Biotech Values

[DewDiligence]

Re: MariTide CC

Somebody asked a question about AMGN's safe harbor statement in the slide deck, but I was unable to hear the question in full, and AMGN declined to answer it. If anyone knows what this question was, please comment. TIA

[DewDiligence]

MariTide webcast slides:

https://investors.amgen.com/static-files/45992e09-afec-4735-81e6-f228739b55f0

[jbog]

Regulus,

It looks like people are preparing to pay $1.23 in hopes they cash in on the $7 CVR. Stock is trading at $8.23 and Novartis will pay $7 tomorrow evening.

The gain would be 569% and hopefully would occur in the 2.5 - 4 year time period. I'm aboard.

We'll see

[DewDiligence]

AMGN—(-6%)—reports phase-2 MariTide data at ADA:

https://finance.yahoo.com/news/results-amgens-phase-2-obesity-183100231.html

The tolerability was not great.

CC at 5:30pm ET (https://amgen2.rev.vbrick.com/#/events/62f4f75d-df09-48ad-b528-02226848fe96 ).

[stocksrising]

MY BIO/PHARMA Watchlist( and specifically Long positions)are not participating in rally, and in fact down meaningfully today :(

[DewDiligence]

But is VKTX down because of [HIMS]...?

I don't think so. VKTX is presumably reacting to the various presentations at ADA — e.g. #msg-176345846 and #msg-176336690. The number of companies with drug candidates in this arena is mind-boggling.

p.s. AMGN is having an investor webcast today about the latest MariTide data at 5:30pm ET.

[alertmeipp]

That will clearly hurt their business model

But is VKTX down because of that as well?

[vinmantoo]

EXEL up on improved survival in colon cancer. The stock is up $3.5 now to $43.83 but surged to over $51 at the open.

The company tested a combination of its drug, zanzalintinib, with Roche's (RHHBY) Tecentriq. Patients given the experimental regimen showed a statistically significant improvement in overall survival compared to those given a drug called regorafenib. Bayer (BAYRY) sells regorafenib under the brand name Stivarga.

Zanzalintinib is EXEL's next generation kinase inhibitor that they are hoping will replace Cabozantinib.

https://www.investors.com/news/technology/exelixis-stock-next-generation-cancer-drug-colon-cancer/?src=A00220

[WorstLuck]

Acting CDER director Jacqueline Corrigan-Curay tells staff she’s departing in July

Top drug regulator is retiring as FDA departures mount
CDER’s Jacqueline Corrigan-Curay tells staff she’s departing in July

https://www.statnews.com/2025/06/23/fda-cder-acting-director-jacqueline-corrigan-curay-retiring-departures-mount/

[DewDiligence]

This is the first CNPV application, AFAIK:

https://www.prnewswire.com/news-releases/nrx-pharmaceuticals-inc-nasdaqnrxp-announces-filing-of-commissioners-national-priority-voucher-application-for-intravenous-ketamine-nrx-100-302487956.html

[DewDiligence]

HIMS -32% on NVO-partnership termination:

https://www.prnewswire.com/news-releases/novo-nordisk-terminates-collaboration-with-hims--hers-health-inc-due-to-concerns-about-their-illegal-mass-compounding-and-deceptive-marketing-302488189.html

Novo Nordisk announced today that the company will no longer be working with Hims & Hers Health, Inc…

…In support of transitioning patients from knock-off compounded versions to authentic, FDA-approved Wegovy, …Novo Nordisk began collaborating with telehealth companies. Over one month into the collaboration, Hims & Hers Health, Inc. has failed to adhere to the law which prohibits mass sales of compounded drugs under the false guise of "personalization" and are disseminating deceptive marketing that put patient safety at risk.

Amen.

[SSKILLZ1]

Savvy Pick Contest #2 Deadline Friday

The deadline for the 2nd installment of the contest, will be this Friday (6/27) before the market close. Remember to get your picks in. Below is the link to the new board for the contest. Hope this helps.

https://investorshub.advfn.com/Savvy-Pick-10-Contest-2-49859

[MadCityCyclone]

anecdotal evidence is the best sort of evidence!

[Biowatch]

I realize that it is a little Rah Rah NIH, but the take home message seemed to be that the patient had already burned through other options, and that he was very close to a potential cure/extension of his life, but they (DOGE) fired the technicians that could actually carry out the lab work required, per FDA clinical trial protocols, for the sole reason that they were under probationary status.

In other words, they got fired because they been hired (and trained) or promoted within a year of DOGE making things more efficient by getting rid of them.

The treatment delay is strictly due to trying to hire them back, if they even want to go back to the NIH, as the article mentions that many of those fired started looking for jobs elsewhere.

Yes, we could certainly save a lot more lives by making sure all children got suitable vaccines, or that people with diabetes or kidney failure got treated in a timely manner, rather than focusing on cancer.

[jbog]

Biowatch,

I don't understand WP's position on this. There are around 65,000 HN patients diagnosed every year with around 15,000 deaths reported. TIL cell therapy runs around $1.5 million per treatment. Would you expect that 15,000 to 20,000 patients can call the NIH and get treatment? There are many 2nd, 3rd and 4th line treatments available and is this guy not willing to proceed the normal path?

Iova is the leader in the TIL field and they are just running exploratory studies for HN.

[Biowatch]

His custom cancer therapy is_in_an NIH_freezer._He_may_not_get_it in time.
How a metastatic cancer patient became collateral damage in federal workforce cuts.

https://www.washingtonpost.com/science/2025/06/18/nih-cancer-therapy-delay-staff-cuts/

In early June, a scan revealed that the cancer that started in his tonsils was racing through his bones. That day, he called a medical team at the National Institutes of Health that had created an experimental cell therapy, custom-made to attack his cancer as part of a clinical trial. He needed it. Now.

A week later, Schlueter and his wife, Michelle, saw NIH Director Jay Bhattacharya push back on concerns raised by his own staff that the ouster of essential employees and other disruptions to the biomedical research agency were harming science and patients. Bhattacharya said on X that objections raised in a document called the Bethesda Declaration contained “fundamental misconceptions” about NIH’s new direction. Each termination was being reviewed, and some workers were reinstated, he added.

But the Schlueters had a front-row seat to the effects of the job losses. Richard’s therapy was in a freezer, nearly ready to go. All along, they had been told the final step of preparation takes three to four weeks. But on June 3, his NIH doctor informed him that it would now take eight to 10 weeks because of cuts to essential lab personnel — a painful illustration of the life-and-death stakes of the administration’s approach to shrinking the government workforce.

Instead, he received more bad news: His therapy would be delayed at least a month because of staff cuts at NIH.

… The Washington Post first reported in early April that the production of specialized immune-cell therapies for metastatic cancer patients was delayed. Two highly skilled technicians who prepared cells for treatments were fired in the probationary purge in February, according to Steven Rosenberg, an NIH immunotherapy pioneer who leads multiple trials. He declined to say how many patients were affected, but his team now treats one patient per week, down from two or three before the cuts.…

[dewophile]

This has buyout potential written all over it, however for an oral drug I’m not so sure weekly dosing is that much of an advantage and could be a disadvantage if you’re having side effects and the drug lingers with a very long half-life

[vinmantoo]

Thanks for the links. I will check them out. My point is 3500 FDA employees were abruptly fired and the new bosses are claiming approvals will speed up, which is ludicrous.

https://www.raps.org/news-and-articles/news-articles/2025/4/thousands-of-fda-staff-fired-in-latest-rif

RFK Jr. is also talking about loosening controls on stem cell treatments which is ludicrous and dangerous.

https://www.nytimes.com/2025/06/05/health/kennedy-stem-cells-experimental-treatments.html

[DewDiligence]

Verdiva Bio presents data on (separate) oral agonists of GLP-1 and amylin:

https://www.businesswire.com/news/home/20250620108098/en/Verdiva-Bio-to-Present-New-Data-Highlighting-Once-Weekly-Potential-of-Its-Investigational-Oral-Obesity-Candidates-at-the-ADA-85th-Scientific-Sessions

The GLP-1 agonist, VRB-101, is in phase-1, while the amylin agonist, VRB-103, is in preclincal development. Verdiva claims that both compounds have the potential for weekly dosing.

The company is private and well funded.

[DewDiligence]

NVO PR on subQ and oral Amycretin data:

https://www.globenewswire.com/news-release/2025/06/20/3102977/0/en/Novo-Nordisk-s-subcutaneous-and-oral-amycretin-data-published-in-The-Lancet-and-presented-at-ADA-2025.html

Amycretin is a dual agonist of GLP-1 and amylin.

[jbog]

Novo’s Latest Obesity Drug Shows 24% Weight Loss in Small Trial


By Naomi Kresge
June 20, 2025 at 7:30 PM EDT


Novo Nordisk A/S’s latest experimental obesity drug helped patients lose as much as 24.3% of their weight in a small study, showing its potential as a next-generation treatment in the hyper-competitive market.

The drug known as amycretin showed signs of improving blood sugar levels with side effects generally in line with other powerful obesity medicines, researchers said in a pair of trials published in The Lancet and due to be presented at the American Diabetes Association conference in Chicago. The 24.3% weight loss came over 36 weeks in a study of the shot version of the compound.

Read More: Obesity Drug Battle Turns Cutthroat After Novo CEO Is Pushed Out

The Danish drugmaker needs amycretin to be a success to compete against new drugs in rival Eli Lilly & Co.’s portfolio. Novo’s current blockbuster Wegovy has lost ground to Lilly’s Zepbound in the key US market, while its next-generation candidate CagriSema fell short of the company’s predictions in large studies.

https://www.bloomberg.com/news/articles/2025-06-20/novo-nordisk-s-latest-obesity-drug-shows-24-weight-loss-in-early-study?srnd=homepage-americas&sref=XLA0GJqR

[Mr.Mister]

How reliable is STAT? X/Twitter accuses this author of being a paid short....

