Summary

Other Scenarios:

Buyer: PDL BioPharma Inc. (PDLI) Last Price: 9.67 Market Cap.: 1.16B
Target: Amylin Pharmaceuticals, Inc. (AMLN) Last Price: 8.34 Market Cap.: 1.15B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 846
Biopharmaceuticals 368
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
  • PDL192 (Humanized Monoclonal Antibody)
Target (Total: 7)
  • Symlin (Pramlintide Acetate)
  • Byetta (Exenatide)
  • Exenatide LAR ( Long-Acting Release Exendin-4)
  • Nasal Exenatide (Incretin Mimetic)
Buyer
  • Humanized Antibody Technology
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 2)
  • Seattle Genetics, Inc. (SGEN)
  • Highland Distressed Opportunities, Inc (HCD)
Target (Total: 10)
  • Alexandria Real Estate Equities, Inc. (ARE)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Amgen, Inc. (AMGN)
  • Baxter International Inc. (BAX)
Buyer (Total: 12)
  • Genentech, Inc. (DNA)
  • AstraZeneca plc (ADR) (AZN)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Wyeth (WYE)
Target (Total: 1)
  • Eli Lilly & Co. (LLY)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 887 1,900
Revenue Per Employee 348,577.5 460,972.4
Total Revenue 77.3 218.4
Total Expenses 64.3 277.1
Other Revenue 0.0 0.0
Cost of Revenue 0.0 23.4
SG&A Expense 18.5 99.7
Research & Development 44.7 73.5
Other Operating Expense 0.0 80.6
Operating Income 13.1 -58.7
Unusual Income 1.0 0.0
LT Debt to Capital 88.93 66.35
Fwd P/E 13.21 -3.79
Fwd P/Rev 3.64 1.21
Book Value 66.4 444.5
Curr Portion of LTD/Cap Lease 0.8 23.4

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals

Target

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

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

Amylin Pharmaceuticals, Inc. is a biopharmaceutical company engaged in the discovery, development and commercialization of drug candidates for the treatment of diabetes, obesity and other diseases. The Company is marketing two first-in-class medicines to treat diabetes: BYETTA (exenatide) injection and SYMLIN (pramlintide acetate) injection. In addition to its marketed products, the Company has ongoing programs in pharmaceutical discovery and development, including a late-stage program to develop exenatide once weekly, to enable once weekly administration of exenatide for the treatment of type 2 diabetes. The Company is working with Eli Lilly and Company (Lilly) and Alkermes, Inc. (Alkermes) to develop exenatide once weekly. It also has other early-stage programs for diabetes, obesity and other therapeutic areas. The Company maintains an active discovery research program focused on peptide therapeutics and is actively seeking to in-license additional drug candidates.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 100 89.27
Operating Margin % 23.28 -32.8
Quick Ratio 8.11 3.12
Current Ratio 8.34 3.57
Coverage Ratio 0.02 0.02
Total Assets 718.2 1,632.6
Return on Equity % 98.81 -64.86
Return on Assets % 9.13 -17.66
Cash+ ST Inv. Per Share 3.63 5.86
Total Debt 533.8 900.0
Total Debt to Equity % 804.19 202.49
Total Debt to Tangible Equity % 911.61 202.49
Debt to Asset % 74.32 55.13

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
  
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
  
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
  
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.
  
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
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  
Diabetes  
Insulin Dependent Diabetes Mellitus (IDDM)/Type 1 Diabetes  
Insulin Therapy  
Adjunctive
Therapeutics that treat Insulin Dependent Diabetes Mellitus by insulin or insulin-like supplements.

Target Products:

  • Symlin (Pramlintide Acetate)
  
Non-Insulin Dependent Diabetes Mellitus (NIDDM)/Type 2 Diabetes  
Glucagon-Like Peptide-1 Receptor Agonists (GLP-1 Receptor Agonists)
Therapeutics that treat non-insulin dependent diabetes by stimulating the Glucagon-Like Peptide (GLP) receptor. GLP regulates gastric emptying, insulin secretion, food intake, and glucagon secretion.

