Summary

Other Scenarios:

Buyer: PDL BioPharma Inc. (PDLI) Last Price: 9.40 Market Cap.: 1.12B
Target: Medicis Pharmaceutical Corporation (MRX) Last Price: 13.84 Market Cap.: 784.97M

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 844
Biopharmaceuticals 368
Medical Devices   225
Outsourced Services   48

- 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: 8)
  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  • Therapeutic Antibody Candidates
  • Volociximab/M200 (Chimeric Monoclonal Antibody)
Target (Total: 19)
  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Dynacin (Minocycline Hydrochloride)
  • Solodyn Extended Release Tablet (Minocycline HCl)
  • Ziana Gel (Clindamycin/Tretinoin)
Buyer
  • Humanized Antibody Technology
Target
  • LipSonix Ultrasound Transducer
  • Restylane (Hyaluronic Acid)
  • Perlane (Hyaluronic Acid)
  • Restylane Fine Lines (Hyaluronic Acid)

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 2)
  • Seattle Genetics, Inc. (SGEN)
  • Highland Distressed Opportunities, Inc (HCD)
Target (Total: 5)
  • Sanofi-Aventis SA (ADR) (SNY)
  • Abbott Laboratories (ABT)
  • QMed, Inc. (QMED)
  • Contract Pharmaceuticals Limited
Buyer (Total: 12)
  • Genentech, Inc. (DNA)
  • AstraZeneca plc (ADR) (AZN)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Wyeth (WYE)
Target (Total: 5)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • BioMarin Pharmaceutical Inc. (BMRN)
  • Taro Pharmaceutical Industries Ltd. (TAROF)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 887 577
Revenue Per Employee 348,577.5 985,039.2
Total Revenue 77.3 115.4
Total Expenses 64.3 129.7
Other Revenue 0.0 0.0
Cost of Revenue 0.0 10.8
SG&A Expense 18.5 71.6
Research & Development 44.7 7.1
Other Operating Expense 0.0 2.6
Operating Income 13.1 -14.3
Unusual Income 1.0 30.5
LT Debt to Capital 88.93 21.8
Fwd P/E 12.78 9.85
Fwd P/Rev 3.62 1.51
Book Value 66.4 606.9
Curr Portion of LTD/Cap Lease 0.8 0.2

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals > Dermatology

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

Medicis Pharmaceutical Corporation (Medicis) is an independent specialty pharmaceutical company focused primarily on helping patients attain a healthy and youthful appearance and self-image through the development and marketing in the United States of products for the treatment of dermatological, aesthetic and podiatric conditions. It also markets products in Canada for the treatment of dermatological and aesthetic conditions. It offers a range of products addressing various conditions or aesthetic improvements, including facial wrinkles, acne, fungal infections, rosacea, hyperpigmentation, photoaging, psoriasis, skin and skin-structure infections, seborrheic dermatitis and cosmesis (improvement in the texture and appearance of skin). It offers 18 branded products, including PERLANE (hyaluronic acid), RESTYLANE (hyaluronic acid), SOLODYN (minocycline HCl, USP), TRIAZ (benzoyl peroxide), VANOS (fluocinonide) Cream 0.1%, and ZIANA (clindamycin phosphate 1.2% and tretinoin 0.025%) Gel.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 100 91.88
Operating Margin % 23.28 13.17
Quick Ratio 8.11 1.98
Current Ratio 8.34 2.49
Coverage Ratio 0.02 0.33
Total Assets 718.2 971.1
Return on Equity % 98.81 6.94
Return on Assets % 9.13 4.34
Cash+ ST Inv. Per Share 3.63 5.42
Total Debt 533.8 169.3
Total Debt to Equity % 804.19 27.9
Total Debt to Tangible Equity % 911.61 59.81
Debt to Asset % 74.32 17.44

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
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.
  
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
  
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
  
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.
  
