Summary

Other Scenarios:

Buyer: PDL BioPharma Inc. (PDLI) Last Price: 11.81 Market Cap.: 1.41B
Target: Caraco Pharmaceutical Laboratories Ltd. (CPD) Last Price: 15.06 Market Cap.: 498.58M

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 3

- 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: 8)

n/a
Target (Total: 51)

n/a
Buyer
  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  • Therapeutic Antibody Candidates
  • Volociximab/M200 (Chimeric Monoclonal Antibody)
Target
  • Cetirizine Hydrochloride
  • Metroprolol Tartrate
  • Atenolol
  • Amlodipine Besylate

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 3)
  • Seattle Genetics, Inc. (SGEN)
  • ARIUS Research, Inc. (ARI:CA)
  • Highland Distressed Opportunities, Inc (HCD)
Target (Total: 1)
  • Sun Pharmaceutical Industries, Ltd.
Buyer (Total: 12)
  • Genentech, Inc. (DNA)
  • AstraZeneca plc (ADR) (AZN)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Wyeth (WYE)
Target (Total: 4)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • Government - United States

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 887 662
Revenue Per Employee 504,271.4 658,027.1
Total Revenue 111.9 108.3
Total Expenses 60.2 94.0
Other Revenue 0.0 0.0
Cost of Revenue 0.0 84.7
SG&A Expense 16.6 3.8
Research & Development 40.4 5.5
Other Operating Expense 0.0 0.0
Operating Income 51.7 14.3
Unusual Income 3.3 0.0
LT Debt to Capital 95.2 0
Fwd P/E 14.23 n/a
Fwd P/Rev 4.53 n/a
Book Value 27.1 97.6
Curr Portion of LTD/Cap Lease 0.8 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals

Target

Sector Pure-Play (): Healthcare > Biopharmaceuticals

Business Description

Buyer

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

Target

Caraco Pharmaceutical Laboratories, Ltd. (Caraco) is engaged in the business of developing, manufacturing, marketing and distributing generic and private-label pharmaceuticals to wholesalers, distributors, warehousing and non-warehousing chain drugstores and managed care providers, throughout the United States and Puerto Rico. Pursuant to the Company?s products agreement with Sun Pharma Global Inc. (Sun Global), a wholly owned subsidiary of Sun Pharmaceutical Industries Limited (Sun Pharma), Caraco has selected, through March 31, 2008, all of the 25 products to be transferred to the Company by Sun Global. All of these 25 products had passed their bio-equivalency studies as of March 31, 2008. The final product was transferred to Caraco during the fiscal year ended March 31, 2008 (fiscal 2008), which concludes the obligations between the parties under this agreement.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 100 21.84
Operating Margin % 16.92 10.82
Quick Ratio 7.43 0.44
Current Ratio 7.86 1.45
Coverage Ratio 0.09 0.04
Total Assets 654.1 389.6
Return on Equity % 181.72 23.82
Return on Assets % 7.53 9.32
Cash+ ST Inv. Per Share 3.12 0.57
Total Debt 537.8 0.0
Total Debt to Equity % 1,984.63 0
Total Debt to Tangible Equity % 2,850.51 0
Debt to Asset % 82.22 0.00

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Allergies
The Allergies Subsector includes therapeutics that treat exaggerated immune reaction induced by exposure to a foreign substance.
  
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.
  
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.
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
Weight Management
The Weight Management Subsectors includes herapeutics that treat and manage weight disorders.
  
Outsourced Services  
Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
  

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

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

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

Product Details

Sector Buyer Target
Healthcare
Biopharmaceuticals
Allergies  
Upper Respiratory  
Antihistamines
Therapeutics that inhibit the inflammation by blocking the action of histamines on tissues.

Target Products:

  • Cetirizine Hydrochloride
  
Cardiovascular System  
Heart Disorders  
Angina  
Beta Adrenergic Receptor Blocking Agents (Beta Blockers)
Therapeutics that treat chest pains by inhibiting stimulation of beta adrenergic receptors of the heart muscle.

Target Products:

  • Metroprolol Tartrate
  • Atenolol
  
Calcium Channel Blocking Agents
Therapeutics that treat chest pains by preventing the entry of calcium into heart muscle cells.

