Summary

Other Scenarios:

Buyer: Shire Plc. (ADR) (SHPGY) Last Price: 42.77 Market Cap.: 7.98B
Target: PDL BioPharma Inc. (PDLI) Last Price: 9.40 Market Cap.: 1.12B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 844
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: 26)
  • SPD535
  • ProAmatine (Midodrine)
  • Juvista (Human TGFbeta3)
  • Lialda (Mesalamine)
Target (Total: 8)
  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  • Therapeutic Antibody Candidates
  • Volociximab/M200 (Chimeric Monoclonal Antibody)
Buyer

n/a
Target
  • Humanized Antibody Technology

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 13)
  • Johnson & Johnson (JNJ)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Genzyme Corporation (GENZ)
  • Barr Pharmaceuticals, Inc. (BRL)
Target (Total: 2)
  • Seattle Genetics, Inc. (SGEN)
  • Highland Distressed Opportunities, Inc (HCD)
Buyer (Total: 10)
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • AmerisourceBergen Corp. (ABC)
  • Johnson & Johnson (JNJ)
Target (Total: 12)
  • Genentech, Inc. (DNA)
  • AstraZeneca plc (ADR) (AZN)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Wyeth (WYE)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 3,436 887
Revenue Per Employee 907,836.1 348,577.5
Total Revenue 778.6 77.3
Total Expenses 655.7 64.3
Other Revenue 5.3 0.0
Cost of Revenue 84.2 0.0
SG&A Expense 320.4 18.5
Research & Development 127.1 44.7
Other Operating Expense -4.0 0.0
Operating Income 122.9 13.1
Unusual Income 128.0 1.0
LT Debt to Capital 49.75 88.93
Fwd P/E 10.96 12.78
Fwd P/Rev 2.57 3.62
Book Value 1,143.6 66.4
Curr Portion of LTD/Cap Lease 0.0 0.8

Individual Company Summary

Focused

Buyer

Sector Pure-Play (): Healthcare > Biopharmaceuticals

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

Shire plc, formerly Shire Ltd., is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. Shire focuses its business on attention deficit and hyperactivity disorder (ADHD), human genetic therapies (HGT), gastrointestinal (GI) and renal diseases. In June 2007, the Company received an approvable letter from the United States Food and Drug Administration (FDA) for INTUNIV (guanfacine) extended release tablets (previously referred to as SPD503), a non-stimulant selective alpha-2A-receptor agonist. On November 7, 2007, Shire entered into a license agreement with Amicus Therapeutics, Inc. (Amicus), under which it received the rights to three compounds, PLICERA, AMIGAL and AT2220, in markets outside the United States. In April 2008, Shire announced the acquisition of arylsulfatase-A (ASA), an enzyme replacement therapy (ERT) in Phase I-II clinical trials for metachromatic leukodystrophy (MLD) from the Danish company, Zymenex A/S.

Target

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.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 86.01 100
Operating Margin % 15.12 23.28
Quick Ratio 0.74 8.11
Current Ratio 1.06 8.34
Coverage Ratio -0.25 0.02
Total Assets 4,353.8 718.2
Return on Equity % 19.67 98.81
Return on Assets % 5.17 9.13
Cash+ ST Inv. Per Share 2.63 3.63
Total Debt 1,132.2 533.8
Total Debt to Equity % 99 804.19
Total Debt to Tangible Equity % n/a 911.61
Debt to Asset % 26.00 74.32

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
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.
  
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.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
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
Cardiovascular System  
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.

Buyer Products:

  • SPD535
  
Vascular Disorders  
Hypotension  
Alpha Adrenergic Receptor Agonists
Therapeutics that treat low blood pressure by stimulating alpha adrenergic receptors.

Buyer Products:

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

Buyer Products:

  • Juvista (Human TGFbeta3)
  
Digestive System
Gastrointestinal Tract Disorders
Intestinal Disorders
General Gastrointestinal Distress  
Cyclooxygenase Inhibitors (COX Inhibitors)/Lipoxygenase Inhibitors
Therapeutics that treat general gastrointestinal distress by inhibiting the actions of the two enzymes, cyclooxygenase and lipoxygenase.