[mouton29]

Tell us how making them work on submissions BEFORE trial data is completed so they end up working on trials that fail speeds things up?

Not clear how significant the effect you mention will be.

The number issued during the “pilot period” is limited and “may” be increased thereafter. Also, it is possible that applicants may not jump to submit at the earliest possible moment and risk wasting a scarce, valuable voucher.

Here’s the FDA FAQ discussing the pilot, there’s also a press release.

https://www.fda.gov/news-events/press-announcements/faqs-commissioners-national-priority-voucher-program

Here’s a technical article discussing the pilot program. There’s some discussion of the concern you raise. https://www.thefdalawblog.com/2025/06/fdas-new-priority-voucher-pilot-program-has-landed-cnpv/

[WorstLuck]

CAPR off more than 40% on this.

not knowing what has been going on internally

According to STAT

The ouster of the Food and Drug Administration’s chief regulator of cell and gene therapies earlier this week came immediately after a disagreement with her boss over the review of a cell therapy for Duchenne muscular dystrophy, STAT has learned.

The regulator, Nicole Verdun, had scheduled an advisory committee meeting to review the therapy developed by Capricor Therapeutics. But Vinay Prasad, director of the FDA’s Center for Biologics Evaluation and Research, was skeptical of the treatment and decided unilaterally to cancel the meeting, according to a person familiar with the matter.

https://www.statnews.com/2025/06/20/fda-ouster-top-gene-therapy-official-nicole-verdun-placed-on-leave-after-review-committee-canceled/

[DewDiligence]

TNDM’s most advanced isulin pump can be paired with ABT’s FreeStyle Libre CGM:

https://finance.yahoo.com/news/tandem-diabetes-care-announces-t-123000641.html

[vinmantoo]

Deflectors on maximum. Why don’t you tell us how cutting 3,500 FDA employees then telling the remaining employees to speed up will work? Tell us how making them work on submissions BEFORE trial data is completed so they end up working on trials that fail speeds things up?

Oh, then you can tell us how firing all those employees without doing a systematic review of how their firing would improve and speed up FDA procedures and approvals.

[jbog]

Vin,

What does Vinny's book of facts say about how many employees they should have? Do they have too many or not enough?

[vinmantoo]

Right, they cut the number of employees then expect the process to speed up. It makes me laugh. They are going to start processing data before the trial is done, which means they will be spending time and effort on trials that end up missing their end point. Talk about inefficiency and waste.

[jbog]

Dew,

I would believe the heavy lifting would be done after a successful trial whereas the normal company would take 3-6 months to file with the fda. Many things could be accomplished in that currently 'dead time',

[DewDiligence]

I’m skeptical of how well this scenario will work in practice insofar as proposed labeling would seem to depend, at least in part, on the (pending) phase-3 dataset. Moreover, even if the nonclinical modules of a BLA/NDA are straightforward, one month for the FDA to analyze the clinical module could be insufficient for a complex dataset. Bear in mind that the FDA (unlike the EMA and other drug regulators) does not automatically accept an applicant’s clinical-data analysis, but instead conducts its own analysis of the raw clinical data.

[jbog]

How we plan to cut FDA drug approval time by months
Qualifying manufacturers will be able to submit some data while clinical trials are ongoing.

June 19, 2025 at 2:57 p.m. EDTToday at 2:57 p.m. EDT
By Marty Makary

For more than a century, the U.S. Food and Drug Administration has been a global leader in advancing medical cures, but in recent years, its regulatory framework has become an obstacle to innovation. Cumbersome requirements, poor communication and regulatory creep have made the United States less competitive in the global race for new drugs and treatments. Meanwhile, countries such as Australia and China, with more streamlined regulations, have become go-to destinations for clinical trials and early drug testing. The shift poses a risk not just to U.S. competitiveness but also to national security. To address it, the FDA must modernize.

That’s why I have just announced a pilot program that can slash the FDA’s drug review time from 10 to 12 months to just one to two months. The program will make use of the idle time during clinical trials — time needed to see how the drug in question performs. Instead of submitting all the data at the end of a trial, qualifying manufacturers will be able to submit most elements of the application — including manufacturing details and drug labeling — while the trial is underway. The FDA will be able to review the early data and resolve any issues with the manufacturer at that time. Once the trial concludes, final data will be submitted. Then there will be about one month of FDA review, followed by a focused, one-day meeting with FDA scientists to reach a decision. This split-submission approach is entirely feasible — as shown by its success during Operation Warp Speed at the start of the covid-19 pandemic.

https://www.washingtonpost.com/opinions/2025/06/19/faster-fda-drug-approval/

[sab63090]

WorstLuck
I'm certainly not able to know what is better, I prefer and have followed "Gene Editing" with stocks involved in it ($CRSP for example) and think it might be the way to go (at some point) after proving that it's safe, the "Gene Therapies" seem to run into a lot of problems...

I have owned $SRPT in the past and made money in it, but I have not owned it for many years., never got the top but did sell around $100 when it dropped from $160....I very much liked the CEO Chris Garabenian (Spelling?) at that time....very open and sincere, I thought.

I am sorry for the latest death news and for those invested in it!

I followed the legal issues with Emanuelle Charpentier vs Broad and I thought she would win...I was wrong....

https://news.berkeley.edu/2025/05/12/federal-appeals-court-sends-crispr-cas9-patent-case-back-to-patent-office-for-reconsideration/#:~:text=The%20PTAB%20subsequently%20conducted%20an,CRISPR%2DCas9%20editing%20in%20eukaryotes.

[sab63090]

Here is something for you to consider:

Bill Gates predicted AI would replace doctors in 10 years.

China just did it THIS YEAR.

Their AI outperformed real doctors by 34.1% across 40,000 patients

Cheers from the Bleachers

🤔

[WorstLuck]

Verdun was opposed to the approval.

However, not knowing what has been going on internally it's hard to say whether or not the recent events pushed things to a head.

[DewDiligence]

Fallout from #msg-176326241? Probably not, but the timing is curious.

[WorstLuck]

Top gene therapy regulator forced out at FDA
Nicole Verdun, director of the cell and gene therapy office, has been placed on administrative leave

Nicole Verdun, director of the office that reviews cell and gene therapies at the Food and Drug Administration, and her deputy Rachael Anatol have been placed on administrative leave and escorted out of the agency, according to a recording of a meeting obtained by STAT.

Verdun had worked closely with Peter Marks, the former head of the Center for Biologics Evaluation and Research, on establishing new paths for bringing gene therapies to market, particularly in rare diseases. Marks was forced out by the Trump administration in March for his role in regulating Covid-19 vaccines.

https://www.statnews.com/2025/06/18/top-gene-therapy-regulator-forced-out-at-fda

[jbog]

Vin,

I guess someone who collects data and passes it on is superior in your view.

lolol

[vinmantoo]

Gimme a break.

I am sorry that you need a break. By all means, take a break so you can think and reflect. You don't need my permission to do so. Hell, I encourage it.

This girl was appointed to this position during the last week of Bidens term and probably hasn't had a meeting since.

The time of her appointment is irrelevant. She isn't a girl. She is a highly trained scientist who is a woman.

Before you tell me how bad Rfk's picks are please tell me the qualities of who they are replacing.

Read the article and you might get some clues from a trained expert scientist. The fact remains, RFk Jr is unqualified and is damaging US healthcare. Perhaps you are in favor of his pushing for removal of fluoridation from our water. That will be a boon for dentists.

Here is a brief summary on her qualifications and experience from the article.

In 13 years at the Centers for Disease Control and Prevention, Dr. Fiona Havers crafted guidance for contending with Zika virus, helped China respond to outbreaks of bird flu and guided safe burial practices for Ebola deaths in Liberia.

More recently, she was a senior adviser on vaccine policy, leading a team that produced data on hospitalizations related to Covid-19 and respiratory syncytial virus. To the select group of scientists, federal officials and advocates who study who should get immunizations and when, Dr. Havers is well known, an embodiment of the C.D.C.’s intensive data-gathering operations.

More from the article.

Until now, scientists at the C.D.C. gathered data on infections, hospitalizations, deaths and more, presenting the numbers to A.C.I.P. members and helping shape recommendations on the strategies needed to keep Americans healthy.

As head of the C.D.C.’s platforms for tracking hospitalizations related to Covid-19 and R.S.V., Dr. Havers oversaw analyses of data from 14 states, representing 10 percent of the U.S. population.

The research she presented informed the Food and Drug Administration’s decision to authorize Covid-19 vaccines for children in 2021. The work also helped the C.D.C.’s advisers to recommend the shots to children, adolescents and pregnant women and to prioritize doses by age and underlying medical conditions.

The data led to more than 20 peer-reviewed publications and 15 reports from the C.D.C., and it fed online dashboards that drew millions of views. Dr. Havers herself has published more than 100 papers while at the agency, including R.S.V. vaccine recommendations for adults in 2023.

Early in the pandemic, Dr. Havers designed and led a national study to estimate the prevalence of antibodies to the coronavirus among Americans, a proxy for the number of infections.

She found that the number was anywhere from two to 13 times as high as the reported rates in a given region.

At the time, the first Trump administration muffled the C.D.C.’s scientists and sidelined them in making decisions. “That was a really rough time at C.D.C.,” Dr. Havers recalled. “The last five, six months have been worse than that.”

[DewDiligence]

ZEAL.CO reports 28wk data_for Dapiglutide, a_dual GLP-1/GLP-2 agonist:

https://finance.yahoo.com/news/zealand-pharma-announces-positive-topline-152900038.html

At 28 weeks, the median placebo-adjusted weight loss (n=30) was 11.4%, which compares favorably to the 8.3% figure (n=54) at 13 weeks for patients in different cohorts of the trial (#msg-175055451).