Target Products:

  • Amlodipine Besylate
  
Arrhythmia  
Sodium Channel Blocking Agents/Potassium Channel Blocking Agents
Therapeutics that treat abnormal rhythm of the heart by preventing the entry of sodium and potassium into heart muscle cells.

Target Products:

  • Digoxin
  
Heart Failure (HF)  
Beta Adrenergic Receptor Blocking Agents (Beta Blockers)
Therapeutics that treat the ineffective pumping of the heart by blocking beta adrenergic receptors of the heart muscle.

Target Products:

  • Carvedilol
  
Sodium Channel Blocking Agents/Potassium Channel Blocking Agents
Therapeutics that treat the ineffective pumping of the heart by preventing the entry of sodium or potassium into heart muscle cells.

Target Products:

  • Digoxin
  
Myocardial Infarction (MI)  
Beta Adrenergic Receptor Blocking Agents (Beta Blockers)
Therapeutics that treat irreversible damage to the heart muscle by blocking the beta adrenergic receptors of the heart muscle.

Target Products:

  • Metroprolol Tartrate
  • Carvedilol
  • Atenolol
  
Vascular Disorders  
Aneurysms  
Hemorrhage  
Calcium Channel Blocking Agents
Therapeutics that treat bleeding from aneurysms by blocking the flow of calcium ions from the blood vessel wall.

Target Products:

  • Nimodipine
  
Deep Vein Thrombosis (DVT)  
Anticoagulating Agents (Anticoagulants)  
Platelet Aggregation Inhibitors  
Adenosine Diphosphate (ADP) Inhibitors
Therapeutics that treat/prevent thrombosis by selectively inhibiting the binding of adenosine diphosphate (ADP) to its platelet receptor, thereby inhibiting platelet aggregation.

Target Products:

  • Ticlopidine HCl
  
Hypertension  
Beta Adrenergic Receptor Blocking Agents (Beta Blockers)
Therapeutics that treat high blood pressure by blocking the beta adrenergic receptors of the heart muscle.

Target Products:

  • Carvedilol
  • Metroprolol Tartrate
  • Atenolol
  
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:

  • Amlodipine Besylate
  
Thiazide Diuretic Agents
Therapeutics that treat high blood pressure by increasing the excretion of sodium, potassium ions, and water in urine.

Target Products:

  • Hydrochlorothiazide
  
Stroke  
Anticoagulating Agents (Anticoagulants)  
Platelet Aggregation Inhibitors  
Adenosine Diphosphate (ADP) Inhibitors
Therapeutics that prevent or treat damage to nerve cells of the brain by preventing platelets from clumping together.

Target Products:

  • Ticlopidine HCl
  
Dermatology  
Lesion/Scaling Disorders  
Chronic Urticaria  
Antihistamines
Therapeutics that treat allergic skin conditions by blocking the action of histamines.

Target Products:

  • Cetirizine Hydrochloride
  
Digestive System
Gastrointestinal Tract Disorders
Gastroduodenal Disorders  
Zollinger-Ellison Syndrome  
Proton Pump Inhibitors
Therapeutics that treat ulcers by inhibiting the membrane protein involved in the final steps of triggering acid release into the stomach.

Target Products:

  • Pantoprazole Sodium Delayed Release
  
Gastroesophageal Disorders  
Acid Indigestion/Heartburn  
Proton Pump Inhibitors
Therapeutics that treat heartburn by inhibiting the action of the membrane protein involved in the final steps of triggering acid release into the stomach.

Target Products:

  • Pantoprazole Sodium Delayed Release
  
Erosive Esophagitis  
Proton Pump Inhibitors
Therapeutics that treat Erosive Esophagus by inhibiting the actions of receptors responsible for triggering acid release into the stomach.

Target Products:

  • Pantoprazole Sodium Delayed Release
  
Gastroesophageal Reflux Disease (GERD)  
Proton Pump Inhibitors
Therapeutics that treat Gastroesophageal Reflux Disease by inhibiting the membrane protein involved in the final steps of triggering acid release into the stomach.

