2.05 | 2.02 | |
|
Nordion Inc(USA)
|
|
n/a | 571.739 | 40.41 | 12.50 | 2.11 | 1.99 | 1.72 | |
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Kendle International LLC
|
|
n/a | 228.051 | n/a | n/a | 0.53 | n/a | n/a | |
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Cross Country Healthcare, Inc.
|
|
n/a | 157.685 | n/a | 31.31 | 0.32 | 0.31 | 4.69 | |
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Bioanalytical Systems, Inc.
|
|
n/a | 10.576 | n/a | 5.80 | 0.33 | 0.28 | 0.71 | |
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Quintiles Transnational Corp.
|
|
n/a | n/a | n/a | n/a | n/a | n/a | n/a | |
| Target | |||||||||
|
Crucell N.V. (ADR)
|
|
n/a | 2,452.264 | n/a | n/a | 3.68 | n/a | 2.80 | |
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Sangamo Biosciences, Inc.
|
|
n/a | 156.342 | n/a | -4.21 | 15.24 | 17.54 | 1.86 | |
|
Dyax Corp.
|
|
n/a | 127.385 | n/a | -4.06 | 2.57 | 2.50 | n/a | |
|
Soligenix, Inc.
|
|
n/a | 6.845 | n/a | n/a | 0.94 | n/a | 1.09 | |
- Defined by the Company
- Defined by Others
Dependent Suppliers
| Name | Dir | Rel. Revenue % | Market Cap. | P/E Ratio (TTM) | Fwd P/E | P/R Ratio (TTM) | Fwd P/Rev | Price To Tang. Book Value | |
|---|---|---|---|---|---|---|---|---|---|
| Target | |||||||||
|
Roche Holding Ltd. (ADR)
|
|
n/a | 137,699.517 | 14.29 | 10.34 | 2.73 | 2.98 | n/a | |
- Defined by the Company
- Defined by Others
Key Customers
| Name | Dir | Rel. Revenue % | Market Cap. | P/E Ratio (TTM) | Fwd P/E | P/R Ratio (TTM) | Fwd P/Rev | Price To Tang. Book Value | |
|---|---|---|---|---|---|---|---|---|---|
| Buyer | |||||||||
|
Chemokine Therapeutics Corp.
|
|
n/a | 0.070 | n/a | n/a | n/a | n/a | n/a | |
|
Government - United States
|
|
n/a | n/a | n/a | n/a | n/a | n/a | n/a | |
| Target | |||||||||
|
Roche Holding Ltd. (ADR)
|
|
86.00% | 137,699.517 | 14.29 | 10.34 | 2.73 | 2.98 | n/a | |
|
Elan Corporation, plc (ADR)
|
|
10.00% | 6,313.016 | 9.83 | 215.80 | 4.92 | 4.95 | 10.03 | |
|
Pfizer Inc.
|
|
n/a | 155,184.286 | 13.77 | 8.82 | 2.27 | 2.33 | n/a | |
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Bristol Myers Squibb Co.
|
|
n/a | 55,894.708 | 16.79 | 14.37 | 2.67 | 2.64 | 7.15 | |
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Biogen Idec Inc.
|
|
n/a | 27,465.886 | 23.33 | 19.91 | 5.56 | 5.64 | 8.02 | |
|
Alexion Pharmaceuticals, Inc.
|
|
n/a | 12,359.826 | 79.97 | 64.13 | 17.36 | 16.46 | 14.00 | |
|
EKR Therapeutics, Inc.
|
|
n/a | n/a | n/a | n/a | n/a | n/a | n/a | |
- Defined by the Company
- Defined by Others
Key Partners
| Name | Dir | Rel. Revenue % | Market Cap. | P/E Ratio (TTM) | Fwd P/E | P/R Ratio (TTM) | Fwd P/Rev | Price To Tang. Book Value | |
|---|---|---|---|---|---|---|---|---|---|
| Overlap | |||||||||
|
Elan Corporation, plc (ADR)
|
|
n/a | 6,313.016 | 9.83 | 215.80 | 4.92 | 4.95 | 10.03 | |
| Buyer | |||||||||
|
Microsoft Corporation
|
|
n/a | 211,299.869 | 9.04 | 9.16 | 2.97 | 2.82 | 4.61 | |
|
Merck & Co., Inc.