Buyer Products:

  • Lialda (Mesalamine)
  
Inflammatory Bowel Disease (IBD)
Ulcerative Colitis
Cyclooxygenase Inhibitors (COX Inhibitors)/Lipoxygenase Inhibitors
Therapeutics that treat ulcerative colitis by inhibiting the actions of the two enzymes, cyclooxygenase and lipoxygenase.

Buyer Products:

  • Lialda (Mesalamine)
  • Pentasa (Mesalamine)
  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
Liver Disorders  
Hepatitis  
Hepatitis B  
Chronic  
Reverse Transcriptase Inhibitors (Nucleoside Analogs)
Therapeutics that treat hepatitis by inhibiting the action of reverse transcriptase, an enzyme necessary for DNA synthesis using an RNA template.

Buyer Products:

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

Target Products:

  • Nuvion (Visilizumab)
  
Endocrinology/Metabolism  
Intermediary Metabolism Disorders  
Lysosomal Storage Diseases  
Fabry Disease  
Enzyme Replacement Therapy
Therapeutics that treat Fabry's Disease by providing the missing enzymes that contributes to the disease symptoms.

Buyer Products:

  • Replagal (Human Alpha-Galactosidase A)
  
Gaucher Disease  
Enzyme Replacement Therapy
Therapeutics that treat Gaucher's Disease by providing the missing enzymes that contributes to the disease symptoms.

Buyer Products:

  • Velaglucerase alfa (Gene-Activated Glucocerebrosidase (GA-GCB))
  
Hunter Syndrome  
Enzyme Replacement Therapy
Therapeutics that treat Hunter Syndrome by providing the missing enzymes that contributes to the disease symptoms.

Buyer Products:

  • Elaprase (Idursulfase)
  
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:

  • Metazym (Arylsulfatase-A)
  
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:

  • Elaprase (Idursulfase)
  • Shire Human Genetic Therapies Enzyme Replacement Therapies (ERT)
  
Hematology  
Serum Factor Disorders  
Hyperphosphatemia  
Phosphate Binding Agents
Therapeutics that bind blood phosphorous.

Buyer Products:

  • Fosrenol (Lathanum Carbonate)
  
Thrombocyte (Platelet) Disorders  
Thrombocythemia  
Megakaryocyte Maturation Inhibitors
Therapeutics that prevents the maturation of platelet producing cells.

Buyer Products:

  • Agrylin (Anagrelide)
  
Immunology
Autoimmune Disorders
Inflammatory Bowel Disease (IBD)
Ulcerative Colitis
Cyclooxygenase Inhibitors (COX Inhibitors)/Lipoxygenase Inhibitors
Therapeutics that treat inflammation of the colon and rectum by blocking the action of cyclooxygenase and lipoxygenase.

Buyer Products:

  • Pentasa (Mesalamine)
  • Lialda (Mesalamine)
  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
Immune Deficiency Disorders  
Human Immunodeficiency Virus (HIV)/Acquired Immune Deficiency Syndrome (AIDS)  
Nucleoside Reverse Transcriptase Inhibitors (NRTI)
Therapeutics that help manage HIV by inhibiting the action of reverse transcriptase, an enzyme necessary for the DNA synthesis on a RNA template.

Buyer Products:

  • Epivir (lamivudine)
  
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:

  • SPD754 (Apricitabine)

Target 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.

Target Products:

  • Therapeutic Antibody Candidates
  
Infectious Diseases  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in early stages of clinical research where human subject is involved.

Buyer Products:

  • SPD754 (Apricitabine)
  
Viral  
DNA Viruses  
Hepadnavirus  
Hepatitis B  
Chronic  
Reverse Transcriptase Inhibitors (Nucleoside Analogs)
Therapeutics that treat viral infections characterized by inflammation of the liver for more than six months by blocking enzyme essential for viral DNA synthesis.

