Summary

Other Scenarios:

Buyer: Regeneron Pharmaceuticals, Inc. (REGN) Last Price: 28.19 Market Cap.: 2.31B
Target: Biovail Corporation (USA) (BVF) Last Price: 14.15 Market Cap.: 2.24B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 794
Biopharmaceuticals 343
Outsourced Biomedical Services 42

- 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: 11)
  • Arcalyst (Rilonacept)
  • Metabolic Disease Program
  • REGN88 (Interleukin-6 Receptor)
  • Muscle Atrophy/Hypertrophy Program
Target (Total: 50)
  • Adalat/Adalat CC (Nifedipine)
  • Tiazac (Diltiazem)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem LA (Diltiazem Hydrochloride)
Buyer
  • VelocImmune/Trap Technology
  • Velocigene/VelociMouse
Target
  • Biovail Contract Research Division (CRD)
  • ShearForm
  • Macrocap
  • SmartCoat/SmartCoat AQ

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 3)
  • BioMed Realty Trust, Inc. (BMR)
  • Sanofi-Aventis SA (ADR) (SNY)
  • Amgen, Inc. (AMGN)
Target (Total: 9)
  • ACADIA Pharmaceuticals Inc. (ACAD)
  • Johnson & Johnson (JNJ)
  • Merck & Co., Inc. (MRK)
  • GlaxoSmithKline plc (ADR) (GSK)
Buyer (Total: 8)
  • Sanofi-Aventis SA (ADR) (SNY)
  • Bayer AG (ADR) (BAYRY)
  • Novartis AG (ADR) (NVS)
  • AstraZeneca plc (ADR) (AZN)
Target (Total: 11)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,029 1,291
Revenue Per Employee 403,178.4 682,909.8
Total Revenue 103.5 219.6
Total Expenses 132.2 203.4
Other Revenue 0.0 4.7
Cost of Revenue 118.2 59.0
SG&A Expense 14.0 43.5
Research & Development 0.0 66.9
Other Operating Expense 0.0 0.0
Operating Income -28.7 16.2
Unusual Income 0.0 0.8
LT Debt to Capital 28.83 19.06
Fwd P/E -19.47 15.53
Fwd P/Rev 5.95 2.74
Book Value 386.3 1,344.3
Curr Portion of LTD/Cap Lease 0.4 12.3

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals > Neurology

Business Description

Buyer

Regeneron Pharmaceuticals, Inc. (Regeneron) is engaged in the research, development and commercialization of therapeutics to treat human disorders and conditions. The Company?s facilities are primarily located in New York. As of December 31, 2009, the Company had one marketed product: ARCALYST (rilonacept) injection for subcutaneous use, which is available for prescription in the United States for the treatment of Cryopyrin-Associated Periodic Syndromes (CAPS), including Familial Cold Auto-inflammatory Syndrome (FCAS) and Muckle-Wells Syndrome (MWS) in adults and children 12 and older. Its late stage programs are rilonacept, which is being developed for the prevention and treatment of gout-related flares; VEGF Trap-Eye, which is being developed in eye diseases using intraocular delivery in collaboration with Bayer HealthCare LLC, and aflibercept (VEGF Trap), which is being developed in oncology in collaboration with the sanofi-aventis Group.

Target

Biovail Corporation (Biovail) is a specialty pharmaceutical company. The Company focuses on developing and commercializing products in specialty central nervous system (CNS) disorders. As of December 31, 2009, the Company?s products within its development pipeline included Staccato loxapine, Pimavanserin, BVF-018, Fipamezole and GDNF. In May 2009, the Company acquired the United States commercialization rights to Wellbutrin XL from The GlaxoSmithKline Group of Companies (GSK). In June 2009, it acquired the worldwide development and commercialization rights to the entire portfolio of tetrabenazine products, including Xenazine and Nitoman, held by Cambridge Laboratories (Ireland) Ltd. (Cambridge).