In the 28-week cohort, the dose was titrated every 4 weeks and peaked at 26mg. In the 13-week cohorts previously reported, the peak dose was 13mg (half as much as the 28-week cohort), so the enhanced weight loss at 28 weeks compared to 13 weeks is not surprising.

Safety/tolerability data:

Higher doses of dapiglutide compared to the prior 13-week Part 1 of the trial were assessed to be safe and well-tolerated in the trial, with no severe or serious treatment-emergent adverse events (TEAEs) reported. The vast majority of TEAEs were mild and the most common were gastrointestinal (GI), including nausea and vomiting. Two participants withdrew due to TEAEs, one of which was related to GI events. Overall, the number of GI events observed was consistent with clinical trials of other incretin-based therapies.

This language is somewhat concerning, IMO, insofar as tolerability “consistent with…other incretin-based therapies” can be construed as a sugarcoated way of saying that the tolerability was not great.

ZEAL.CO traded flattish today on the Copenhagen exchange.

[jbog]

RFK Jr. is damaging US healthcare.

Gimme a break. This girl was appointed to this position during the last week of Bidens term and probably hasn't had a meeting since. Before you tell me how bad Rfk's picks are please tell me the qualities of who they are replacing.

[dewophile]

I don't think you are considering situations where patients are undertreated because the existing options are simply not appealing. for example GSK is going to have an every 6 month anti-IL-5 launching soon. only about 25% of asthmatics who meet criteria for biologics are treated. going from monthly to every other month to twice a year will likely push the pool who get treated up and increase the size of the pie. An oral option would be a larger paradigm shift
That said I do see your point - that often it is a zero sum game pitching one product (that may be legitimately better) at the expense of another

[vinmantoo]

RFK Jr. is damaging US healthcare.

https://www.nytimes.com/2025/06/18/health/havers-cdc-vaccines-kennedy.html

[DewDiligence]

In cases where there is no competition (e.g. MDGL’s Rezdiffra), the Fallacy of Composition does not apply and hence OTC advertising may be beneficial to the company in question. However, this scenario is the exception rather than the rule.

[vinmantoo]

I would consider it a positive as I won’t have to see so many drug commercials.

[dewophile]

for some products/indications this may be the case, but not for others. There are certainly patients who are underinformed and undertreated who are captured through advertisements. net net it is probably a negative IMO but I see your argument

[sab63090]

Dew:

Half of the time these ads don't even tell the consumer what they are supposed to do! They just show fat people who have lost 35 lbs, but some have lost 46 lbs...ha ha

They often say: "Ask your doctor about x".....I don't believe they are allowed to do this in other countries and I'm glad not to see them.

Years ago lawyers were not allowed to advertise and now you see them every time you turn on the TV, especially on Judge Judy

[DewDiligence]

If DTC drug_ads_are_banned,_it’ll_be bullish for_the drug/biotech sector. (The big losers would be companies such as HIMS and the cable-TV industry.)

Bullish! Drug DTC advertising is an instance of the "Fallacy of Composition." I.e. if one drug company advertises and others do not, it boosts sales; but when everybody advertises, it's a standoff that ends up raising costs for the entire sector. https://t.co/GRc3zN5prZ

— Roy Friedman (@DewDiligence) June 17, 2025

[WorstLuck]

FDA to Issue New Commissioner’s National Priority Vouchers to Companies Supporting U.S. National Interests

https://www.fda.gov/news-events/press-announcements/fda-issue-new-commissioners-national-priority-vouchers-companies-supporting-us-national-interests

Today, the FDA announced its Commissioner’s National Priority Voucher program to accelerate the delivery of crucial treatments to the American public. https://t.co/WNnOhO5CC6 pic.twitter.com/TFcjm8Oyad

— U.S. FDA (@US_FDA) June 17, 2025

[mouton29]

You can be sure he [RFKjr] won't hire top scientists and physicians.

What role does junior play in hiring at the FDA?   Was he responsible for hiring Vinay Prasad?  Doesn't the FDA director - Marty Makary, appointed by the President with Senate approval - supervise hiring at the FDA.

[DewDiligence]

Recent Biotech Buyouts of Publicly Traded Companies

[Added LLY-VERV.]

Table entries are in descending order of buyout premium.
Reverse-mergers are listed at the bottom.