Target Products:

  • Pantoprazole Sodium Delayed Release
  
Nausea/Vomiting  
Serotonin Receptor Antagonists
Therapeutics that treat nausea and vomiting by blocking the serotonin receptors.

Target Products:

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

Buyer Products:

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

Buyer Products:

  • Nuvion (Visilizumab)
  
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:

  • Metformin HCl
  • Metformin Extended-Release
  
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.

Target Products:

  • Metformin/Glipizide
  
Insulin Stimulating Agents (Non-Sulfonylureas)
Therapeutics that treat non-insulin dependent diabetes by stimulating the secretion of insulin.

Target Products:

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

Target Products:

  • Glipizide
  
Hyperglycemia  
Insulin Stimulating Agents (Sulfonylureas)
Therapeutics that stimulate the secretion of insulin.

Target Products:

  • Glipizide
  
Intermediary Metabolism Disorders  
Gout  
Hyperuricemia  
Xanthine Oxidase Inhibitors
Therapeutics that inhibit the resorption of urate from the kidneys and prevent the precipitation of urate in the joint.

Target Products:

  • Allopurinol
  
Pituitary Gland Disorders  
Acromegaly  
Somatostatin Analogs
Therapeutics that prevents the secretion of growth hormones.

Target Products:

  • Octreotide Acetate
  
Thyroid Gland Disorders  
Hyperthyroidism  
Thyroid Hormone Synthesis Inhibitors
Therapeutics that stop the production of thyroid hormones.

Target Products:

  • Methimazole
  
Hematology  
Serum Factor Disorders  
Hyperglycemia  
Insulin Stimulating Agents (Sulfonylureas)
Therapeutics that stimulate the secretion of insulin.

Target Products:

  • Glipizide
  
Hyperuricemia  
Xanthine Oxidase Inhibitors
Therapeutics that treat hyperuricemia by preventing the conversion of hypoxanthine to uric acid.

Target Products:

  • Allopurinol
  
Immunology
Autoimmune Disorders
Arthritis  
Rheumatoid Arthritis (RA)  
Analgesics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Cyclooxygenase-2 Inhibitors (COX-2 Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by selectively blocking cyclooxygenase 2 activity.

Target Products:

  • Meloxicam
  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking cyclooxygenase activity.

Target Products:

  • Flurbiprofen
  • Oxaprozin
  • Salsalate
  • Choline Magnesium Trisalycylate
  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Buyer Products:

  • Nuvion (Visilizumab)
  
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:

  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  
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:

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

Target Products:

  • Paromomycin Sulfate
  
Musculoskeletal System  
Skeletal Disorders  
Joint Disorders  
Ankylosing Spondylitis  
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:

  • Flurbiprofen
  
Osteoarthritis (OA)  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Cyclooxygenase 2 Inhibitors (COX-2 Inhibitors)
Therapeutics that treat inflammation by specifically inhibiting the action of cyclooxygenase-2.

Target Products:

  • Meloxicam
  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat inflammation by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Flurbiprofen
  • Choline Magnesium Trisalycylate
  • Salsalate
  
Rheumatoid Arthritis (RA)  
Analgesics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Cyclooxygenase 2 Inhibitors (COX-2 Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by selectively blocking cyclooxygenase 2 activity.

Target Products:

  • Meloxicam
  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking cyclooxygenase activity.

Target Products:

  • Salsalate
  • Choline Magnesium Trisalycylate
  • Oxaprozin
  • Flurbiprofen
  
Neurology
Neurological Disorders  
Epilepsy  
Partial Seizures  
Complex  
Adjunctive Therapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat complex partial seizures by preventing the uptake of gamma-aminobutyric acid, which prevent nerve activation.

Target Products:

  • Gabapentin
  • Divalproex Sodium Delayed Release Tablets
  
Sodium Channel Blocking Agents
Therapeutics that treat complex partial seizures by blocking the sodium channels which in turn block the conductance of neural impulses through the brain.

Target Products:

  • Lamotrigine
  • Oxcarbazepine
  
Sodium Channel Blocking Agents/Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat complex partial seizures by preventing the uptake of gamma-aminobutyric acid as well as blocking the sodium channels which in turn block the conductance of electrical impulses through the brain.