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % -7.38 74.8
Operating Margin % -21 18.83
Quick Ratio 3.61 1.04
Current Ratio 3.8 1.63
Coverage Ratio 0.01 -0.21
Total Assets 787.2 2,005.0
Return on Equity % -21.48 9.99
Return on Assets % -10.54 6.7
Cash+ ST Inv. Per Share 3.74 0.7
Total Debt 156.9 328.9
Total Debt to Equity % 40.62 24.47
Total Debt to Tangible Equity % 40.62 n/a
Debt to Asset % 19.93 16.40

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
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.
  
Ophthalmology
The Ophthalmology Subsector includes therapeutics that treat eye disorders, infections, inflammations and irritations.
  
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.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
Outsourced Biomedical Services
Development/Manufacturing Services
The Development/Manufacturing Services Subsector includes companies that provide research, development, manufacturing, sales and marketing to biopharmaceutical and medical device companies.
  
Drug Delivery Technology
The Drug Delivery Technology Subsector includes companies that develop novel delivery methods for therapeutics.
  
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
Cardiovascular System  
Heart Disorders  
Angina  
Calcium Channel Blocking Agents
Therapeutics that treat chest pains by preventing the entry of calcium into heart muscle cells.

Target Products:

  • Adalat/Adalat CC (Nifedipine)
  • Tiazac (Diltiazem)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem LA (Diltiazem Hydrochloride)
  • Procardia XL (Nifedipine)
  
Vasodilatory Agents
Therapeutics that treat chest pains by acting on blood vessels to lower blood pressure.

Target Products:

  • Isordil (Isosorbide Dinitrate)
  
Heart Failure (HF)  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat the ineffective pumping of the heart by inhibiting the renin-angiotensin system.

Target Products:

  • Vasotec Tablets (Enalapril Maleate)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in very early stages of research where no human subject is involved.

Target Products:

  • BVF-239
  • BVF-203
  
Vascular Disorders  
Hypertension  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system.

Target Products:

  • Vasotec Tablets (Enalapril Maleate)
  • Vasotec I.V. (Enalapril)
  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)/Thiazide Diuretic Agents
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system and increasing the excretion of sodium ions, potassium ions, and water through urine.

Target Products:

  • Vaseretic (Enalapril Maleate/Hydrochlorothiazide)
  
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:

  • Cardizem LA (Diltiazem Hydrochloride)
  • Adalat/Adalat CC (Nifedipine)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Tiazac (Diltiazem)
  • Procardia XL (Nifedipine)
  
Peripheral Vascular Disease  
Blood Viscosity Reducing Agents
Therapeutics that treat arterial obstruction outside of the heart by altering the flow of red blood cells.

Target Products:

  • Trental (Pentoxifylline)
  
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:

  • Glumetza (Metformin GR)
  
Intermediary Metabolism Disorders
Gout  
Hyperuricemia  
Interleukin-1 Receptor Antagonists (IL-1 Antagonists)
Therapeutics that treat gout by blocking the action of Interleukin-1.

Buyer Products:

  • Arcalyst (Rilonacept)
  
Hypercholesterolemia  
Plasma Triglyceride Reducing Agents (Fibrate Compounds)
Therapeutics that reduce cholesterol levels by reducing the levels of low-density lipoproteins (LDL) and increasing levels of high-density lipoproteins (HDL).

Target Products:

  • Fenofibrate
  
Hyperlipidemia  
Plasma Triglyceride Reducing Agents (Fibrate Compounds)
Therapeutics that treat hypercholesterolemia by reducing the levels of very low-density lipoprotein and increasing levels of high-density lipoproteins.

Target Products:

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

Buyer Products:

  • Arcalyst (Rilonacept)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of endocrinology disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Metabolic Disease Program
  
Hematology  
Serum Factor Disorders  
Hypercholesterolemia  
Plasma Triglyceride Reducing Agents (Fibrate Compounds)
Therapeutics that treat hypercholesterolemia by reducing the levels of very low-density lipoprotein and increase levels of high-density lipoproteins.

Target Products:

  • Fenofibrate
  
Hyperlipidemia  
Plasma Triglyceride Reducing Agents (Fibrate Compounds)
Therapeutics that reduce the levels of very low-density lipoprotein and increasing levels of high-density lipoproteins.

Target Products:

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

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
CIAS1-Associated Periodic Syndrome (CAPS)  
Interleukin-1 Receptor Antagonists (IL-1 Antagonists)
Therapeutics that treat autoinflammatory disorders by blocking the action of Interleukin-1.