 
 Acquired         ‡Premium   *Deal        iHub  
 Company  Buyer   to Market  Value  Date  Reference  
 LOGC     AZN       667%     $70M  10/22  #msg-170099482 
 TBRA     AGN       498%     $615M  9/16  #msg-125266132 
 AVRX     CLDA      487%     $8M   10/08  #msg-33212809 
 GNLB     GSK       465%     $57M  10/08  #msg-33209281 
 AGRX     InsudPhrm 336%     $45M   6/24  #msg-174661096 
 DMTX     RARE      396%     $167M 10/17  #msg-135053781 
 CMPI     REGN      336%     $250M  4/22  #msg-168585070 
 MEMY     Roche     319%     $50M  11/08  #msg-33787598 
 IMDZ     MRK       311%     $300M  2/19  #msg-147004924 
 SGTX     LLY       280%     $35M   6/23  #msg-172236626 
 PRVB     SNY       273%     $2.9B  3/23  #msg-171430824 
 KDS.AS   SNY       272%     $360M 11/20  #msg-159250085 
 ANDS     Roche     256%     $220M 10/11  #msg-68043946 
 OMIC     Deerfiled 254%     c.v.  12/24  #msg-175571538 
 VIGL     SNY       246%     $470M  5/25  #msg-176225785 
 SYNB     PFE       240%     $10M  12/10  #msg-58221573 
 IDIX     MRK       239%     $3.85B 6/14  #msg-103051902 
 KOSN     BMY       233%     $190M  5/08  #msg-29647147 
 ZYNE     HRMY      226%     $60M   8/23  #msg-172590073 
 PSTX     Roche     215%     $1.1B 11/24  #msg-175441738 
 MIRO     UTHR      213%     $91M  10/23  #msg-173118733 
 TRIL     PFE       204%     $2.3B  8/21  #msg-165570289 
 ACER     ZVRA      203%     $15M   8/23  #msg-172730826 
 INZY     BMRN      182%     $270M  5/25  #msg-176198833 
 TSRO     GSK       182%     $5.1B 12/18  #msg-145223384 
 VLA.AX   MRK       182%     $394M  2/18  #msg-138708052 
 SQNM     LH        182%     $367M  7/16  #msg-124139335 
 NSPH     LMNX      179%     $77M   5/16  #msg-122867416 
 AIMT     Nestlé    174%     $2.6B  8/20  #msg-157987026 
 TCXK.PA  SGMO      174%     $84M   7/18  #msg-142384127 
 THOR     SNY       172%     $2.4B 12/19  #msg-152685325 
 MGRM     LH        171%     $155M  6/09  #msg-38960958 
 NEU.ST   AMGN      169%     $167M  5/19  #msg-148961436 
 COLY     PFE       167%     $165M 11/07  #msg-24600805 
 INHX     BMY       163%     $2.5B  1/12  #msg-70636307 
 LABP     ABBV      161%     $138M  3/24  #msg-174106073 
 CYPB     Ramius    160%     $255M 12/10  #msg-57780859 
 VTAE     AGN       159%     $639M  9/16  #msg-125144641 
 NTMD     Deerfld  z158%    z$36M   1/09  #msg-35132470 
 CELL     BRKR      150%     $108M  8/23  #msg-172624283 
 ICGN     PFE       150%     $56M   7/11  #msg-65365128 
 EYE      ABT       149%     $2.8B  1/09  #msg-34762429 
 IOMI     Intercell 147%     $190M  5/08  #msg-29232165 
 DNL.L    NBIX      144%     $56.5M 8/22  #msg-169825867 
 STML     Menarini  142%     $623M  5/20  #msg-155412863 
 CPEX     FCB_Hldgs 142%     $77M   3/11  #msg-61326856 
 SCTL     CoreRx    129%     $139M  2/24  #msg-173944768 
 GEVA     ALXN      136%     $8.4B  5/15  #msg-113395760 
 BTRX     Stiefel   136%     $150M  6/08  #msg-30201906 
 LMNL     Strc Alph 135%     $10M   7/23  #msg-172324343 
 PAND     MRK       134%     $1.85B 2/21  #msg-162128146 
 ISTA     Bausch&Lm 134%     $500M  3/12  #msg-73708628 
 PTLA     ALXN      132%     $1.2B  5/20  #msg-155434665 
 SOMX     PTX       127%     $25M  12/12  #msg-82334111 
 Tepnel   GPRO      126%     $132M  1/09  #msg-35221710 
 INSV     Sun_Phrma 125%     $48M   9/15  #msg-116997898 
 ABLX     SNY       123%     $4.8B  1/18  #msg-138081925 
 TPTX     BMY       122%     $4.1B  6/22  #msg-169044829 
 ONCE     Roche     122%     $4.3B  2/19  #msg-147078413 
 CINC     AZN       121%     $1.3B  1/22  #msg-170897861 
 CYNA     Sunovion  121%     $624M  8/16  #msg-124897051 
 TTHI     OPK       121%     $60M   6/16  #msg-123621440 
 ADLR     CBST      121%     $190M 10/11  #msg-68264754 
 SGXP     LLY       119%     $64M   7/08  #msg-30547648 
 MDVN     PFE      k118%     $4.0B  8/16  #msg-124680992 
 HARP     MRK       118%     $680M  1/24  #msg-173581189 
 ENCY     PFE       118%     $350M  2/08  #msg-26978155 
 CCXI     AMGN      116%     $3.7B  8/22  #msg-169584273 
 RARX     UCB.BR    112%     $2.1B 10/19  #msg-151624039 
 OPNT     INDV.L    111%     $110M 11/22  #msg-170443638 
 HZD.L    PKI       110%     $368M 11/20  #msg-159255066 
 BOLD     ALPMY     110%     $3.0B 12/19  #msg-152574418 
 RGLS     NVS       108%     $850M  4/25  #msg-176130831 
 IMMU     GILD      108%     $21B   9/20  #msg-158261866 
 ICEL     Fujifilm  108%     $307M  3/15  #msg-112226224 
 AMYT     Chiesi    107%     $1.25B 1/23  #msg-170892902 
 IMGO     MRK       107%     $1.4B 11/22  #msg-170504136 
 ARQL     MRK       107%     $2.7B 12/19  #msg-152684415 
 AMAM     JNJ       105%     $2.0B  1/24  #msg-173581189 
 RYZB     BMY       105%     $3.6B 12/23  #msg-173501393 
 TRCA     IPN.PA    104%     $660M  6/08  #msg-29795183 
 BLU      GSK       103%     $2.0B  4/23  #msg-171710496 
 GBT      PFE       102%     $5.4B  8/22  #msg-169612752 
 MRV.TO   Srchlight 101%     $91M  12/22 
 AMLN     BMY       101%    u$7.0B  6/12  #msg-77122453 
 ARNA     PFE       100%     $6.7B 12/21  #msg-167099213 
 TST.TO   PLI.TO    100%     $33M   8/16  #msg-124735566 
 HGSI     GSK        99%     $3.0B  7/12  #msg-77532608 
 FUSN     AZN        97%     $2.1B  3/24  #msg-174067117 
 ORTX     KYKOY      97%     $387M 19/23  #msg-172963268 
 CRY.TO   MDT        97%     $380M  9/08  #msg-32421462 
 CFMS     restor3D   96%     $18M   6/23  #msg-172198000 
 UROV     Sumitovant 96%     $681M 11/20  #msg-159462428 
 FTSV     GILD       96%     $4.9B  3/20  #msg-154105690 
 NVDQ     SYK        96%     $701M  6/17  #msg-132304937 
 IMGN     ABBV       95%     $10B  11/23  #msg-173325886 
 CHMA     AMYT       94%     $330M  5/21  #msg-163605477 
 BITI     ACOR       94%     $363M  1/16  #msg-119923883 
 Speedel  NVS        94%     $880M  7/08  #msg-30588524 
 HTWR     MDT        93%     $1.1B  6/16  #msg-123551339 
 MEDA.ST  MYL        92%     $9.9B  2/16  #msg-120456111 
 MNT      JNJ        92%     $1.1B 11/08  #msg-33879830 
 JUNO     CELG      j91%     $9.0B  1/18  #msg-137859642 
 OCAT     Astellas   91%     $379M 11/15  #msg-118374922 
 GI       BSX        90%     $210M  9/16  #msg-125422608 
 MEDX     BMY        90%     $2.1B  7/09  #msg-39801273 
 CTIC     SOBI.ST    89%     $1.7B  5/23  #msg-171878780 
 VRUS     GILD       89%     $11B  11/11  #msg-69211700 
 AVXS     NVS        88%     $8.7B  4/18  #msg-139888382 
 AGN      ACT       q88%     $66B  11/14  #msg-108238424 
 OMTH     AZN        88%     $260M  5/13  #msg-88349427 
 PNT      LLY        87%     $1.4B 10/23  #msg-172949338 
 MAKO     SYK        86%     $1.65B 9/13  #msg-92358712 
 ISO      BLI        85%     $58M  12/22  #msg-170759670 
 SIRT     GSK        85%     $620M  4/08  #msg-28705020 
 ALBO     IPN.PA     84%     $950M  1/22  #msg-170897349 
 LJPC     INVA       84%     $148M  7/22  #msg-169366685 
 ALDR     LUND.CO    84%     $1.95B 9/19  #msg-151154641 
 ZGEN     BMY        84%     $885M  9/10  #msg-54152162 
 AMBI     Daiichi    83%     $315M  9/14  #msg-106688411 
 ICPT     Alfasigma  82%     $870M  9/23  #msg-172898719 
 TRIV     ELGX       81%     $211M 10/15  #msg-118008485 
 YMI      GILD       81%     $510M 12/12  #msg-82377008 
 NGM      Column Gp  80%     $135M  2/24  #msg-173922864 
 DRNA     NVO        80%     $3.3B 11/21  #msg-166818260 
 PRVL     LLY        80%     $880M 12/20  #msg-160184274 
 TIG      TAK        80%     $622M  1/18  #msg-137517859 
 TSVT     BMY        79%     $102M  3/25  #msg-175911044 
 MORF     LLY        79%     $3.2B  7/24  #msg-174719164 
 FSTX     Sino BPhrm 79%     $161M  6/22  #msg-169222236 
 BHVN     PFE        79%     $11.6B 5/22  #msg-168806558 
 KDMN     SNY        79%     $1.9B  9/21  #msg-165815381 
 FPRX     AMGN       79%     $1.9B  3/21  #msg-162316864 
 CVRS     SHL.DE     79%     $1.1B  8/19  #msg-151997721 
 CASC     SGEN       79%     $614M  1/18  #msg-138145273 
 AKUS     LLY        78%     $497M 10/22  #msg-170225029 
 NTGN     BNTX       77%     $67M   1/20  #msg-153334198 
 ACHN     ALXN       77%     $700M 10/19  #msg-151730899 
 ATLN.VX  JNJ       f77%     $30B   1/17  #msg-128155201 
 ORIDN.SW COV        77%     $300M  4/12  #msg-74079493 
 ADMS     SUPN       76%     $400M 10/21  #msg-166306594 
 CVTX     GILD       76%     $1.4B  3/09  #msg-36225695 
 ALIM     ANIP       75%     $381M  6/24  #msg-174649330 
 DCPH     Ono Pharma 75%     $2.4B  4/24  #msg-174321509 
 RXDX     MRK        75%     $10.8B 4/23  #msg-171696785 
 ARIA     TAK        75%     $5.2B  1/17  #msg-127718101 
 CALT     AsahiKasei 74%     $1.1B  5/24  #msg-174499469 
 OLK      TMO        74%     $3.1B 10/23  #msg-173043188  
 RXDX     Roche      74%     $1.7B 12/17  #msg-137115144 
 MOVET.BR SHPG       74%     $560M  8/10  #msg-52918245 
 IDEV     ENDP       74%     $370M  1/09  #msg-34592416 
 CERE     ABBV      f73%     $8.7B 12/23  #msg-173374544 
 CPXX     JAZZ       73%     $1.5B  5/16  #msg-122995888 
 LEVP     VPHM      y73%    y$510M  7/08  #msg-30704409 
 TARG     MDCO       72%     $42M   1/09  #msg-34774402 
 Ventana  Roche      72%     $3.4B  1/08  #msg-30912677 
 Jerini   SHPG       71%     $520M  7/08  #msg-30452872 
 VERV     LLY        70%     $1.0B  6/25  #msg-176329647 
 CMRX     JAZZ       70%     $935M  3/25  #msg-175888446 
 MNTA     JNJ        70%     $6.5B  8/20  #msg-157719675 
 WTX.ST   ALXN       70%     $855M  4/18  #msg-139951584 
 APNO     Cell_Bio   70%     $20M   9/09  #msg-43348606 
 TCRR     ADAP       69%     $80M   3/23  #msg-171370279 
 AAH.AX   CEPH       69%     $207M  2/09  #msg-35956544 
 GTHX     Phrmacosms 68%     $405M  8/24  #msg-174881002 
 JNCE     Tang Cptl  68%     $99M   3/23  #msg-171548303 
 CNST     MOR        68%     $1.7B  6/21  #msg-164153449 
 NITE     BIIB       68%     $877M  3/19  #msg-147257363 