Target Products:

  • Byetta (Exenatide)
  • Exenatide LAR ( Long-Acting Release Exendin-4)
  
Insulin Therapy  
Adjunctive
Therapeutics that aids in, but not essential, to insulin therapy for the treatment of diabetes.

Target Products:

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

Target Products:

  • Nasal Exenatide (Incretin Mimetic)
  
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)
  
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
  
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:

  • PDL192 (Humanized Monoclonal Antibody)
  • Elotuzumab/Previously HuLuc63 (Anti-CS1 Monoclonal Antibody)
  • Volociximab/M200 (Chimeric 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)
  
Weight Management  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of weight disorders in early stages of clinical research where human subject is involved.

Target Products:

  • PYY 3-36
  • Second-Generation Amylinomimetic
  • Pramlintide/Metreleptin
  
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
Overlap
  GlaxoSmithKline plc (ADR) n/a 93,034.381 13.42 9.91 2.68 2.21 80.31
Buyer
  GlaxoSmithKline plc (ADR) n/a 93,034.381 13.42 9.91 2.68 2.21 80.31
Genentech, Inc. n/a 78,250.287 25.03 23.16 6.17 5.79 6.53
Baxter International Inc. n/a 33,148.146 17.24 15.51 2.71 2.61 6.20
Target
  Roche Holding Ltd. (ADR) n/a 117,567.267 14.05 14.03 3.00 2.80 5.13
Pfizer Inc. n/a 111,595.594 10.57 6.84 2.29 2.27 4.13
Novartis AG (ADR) n/a 106,740.023 14.12 12.27 2.52 2.51 3.62
GlaxoSmithKline plc (ADR) n/a 93,034.381 13.42 9.91 2.68 2.21 80.31
Abbott Laboratories n/a 81,845.952 18.00 15.67 2.84 2.73 27.92
Sanofi-Aventis SA (ADR) n/a 77,674.709 12.29 7.82 2.14 2.00 n/a
AstraZeneca plc (ADR) n/a 56,219.681 9.19 7.66 1.78 1.70 n/a
Merck & Co., Inc. n/a 56,004.788 12.36 7.60 2.33 2.22 3.19
Bristol Myers Squibb Co. n/a 41,908.019 10.71 12.25 2.02 1.96 6.09
Eli Lilly & Co. n/a 39,725.138 16.47 8.47 1.95 1.87 3.47
Novo Nordisk A/S (ADR) n/a 36,817.310 26.06 18.83 4.92 4.23 6.90
Nektar Therapeutics n/a 526.018 n/a -3.37 4.12 4.86 18.63
VIVUS, Inc. n/a 440.458 61.89 -191.33 4.27 3.99 3.27
MannKind Corporation n/a 321.418 n/a -1.04 15,800.00 57.64 1.97
Orexigen Therapeutics, Inc. n/a 120.826 n/a -1.91 1,352.60 1,956.69 1.65
RXi Pharmaceuticals Corporation n/a 118.772 n/a -8.02 n/a 8.74 9.74
CPEX Pharmaceuticals, Inc. n/a 22.932 n/a n/a 1.57 n/a 1.17
MDRNA, Inc. n/a 9.061 n/a -0.15 1.03 n/a 1.70
Genaera Corporation n/a 7.335 n/a n/a 4.82 n/a 0.76
Athersys, Inc. n/a 6.625 n/a -0.35 1.82 2.05 0.19
Takeda Pharmaceutical Company Limited 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 625.441 n/a -7.67 18.95 18.55 5.91
Highland Distressed Opportunities, Inc n/a 22.855 n/a 2.25 0.79 2.15 0.19
Target
  Alexandria Real Estate Equities, Inc. 1.70% 1,299.764 13.02 6.23 2.93 2.69 0.75
GlaxoSmithKline plc (ADR) n/a 93,034.381 13.42 9.91 2.68 2.21 80.31
Amgen, Inc. n/a 60,816.507 14.94 12.60 4.06 3.96 11.27
Baxter International Inc. n/a 33,148.146 17.24 15.51 2.71 2.61 6.20
Covidien Ltd. n/a 18,184.147 13.36 12.30 1.83 1.77 25.68
Alkermes, Inc. n/a 745.361 4.10 27.43 3.10 3.37 2.20
MDRNA, Inc. n/a 9.061 n/a -0.15 1.03 n/a 1.70
Bachem AG n/a n/a n/a n/a n/a n/a n/a
CP Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
Lonza Group 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
Buyer
  Genentech, Inc. 68.00% 78,250.287 25.03 23.16 6.17 5.79 6.53
AstraZeneca plc (ADR) 14.00% 56,219.681 9.19 7.66 1.78 1.70 n/a
Roche Holding Ltd. (ADR) n/a 117,567.267 14.05 14.03 3.00 2.80 5.13
Wyeth n/a 45,763.207 10.23 9.50 1.97 1.92 3.06
Bristol Myers Squibb Co. n/a 41,908.019 10.71 12.25 2.02 1.96 6.09
Biogen Idec Inc. n/a 12,910.062 16.63 11.71 3.29 2.97 5.42
Cardinal Health, Inc. n/a 11,273.849 9.03 8.12 0.12 0.11 6.82
McKesson Corporation n/a 9,186.109 8.59 8.17 0.09 0.08 3.51
AmerisourceBergen Corp. n/a 4,803.728 19.17 9.47 0.07 0.07 n/a
Elan Corporation, plc (ADR) n/a 3,318.451 n/a -12.46 3.50 3.11 n/a
Seattle Genetics, Inc. n/a 625.441 n/a -7.67 18.95 18.55 5.91
Progenics Pharmaceuticals, Inc. n/a 242.128 n/a -6.40 3.17 2.68 1.89
Target
  Eli Lilly & Co. n/a 39,725.138 16.47 8.47 1.95 1.87 3.47