Buyer Products:

  • Arcalyst (Rilonacept)
  
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:

  • REGN88 (Interleukin-6 Receptor)
  
Infectious Diseases  
Viral  
DNA Viruses  
Herpesvirus  
Herpes Simplex Type 1  
Purine Nucleoside Analogs
Therapeutics that treat viral infections characterized by recurrent cold sores and fever blisters by inhibiting replication of viral DNA by incorporating themselves into growing viral DNA stands.

Target Products:

  • Zovirax Cream/Ointment (Acyclovir)
  
Musculoskeletal System
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Arcalyst (Rilonacept)
  • REGN88 (Interleukin-6 Receptor)
  
Skeletal Disorders  
Joint Disorders  
Osteoarthritis (OA)  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat inflammation by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
Rheumatoid Arthritis (RA)  
Analgesics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking cyclooxygenase activity.

Target Products:

  • Voltaren XR (Diclofenac Sodium)
  
Neurology
Neurological Disorders  
Huntington`s Disease (Huntington`s Chorea)  
Monoamine Depletors
Therapeutics that treat an inherited neurological disorder involving the degeneration of nerve cells in the cerebrum leading to abnormal body movements and dementia by binding to vesicular monoamine transporter, and therefore, depleting central monoamines.

Target Products:

  • Xenazine (Tetrabenazine)
  
Neuromuscular Disorders  
Parkinson`s Disease (PD)  
Adjunctive Treatments  
Selective Serotonin Receptor Inverse Agonists
Therapeutics that treat the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by blocking the activity of the 5-HT2A receptor.

Target Products:

  • ACP-103 (Pimavanserin Tartrate)
  
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.

Target Products:

  • JP-1730 (Fipamezole)
  • ACP-103 (Pimavanserin Tartrate)
  • Lisuride SubQ
  • Lisuride Patch
  • D-Serine
  • Ampakine CX717
  
Psychiatric Disorders  
Anxiety  
Generalized Anxiety Disorder (GAD)  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat anxiety by enhancing the inhibitory neurotransmitter action of gamma-aminobutyric acid.

Target Products:

  • Ativan Injection (Lorazepam)
  • Ativan (Lorazepam)
  
Mood Disorders  
Bipolar Disorders (Manic Depressive Disorders)  
Monoaminergic Antagonists
Therapeutics that treat bipolar disorder by blocking the serotonin and dopamine receptors.

Target Products:

  • Quetiapine Fumarate Sustained Release
  
Depression  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat depression by selectively preventing the removal of serotonin.

Target Products:

  • Citalopram ODT
  
Serotonin/Norepinephrine Reuptake Inhibitors
Therapeutics that treat depression by inhibiting the neuronal uptake of serotonin and norepinephrine.

Target Products:

  • Wellbutrin XL (Bupropion Hydrochloride)
  • Aplenzin (Bupropion Hydrobromide)
  
Schizophrenia  
Dopamine Receptor Blocking Agents
Therapeutics that treat schizophrenia by blocking the dopamine receptors.

Target Products:

  • AZ-004 (Staccato Loxapine)
  
Monoaminergic Antagonists
Therapeutics that treat schizophrenia by blocking the serotonin and dopamine receptors.

Target Products:

  • Quetiapine Fumarate Sustained Release
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Muscle Atrophy/Hypertrophy Program

Target Products:

  • BVF-065
  • BVF-058
  • BVF-068
  • BVF-045 (Bupropion/SSRI Combination)
  • BVF-012/Venlafaxine EA
Oncology  
Digestive System  
Colon Cancer/Colorectal Cancer  
Metastatic  
Vascular Endothelial Growth Factor Receptor Inhibitors (VEGFR)
Therapeutics that treat metastatic colorrectal cancer by binding specifically to the tyrosine kinase domain of vascular endothelial growth factor receptor (VEGFR) and inhibiting the formation of blood vessels around tumor cells.