Target Products:

  • Zonisamide
  
Monotherapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat complex partial seizures by preventing the uptake of gamma-aminobutyric acid, that prevents nerve activation.

Target Products:

  • Divalproex Sodium Delayed Release Tablets
  
Sodium Channel Blocking Agents
Therapeutics that treat complex partial seizures by blocking the sodium channels which in turn block the conductance of neural impulses through the brain.

Target Products:

  • Carbamazepine
  • Oxcarbazepine
  • Lamotrigine
  
Sodium Channel Modulators
Therapeutics that treat complex partial seizures by blocking the sodium channels which in turn block the conductance of neural impulses through the brain.

Target Products:

  • Phenytoin Sodium
  • Extended Phenytoin Sodium
  
Simple  
Adjunctive Therapy  
Sodium Channel Blocking Agents
Therapeutics that treat Petit Mal Seizures by preventing the entrance of sodium into nerve cells.

Target Products:

  • Oxcarbazepine
  
Monotherapy  
Sodium Channel Blocking Agents
Therapeutics that treat simple partial seizures by blocking the sodium channels which in turn block the conductance of neural impulses.

Target Products:

  • Oxcarbazepine
  • Lamotrigine
  • Carbamazepine
  
Primary Generalized Seizures  
Absence (Petit Mal)  
Adjunctive Therapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat Petit Mal Seizures by preventing the uptake of molecules that prevents nerve activation.

Target Products:

  • Divalproex Sodium Delayed Release Tablets
  • Clonazepam
  
Monotherapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat Petit Mal Seizures by preventing the uptake of molecules that prevents nerve activation.

Target Products:

  • Clonazepam
  • Divalproex Sodium Delayed Release Tablets
  
Akinetic Pattern  
Adjunctive Therapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat Akinetic Pattern Seizures by preventing the uptake of molecules that prevents nerve activation.

Target Products:

  • Clonazepam
  
Monotherapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat Akinetic Pattern Seizures by preventing the uptake of molecules that prevents nerve activation.

Target Products:

  • Clonazepam
  
Myoclonic  
Adjunctive Therapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat Myoclonic Seizures by inhibiting the uptake of molecules that prevent nerve activation.

Target Products:

  • Clonazepam
  
Monotherapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat Myoclonic Seizures by inhibiting the uptake of molecules that prevents nerve activation.

Target Products:

  • Clonazepam
  
Tonic-Clonic (Grand Mal)  
Sodium Channel Blocking Agents
Therapeutics that treat Grand Mal Seizures by preventing the entrance of sodium into nerve cells.

Target Products:

  • Carbamazepine
  
Sodium Channel Modulators
Therapeutics that treat Grand Mal Seizures by modulating the gates which allow sodium into nerve cells.

Target Products:

  • Extended Phenytoin Sodium
  
Headaches  
Vascular (Migraine)  
Prophylactic Treatments  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that provide preventative treatments for migraine headaches by inhibiting the uptake of molecules that prevent nerve activation.

Target Products:

  • Divalproex Sodium Delayed Release Tablets
  
Spasticity (Spinal Shock)  
Alpha Adrenergic Receptor Agonists
Therapeutics that treat spasticity by stimulating the alpha adrenergic receptors.

Target Products:

  • Tizanidine Hydrochloride
  
Aspartic Receptor Antagonists/Glutamic Receptor Antagonists
Therapeutics that treat Spinal Shock by blocking the receptors for aspartic acid and glutamic acid, both excitatory neurotransmitters.

Target Products:

  • Baclofen
  
Trigeminal Neuralgia (Tic Douloureux)  
Sodium Channel Blocking Agents
Therapeutics that treat trigeminal Neuralgia by inhibiting the entrance of sodium into the nerve cells.

Target Products:

  • Carbamazepine
  
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:

  • Daclizumab (Monoclonal Antibody)
  
Psychiatric Disorders  
Anxiety  
Generalized Anxiety Disorder (GAD)  
Selective Norepinephrine Reuptake Inhibitors (SNRI)
Therapeutics that treat anxiety by selectively preventing the removal of norepinephrine, and potentiating neurotransmitter activity in the central nervous system (CNS).