Buyer Products:

  • Zeffix (Lamivudine)
  
RNA Viruses  
Retrovirus  
Human Immunodeficiency Virus (HIV)/Acquired Immune Deficiency Syndrome (AIDS)  
Nucleoside Reverse Transcriptase Inhibitors (NRTI)
Therapeutics that help manage HIV by inhibiting the action of reverse transcriptase, an enzyme necessary for the DNA synthesis on a RNA template.

Buyer Products:

  • Epivir (lamivudine)
  
Neurology
Neurological Disorders  
Alzheimer`s Disease  
Acetylcholinesterase Inhibitors/Nicotinic Receptor Modulators
Therapeutics that treat Alzheimer's Disease by preventing the breakdown of a the neurotransmitter, acetylcholine, and by modulating the receptor that binds nicotine.

Buyer Products:

  • Razadyne (Galantamine)
  
Epilepsy  
Partial Seizures  
Complex  
Monotherapy  
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.

Buyer Products:

  • Carbatrol (Carbamazepine)
  
Simple  
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.

Buyer Products:

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

Buyer Products:

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

Buyer Products:

  • Carbatrol (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:

  • SPD487 (Amphetamine Transdermal System)

Target Products:

  • Daclizumab (Monoclonal Antibody)
Psychiatric Disorders  
Childhood/Adolescent Disorders  
Attention Deficit Disorder (ADD)/Attention Deficit Hyperactivity Disorder (ADHD)  
Alpha Adrenergic Receptor Agonists  
Dopamine Receptor Blocking Agents
Therapeutics that treat attention deficit disorder by blocking the dopamine receptors.

Buyer Products:

  • Daytrana (Methylphenidate)
  
Sympathomimetic Agents
Therapeutic members of the amphetamine group of sympathomimetic amines that treat the disorder involving hyperactivity in children due to an abnormally short attention span.

Buyer Products:

  • SPD465 (Dextroamphetamine/Amphetamine)
  • DextroStat (Dextroamphetamine Sulfate)
  • Adderall XR (Dextroamphetamine/Amphetamine)
  • Adderall (Dextroamphetamine/Amphetamine)
  • Vyvanse (Lisdexamfetamine Dimesylate)/Formerly NRP104
  
Sleep Disorders  
Narcolepsy  
Sympathomimetic Agents
Therapeutic members of the amphetamine group of sympathomimetic amines that treat the disorder involving hronic and sudden daytime sleepiness.

Buyer Products:

  • DextroStat (Dextroamphetamine Sulfate)
  
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.

Target 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.

Target 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.

Target 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.

Target Products:

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

Target Products:

  • Zenapax (Daclizumab)
  
Urology  
Urological Disorders  
Kidney (Renal)  
Chronic Renal Failure (CRF)  
Complications  
Hyperphosphatemia  
Phosphate Binding Agents
Therapeutics that treat abnormal levels of phosphate in the blood by binding to excess phosphate groups.

Buyer Products:

  • Fosrenol (Lathanum Carbonate)
  
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.

Target 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 93,667.975 13.40 10.67 2.68 2.39 78.84
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
Buyer
  The Procter & Gamble Company n/a 175,977.447 14.47 13.59 2.06 2.08 n/a
Johnson & Johnson n/a 158,844.010 12.60 12.86 2.46 2.50 9.26
Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Pfizer Inc. n/a 114,090.476 10.81 6.96 2.34 2.31 4.22
Novartis AG (ADR) n/a 106,581.492 14.10 12.04 2.51 2.47 3.62
GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Abbott Laboratories n/a 78,742.790 17.32 15.37 2.73 2.67 26.86
Amgen, Inc. n/a 61,589.955 15.13 12.81 4.11 4.03 11.41
Merck & Co., Inc. n/a 57,167.589 12.61 8.01 2.38 2.35 3.25
AstraZeneca plc (ADR) n/a 56,480.158 9.23 7.88 1.79 1.75 n/a
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
Gilead Sciences, Inc. n/a 41,000.251 22.23 21.60 8.20 7.54 9.84
Celgene Corporation n/a 22,716.981 n/a 33.99 11.13 9.63 8.73
Target
  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