 LOXO     LLY        68%     $8.0B  1/19  #msg-145917745 
 ARMO     LLY        68%     $1.6B  5/18  #msg-140678701 
 STDY     UTHR       68%     $216M  4/18  #msg-140410572 
 DDS.TO   PLB.TO     68%     $15M   8/11  #msg-66272770 
 ALPN     VRTX       67%     $4.9B  4/24  #msg-174214641 
 KDNY     NVS        67%     $3.2B  6/23  #msg-172110415 
 APEN     BSX        67%     $615M 11/22  #msg-170560661 
 CMTA     IPN.PA     67%     $1.31B 2/19  #msg-147078420 
 ALXA     Gp_Ferrer  67%     $20M   5/16  #msg-122522140 
 CKPT     Sun Pharma 66%     $355M  3/25  #msg-175907126 
 ZGNX     UCB.BR     66%     $1.9B  1/22  #msg-167551981 
 NVET     ZTS        66%     $85M   4/17  #msg-130461127 
 DRTX     ACT        66%     $675M 10/14  #msg-106925472 
 SPPI     ASRT       65%     $250M  4/23  #msg-171766836 
 LPDX     LH         65%     $83M   9/14  #msg-106598786 
 OSTE     MDT        65%     $123M  8/10  #msg-53410183 
 MDCO     NVS        64%     $9.0B 11/19  #msg-152458295 
 FCSC     Castle_Crk 64%     $63M   9/19  #msg-151108594 
 BIVV     SNY        64%     $11.6B 1/18  #msg-137861926 
 LDRH     ZBH        64%     $1.0B  6/17  #msg-133419822 
 TLCR     GRFS       64%     $3.4B  6/10  #msg-50961841 
 FACT     ABT        64%     $450M  3/10  #msg-47606240 
 Acambis  SNY        64%     $550M  7/08  #msg-30990498 
 JAV      HSP        64%     $141M  4/10  #msg-48881292 
 MSLI     Norgine_BV 63%     $249M  5/17  #msg-131262204 
 GRCL     AZN        62%     $1.0B 12/23  #msg-173501426 
 ARRY     PFE        62%     $11.4B 6/19  #msg-149423883 
 CBMX     NVTA       62%     $33M   7/17  #msg-133447160 
 NARI     SYK        61%     $4.9B  1/25  #msg-175629058 
 MOR      NVS        61%     $2.9B  2/24  #msg-173780339 
 MYOK     BMY        61%     $13B  10/20  #msg-158699874 
 Synthes  JNJ        61%     $21.5B 4/11  #msg-62473819 
 SCRX     Shionogi   61%     $1.4B  9/08  #msg-31859174 
 ITCI     JNJ        60%     $14.6B 1/25  #msg-175655811 
 APGN     PYXS       60%     $16M   5/23  #msg-171981599 
 SHPG     TAK        60%     $62.1B 5/18  #msg-140610505 
 XNPT     Arbor_Phrm 60%     $487M  5/16  #msg-122847495 
 BRLI     OPK        60%     $1.5B  6/15  #msg-114296569 
 MAPP     AGN        60%     $958M  1/13  #msg-83696395 
 BFRM     Merz       60%     $253M  1/10  #msg-45071380 
 RETA     BIIB       39%     $7.3B  7/23  #msg-172456806 
 RLYP     Galenica   59%     $1.53B 7/16  #msg-124014245 
 CXS.AX   CEPH       59%     $163M  3/11  #msg-61453144 
 CRXL     JNJ        58%     $2.4B 12/10  #msg-55228522 
 PFNX     LGND       57%     $438M  8/20  #msg-157515236 
 VOLC     PHG        57%     $1.0B 12/14  #msg-109142343 
 MEDS     XON        57%     $26M  12/13  #msg-95175483 
 AVDR     GKOS       56%     $480M  8/19  #msg-150387068 
 OMPI     VRX        56%     $360M  3/13  #msg-86381607 
 BMTI     WMGI       56%     $380M 12/12  #msg-81626598 
 MTXX     HIG_Captl  56%     $75M  12/10  #msg-57778844 
 ASPM     COV        56%     $210M  9/09  #msg-43348479 
 ANAC     PFE        55%     $5.2B  5/16  #msg-122659881 
 RNA      BMRN       55%     $840M 11/14  #msg-108456369 
 AUXL     ENDP       55%     $2.6B 10/14  #msg-107031514 
 OSIP     Astellas   55%     $4.0B  5/10  #msg-50234451 
 IDMI     TAK        55%     $75M   5/09  #msg-37898204 
 LBPH     HLUN-B.CO  54%     $2.5B 10/24  #msg-175224534 
 COLL     BDSI       54%     $604M  2/22  #msg-167875055 
 VEC.L    PM         54%     $1.5B  8/21  #msg-165430280 
 CELG     BMY        54%     $74B   1/19  #msg-145844551 
 ECYT     NVS        54%     $2.1B 10/18  #msg-144295734 
 CPHD     DHR        54%     $4.0B  9/16  #msg-124976329 
 GNOM     BGI-Shnzhn 54%     $118M  9/12  #msg-79636464 
 RDEA     AZN        54%     $1.3B  4/12  #msg-74706626 
 BSMD     MMSI       54%     $96M   5/10  #msg-50161877 
 ATSI     MDT        54%     $370M  4/10  #msg-49617936 
 ALO      KG         54%     $1.6B 11/08  #msg-33763449 
 ABGX     AMGN       54%     $2.2B 12/05  #msg-8876857 
 KRTX     BMY        53%     $14B  12/23  #msg-173484423 
 EPZM     IPN.PA     53%     $247M  6/22  #msg-169252695 
 VIE      HZNP       53%     $2.67B 2/21  #msg-161376573 
 MEDI     AZN        53%     $15.2B 4/07  #msg-19020387 
 MLNM     TAK        53%     $8.8B  4/08  #msg-28365383 
 ALLK     Tang Captl 52%     $33M   4/25  #msg-176009641 
 AMRI     Crlyl/GTCR 52%     $922M  6/17  #msg-131937504 
 AFFX     TMO        52%     $1.3B  1/16  #msg-119712743 
 TRBN     EBS        52%     $97M   8/10  #msg-53271836 
 SYNO     BAX        52%     $260M 12/11  #msg-69906294 
 PCOP     LGND       52%     $75M   9/08  #msg-32404474 
 FRLN     SYNC.L     51%     $28M  11/23  #msg-173279258 
 ABMD     JNJ        51%     $17B  11/22  #msg-170339688 
 VIFN.SW  CSL.AX     51%     $12B  12/21  #msg-167114255 
 RPBIF    OrbiMed    51%     $11.1M 6/16  #msg-126868605 
 NPSP     SHPG       51%     $5.2B  1/15  #msg-109811213 
 CLZR     ELOS       51%     $65M   9/09  #msg-41293512 
 OMRI     JNJ        51%     $465M 11/08  #msg-33762745 
 IMCL     LLY        51%     $6.5B 10/08  #msg-32662830 
 OPTN     Paratek    50%     $330M  3/25  #msg-175951646 
 QSAM     TLX.AX     50%     $33M   2/24  #msg-173807713 
 CSII     ABT        50%     $890M  2/23  #msg-171160898 
 MYOV     Sumitomo   50%     $2.9B 10/22  #msg-170268877 
 ETTX     INVA       50%     $113M  5/22  #msg-168944440 
 ATRS     HALO       50%     $960M  4/22  #msg-168533921 
 ITMR     Zoll Mdcl  50%     $538M  9/21  #msg-165885593 
 GWPH     JAZZ       50%     $6.7B  2/21  #msg-161448011 
 CORI     Gurnet_Pnt 50%     $504M 10/18  #msg-144156114 
 ENTL     SYK        50%     $662M 12/17  #msg-136714935 
 PSTX     SYK        50%     $120M  1/14  #msg-95510779 
 MYOG     GILD       50%     $2.5B 10/06  #msg-13712121 
 MIL      Merck_KGaA 50%     $7.2B  3/10  #msg-47249493 
 CRGN     CLDX       50%     $40M   5/09  #msg-38262967 
 TNOX     DNA        50%     $919M 11/06  #msg-14673162 
 FMTX     NVO        49%     $1.1B  9/22  #msg-169846707 
 OCRX     MNK        49%     $75M  11/17  #msg-135889221 
 MRNS     Immedica   48%     $151M 12/24  #msg-175595432 
 HZNP     AMGN       48%     $28B  12/22  #msg-170671017 
 WMGI     SYK        48%     $5.4B 11/19  #msg-152075660 
 SURG     VRX        48%     $166M  9/15  #msg-116690920 
 ZY       DNA        47%     $300M  7/22  #msg-169486788 
 AAAP     NVS        47%     $3.9B 10/17  #msg-168310103 
 FLXN     PCRX       47%     $428M 10/21  #msg-166306397 
 CBM      Permira    47%     $2.4B  8/19  #msg-150386649 
 KIN      ELAN       46%     $440M  6/21  #msg-164417443 
 AMAG     Covis_Grp  46%     $647M 10/20  #msg-158641344 
 BEC      DHR        46%     $6.8B  2/11  #msg-59624646 
 PHRM     CELG       46%     $2.9B 11/07  #msg-24645394 
 ALXN     AZN        45%     $39B  12/20  #msg-160128002 
 AGN      ABBV       45%     $65B   6/19  #msg-149577810 
 ROCM     BCR        45%     $262M  9/13  #msg-91684202 
 TYME     SYRS       44%     $70M   7/22  #msg-169317107 
 BSTC     ENDP       44%     $540M 10/20  #msg-158976969 
 AAAP     NVS        44%     $3.9B 10/17  #msg-135797034 
 GNVC     XON        44%     $14.2M 1/17  #msg-128087921 
 ICVX     AZN        43%     $800M 12/23  #msg-173410902 
 DBTX     REGN       43%     $109M  8/23  #msg-172552134 
 VECT     IRWD       43%     $1.0B  5/23  #msg-171960647 
 AVEO     LG Chem    43%     $566M 10/22  #msg-170225142 
 GNMK     Roche      43%     $1.8B  3/21  #msg-162557955 
 SNMX     Firmenich  43%     $72M   9/18  #msg-143614780 
 RPRX     AGN        43%     $27M  12/17  #msg-136820335 
 DICE     LLY        42%     $2.4B  6/23  #msg-172170829 
 SGEN     PFE        42%     $43B   3/23  #msg-171430587 
 AGTC     SYNC.L     42%     $24M  10/22  #msg-170272356 
 ZSPH     AZN        42%     $2.7B 11/15  #msg-118292261 
 ASPX     TEVA       42%     $3.2B  3/15  #msg-112224762 
 CALP     PKI        42%     $600M  9/11  #msg-66915400 
 BRL      TEVA       42%     $9.0B  7/08  #msg-30792830 
 PRTK     Gurnet Pt  41%     $330M  6/23  #msg-172070130 
 EIDX     BBIO       41%     $2.9B 10/20  #msg-158699182 
 AST      BTX        41%     $85M  11/18  #msg-144764100 
 VITA     SYK        41%     $320M  5/11  #msg-63178312 
 AGAM     STJ        41%     $1.3B 10/10  #msg-55673504 
 MNLO     FOMX       40%     $180M 11/19  #msg-152208625  
 DSCI     IART       40%     $204M  1/17  #msg-127779613 
 SGNT     Nichi-Iko  40%     $736M  7/16  #msg-123792475 
 PATH     TEVA       40%    s$144M  1/14  #msg-96147237 
 SLTM     VRX        40%     $236M 12/13  #msg-95003986 
 KG       PFE        40%     $3.6B 10/10  #msg-55425514 
 STSA     Shin Nippn 39%     $30M   4/23  #msg-171700091 
 SRRA     GSK        39%     $1.9B  4/22  #msg-168533694 
 PCYC     ABBV      n39%     $21B   3/15  #msg-111425234 
 SYR.L    STE        39%     $1.9B 10/14  #msg-107152734 
 HSP      PFE        39%     $17B   2/15  #msg-110577169 
 MRX      VRX        39%     $2.6B  9/12  #msg-79186818 
 CEPH     TEVA       39%     $6.8B  5/11  #msg-62636692 
 ORCH     LH         39%     $85M   4/11  #msg-61801828 
 MOGN     Eisai      39%     $3.9B 12/07  #msg-25163775 
 SPNE     OFIX       38%     $306M 10/22  #msg-170165454 
 PETX     ELAN       38%     $231M  4/17  #msg-148466146 
 ALR      ABT        38%     $7.9B  4/17  #msg-130492505 
 BXLT     SHPG       38%     $32B   1/16  #msg-119743932 
 ITMN     Roche      38%     $8.3B  8/14  #msg-105603127 
 SNTS     SLXP       38%     $2.6B 11/13  #msg-93839578 
 ONXX     AMGN       38%     $9.7B  8/13  #msg-91383118 
 LIFE     TMO        38%     $15.6B 4/13  #msg-86836458 
 DUSA     Sun_Pharma 38%     $230M 11/12  #msg-81273572 
 MYX.AX   Cosette Ph 37%     $430M  2/25  #msg-175837513 
 AERI     ALC        37%     $770M  8/22  #msg-169759599 