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
  
Medical Devices  
Plastic/Reconstructive Surgery
The Plastic/Reconstructive Surgery Subsector includes medical devices that treat and modify a patient's external appearance.
  
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
Dermatology  
Acne  
Rosacea  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat chronic inflammatory disorder of the face characterized by redness and pimple formation by inhibiting bacterial folic acid synthesis.

Target Products:

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

Target Products:

  • Dynacin (Minocycline Hydrochloride)
  • Solodyn Extended Release Tablet (Minocycline HCl)
  
Antibacterial Agents/Retinoids
Therapeutics that treat acne by preventing bacterial growth and helping in cell differentiation.

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

  • Esoterica (Hydroquinone)
  
Digestive System  
Gastrointestinal Tract Disorders  
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  
Intermediary Metabolism Disorders  
Urea Cycle Disorders  
Glutamine Acetylyzing Agents
Therapeutics that conjugate with glutamine to help excrete nitrogen waste.

Target Products:

  • Buphenyl (Sodium Phenylbutyrate)
  • Ammonul (Sodium Phenylacetate, Sodium Benzoate)
  
Immunology
Autoimmune 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)
  
Psoriasis  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat a chronic autoimmune disease characterized by softening, separating, causing the shedding of the horny layer of the skin with a steroidal compound.

Target Products:

  • Synalar (Fluocinolone Acetonide)
  • Vanos (Fluocinonide)
  
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  
Cephalosporin Derivatives
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

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

Target Products:

  • Loprox (Ciclopirox)
  
Neurology  
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)
  
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:

  • 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  
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)
  
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)
  
Medical Devices  
Plastic/Reconstructive Surgery  
Surgical  
Procedure/Region Specific  
Liposuction/Lipolysis
Suction and/or other devices used to remove fat from the body, or to reduce fat by disrupting fat cells.

Target Products:

  • LipSonix Ultrasound Transducer
  
Treatment  
Wrinkle Removal  
Hyaluronic Acid  
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 93,667.975 13.40 10.67 2.68 2.39 78.84
Genentech, Inc. n/a 81,785.127 26.16 24.31 6.45 6.12 6.82
Baxter International Inc. n/a 31,107.783 16.18 15.17 2.54 2.56 5.82
Hospira, Inc. n/a 4,280.381 14.64 11.00 1.17 1.19 17.62
Medarex inc. n/a 610.859 n/a -13.91 11.60 12.46 1.85
Dyax Corp. n/a 207.090 n/a -2.65 6.87 7.62 n/a
Sangamo Biosciences, Inc. n/a 133.183 n/a -4.41 10.99 8.82 2.47
Nuvelo, Inc. n/a 16.099 n/a -0.53 1.06 1.12 0.37
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
Target
  Johnson & Johnson n/a 158,844.010 12.60 12.86 2.46 2.50 9.26
Sanofi-Aventis SA (ADR) n/a 81,363.100 12.87 8.19 2.24 2.10 n/a
Allergan, Inc. n/a 10,466.567 17.79 14.03 2.36 2.49 22.41
Warner Chilcott Ltd. n/a 3,591.150 28.27 9.40 3.89 3.58 n/a
Valeant Pharmaceuticals International n/a 1,704.113 14.06 61.12 2.39 2.16 8.20
Taro Pharmaceutical Industries Ltd. n/a 295.291 13.97 n/a 0.94 n/a 1.58
Obagi Medical Products, Inc. n/a 159.600 10.72 11.51 1.50 1.46 3.07
BioForm Medical, Inc. n/a 50.959 n/a -1.96 0.75 0.74 0.68
Uluru Inc. n/a 22.928 n/a n/a 17.47 n/a 1.15
Access Pharmaceuticals, Inc. n/a 6.516 n/a -0.41 24.30 6.45 n/a
Artes Medical, Inc. n/a 0.158 n/a -0.01 0.02 n/a n/a
Groupe L'Oreal n/a n/a n/a n/a n/a n/a n/a
Nestle S.A. n/a n/a n/a 10.25 n/a n/a n/a
DFB Pharmaceuticals, Inc. 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
  Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Highland Distressed Opportunities, Inc n/a 20.374 n/a 1.89 0.70 1.80 0.17
Target
  Sanofi-Aventis SA (ADR) n/a 81,363.100 12.87 8.19 2.24 2.10 n/a
Abbott Laboratories n/a 78,742.790 17.32 15.37 2.73 2.67 26.86
QMed, Inc. n/a 0.017 n/a n/a 0.00 n/a 0.01
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
Ipsen S.A. n/a n/a n/a n/a n/a n/a n/a