|
|
n/a | 109,306.678 | 26.11 | 9.51 | 2.28 | 2.28 | 15.42 | |
|
Elan Corporation, plc (ADR)
|
|
n/a | 6,313.016 | 9.83 | 215.80 | 4.92 | 4.95 | 10.03 | |
|
Furiex Pharmaceuticals, Inc.
|
|
n/a | 170.947 | n/a | -3.34 | 61.18 | 33.44 | 5.68 | |
|
Galectin Therapeutics Inc
|
|
n/a | 56.321 | n/a | -4.88 | n/a | 6.42 | 7.77 | |
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VirtualScopics, Inc.
|
|
n/a | 28.726 | n/a | 95.00 | 2.01 | n/a | 4.32 | |
|
Chemokine Therapeutics Corp.
|
|
n/a | 0.070 | n/a | n/a | n/a | n/a | n/a | |
|
Bend Research, Inc.
|
|
n/a | n/a | n/a | n/a | n/a | n/a | n/a | |
|
Peking Union Lawke Biomedical Development Limited (PUL)
|
|
n/a | n/a | n/a | n/a | n/a | n/a | n/a | |
| Target | |||||||||
|
Pfizer Inc.
|
|
n/a | 155,184.286 | 13.77 | 8.82 | 2.27 | 2.33 | n/a | |
|
Roche Holding Ltd. (ADR)
|
|
n/a | 137,699.517 | 14.29 | 10.34 | 2.73 | 2.98 | n/a | |
|
Bristol Myers Squibb Co.
|
|
n/a | 55,894.708 | 16.79 | 14.37 | 2.67 | 2.64 | 7.15 | |
|
Biogen Idec Inc.
|
|
n/a | 27,465.886 | 23.33 | 19.91 | 5.56 | 5.64 | 8.02 | |
|
Alexion Pharmaceuticals, Inc.
|
|
n/a | 12,359.826 | 79.97 | 64.13 | 17.36 | 16.46 | 14.00 | |
|
Elan Corporation, plc (ADR)
|
|
n/a | 6,313.016 | 9.83 | 215.80 | 4.92 | 4.95 | 10.03 | |
- Defined by the Company
- Defined by Others
Financials
| Buyer | Target | Combined Entity | |
|---|---|---|---|
| Income Statement | |||
| Operating Items | |||
| Revenue | 1,594.8 | 365.4 | 1,960.2 |
|
Other Revenue
|
n/a | n/a | n/a |
| Total Revenue | 1,594.8 | 365.4 | 1,960.2 |
|
Cost of Revenue
|
850.1 | n/a | 850.1 |
|
SG&A Expense
|
433.6 | 25.5 | 459.1 |
|
Depreciation & Amortization
|
65.8 | 0.1 | 65.8 |
|
Research & Development
|
7.6 | n/a | 7.6 |
|
Interest Expense
|
n/a | n/a | n/a |
|
Other Operating Expense
|
n/a | n/a | n/a |
|
Unusual Expense (Income)
|
4.2 | 92.2 | 96.5 |
| Total Expenses | 1,361.2 | 117.8 | 1,479.0 |
|
Operating Income
|
233.6 | 247.6 | 481.2 |
| Non Operating Items | |||
|
Interest Expense (Inc.), Net Non-Oprtng
|
19.5 | -28.0 | -8.5 |
|
Other, Net
|
2.1 | n/a | 2.1 |
| Income Before Taxes | 239.5 | 210.7 | 450.2 |
| Income Taxes | 73.6 | 74.7 | 148.3 |
| Income After Taxes | 165.9 | 136.0 | 301.9 |
| Minority Interest (IS) | 1.5 | n/a | 1.5 |
|
Net Income - Excl. Xord. Items
|
167.4 | 136.0 | 303.4 |
|
Net Income - Incl. Xord. Items
|
167.4 | 136.0 | 303.4 |
|
Income Avail. to Common
|
167.4 | 136.0 | 303.4 |
| Share Items | |||
|
Basic Avg. Shares Outstanding
|
113.9 | 139.7 | 253.6 |
|
Basic EPS - Excl. Xord. Items
|
1.45 | 0.97 | 1.20 |
|
Basic EPS - Incl. Xord. Items
|
1.45 | 0.97 | 1.20 |
| Full Dilution Adjustment | n/a | 0.8 | 0.8 |
| Fully Diluted Shares Outstanding | 115.2 | 167.0 | 282.2 |
|
F.D. EPS - Excl. Xord. Items
|
1.43 | 0.72 | 1.08 |
|