Buyer Products:

  • VEGF Trap Oncology (Aflibercept)
  
Pancreatic Cancer  
Metastatic  
Vascular Endothelial Growth Factor Receptor Inhibitors (VEGFR)
Therapeutics that treat metastatic pancreatic cancer by binding specifically to the tyrosine kinase domain of vascular endothelial growth factor receptor (VEGFR) and inhibiting the formation of blood vessels around tumor cells.

Buyer Products:

  • VEGF Trap Oncology (Aflibercept)
  
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:

  • VEGF Trap Oncology (Aflibercept)
  
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:

  • Delta-Like Ligand 4 (Dll4) Monoclonal Antibody
  • Angiopoietins
  
Respiratory System/Thoracic  
Lung Cancer  
Non Small Cell Lung Cancer (NSCLC)  
Vascular Endothelial Growth Factor Inhibitors (VEGF)
Therapeutics that treat non-small cell lung cancer (NSCLC) by binding to the vascular endothelial growth factor (VEGF) and inhibiting the formation of blood vessels to tumor cells.

Buyer Products:

  • VEGF Trap Oncology (Aflibercept)
  
Urology  
Prostate Cancer  
Metastatic  
Vascular Endothelial Growth Factor Inhibitors (VEGF)
Therapeutics that treat prostate cancer by binding to the vascular endothelial growth factor (VEGF) and inhibiting the formation of blood vessels to tumor cells.

Buyer Products:

  • VEGF Trap Oncology (Aflibercept)
  
Ophthalmology  
Degenerative Disorders  
Macular Degeneration (AMD)  
Vascular Endothelial Growth Factor Inhibitors (VEGF)
Therapeutics that treat macular degeneration by binding to the vascular endothelial growth factor (VEGF) and inhibiting the formation of blood vessels in the eye.

Buyer Products:

  • VEGF Trap-Eye (Aflibercept)
  • VEGF Trap Oncology (Aflibercept)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of eye disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • VEGF Trap Oncology (Aflibercept)
  • VEGF Trap-Eye (Aflibercept)
  
Pain Management
Narcotics  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alter both the perception of pain as well as the emotional response to pain.

Target Products:

  • Ultram ER (Tramadol Hydrochloride Extended Release)/Ultram ODT (Tramadol Hydrochloride Orally Disintegrating Tablet)
  • Tramadol ODT
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of pain in early stages of clinical research where human subject is involved.

Buyer Products:

  • REGN475
  
Respiratory System  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of respiratory disorders in very early stages of research where no human subject is involved.

Target Products:

  • CX1942
  
Urology  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of urological disorders in very early stages of research where no human subject is involved.

Target Products:

  • BVF-324
  
Outsourced Biomedical Services
Development/Manufacturing Services  
Contract Research Organizations (CRO)  
Full Service
Contract Research Organizations (CROs) that conduct both preclinical and clinical studies in the development of new therapeutic products.

Target Products:

  • Biovail Contract Research Division (CRD)
  
Drug Delivery Technology  
Oral Delivery  
Effervescents
Drug Delivery Technologies used to deliver drugs by dissolving in liquid which can then be ingested.

Target Products:

  • ShearForm
  
Osmotic
Drug Delivery Technologies utilizing an osmotic mechanism for sustained release of the drugs.

Target Products:

  • Macrocap
  
Polymer Coated
Drug Delivery Technologies used to deliver drugs in a polymer based matrix to hold/enclose the drug.

Target Products:

  • SmartCoat/SmartCoat AQ
  • Chronotabs
  • Zero Order Release System (ZORS)
  • Multipart
  • Dimatrix
  • Consurf
  • CEFORM
  
Taste Masking
Drug Delivery Technologies used to mask the taste of various drugs.

Target Products:

  • Flash Dose
  • ShearForm
  
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:

  • VelocImmune/Trap Technology
  
Target Discovery/Validation  
Services
Drug discovery services that discover and validate drug targets for the development of novel biopharmaceutical drugs.