- 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 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation n/a 9,990.133 9.34 8.83 0.09 0.10 3.82
Buyer
  Genentech, Inc. 68.00% 81,785.127 26.16 24.31 6.45 6.12 6.82
AstraZeneca plc (ADR) 14.00% 56,480.158 9.23 7.88 1.79 1.75 n/a
Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation n/a 9,990.133 9.34 8.83 0.09 0.10 3.82
AmerisourceBergen Corp. n/a 5,164.594 20.61 10.17 0.07 0.07 n/a
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Progenics Pharmaceuticals, Inc. n/a 259.793 n/a -7.00 3.40 2.94 2.03
Target
  McKesson Corporation 52.20% 9,990.133 9.34 8.83 0.09 0.10 3.82
Cardinal Health, Inc. 16.90% 11,701.788 9.38 8.59 0.13 0.12 7.08
BioMarin Pharmaceutical Inc. n/a 1,697.047 190.84 57.33 7.01 5.70 8.06
Taro Pharmaceutical Industries Ltd. n/a 295.291 13.97 n/a 0.94 n/a 1.58
Hyperion 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 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 11,701.788 9.38 8.59 0.13 0.12 7.08
Buyer
  Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Genentech, Inc. n/a 81,785.127 26.16 24.31 6.45 6.12 6.82
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Eli Lilly & Co. n/a 41,396.458 17.16 8.88 2.03 1.97 3.62
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Exelixis, Inc. n/a 522.719 n/a -2.38 4.45 3.34 n/a
Target
  Sanofi-Aventis SA (ADR) n/a 81,363.100 12.87 8.19 2.24 2.10 n/a
Abbott Laboratories n/a 78,742.790 17.32 15.37 2.73 2.67 26.86
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation n/a 9,990.133 9.34 8.83 0.09 0.10 3.82
BioMarin Pharmaceutical Inc. n/a 1,697.047 190.84 57.33 7.01 5.70 8.06
Impax Laboratories Inc. n/a 519.929 445.08 n/a 4.62 n/a 8.86
Taro Pharmaceutical Industries Ltd. n/a 295.291 13.97 n/a 0.94 n/a 1.58
QMed, Inc. n/a 0.017 n/a n/a 0.00 n/a 0.01
Hyperion Therapeutics, Inc. n/a n/a n/a n/a n/a n/a n/a
Revance Therapeutics, Inc. n/a n/a n/a n/a n/a n/a n/a
AAIPharma Inc. n/a n/a n/a n/a n/a n/a n/a
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
Ipsen S.A. n/a n/a n/a n/a n/a n/a n/a
Dow Pharmaceutical Sciences, Inc. n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 296.3 515.9 812.2
Other Revenue 0.0 0.0 0.0
Total Revenue 296.3 515.9 812.2
Cost of Revenue 0.0 41.9 41.9
SG&A Expense 77.7 279.4 357.2
Depreciation & Amortization 0.0 27.3 27.3
Research & Development 185.2 66.3 251.4
Interest Expense 0.0 0.0 0.0
Other Operating Expense -49.7 2.6 -47.1
Unusual Expense (Income) 14.1 30.5 44.6
Total Expenses 227.3 448.0 675.3
Operating Income 69.0 67.9 136.9
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 1.2 22.4 23.5