Target Products:

  • Venlafaxine Hydrochloride
  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat anxiety by selectively preventing the removal of serotonin.

Target Products:

  • Escitalopram Oxalate
  • Paroxetine Hydrochloride
  
Obsessive Compulsive Disorder (OCD)  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat Anxiety by selectively preventing the removal of serotonin.

Target Products:

  • Paroxetine Hydrochloride
  • Fluvoxamine Maleate
  
Panic Disorder  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat panic disorder by enhancing the inhibitory neurotransmitter action of gamma-aminobutyric acid.

Target Products:

  • Clonazepam
  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat panic disorder by selectively preventing the removal of serotonin.

Target Products:

  • Paroxetine Hydrochloride
  
Post-Traumatic Stress Disorder (PTSD)  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat post traumatic stress disorder by selectively preventing the removal of serotonin.

Target Products:

  • Paroxetine Hydrochloride
  
Social Anxiety Disorder (SAD)  
Selective Norepinephrine Reuptake Inhibitors (SNRI)
Therapeutics that treat Social Anxiety Disorder by selectively preventing the removal of norepinephrine, and potentiating neurotransmitter activity in the central nervous system (CNS).

Target Products:

  • Venlafaxine Hydrochloride
  
Mood Disorders  
Bipolar Disorders (Manic Depressive Disorders)  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat bipolar disorders by preventing the uptake of gamma-aminobutyric acid, that prevents nerve activation.

Target Products:

  • Divalproex Sodium Delayed Release Tablets
  
Depression  
Selective Norepinephrine Reuptake Inhibitors (SNRI)
Therapeutics that treat depression by selectively preventing the removal of norepinephrine, and potentiating neurotransmitter activity in the central nervous system (CNS).

Target Products:

  • Venlafaxine Hydrochloride
  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat depression by selectively preventing the removal of serotonin.

Target Products:

  • Paroxetine Hydrochloride
  • Citalopram Hydrobromide
  • Escitalopram Oxalate
  
Tetracyclic Compounds
Therapeutics that treat depression by increasing the synaptic concentrations of norepinephrine.

Target Products:

  • Mirtazapine
  
Tricyclic Compounds
Therapeutics that treat depression by increasing the synaptic concentrations of norepinephrine and serotonin.

Target Products:

  • Amitriptyline Hydrochloride
  
Schizophrenia  
Dopamine Receptor Blocking Agents
Therapeutics that treat schizophrenia by blocking the dopamine receptors.

Target Products:

  • Clozapine
  
Sleep Disorders  
Excessive Daytime Sleepiness (EDS)  
Alpha Adrenergic Receptor Agonists
Therapeutics that treat excessive daytime sleepiness (EDS) by stimulating the adrenergic receptors, which cause nervous system stimulation.

Target Products:

  • Modafinil
  
Insomnia  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat insomnia by enhancing the inhibitory action of gamma-aminobutyric acid.

Target Products:

  • Zolpidem Tartrate
  
Narcolepsy  
Alpha Adrenergic Receptor Agonists
Therapeutics that treat narcolepsy by stimulating the adrenergic receptors, which causes nervous system stimulation.

Target Products:

  • Modafinil
  
Oncology
Endocrinology  
Carcinoid Tumors  
Palliative Agents  
Somatostatin Analogs
Therapeutics that treat and manage a serotonin secreting neoplasm known as a carcinoid tumor by inhibiting the secretion of growth hormone which allows the tumor to grow rapidly.

Target Products:

  • Octreotide Acetate
  
Head/Neck Cancer  
Palliative Agents  
Thiophosphate Cytoprotective Agents
Therapeutics that treat nephropathy associated with repeated cisplatin treament for head and neck cancers.

Target Products:

  • Amifostine
  
Hematology  
Leukemia (White Blood Cell Cancer)  
Palliative Agents  
Xanthine Oxidase Inhibitors
Therapeutics that treat renal toxicity associated with chemotherapy by preventing the formation of uric acid from xanthine.

Target Products:

  • Allopurinol
  
Lymphoma (Lymphatic Cancer)  
Hodgkin`s Disease  
Palliative Agents  
Xanthine Oxidase Inhibitors
Therapeutics that treat renal toxicity associated with chemotherapy for lymphoma characterized by the presence of Reed-Sternberg cells by preventing the formation of uric acid from xanthine.