 TTPH     LJPC       37%     $43M   6/20  #msg-156488296 
 BTG.L    BSX        37%     $4.2B 11/18  #msg-145001575 
 STJ      ABT        37%     $30.7B 4/16  #msg-122251293 
 CBST     MRK        37%     $9.5B 12/14  #msg-108853418 
 SIAL     Merck_KGaA 37%     $17B   9/14  #msg-106484466 
 PRX      TPG_(prvt) 37%     $1.9B  7/12  #msg-77533202 
 MTOX     LH         37%     $240M  6/12  #msg-76240732 
 GENZ     SNY       v37%    v$20.1B 2/11  #msg-59975091 
 DOVA     SOBI.ST    36%     $810M  9/19  #msg-151425501 
 MRTX     BMY        35%     $4.8B 10/23  #msg-172983547 
 SURF     CHRS       35%     $40M   6/23  #msg-172154287 
 SOBI.ST  Advent/GIC 35%     $8.0B  9/21  #msg-165744197 
 CORV     Advance_Ph 35%     $76M   3/20  #msg-154356839 
 PTHN     TMO        35%     $7.2B  5/17  #msg-131355584 
 DYAX     SHPG       35%     $5.9B 11/15  #msg-118164544 
 MATK     Royal_DSM  35%     $1.1B 12/10  #msg-57987049 
 CVAC     BNTX       34%     $1.25B 6/25  #msg-176311692 
 MITO     Mrngsd Vnt 34%     $27M   8/22  #msg-169552098 
 NEOS     AYTU       34%     $45M  12/20  #msg-160066262 
 WCRX     ACT        34%     $8.5B  5/13  #msg-88088454 
 AMMD     ENDP       34%     $2.9B  4/11  #msg-61948007 
 CLRT     GE         34%     $580M 10/10  #msg-55864640 
 SGP      MRK        34%     $41B   3/09  #msg-36140327 
 HTRN     ENDP       34%     $223M  5/10  #msg-49838813 
 CLCD     LLY        33%     $960M  1/17  #msg-127941157 
 AKGZF    Bayer      33%     $2.9B 12/13  #msg-95174198 
 KNSY     Royal_DSM  33%     $360M  5/12  #msg-75204020 
 MITI     AMGN       33%     $1.16B 1/12  #msg-71341339 
 OYST     VTRS       32%     $300M 11/22  #msg-170389075 
 JNP      CTLT       32%     $140M  7/18  #msg-141961886 
 CVD      LH         32%     $5.6B 11/14  #msg-107784169 
 SMTS     COV        32%     $250M  6/10  #msg-51344183 
 EXAC     TPG_(prvt) 31%     $625M 10/17  #msg-135627315 
 TOMO     ARAY       31%     $277M  3/11  #msg-60697854 
 TBIO     SNY        30%     $3.2B  8/21  #msg-165242244 
 PRAH     ICLR       30%     $12B   2/21  #msg-162100993 
 NXTM     FMS        30%     $2.0B  8/17  #msg-133627112 
 THOR     STJ        30%     $3.4B  7/15  #msg-115599422 
 PPD(I)   CarlyleGrp 30%     $3.9B 10/11  #msg-67625255 
 OctoPlus RDY        30%     $35M  10/12  #msg-80752228 
 CGPI     Galderma   30%     $420M  2/08  #msg-28286522 
 NTUS     ArchiMed   29%     $1.2B  4/22  #msg-168574161 
 XLRN     MRK        29%     $11.5B 9/21  #msg-166156870 
 IVTY     SYK        29%     $190M  9/18  #msg-143493139 
 FMI      Roche      29%    h$2.4B  6/18  #msg-141630144 
 COV      MDT        29%     $42.9B 6/14  #msg-103352775 
 CHTP     Lundbeck   29%     $530M  5/14  #msg-101687352 
 WYE      PFE        29%     $68B   1/09  #msg-35077617 
 APPX     Fresenius  29%     $940M  7/08  #msg-30498388 
 KITE     GILD       29%     $11.9B 8/17  #msg-134179317 
 BPMC     SNY        28%     $9.1B  6/25  #msg-176263786 
 GTKX.PA  CALT       28%     $38M   8/20  #msg-157592686 
 PRXL     Pamplona   28%     $4.6B  6/17  #msg-132330332 
 INNL     Gurnet_Pt  28%     $53M   4/17  #msg-130210863 
 CYNO     HOLX       28%     $1.44B 2/17  #msg-128697104 
 CRA      DGX        28%     $330M  3/11  #msg-61103240 
 SEPR     Dainippon  28%     $2.6B  9/09  #msg-41143301 
 SAGE     SUPN       27%     $561M  6/25  #msg-176326268 
 CBAY     GILD       27%     $4.3B  2/24  #msg-173827237  
 NVCN     SWAV       27%     $199M  1/23  #msg-170962426 
 OXFD     PKI        27%     $600M  1/21  #msg-160749373 
 HEMA     CRL        27%     $380M 12/19  #msg-152826703 
 SPNC     PHG        27%     $2.16B 6/17  #msg-132563070 
 QCOR     MNK        27%     $5.6B  4/14  #msg-100144844 
 CNJ.TO   EBS        27%     $222M 12/13  #msg-94886880 
 GIVN     COV        27%     $860M 12/13  #msg-94759019 
 VPHM     SHPG       27%     $4.2B 11/13  #msg-93924184 
 ASTX     Otsuka     27%     $886M  9/13  #msg-91706292 
 ALTH     SPPI       27%     $108M  4/12  #msg-74081029 
 GXDX     NVS        27%     $330M  1/11  #msg-59092015 
 SOLY     ABBV       26%     $550M  5/21  #msg-163706786 
 KTWO     SYK        26%     $1.4B  8/18  #msg-143281972 
 LBMH     BCR        26%     $181M 11/15  #msg-118658269 
 CFN      BD         26%    $12.2B 10/14  #msg-106924866 
 CADX     MNK        26%     $1.3B  2/14  #msg-97103062 
 ISPH     MRK        26%     $430M  4/11  #msg-61724403 
 Zentiva  SNY        26%     $2.6B  9/08  #msg-32327005 
 AMTI     CYTH       25%     $11M  12/23  #msg-173513038 
 CEMI     ALBIO.PA   25%     $17.2M 1/23  #msg-171085285 
 KARO.ST  EQT_VIII   25%     $650M 10/18  #msg-144517455 
 BCR      BDX        25%     $24B   4/17  #msg-130730335 
 SLXP     VRX       p25%     $15.9B 3/15  #msg-111768607 
 FRX      ACT        25%     $25B   2/14  #msg-97422529 
 ICOS     LLY        25%     $2.3B 12/06  #msg-15623908 
 SLRN     ALMS       24%     $240M  2/25  #msg-175772515 
 PPD      TMO        24%     $20.9B 4/21  #msg-163201848 
 VAR      SHL.DE     24%     $16.4B 8/20  #msg-157315433 
 KYTH     AGN        24%     $2.1B  6/15  #msg-114667193 
 HITK     AKRX       24%     $540M  8/13  #msg-91428592 
 ZOLL     AsahiKasei 24%     $2.2B  3/12  #msg-73194976 
 RCOR     RCKT       23%     $53M   9/22  #msg-169991990 
 LMNX     DIA.MI     23%     $1.8B  4/21  #msg-163126009 
 ISEE     Astellas   22%     $5.9B  5/23  #msg-171807035 
 ALMED.PA MDT        22%     $160M  7/20  #msg-156929697 
 Noven    Hisamitsu  22%     $428M  7/09  #msg-39515681 
 RPTP     HZNP       21%     $800M  9/16  #msg-125097197 
 DNEX     TMO        21%     $2.1B 12/10  #msg-57686719 
 EQRX     RVMD       20%     $1.1B  8/23  #msg-172491486 
 PLB.TO   ENDP       20%     $74M  11/13  #msg-93718507 
 CPTS     Bayer      20%     $1.1B  4/13  #msg-87353545 
 PBTH     OPK        20%     $480M  4/13  #msg-87185863 
 GPRO     HOLX       20%     $3.7B  4/12  #msg-74999864 
 FURX     FRX        19%     $1.1B  4/14  #msg-101191792 
 CLDA     FRX        19%     $1.2B  2/11  #msg-60171753 
 PPCO     ENDP       19%     $168M  8/10  #msg-53137069 
 EVVV     COV        19%     $2.6B  6/10  #msg-50797343 
 ELEV     Tang Captl 18%     $26M   6/25  #msg-176293584 
 RCPT     CELG       18%     $7.2B  7/15  #msg-115406201 
 SWTX     MRK.DE     17%     $3.4B  4/25  #msg-176120502 
 SWAV     JNJ        17%     $12.5B 4/24  #msg-174182514 
 CTLT     NVO Hldngs 17%     $11.5B 2/24  #msg-173773953 
 RAIN     Pathos AI  17%     c.v.  12/23  #msg-173423820 
 PRDS     MediPac    17%     c.v.   7/23  #msg-172362079 
 MSON     BVS        17%     $518M  7/21  #msg-166521465 
 BEAT     PHG        17%     $2.8B 12/20  #msg-160299656 
 NDRM     Mitsubishi 17%     $1.1B  7/17  #msg-133239153 
 KCI      Apax_Prts  17%     $6.3B  7/11  #msg-65162696 
 ABII     CELG       17%     $2.9B  6/10  #msg-51844360 
 ACL      NVS       x17%    x$49.7B 1/10  #msg-45072999 
 CNCE     Sun Pharma 16%     $580M  1/23  #msg-170981214 
 MZOR     MDT        16%     $1.64B 9/18  #msg-143696059 
 VER.L    LGND       16%     $43M   8/18  #msg-142795933 
 ABAX     ZTS        16%     $2.0B  5/18  #msg-140837816 
 AEGR     QLTI      m16%     $45M   6/16  #msg-123312384 
 KMNS     XIO_Grp    16%     $510M  6/15  #msg-114711266 
 PRXN.L   Upshr-Smth 16%     $350M  6/12  #msg-76556065 
 CGRB     JNJ        16%     $970M  5/09  #msg-38039851 
 DNA      Roche      16%    w$46.8B 3/09  #msg-36224175 
 XENT     MDT        15%     $1.1B  8/21  #msg-165323285 
 SCMP     MNK        15%     $1.2B 12/17  #msg-137177653 
 TSRX     CBST       15%     $707M  7/13  #msg-90492857 
 ARI.TO   Roche      15%     $190M  7/08  #msg-30904056 
 EMIS     NVO        14%     $1.8B 11/20  #msg-159336565 
 ZLTQ     AGN        14%     $2.48B 2/17  #msg-128649430 
 FEIC     TMO        14%     $4.2B  5/16  #msg-122953139 
 SENO     BCR        14%     $213M  5/10  #msg-49838776 
 SBBP     XERS       13%     $267M  5/21  #msg-163992064 
 PGNX     LNTH       13%     $440M  2/20  #msg-153933488 
 AVNR     Otsuka     13%     $3.5B 12/14  #msg-108677894 
 RDUS     Gurnet Pt  12%     $890M  6/22  #msg-169222128 
 SCLN     GL_Capital 11%     $605M  6/17  #msg-132004673 
 WX       prvt_grp   11%     $3.3B  8/15  #msg-116208102 
 ELN      PRGO       11%     $6.7B  7/13  #msg-90418077 
 PRNB     SNY        10%     $3.36B 8/20  #msg-157669162 
 EXAI     RXRX        9%     $350M  8/24  #msg-174886820 
 TGX      Juniper     9%     $52M   8/13  #msg-90677660 
 EURX     Axcan       9%     $583M 12/10  #msg-57543845 
 LUMO     DoublePtVnt 8%     $38M  10/24  #msg-175276246 
 KNTE     XOMA        8%     $120M  2/24  #msg-173861156 
 HPTX     HZNP        8%     $1.1B  3/15  #msg-112225598 
 PMTI     CYNO        8%     $294M  3/13  #msg-85810217 
 TWTI     HOLX        7%     $580M  6/08  #msg-29877950 
 ARTC     SN.L        6%     $1.7B  2/14  #msg-96750072 
 CEGE     BPAX        6%     $38M   6/09  #msg-39163410 
 MEND     JNJ         6%     $480M  7/10  #msg-52176337 
 RVNC     Crown Labs e5%     $600M 12/24  #msg-175499844 
 THRX     Tang Cptl   5%     c.v.  12/23  #msg-173484642   
 GHDX     EXAS        5%     $2.8B  7/19  #msg-150192700 
 ELOS     Apax_Prtns  4%     $397M  4/17  #msg-130128751 
 PRON.OL  BASF        4%     $844M 12/12  #msg-81711876 
 ABCM     DHR         3%     $5.7B  8/23  #msg-172703284 
 DERM     LLY         2%     $1.1B  1/20  #msg-153222680 
 GENT     JAZZ        2%     $1.0B 12/13  #msg-95143526 
 OSIR     SNN         1%     $660M  3/19  #msg-147467838 
 RLM      EPIX       (3%)    $22M   5/19  #msg-148855792 
 CRTX     Chiesi     (3%)   t$106M  9/13  #msg-92046498 
 VXGN     OXGN       (4%)    $33M  10/09  #msg-42578130 
 LNSR     ALC        (5%)    $336M  3/25  #msg-175967653 
 AVGN     MNOV       (7%)    $38M   8/09  #msg-40769841 