- 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
  Johnson & Johnson n/a 158,844.010 12.60 12.86 2.46 2.50 9.26
GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Genzyme Corporation n/a 17,640.589 42.68 18.62 3.95 3.79 4.53
Barr Pharmaceuticals, Inc. n/a 7,146.791 49.80 22.36 2.56 2.53 16.90
SkyePharma PLC (ADR) n/a 2,678.869 n/a n/a 29.94 30.63 n/a
Harte-Hanks, Inc. n/a 408.953 5.38 5.86 0.37 0.36 n/a
Noven Pharmaceuticals, Inc. n/a 284.823 21.33 15.49 3.00 2.71 2.93
Amicus Therapeutics, Inc. n/a 178.571 n/a -4.72 14.40 11.56 2.15
Dainippon Sumitomo Pharma Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Renovo Group PLC n/a n/a n/a n/a n/a n/a n/a
Giuliani Partners LLC n/a n/a n/a n/a n/a n/a n/a
Synaptech Inc. n/a n/a n/a n/a n/a n/a n/a
Nycomed Holding AS n/a n/a n/a n/a n/a n/a n/a
Target
  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

- 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. 40.00% 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation 33.00% 9,990.133 9.34 8.83 0.09 0.10 3.82
AmerisourceBergen Corp. 12.00% 5,164.594 20.61 10.17 0.07 0.07 n/a
Buyer
  Cardinal Health, Inc. 40.00% 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation 33.00% 9,990.133 9.34 8.83 0.09 0.10 3.82
AmerisourceBergen Corp. 12.00% 5,164.594 20.61 10.17 0.07 0.07 n/a
Johnson & Johnson n/a 158,844.010 12.60 12.86 2.46 2.50 9.26
GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
United Therapeutics Corporation n/a 1,358.421 33.67 26.70 5.12 4.52 3.22
Salix Pharmaceuticals, Ltd. n/a 361.908 n/a -8.00 2.30 2.01 4.79
EpiCept Corporation n/a 51.214 n/a n/a 263.48 n/a n/a
Samaritan Pharmaceuticals, Inc. n/a 4.580 n/a n/a 1.23 n/a n/a
Avexa Limited n/a n/a n/a n/a n/a n/a n/a
Target
  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