Target Products:

  • Allopurinol
  
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:

  • Volociximab/M200 (Chimeric Monoclonal Antibody)
  • PDL192 (Humanized Monoclonal Antibody)
  • Elotuzumab/Previously HuLuc63 (Anti-CS1 Monoclonal Antibody)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer and are currently in an early research or preclinical stage of development.

Buyer Products:

  • Therapeutic Antibody Candidates
  
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

Target Products:

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

Target Products:

  • 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 Hydrochloride/Acetaminophen
  • Meperidine HCl
  
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 HCl
  
Non-Narcotics  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat pain by inhibiting the reuptake of GABA, which increases the levels of GABA in the synapses.

Target Products:

  • Gabapentin
  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Cyclooxygenase 2 Inhibitors (COX-2 Inhibitors)
Therapeutics that treat pain by specifically inhibiting the action of cyclooxygenase-2.

Target Products:

  • Meloxicam
  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Choline Magnesium Trisalycylate
  • Salsalate
  • Flurbiprofen
  • Oxaprozin
  
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:

  • Daclizumab (Monoclonal Antibody)
  
Upper Respiratory Tract Disorders  
Coughs/Colds  
Antihistamines
Therapeutics that inhibit the inflammation by blocking the action of histamines on tissues.

Target Products:

  • Cetirizine Hydrochloride
  
Surgery  
General  
Complications  
Nausea/Vomiting  
Serotonin Receptor Antagonists
Therapeutics that prevent or treat post surgical nausea and vomiting by blocking the receptors that bind serotonin, a neurotransmitter.

Target Products:

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

Buyer Products:

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

Buyer Products:

  • Zenapax (Daclizumab)
  
Urology  
Urological Disorders  
Kidney (Renal)  
Nephrolithiasis/Renal Calculi (Kidney Stones)  
Calcium  
Xanthine Oxidase Inhibitors
Therapeutics that treat the formation of kidney stones from calcium deposits by reducing uric acid formation through the inhibition of xanthine oxidase.

Target Products:

  • Allopurinol
  
Uric Acid  
Xanthine Oxidase Inhibitors
Therapeutics that inhibit the conversion of hypoxanthine to uric acid, thus preventing the deposition of excess uric acid in the kidneys.

Target Products:

  • Allopurinol
  
Weight Management  
Obesity  
Sympathomimetic Agents
Therapeutics that suppress appetite by stimulating the adrenergic receptors and produce adrenergic chemicals.

Target Products:

  • Phentermine Hydrochloride
  
Outsourced Services  
Drug Discovery Services  
Lead Discovery/Validation/Optimization  
Lead Biologics  
Antibodies
Biological lead compounds which have a specific amino acid sequence that only interacts with specific substances to cause an immunological response.

Buyer Products:

  • Humanized Antibody Technology
  

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

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

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

Relationship Details

Key Competitors

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  GlaxoSmithKline plc (ADR) n/a 118,471.320 13.48 11.40 2.90 2.55 57.50
Genentech, Inc. n/a 102,018.015 33.12 29.97 8.38 7.75 9.60
Baxter International Inc. n/a 42,109.657 22.81 20.52 3.56 3.42 7.73
Hospira, Inc. n/a 6,220.164 23.04 15.71 1.74 1.69 26.95
Medarex inc. n/a 875.199 n/a -23.00 15.95 17.92 2.70
Sangamo Biosciences, Inc. n/a 389.794 n/a -13.53 36.43 29.44 6.66
Dyax Corp. n/a 281.403 n/a -4.22 10.31 11.00 n/a
Nuvelo, Inc. n/a 25.723 n/a -0.76 1.69 1.79 0.50
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
Target
  Perrigo Company n/a 3,232.888 23.81 17.96 1.77 1.54 5.00
Lannett Company, Inc. n/a 88.394 n/a -34.09 1.28 1.30 1.51