F.D. EPS - Incl. Xord. Items
|
1.43 | 0.72 | 1.08 |
| Dividends Per Common Share | 0.60 | 0.75 | 1.35 |
| Balance Sheet | |||
| Assets | |||
|
Cash and Equivalents
|
416.7 | 157.1 | 573.9 |
|
ST Investments
|
63.6 | 37.8 | 101.4 |
|
Accounts Receivable
|
522.5 | 0.2 | 522.6 |
|
Inventory
|
n/a | n/a | n/a |
|
Prepayments and Advances
|
25.7 | 6.1 | 31.8 |
|
Other Current Assets
|
74.6 | 17.2 | 91.8 |
|
Current Assets
|
1,103.1 | 218.2 | 1,321.3 |
|
PPE
|
826.1 | n/a | 826.1 |
|
Accum D&A
|
-421.7 | n/a | -421.7 |
|
PPE, Net
|
404.4 | 0.0 | 404.4 |
| Goodwill & Intangibles | 321.1 | n/a | 321.1 |
| Long Term Investments | 77.6 | 30.4 | 107.9 |
| Other Assets | n/a | n/a | n/a |
|
Other LT Assets
|
44.8 | 21.9 | 66.7 |
| Total Assets | 1,950.9 | 270.5 | 2,221.5 |
| Liabilities | |||
| Accounts Payable | 37.7 | 0.3 | 38.0 |
| Payable/Accrued | n/a | n/a | n/a |
| Accrued Expenses | 204.9 | 33.3 | 238.2 |
|
ST Debt
|
n/a | n/a | n/a |
|
Curr Port of LTD & Cap Lease Oblg
|
n/a | 115.3 | 115.3 |
| Other (Current) Liabilities | 408.6 | 24.7 | 433.3 |
|
Current Liab.
|
651.3 | 173.6 | 824.8 |
|
LT Debt
|
n/a | 340.2 | 340.2 |
|
Total LT Debt
|
n/a | 340.2 | 340.2 |
| Minority Interest (BS) | 9.4 | n/a | 9.4 |
| Deferred Taxes | 28.8 | n/a | 28.8 |
|
Other LT Liab.
|
70.2 | n/a | 70.2 |
|
Total Liabilities
|
759.7 | 513.8 | 1,273.5 |
| Shareholders Equity | |||
| Common Stock | 5.7 | 1.4 | 7.1 |
| Additional Paid in Capital | 619.8 | -161.9 | 457.9 |
| Retained Earnings | 583.4 | -81.0 | 502.4 |
| Unrealized Gain (Loss) | -7.9 | n/a | -7.9 |
| Other Equity | -17.6 | -1.8 | -19.4 |
|
Total Equity
|
1,191.3 | -243.2 | 948.0 |
|
Total Liab. & Equity
|
1,950.9 | 270.5 | 2,221.5 |
|
Shares Outstanding
|
113.7 | 139.7 | 253.4 |
| Cash Flow | |||
| Operating Cash Flow | |||
| CF Net Income | 165.9 | 136.0 | 301.9 |
| CF Depreciation | 66.9 | 1.2 | 68.0 |
| CF Deferred Taxes | 3.5 | 25.1 | 28.6 |
| Other Non-Cash Items | 31.9 | 9.7 | 41.5 |
| Change in Working Capital | -39.0 | -17.3 | -56.3 |
| Total Cash From Operating Activities | 229.1 | 154.6 | 383.7 |
| Investing Cash Flow (not calculated) | |||
| Capital Expenditures | -82.9 | 0.0 | -82.9 |
| Other Investing Cash Flows | 74.3 | -42.6 | 31.6 |
| Total Cash From Investing Activities | -8.7 | -42.6 | -51.3 |
| Financing Cash Flow (not calculated) | |||
| Dividends Paid | -70.7 | -133.1 | -203.7 |
| Purchase Or Sale of Stock | -164.9 | n/a | -164.9 |
| Purchase and Retirement of Debt | n/a | 337.5 | 337.5 |
| Other Financing Cash Flow | 1.3 | -107.2 | -105.8 |
| Total Cash From Financing Activities | -234.2 | -155.3 | -389.5 |
| Exchange Rate Effects | -10.0 | n/a | -10.0 |
| Net Change in Cash | -23.7 | -43.4 | -67.1 |
| Cash Taxes Paid | 40.4 | 135.0 | 175.4 |
| Cash Interest Paid | 0.1 | 60.6 | 60.7 |