Other, Net 0.0 -2.9 -2.9
Income Before Taxes 70.2 87.4 157.6
Income Taxes 4.6 45.3 49.9
Income After Taxes 65.6 42.1 107.7
Net Income - Excl. Xord. Items 65.6 42.1 107.7
Discontinued Operations -53.4 0.0 -53.4
Net Income - Incl. Xord. Items 12.2 42.1 54.3
Income Avail. to Common 12.2 42.1 54.3
Share Items
Basic Avg. Shares Outstanding 119.3 56.7 176.0
Basic EPS - Excl. Xord. Items 0.55 0.74 0.61
Basic EPS - Incl. Xord. Items 0.10 0.74 0.31
Full Dilution Adjustment 2.3 0.0 2.3
Fully Diluted Shares Outstanding 152.8 56.7 209.5
F.D. EPS - Excl. Xord. Items 0.43 0.74 0.51
F.D. EPS - Incl. Xord. Items 0.08 0.74 0.26
Dividends Per Common Share 0.00 0.15 0.15
Balance Sheet
Assets
Cash and Equivalents 555.3 59.0 614.3
ST Investments 0.0 248.1 248.1
Accounts Receivable 0.0 48.0 48.0
Inventory 0.0 25.4 25.4
Other Current Assets 16.4 66.0 82.4
Current Assets 571.7 446.6 1,018.3
Accum D&A 0.0 0.0 0.0
PPE, Net 127.3 26.2 153.5
Goodwill & Intangibles 7.8 323.8 331.6
Other Assets 0.0 0.0 0.0
Other LT Assets 11.5 174.5 186.0
Total Assets 718.2 971.1 1,689.4
Liabilities
Accounts Payable 3.5 48.2 51.7
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 52.1 0.0 52.1
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.8 0.2 1.0
Other (Current) Liabilities 12.2 131.0 143.1
Current Liab. 68.5 179.4 247.9
LT Debt 532.9 169.1 702.1
Total LT Debt 532.9 169.1 702.1
Other LT Liab. 50.4 15.7 66.1
Total Liabilities 651.9 364.2 1,016.1
Shareholders Equity
Common Stock 1.2 1.0 2.2
Additional Paid in Capital 629.3 658.6 1,287.9
Retained Earnings -563.6 293.2 -270.4
Treasure Stock 0.0 -343.4 -343.4
Other Equity -0.5 -2.5 -3.0
Total Equity 66.4 606.9 673.3
Total Liab. & Equity 718.2 971.1 1,689.4
Shares Outstanding 119.3 56.7 176.0
Cash Flow
Operating Cash Flow
CF Net Income 12.2 42.1 54.3
CF Depreciation 26.2 27.3 53.5
CF Amortization 7.2 0.0 7.2
CF Deferred Taxes -0.3 -27.3 -27.6
Other Non-Cash Items 38.0 44.3 82.3
Change in Working Capital 33.8 -14.3 19.4
Total Cash From Operating Activities 117.1 72.1 189.2
Investing Cash Flow (not calculated)
Capital Expenditures -15.1 -13.3 -28.4
Other Investing Cash Flows 723.1 200.5 923.6
Total Cash From Investing Activities 708.0 187.2 895.2
Financing Cash Flow (not calculated)
Dividends Paid 0.0 -8.0 -8.0
Purchase Or Sale of Stock 20.6 7.5 28.1
Purchase and Retirement of Debt -6.1 -283.7 -289.9
Other Financing Cash Flow -494.2 0.3 -493.9
Total Cash From Financing Activities -479.8 -283.9 -763.6
Exchange Rate Effects 0.0 0.0 0.0
Net Change in Cash 345.3 -24.6 320.7
Cash Taxes Paid 0.2 82.8 83.0
Cash Interest Paid 12.4 0.0 12.4