 VRX      BVF        (7%)    $3.9B  6/10  #msg-51505172 
 VELO.CO  Asahi      (9%)    $1.3B 11/19  #msg-153256195  
 GNMX     CERC      (11%)    $16M  12/19  #msg-152639293 
 KERX     AKBA      (13%)    $475M  6/18  #msg-141859230 
 OPTR     CBST      (19%)    $535M  7/13  #msg-90492857 
 ACPH.BR  EGRX      (30%)    $104M  3/22  #msg-168352276 
 DPLO     UNH       (31%)    $300M 12/19  #msg-152689666 
 KRON     Tang Cp   (36%)    $35M   5/25  #msg-176137922 
 BLUE     Carlyle   (57%)    $30M   2/25  #msg-175838971 
 MRLB     SIEN      (78%)    $20M   6/17  #msg-132114929 
 TLON     SPPI     ‡(85%)   ‡$11M   7/13  #msg-90020541 
 SLRX     Decoy       ®        ®    1/25  #msg-175656867 
 IKNA     IMA         ®        ®   12/24  #msg-175571299 
 CARA     TVRD        ®        ®   12/24  #msg-175547530 
 PULM     Cullgen     ®        ®   11/24  #msg-175377551 
 ALVR     KLRS        ®        ®   11/24  #msg-175352982 
 AVTE     JBIO        ®        ®   10/24  #msg-175313775 
 GLYC     Crescent    ®        ®   10/24  #msg-175304644 
 OCUP     IRD         ®        ®   10/24  #msg-175272461 
 VIRI     DWTX        ®        ®   10/24  #msg-175192608 
 NLSP     KDST.TA     ®        ®    7/24  #msg-174829401 
 PIRS     PVLA        ®        ®    7/24  #msg-174802912 
 RSLS     HIND        ®        ®    7/24  #msg-174727695 
 RPHM     OKUR        ®        ®    5/24  #msg-174406669 
 KTRA     HURA        ®        ®    4/24  #msg-174166810 
 ABIO     ORKA        ®        ®    4/24  #msg-174165127 
 ONTX     TRAW        ®        ®    4/24  #msg-174158771 
 FWBI     ENTO        ®        ®    3/24  #msg-174432766 
 AVRO     TECX        ®        ®    1/24  #msg-173735605 
 FIXX     QTTB        ®        ®   11/13  #msg-173237730 
 GRPH     LENZ        ®        ®   11/23  #msg-173227879 
 SELB     RNAC        ®        ®   11/23  #msg-173210464 
 INVO     NAYA        ®        ®   10/23  #msg-173075987 
 ADXS     Biosight    ®        ®    7/23  #msg-172456806 
 NLTX     NGNE        ®        ®    7/23  #msg-172374206 
 FREQ     KRRO        ®        ®    7/23  #msg-172338919 
 TALS     TRML        ®        ®    6/23  #msg-172187751 
 IMNM     Morphimmune ®        ®    6/23  #msg-172242569 
 NANOV.OL Thor Med    ®        ®    6/23  #msg-172098515 
 MGTA     DNTH        ®        ®    5/23  #msg-171829261 
 DFFN     CRVO        ®        ®    3/23  #msg-171578139 
 ADMP     DMK Pharma  ®        ®    2/23  #msg-171314445 
 VBLT     NTBL        ®        ®    2/23  #msg-171281477 
 ANGN     ELTX        ®        ®    1/23  #msg-170962134 
 VLON     GRI         ®        ®   12/22  #msg-170687186 
 GRAY     CALC        ®        ®   11/22  #msg-170512654 
 ADXS     Ayala       ®g       ®   10/22  #msg-170233693 
 IMRA     ELVN        ®        ®   10/22  #msg-170192000 
 RMED     VTAK        ®        ®    9/22  #msg-170581567 
 SESN     CARM        ®        ®    9/22  #msg-170005327 
 GMTX     IRON        ®        ®    8/22  #msg-169638662 
 SBTX     SPRY        ®        ®    7/22  #msg-169465202 
 YMTX     KA          ®        ®    6/22  #msg-169066703 
 CLBS     LSTA        ®        ®    4/22  #msg-168674675 
 EYES     VANI        ®        ®    2/22  #msg-167798986 
 POLN.SW  SPEX.SW     ®        ®   12/21  #msg-167295474 
 AZRX     FWBI        ®        ®    9/21  #msg-165885811 
 EARS     CYTO        ®        ®    6/21  #msg-164184643 
 ARPO     AADI        ®        ®    5/21  #msg-163841604 
 MLND     TPST        ®        ®    3/21  #msg-162851398 
 APOP     Quoin_Phrm  ®        ®    3/21  #msg-162798374 
 NTEC     INDP        ®        ®    3/21  #msg-162565942 
 OBLN     RSLS        ®        ®    1/21  #msg-161068114 
 NK       IBRX        ®        ®   12/20  #msg-160358069 
 SNCA     PALI        ®        ®   12/20  #msg-160265342 
 ANCN     CMMB        ®        ®   12/20  #msg-160187408 
 SNSS     VIRX        ®        ®   11/20  #msg-159786611 
 AKER     MYMD        ®        ®   11/20  #msg-159445834 
 CBLI     STAB        ®        ®   10/20  #msg-158993566 
 PTI      YMTX        ®        ®    8/20  #msg-157833849 
 CGIX     VYNT        ®        ®    8/20  #msg-157834952 
 ARYBU    CERE        ®        ®    7/20  #msg-157265361 
 SBPH     FSTX        ®        ®    7/20  #msg-157245800 
 UMRX     Kiq_LLC     ®        ®    7/20  #msg-156717827 
 REXN     OCUP        ®        ®    6/20  #msg-156362145 
 ADRO     KDNY        ®        ®    6/20  #msg-155991705 
 NTRP     PTPI        ®        ®    5/20  #msg-155701445 
 TORC     ACET        ®        ®    4/20  #msg-155341382 
 ARYA     IMTX        ®        ®    3/20  #msg-155937184 
 TOCA     FBRX        ®        ®    2/20  #msg-153935298 
 BPMX     TMBR        ®        ®    1/20  #msg-153535078 
 CNAT     HSTO        ®        ®    1/20  #msg-153532517 
 RTTR     QLGN        ®        ®    1/20  #msg-153405835 
 ZFGN     LRMR        ®        ®   12/19  #msg-152862497 
 NLNK     LUMP        ®        ®    9/19  #msg-151442042 
 PRTO     TARA        ®        ®    9/19  #msg-151308631 
 OPGN     CURE.AS     ®        ®    9/19  #msg-150924660 
 AQXP     NLTX        ®        ®    8/19  #msg-150347293 
 GEMP     NRBO        ®        ®    7/19  #msg-150120289 
 MYND     EMMA        ®        ®    7/19  #msg-150069355 
 CHAC     PHGE        ®        ®    7/19  #msg-150003368 
 VICL     BBI         ®        ®    6/19  #msg-149171531 
 ALQA     ADYX        ®        ®    4/19  #msg-148356921 
 MATN     OTLC        ®        ®    4/19  #msg-148312861 
 HSGX     OCGN        ®        ®    4/19  #msg-148102776 
 VTL      IMUX        ®        ®    4/19  #msg-148027472 
 SBOT     EDSA        ®        ®    3/19  #msg-147384278 
 GTXI     ONCT        ®        ®    3/19  #msg-147349916 
 FLKS     SLRX        ®        ®    1/19  #msg-145871960 
 APHB     ARMP        ®        ®    1/19  #msg-145870884 
 OHRP     NBSE        ®        ®    1/19  #msg-145848413 
 OMED     MREO        ®        ®   12/18  #msg-145273044 
 ASNS     XFOR        ®        ®   11/18  #msg-145105702 
 EDGE     PDSB        ®        ®   11/18  #msg-145087200 
 ORPN     ENLV        ®        ®   11/18  #msg-144993741 
 OVAS     MLND        ®        ®    8/18  #msg-142796422 
 APRI     SEEL        ®        ®    7/18  #msg-142554689 
 TPIV     MRKR        ®        ®    6/18  #msg-141234250 
 VSAR     ARAV        ®        ®    6/18  #msg-141288246 
 PSDV     EYPT        ®        ®    4/18  #msg-139636450 
 DDRT     ENOB        ®        ®    2/18  #msg-155616042 
 SVON     ELOX        ®        ®   12/17  #msg-137129259 
 AVIR     VXRT        ®        ®   10/17  #msg-135798068 
 NEOT     EVFM        ®        ®   10/17  #msg-135475699 
 IPXL     AMRX        ®        ®   10/17  #msg-135476435 
 HUWX     PCSA        ®        ®   10/17  #msg-135169711 
 ADHD     ARCT        ®        ®    9/17  #msg-134959115 
 ITEK     RCKT        ®        ®    9/17  #msg-134563146 
 OXIS     GTBP        ®        ®    8/17  #msg-133992461 
 CEMP     MLNT        ®        ®    8/17  #msg-133699889 
 GALE     SLS         ®        ®    8/17  #msg-133668985 
 AEPP     ONCX        ®        ®    8/17  #msg-133655781 
 MDSI     INNT        ®        ®    7/17  #msg-138124228 
 OPXA     ACER        ®        ®    7/17  #msg-132682989 
 MIRN     SYBX        ®        ®    5/17  #msg-131394212 
 NVLS     ALPN        ®        ®    4/17  #msg-130583796 
 CERU     DARE        ®        ®    3/17  #msg-129681349 
 THLD     MTEM        ®        ®    3/17  #msg-129612892 
 JAGX     Napo_Pharma ®        ®    2/17  #msg-133472369 
 PIP      ALT         ®        ®    1/17  #msg-127979048 
 MSTX     SVRA        ®        ®    1/17  #msg-127699319 
 OGXI     ACHV        ®        ®    1/17  #msg-127671152 
 GTCL.PA  GKTX.PA     ®        ®   12/16  #msg-127378262 
 DPRX     PLXP        ®        ®   12/16  #msg-127377082 
 TKAI     OTIC        ®        ®   12/16  #msg-127360808 
 COOL     PTE         ®        ®   12/16  #msg-127170327 
 MRNA     IthenaPhrma ®        ®   11/16  #msg-126593922 
 SGNL     MGEN        ®        ®   11/16  #msg-126214730 
 TBIO     PRPO        ®        ®   10/16  #msg-125767889 
 EBIO     Viventia    ®        ®    9/16  #msg-125325110 
 LPTN     APEN        ®        ®    9/16  #msg-125044826 
 MCUR     LPTX        ®        ®    8/16  #msg-124830007 
 STEM     MBOT        ®        ®    8/16  #msg-124542946 
 CBYL     KALV        ®        ®    6/16  #msg-123315137 
 AAVL     Annapurna   ®        ®    5/16  #msg-122582472 
 BIOD     ALBO        ®        ®    5/16  #msg-122880969 
 SNTA     MDGL        ®        ®    4/16  #msg-121919321 
 APPY     Strand_LS   ®        ®    1/16  #msg-120095130 
 RESX     DFFN        ®        ®    1/16  #msg-119714298 
 CLDN     EIGR        ®        ®   11/15  #msg-118623913 
 VBI      SVACF       ®        ®   10/15  #msg-120043416 
 CLTX     Volution    ®        ®    7/15  #msg-115354702 
 RTGN     PULM        ®        ®    6/15  #msg-114559267 
 TBUFF    POZN        ®        ®    6/15  #msg-114404029 
 DARA     MTPH.L      ®        ®    6/15  #msg-114299115 
 TRGT     CBIO        ®        ®    3/15  #msg-111461780 
 RGDO     TBRA        ®        ®    1/15  #msg-109912303 
 TKMR     ABUS        ®        ®    1/15  #msg-109820030 
 TSPT     PRTK        ®        ®    7/14  #msg-103895855 
 VTUS     ASMB        ®        ®    5/14  PR link 
 TELK     MBVX        ®        ®    5/14  #msg-101987443 
 ZLCS     EPRS        ®        ®    4/14  #msg-100707725 
 NABI     Biota       ®        ®   11/12  #msg-81312718 
 TRMS     GEVA        ®        ®    6/11  #msg-64249161 
 VSGN     IPC         ®        ®    8/09  #msg-40603745 
 PGLA     Avexa       ®        ®   12/08  #msg-34341452 
 NUVO     ABIO        ®        ®    9/08  #msg-32420015 
 NOVC     TSPT        ®        ®    9/08  #msg-31869987 
 SNUS     OGXI        ®        ®    5/08  #msg-29604972 
  