- 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
  Johnson & Johnson n/a 158,844.010 12.60 12.86 2.46 2.50 9.26
GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
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
Genzyme Corporation n/a 17,640.589 42.68 18.62 3.95 3.79 4.53
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
Barr Pharmaceuticals, Inc. n/a 7,146.791 49.80 22.36 2.56 2.53 16.90
AmerisourceBergen Corp. n/a 5,164.594 20.61 10.17 0.07 0.07 n/a
SkyePharma PLC (ADR) n/a 2,678.869 n/a n/a 29.94 30.63 n/a
United Therapeutics Corporation n/a 1,358.421 33.67 26.70 5.12 4.52 3.22
Salix Pharmaceuticals, Ltd. n/a 361.908 n/a -8.00 2.30 2.01 4.79
Target
  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
Progenics Pharmaceuticals, Inc. n/a 259.793 n/a -7.00 3.40 2.94 2.03
Pierre Fabre Medicament 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 2,963.7 296.3 3,260.0
Other Revenue 17.2 0.0 17.2
Total Revenue 2,980.9 296.3 3,277.2
Cost of Revenue 417.0 0.0 417.0
SG&A Expense 1,330.4 77.7 1,408.1
Depreciation & Amortization 88.4 0.0 88.4
Research & Development 597.3 185.2 782.4
Interest Expense 0.0 0.0 0.0
Other Operating Expense -136.4 -49.7 -186.1
Unusual Expense (Income) 233.4 14.1 247.5
Total Expenses 2,530.1 227.3 2,757.4
Operating Income 450.8 69.0 519.8
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -113.1 1.2 -111.9
Other, Net -38.1 0.0 -38.1
Income Before Taxes 299.6 70.2 369.8
Income Taxes 74.6 4.6 79.2
Income After Taxes 225.0 65.6 290.6
Minority Interest (IS) 1.3 0.0 1.3
Equity in Affiliates 1.4 0.0 1.4
Net Income - Excl. Xord. Items 227.7 65.6 293.3
Discontinued Operations -0.9 -53.4 -54.3
Net Income - Incl. Xord. Items 226.8 12.2 239.0
Income Avail. to Common 226.8 12.2 239.0
Share Items
Basic Avg. Shares Outstanding 180.1 119.3 299.4
Basic EPS - Excl. Xord. Items 1.26 0.55 0.98
Basic EPS - Incl. Xord. Items 1.26 0.10 0.80
Full Dilution Adjustment 0.0 2.3 2.3
Fully Diluted Shares Outstanding 180.1 152.8 332.9
F.D. EPS - Excl. Xord. Items 1.26 0.43 0.88
F.D. EPS - Incl. Xord. Items 1.26 0.08 0.72
Dividends Per Common Share 6.02 0.00 6.02
Balance Sheet
Assets
Cash and Equivalents 473.3 555.3 1,028.6
Accounts Receivable 521.5 0.0 521.5
Inventory 149.6 0.0 149.6
Prepayments and Advances 49.2 0.0 49.2
Other Current Assets 231.8 16.4 248.2
Current Assets 1,425.4 571.7 1,997.1
Accum D&A 0.0 0.0 0.0
PPE, Net 496.5 127.3 623.8
Goodwill & Intangibles 2,178.2 7.8 2,186.0
Long Term Investments 52.9 0.0 52.9
Other Assets 0.0 0.0 0.0
Other LT Assets 200.8 11.5 212.3
Total Assets 4,353.8 718.2 5,072.0
Liabilities
Accounts Payable 79.7 3.5 83.2
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 610.4 52.1 662.5
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.0 0.8 0.8
Other (Current) Liabilities 648.7 12.2 660.9
Current Liab. 1,338.8 68.5 1,407.3
LT Debt 1,132.2 532.9 1,665.1
Total LT Debt 1,132.2 532.9 1,665.1
Minority Interest (BS) 2.4 0.0 2.4
Deferred Taxes 339.6 0.0 339.6
Other LT Liab. 397.2 50.4 447.6
Total Liabilities 3,210.2 651.9 3,862.1
Shareholders Equity
Common Stock 55.5 1.2 56.7
Additional Paid in Capital 2,575.2 629.3 3,204.5
Retained Earnings -1,161.8 -563.6 -1,725.4
Treasure Stock -410.9 0.0 -410.9
Other Equity 85.6 -0.5 85.1
Total Equity 1,143.6 66.4 1,210.0
Total Liab. & Equity 4,353.8 718.2 5,072.0
Shares Outstanding 186.7 119.3 306.0
Cash Flow
Operating Cash Flow
CF Net Income 226.8 12.2 239.0
CF Depreciation 194.1 26.2 220.3
CF Amortization 0.0 7.2 7.2
CF Deferred Taxes 24.3 -0.3 24.0
Other Non-Cash Items 199.5 38.0 237.5
Change in Working Capital -52.6 33.8 -18.8
Total Cash From Operating Activities 592.1 117.1 709.2
Investing Cash Flow (not calculated)
Capital Expenditures -240.6 -15.1 -255.7
Other Investing Cash Flows -231.9 723.1 491.2
Total Cash From Investing Activities -472.5 708.0 235.5
Financing Cash Flow (not calculated)
Dividends Paid -48.3 0.0 -48.3
Purchase Or Sale of Stock 3.6 20.6 24.2
Purchase and Retirement of Debt 31.5 -6.1 25.4
Other Financing Cash Flow -32.8 -494.2 -527.0
Total Cash From Financing Activities -203.7 -479.8 -683.5
Exchange Rate Effects -5.5 0.0 -5.5
Net Change in Cash -89.6 345.3 255.7
Cash Taxes Paid 114.8 0.2 115.0
Cash Interest Paid 41.2 12.4 53.6