Buyer Products:

  • Velocigene/VelociMouse
  

- 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
  Johnson & Johnson n/a 159,995.641 12.04 12.35 2.56 2.58 7.57
Roche Holding Ltd. (ADR) n/a 119,551.197 17.72 11.27 2.81 2.70 n/a
Pfizer Inc. n/a 119,015.807 15.01 7.02 2.13 1.82 n/a
Merck & Co., Inc. n/a 103,432.419 8.79 10.14 3.09 2.33 2,795.47
Novartis AG (ADR) n/a 102,520.799 10.94 9.71 2.16 2.09 3.05
GlaxoSmithKline plc (ADR) n/a 87,956.681 10.71 9.81 2.12 2.09 n/a
Sanofi-Aventis SA (ADR) n/a 76,629.999 11.13 6.95 1.85 2.03 n/a
Abbott Laboratories n/a 71,822.079 13.53 11.47 2.26 2.08 n/a
AstraZeneca plc (ADR) n/a 61,238.767 7.51 6.89 1.82 1.93 n/a
Amgen, Inc. n/a 52,054.373 10.95 11.08 3.49 3.53 6.09
Bayer AG (ADR) n/a 45,705.405 22.77 10.89 1.17 1.07 n/a
Bristol Myers Squibb Co. n/a 38,589.485 3.60 10.54 2.00 1.99 5.35
Target
  Teva Pharmaceutical Industries Ltd (ADR) n/a 49,631.610 21.94 12.09 3.45 3.19 15.44
Valeant Pharmaceuticals International n/a 3,459.252 12.88 17.04 3.91 3.40 n/a
Eurand N.V. n/a 386.445 n/a 107.00 2.40 2.08 3.69
AVANIR Pharmaceuticals n/a 208.944 n/a -10.44 51.12 44.78 20.83
DepoMed, Inc. n/a 173.872 n/a -12.71 2.75 2.65 13.63
Flamel Technologies S.A. (ADR) n/a 171.031 n/a -48.53 4.06 3.23 n/a
Penwest Pharmaceuticals n/a 94.040 28.21 3.48 3.44 2.03 5.17
Access Pharmaceuticals, Inc. n/a 30.452 n/a n/a 86.63 n/a n/a
SCOLR Pharma Inc. n/a 28.256 n/a -11.00 30.46 57.40 6.29
MiddleBrook Pharmaceuticals, Inc. n/a 11.549 n/a n/a 0.78 n/a n/a
Elite Pharmaceuticals, Inc. n/a 6.281 n/a n/a 1.91 n/a n/a
UCB S.A. n/a n/a n/a n/a n/a n/a n/a
H. Lundbeck A/S 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
  BioMed Realty Trust, Inc. 6.40% 1,835.829 67.92 14.86 5.10 5.22 1.01
Sanofi-Aventis SA (ADR) n/a 76,629.999 11.13 6.95 1.85 2.03 n/a
Amgen, Inc. n/a 52,054.373 10.95 11.08 3.49 3.53 6.09
Target
  ACADIA Pharmaceuticals Inc. 72.00% 49.454 n/a -2.15 6.06 4.57 6.97
Johnson & Johnson n/a 159,995.641 12.04 12.35 2.56 2.58 7.57
Merck & Co., Inc. n/a 103,432.419 8.79 10.14 3.09 2.33 2,795.47
GlaxoSmithKline plc (ADR) n/a 87,956.681 10.71 9.81 2.12 2.09 n/a
Abbott Laboratories n/a 71,822.079 13.53 11.47 2.26 2.08 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 49,631.610 21.94 12.09 3.45 3.19 15.44
DepoMed, Inc. n/a 173.872 n/a -12.71 2.75 2.65 13.63
Alexza Pharmaceuticals, Inc. n/a 166.635 n/a -3.46 17.51 56.23 n/a
Ethypharm 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
  Sanofi-Aventis SA (ADR) 65.20% 76,629.999 11.13 6.95 1.85 2.03 n/a
AstraZeneca plc (ADR) n/a 61,238.767 7.51 6.89 1.82 1.93 n/a
Buyer
  Sanofi-Aventis SA (ADR) 65.20% 76,629.999 11.13 6.95 1.85 2.03 n/a
Bayer AG (ADR) 17.70% 45,705.405 22.77 10.89 1.17 1.07 n/a
Novartis AG (ADR) n/a 102,520.799 10.94 9.71 2.16 2.09 3.05
AstraZeneca plc (ADR) n/a 61,238.767 7.51 6.89 1.82 1.93 n/a
University of Texas Southwestern Medical Center n/a n/a n/a n/a n/a n/a n/a
Columbia University n/a n/a n/a n/a n/a n/a n/a
Astellas Pharma Inc n/a n/a 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
  McKesson Corporation 25.00% 18,606.608 14.73 14.82 0.17 0.17 4.99
Cardinal Health, Inc. 21.00% 12,397.345 17.92 16.23 0.12 0.13 4.00
AmerisourceBergen Corp. 10.00% 8,693.150 14.96 15.28 0.11 0.12 n/a
Teva Pharmaceutical Industries Ltd (ADR) 7.00% 49,631.610 21.94 12.09 3.45 3.19 15.44
Johnson & Johnson 5.00% 159,995.641 12.04 12.35 2.56 2.58 7.57
GlaxoSmithKline plc (ADR) 4.00% 87,956.681 10.71 9.81 2.12 2.09 n/a
Merck & Co., Inc. n/a 103,432.419 8.79 10.14 3.09 2.33 2,795.47
Sanofi-Aventis SA (ADR) n/a 76,629.999 11.13 6.95 1.85 2.03 n/a
AstraZeneca plc (ADR) n/a 61,238.767 7.51 6.89 1.82 1.93 n/a
Forest Laboratories, Inc. n/a 7,562.891 11.08 7.21 1.80 1.80 1.72
DepoMed, Inc. n/a 173.872 n/a -12.71 2.75 2.65 13.63