 ‡ Relative to “unaffected” share price in cases where 
 a buyout offer or auction was made public; excludes 
 CVRs unless otherwise specified. 
  
 * Adjusted for cash/debt on acquired company’s balance 
 sheet; excludes CVRs unless otherwise specified. 
  
 ® Reverse merger; premium not calculable.  
  
 c.v. No premium to cash value of acquired company. 
  
 e Premium relative to “unaffected” closing price on 8/8/24; EV of $600M based on 107M diluted shares and $270M of net debt. 
  
 f Premium relative to “unaffected” closing price on 12/1/23. 
  
 g Merged co named Ayala but trades under ADXS symbol. 
  
 h For 43% of company not already owned. 
  
 j Relative to “unaffected” closing price on 1/16/18. 
  
 k Premium relative to 3/30/16 close. 
  
 m Merged company to be named Novelion. 
  
 n Premium relative to 2/24/15 (before leak of buyout bidding war). 
  
 p Premium relative to 8/18/14 (before speculation re AGN takeover). 
  
 q Premium relative to 4/10/14 (before Pershing Sq accumulation). After the merger, Actavis (ACT) renamed itself Allergan (AGN). 
  
 s Premium excludes contingent fees and is calculated from 
 12/13/13 close, the day before ENDP offer. 
  
 t For 42% of company not already owned. 
  
 u Includes $1.7B assumption of debt; premium relative to 
 3/27/12 close, when Bloomberg reported BMY bid. AZN pays 
 BMY $3.4B to put AMLN’s portfolio into 50/50 JV. 
  
 v Excluding CVR of $4-14/sh; premium relative to 7/22/10 close. 
  
 w For 44% of DNA not already owned. 
  
 x Price includes entire deal in three stages; 17% premium is the 
 blended avg price of NVS’ purchases ($164) relative to ACL’s market 
 price 4/4/08 immediately prior to announcement of first stage of deal. 
  
 y Includes $0.45/sh of contingent payments. 
  
 z Liquidated by Deerfield following failed merger with Archemix.