- 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
  Eli Lilly & Co. n/a 39,725.138 16.47 8.47 1.95 1.87 3.47
Buyer
  Roche Holding Ltd. (ADR) n/a 117,567.267 14.05 14.03 3.00 2.80 5.13
Genentech, Inc. n/a 78,250.287 25.03 23.16 6.17 5.79 6.53
Wyeth n/a 45,763.207 10.23 9.50 1.97 1.92 3.06
Bristol Myers Squibb Co. n/a 41,908.019 10.71 12.25 2.02 1.96 6.09
Eli Lilly & Co. n/a 39,725.138 16.47 8.47 1.95 1.87 3.47
Biogen Idec Inc. n/a 12,910.062 16.63 11.71 3.29 2.97 5.42
Cardinal Health, Inc. n/a 11,273.849 9.03 8.12 0.12 0.11 6.82
Elan Corporation, plc (ADR) n/a 3,318.451 n/a -12.46 3.50 3.11 n/a
Seattle Genetics, Inc. n/a 625.441 n/a -7.67 18.95 18.55 5.91
Exelixis, Inc. n/a 373.823 n/a -2.13 3.18 2.99 n/a
Progenics Pharmaceuticals, Inc. n/a 242.128 n/a -6.40 3.17 2.68 1.89
Pierre Fabre Medicament n/a n/a n/a n/a n/a n/a n/a
Target
  GlaxoSmithKline plc (ADR) n/a 93,034.381 13.42 9.91 2.68 2.21 80.31
Amgen, Inc. n/a 60,816.507 14.94 12.60 4.06 3.96 11.27
Eli Lilly & Co. n/a 39,725.138 16.47 8.47 1.95 1.87 3.47
Baxter International Inc. n/a 33,148.146 17.24 15.51 2.71 2.61 6.20
Covidien Ltd. n/a 18,184.147 13.36 12.30 1.83 1.77 25.68
Inverness Medical Innovations, Inc. n/a 1,282.775 n/a 8.89 0.86 0.74 n/a
Alkermes, Inc. n/a 745.361 4.10 27.43 3.10 3.37 2.20
MDRNA, Inc. n/a 9.061 n/a -0.15 1.03 n/a 1.70
Bachem AG n/a n/a n/a n/a n/a n/a n/a
Psychogenics Inc n/a n/a n/a n/a n/a n/a n/a
Lonza Group Ltd. n/a n/a n/a n/a n/a n/a n/a
CP Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 296.3 859.7 1,156.0
Other Revenue 0.0 0.0 0.0
Total Revenue 296.3 859.7 1,156.0
Cost of Revenue 0.0 92.2 92.2
SG&A Expense 77.7 431.4 509.1
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 185.2 310.0 495.1
Interest Expense 0.0 0.0 0.0
Other Operating Expense -49.7 308.0 258.4
Unusual Expense (Income) 14.1 0.0 14.1
Total Expenses 227.3 1,141.6 1,368.9
Operating Income 69.0 -281.9 -212.9
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 1.2 -6.3 -5.2
Other, Net 0.0 0.0 0.0
Income Before Taxes 70.2 -288.3 -218.1
Income Taxes 4.6 0.0 4.6
Income After Taxes 65.6 -288.3 -222.7
Net Income - Excl. Xord. Items 65.6 -288.3 -222.7
Discontinued Operations -53.4 0.0 -53.4
Net Income - Incl. Xord. Items 12.2 -288.3 -276.1