- 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
  Sanofi-Aventis SA (ADR) n/a 76,629.999 11.13 6.95 1.85 2.03 n/a
Buyer
  Novartis AG (ADR) n/a 102,520.799 10.94 9.71 2.16 2.09 3.05
Sanofi-Aventis SA (ADR) n/a 76,629.999 11.13 6.95 1.85 2.03 n/a
AstraZeneca plc (ADR) n/a 61,238.767 7.51 6.89 1.82 1.93 n/a
Amgen, Inc. n/a 52,054.373 10.95 11.08 3.49 3.53 6.09
Bayer AG (ADR) n/a 45,705.405 22.77 10.89 1.17 1.07 n/a
University of Texas Southwestern Medical Center n/a n/a n/a n/a n/a n/a n/a
Astellas Pharma Inc n/a n/a n/a n/a n/a n/a n/a
Target
  Johnson & Johnson n/a 159,995.641 12.04 12.35 2.56 2.58 7.57
Merck & Co., Inc. n/a 103,432.419 8.79 10.14 3.09 2.33 2,795.47
GlaxoSmithKline plc (ADR) n/a 87,956.681 10.71 9.81 2.12 2.09 n/a
Sanofi-Aventis SA (ADR) n/a 76,629.999 11.13 6.95 1.85 2.03 n/a
Abbott Laboratories n/a 71,822.079 13.53 11.47 2.26 2.08 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 49,631.610 21.94 12.09 3.45 3.19 15.44
McKesson Corporation n/a 18,606.608 14.73 14.82 0.17 0.17 4.99
Cardinal Health, Inc. n/a 12,397.345 17.92 16.23 0.12 0.13 4.00
AmerisourceBergen Corp. n/a 8,693.150 14.96 15.28 0.11 0.12 n/a
Forest Laboratories, Inc. n/a 7,562.891 11.08 7.21 1.80 1.80 1.72
DepoMed, Inc. n/a 173.872 n/a -12.71 2.75 2.65 13.63
Alexza Pharmaceuticals, Inc. n/a 166.635 n/a -3.46 17.51 56.23 n/a
ACADIA Pharmaceuticals Inc. n/a 49.454 n/a -2.15 6.06 4.57 6.97
Cortex Pharmaceuticals n/a 11.493 n/a n/a n/a n/a n/a
Shionogi & Co Ltd n/a n/a n/a n/a n/a n/a n/a
Ethypharm n/a n/a n/a n/a n/a n/a n/a
SANTHERA PHARMA 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 407.8 849.0 1,256.8
Other Revenue 0.0 17.7 17.7
Total Revenue 407.8 866.7 1,274.6
Cost of Revenue 437.9 218.4 656.4
SG&A Expense 55.5 178.9 234.4
Depreciation & Amortization 0.0 122.5 122.5
Research & Development 0.0 173.1 173.1
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 0.0 10.5 10.5
Total Expenses 493.4 703.5 1,196.9
Operating Income -85.6 163.2 77.6
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -1.2 -33.6 -34.9
Other, Net 0.0 0.0 0.0
Income Before Taxes -86.9 129.6 42.7
Income Taxes -3.9 -4.7 -8.6
Income After Taxes -83.0 134.3 51.3
Net Income - Excl. Xord. Items -83.0 134.3 51.3
Net Income - Incl. Xord. Items -83.0 134.3 51.3
Income Avail. to Common -83.0 134.3 51.3
Share Items
Basic Avg. Shares Outstanding 81.2 158.4 239.6