- 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
  Seattle Genetics, Inc. n/a 862.546 n/a -10.88 29.18 25.57 6.95
ARIUS Research, Inc. n/a 115.719 n/a n/a 48.69 n/a 21.58
Highland Distressed Opportunities, Inc n/a 91.241 n/a 6.27 2.65 7.05 0.71
Target
  Sun Pharmaceutical Industries, Ltd. 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
  Cardinal Health, Inc. n/a 19,354.761 14.88 13.91 0.21 0.20 12.72
McKesson Corporation n/a 15,704.882 15.86 14.16 0.15 0.15 6.20
AmerisourceBergen Corp. n/a 6,425.614 28.79 14.33 0.09 0.09 n/a
Buyer
  Genentech, Inc. 68.00% 102,018.015 33.12 29.97 8.38 7.75 9.60
AstraZeneca plc (ADR) 14.00% 67,210.863 11.73 9.68 2.17 2.09 n/a
Roche Holding Ltd. (ADR) n/a 141,891.535 16.26 15.18 3.47 3.22 5.94
Wyeth n/a 54,417.359 12.14 11.63 2.36 2.33 3.57
Bristol Myers Squibb Co. n/a 42,541.949 19.39 12.95 2.06 2.05 9.14
Cardinal Health, Inc. n/a 19,354.761 14.88 13.91 0.21 0.20 12.72
McKesson Corporation n/a 15,704.882 15.86 14.16 0.15 0.15 6.20
Biogen Idec Inc. n/a 14,103.466 20.47 13.76 3.90 3.52 6.93
AmerisourceBergen Corp. n/a 6,425.614 28.79 14.33 0.09 0.09 n/a
Elan Corporation, plc (ADR) n/a 6,151.444 n/a -27.19 7.19 5.71 n/a
Seattle Genetics, Inc. n/a 862.546 n/a -10.88 29.18 25.57 6.95
Progenics Pharmaceuticals, Inc. n/a 431.232 n/a -12.75 5.68 4.63 3.11
Target
  McKesson Corporation 28.00% 15,704.882 15.86 14.16 0.15 0.15 6.20
Cardinal Health, Inc. 21.00% 19,354.761 14.88 13.91 0.21 0.20 12.72
AmerisourceBergen Corp. 8.00% 6,425.614 28.79 14.33 0.09 0.09 n/a
Government - United States n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Cardinal Health, Inc. n/a 19,354.761 14.88 13.91 0.21 0.20 12.72
Buyer
  Roche Holding Ltd. (ADR) n/a 141,891.535 16.26 15.18 3.47 3.22 5.94
Genentech, Inc. n/a 102,018.015 33.12 29.97 8.38 7.75 9.60
Wyeth n/a 54,417.359 12.14 11.63 2.36 2.33 3.57
Eli Lilly & Co. n/a 51,663.008 13.58 11.70 2.62 2.56 4.17
Bristol Myers Squibb Co. n/a 42,541.949 19.39 12.95 2.06 2.05 9.14
Cardinal Health, Inc. n/a 19,354.761 14.88 13.91 0.21 0.20 12.72
Biogen Idec Inc. n/a 14,103.466 20.47 13.76 3.90 3.52 6.93
Elan Corporation, plc (ADR) n/a 6,151.444 n/a -27.19 7.19 5.71 n/a
Seattle Genetics, Inc. n/a 862.546 n/a -10.88 29.18 25.57 6.95
Exelixis, Inc. n/a 595.310 n/a -3.64 5.20 4.97 n/a
Progenics Pharmaceuticals, Inc. n/a 431.232 n/a -12.75 5.68 4.63 3.11
ARIUS Research, Inc. n/a 115.719 n/a n/a 48.69 n/a 21.58
Pierre Fabre Medicament n/a n/a n/a n/a n/a n/a n/a
Target
  Cardinal Health, Inc. n/a 19,354.761 14.88 13.91 0.21 0.20 12.72
McKesson Corporation n/a 15,704.882 15.86 14.16 0.15 0.15 6.20
AmerisourceBergen Corp. n/a 6,425.614 28.79 14.33 0.09 0.09 n/a
Sun Pharmaceutical Industries, Ltd. 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 280.2 423.2 703.5
Other Revenue 0.0 0.0 0.0
Total Revenue 280.2 423.2 703.5
Cost of Revenue 0.0 330.8 330.8
SG&A Expense 76.4 14.7 91.1