Income Avail. to Common 12.2 -288.3 -276.1
Share Items
Basic Avg. Shares Outstanding 119.3 137.4 256.7
Basic EPS - Excl. Xord. Items 0.55 n/a -0.87
Basic EPS - Incl. Xord. Items 0.10 n/a -1.08
Full Dilution Adjustment 2.3 0.0 2.3
Fully Diluted Shares Outstanding 152.8 137.4 290.2
F.D. EPS - Excl. Xord. Items 0.43 n/a -0.77
F.D. EPS - Incl. Xord. Items 0.08 n/a -0.95
Balance Sheet
Assets
Cash and Equivalents 555.3 196.6 751.9
ST Investments 0.0 608.8 608.8
Accounts Receivable 0.0 64.1 64.1
Inventory 0.0 98.5 98.5
Other Current Assets 16.4 28.4 44.8
Current Assets 571.7 996.5 1,568.2
Accum D&A 0.0 0.0 0.0
PPE, Net 127.3 600.2 727.5
Goodwill & Intangibles 7.8 0.0 7.8
Other Assets 0.0 0.0 0.0
Other LT Assets 11.5 35.9 47.4
Total Assets 718.2 1,632.6 2,350.8
Liabilities
Accounts Payable 3.5 39.8 43.3
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 52.1 64.1 116.1
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.8 23.4 24.3
Other (Current) Liabilities 12.2 151.6 163.7
Current Liab. 68.5 278.9 347.4
LT Debt 532.9 876.6 1,409.5
Total LT Debt 532.9 876.6 1,409.5
Other LT Liab. 50.4 32.7 83.1
Total Liabilities 651.9 1,188.1 1,840.0
Shareholders Equity
Common Stock 1.2 0.1 1.3
Additional Paid in Capital 629.3 2,098.5 2,727.8
Retained Earnings -563.6 -1,645.7 -2,209.3
Other Equity -0.5 -8.5 -9.0
Total Equity 66.4 444.5 510.8
Total Liab. & Equity 718.2 1,632.6 2,350.8
Shares Outstanding 119.3 137.6 256.9
Cash Flow
Operating Cash Flow
CF Net Income 12.2 -288.3 -276.1
CF Depreciation 26.2 31.0 57.2
CF Amortization 7.2 0.0 7.2
CF Deferred Taxes -0.3 0.0 -0.3
Other Non-Cash Items 38.0 76.6 114.6
Change in Working Capital 33.8 54.3 88.1
Total Cash From Operating Activities 117.1 -126.4 -9.3
Investing Cash Flow (not calculated)
Capital Expenditures -15.1 -312.6 -327.7
Other Investing Cash Flows 723.1 124.5 847.6
Total Cash From Investing Activities 708.0 -188.1 519.9
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 20.6 20.3 40.9
Purchase and Retirement of Debt -6.1 -558.7 -564.8
Other Financing Cash Flow -494.2 30.0 -464.2
Total Cash From Financing Activities -479.8 173.7 -306.0
Exchange Rate Effects 0.0 0.0 0.0
Net Change in Cash 345.3 -140.7 204.6
Cash Taxes Paid 0.2 0.0 0.2
Cash Interest Paid 12.4 9.5 21.9