Basic EPS - Excl. Xord. Items n/a 0.85 0.21
Basic EPS - Incl. Xord. Items n/a 0.85 0.21
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 81.2 158.4 239.6
F.D. EPS - Excl. Xord. Items n/a 0.85 0.21
F.D. EPS - Incl. Xord. Items n/a 0.85 0.21
Dividends Per Common Share 0.00 0.36 0.36
Balance Sheet
Assets
Cash and Equivalents 117.3 102.9 220.2
ST Investments 186.3 8.2 194.6
Accounts Receivable 71.9 105.0 176.9
Inventory 0.0 97.5 97.5
Prepayments and Advances 19.9 13.1 33.0
Other Current Assets 0.0 12.4 12.4
Current Assets 395.4 339.2 734.6
Accum D&A 0.0 0.0 0.0
PPE, Net 274.6 106.9 381.5
Goodwill & Intangibles 0.0 1,400.1 1,400.1
Long Term Investments 108.3 11.5 119.8
Other Assets 0.0 0.0 0.0
Other LT Assets 8.8 147.4 156.2
Total Assets 787.2 2,005.0 2,792.2
Liabilities
Accounts Payable 16.2 42.5 58.7
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 37.7 109.9 147.7
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.4 12.3 12.8
Other (Current) Liabilities 49.8 43.0 92.7
Current Liab. 104.1 207.7 311.8
LT Debt 0.0 316.6 316.6
Capitalized Lease Obligations 156.5 0.0 156.5
Total LT Debt 156.5 316.6 473.0
Deferred Taxes 0.0 66.2 66.2
Other LT Liab. 140.3 70.3 210.6
Total Liabilities 400.9 660.7 1,061.6
Shareholders Equity
Common Stock 0.1 1,466.7 1,466.8
Additional Paid in Capital 1,357.1 93.3 1,450.4
Retained Earnings -971.6 -263.5 -1,235.1
Other Equity 0.7 47.7 48.4
Total Equity 386.3 1,344.3 1,730.6
Total Liab. & Equity 787.2 2,005.0 2,792.2
Shares Outstanding 81.9 158.5 240.4
Cash Flow
Operating Cash Flow
CF Net Income -83.0 134.3 51.3
CF Depreciation 15.7 162.6 178.3
CF Deferred Taxes 0.0 -19.5 -19.5
Other Non-Cash Items 32.5 105.1 137.5
Change in Working Capital -32.1 -23.8 -55.9
Total Cash From Operating Activities -66.8 358.7 291.8
Investing Cash Flow (not calculated)
Capital Expenditures -98.1 -10.3 -108.4
Other Investing Cash Flows 1.8 -769.3 -767.5
Total Cash From Investing Activities -96.3 -779.6 -875.9
Financing Cash Flow (not calculated)
Dividends Paid 0.0 -102.1 -102.1
Purchase Or Sale of Stock 16.8 2.4 19.2
Purchase and Retirement of Debt 64.6 350.0 414.6
Other Financing Cash Flow 0.0 -0.4 -0.4
Total Cash From Financing Activities 81.4 223.7 305.0
Exchange Rate Effects 0.0 2.5 2.5
Net Change in Cash -81.8 -194.8 -276.6
Cash Taxes Paid 0.0 12.1 12.1
Cash Interest Paid 2.5 4.2 6.7