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 188.1 31.9 220.0
Interest Expense 0.0 0.0 0.0
Other Operating Expense -49.7 0.0 -49.7
Unusual Expense (Income) 18.0 0.0 18.0
Total Expenses 232.8 377.4 610.3
Operating Income 47.4 45.8 93.2
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 4.0 1.6 5.7
Gain/Loss On Sale Of Assets 0.0 -0.1 -0.1
Other, Net 0.0 0.0 0.0
Income Before Taxes 51.4 47.3 98.8
Income Taxes 2.2 11.0 13.2
Income After Taxes 49.2 36.3 85.6
Net Income - Excl. Xord. Items 49.2 36.3 85.6
Discontinued Operations -98.6 0.0 -98.6
Net Income - Incl. Xord. Items -49.3 36.3 -13.0
Income Avail. to Common -49.3 36.3 -13.0
Share Items
Basic Avg. Shares Outstanding 118.8 32.7 151.5
Basic EPS - Excl. Xord. Items 0.41 1.11 0.56
Basic EPS - Incl. Xord. Items n/a 1.11 -0.09
Full Dilution Adjustment 1.9 0.0 1.9
Fully Diluted Shares Outstanding 152.5 40.5 193.0
F.D. EPS - Excl. Xord. Items 0.32 0.90 0.44
F.D. EPS - Incl. Xord. Items n/a 0.90 -0.07
Balance Sheet
Assets
Cash and Equivalents 461.6 22.9 484.5
ST Investments 13.8 0.0 13.8
Accounts Receivable 0.0 80.6 80.6
Inventory 0.0 230.6 230.6
Prepayments and Advances 0.0 10.2 10.2
Other Current Assets 27.6 0.4 27.9
Current Assets 503.0 344.6 847.6
PPE 0.0 38.2 38.2
Accum D&A 0.0 -12.1 -12.1
PPE, Net 130.9 26.1 157.0
Goodwill & Intangibles 8.2 1.1 9.3
Other Assets 0.0 0.0 0.0
Other LT Assets 12.0 17.8 29.8
Total Assets 654.1 389.6 1,043.8
Liabilities
Accounts Payable 1.9 228.5 230.3
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 53.1 2.6 55.7
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.8 0.0 0.8
Other (Current) Liabilities 8.2 6.1 14.3
Current Liab. 64.0 237.2 301.1
LT Debt 537.1 0.0 537.1
Total LT Debt 537.1 0.0 537.1
Other LT Liab. 26.0 0.0 26.0
Total Liabilities 627.0 237.2 864.2
Shareholders Equity
Preferred Stock 0.0 54.9 54.9
Common Stock 1.2 86.8 88.0
Additional Paid in Capital 645.7 3.2 648.9
Retained Earnings -619.3 7.6 -611.7
Other Equity -0.5 0.0 -0.5
Total Equity 27.1 152.5 179.6
Total Liab. & Equity 654.1 389.6 1,043.8
Shares Outstanding 119.4 33.1 152.5
Cash Flow
Operating Cash Flow
CF Net Income -49.3 36.3 -13.0
CF Depreciation 30.2 2.6 32.9
CF Amortization 15.6 0.0 15.6
CF Deferred Taxes 0.0 -12.2 -12.2
Other Non-Cash Items 41.7 12.0 53.7
Change in Working Capital -9.6 -39.7 -49.3
Total Cash From Operating Activities 28.6 -1.0 27.6
Investing Cash Flow (not calculated)
Capital Expenditures -43.4 -11.0 -54.5
Other Investing Cash Flows 727.6 0.2 727.8
Total Cash From Investing Activities 684.2 -10.8 673.3
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 24.2 0.1 24.3
Purchase and Retirement of Debt -6.2 0.0 -6.2
Other Financing Cash Flow -474.6 0.0 -474.6
Total Cash From Financing Activities -456.6 0.1 -456.5
Exchange Rate Effects 0.0 0.0 0.0
Net Change in Cash 256.2 -11.7 244.5
Cash Taxes Paid 0.2 24.2 24.4
Cash Interest Paid 12.4 0.0 12.4