<b>Recent Biotech Buyouts</b> [Added IDEV deal; premium is 45% excluding contingencies.]<pre> <b>Acquired Premium Deal iHub <u>Company</u> <u>Buyer</u> <u>to Market</u> <u>Value</u> <u> Date</u> <u>Reference</u></b> GNLB GSK 465% $57M 10/08 <a href='read_msg.asp?message_id=33209281'>#msg-33209281</a> MEMY Roche 319% $50M 11/08 <a href='read_msg.asp?message_id=33787598'>#msg-33787598</a> KOSN BMY 233% $190M 5/08 <a href='read_msg.asp?message_id=29647147'>#msg-29647147</a> COLY PFE 167% $165M 11/07 <a href='read_msg.asp?message_id=24600805'>#msg-24600805</a> IOMI Intercell 147% $190M 5/08 <a href='read_msg.asp?message_id=29232165'>#msg-29232165</a> BTRX Stiefel 136% $150M 6/08 <a href='read_msg.asp?message_id=30201906'>#msg-30201906</a> SGXP LLY 119% $64M 7/08 <a href='read_msg.asp?message_id=30547648'>#msg-30547648</a> ENCY PFE 118% $350M 2/08 <a href='read_msg.asp?message_id=26978155'>#msg-26978155</a> TRCA Ipsen 104% $660M 6/08 <a href='read_msg.asp?message_id=29795183'>#msg-29795183</a> CRY.to MDT 97% $380M 9/08 <a href='read_msg.asp?message_id=32421462'>#msg-32421462</a> Speedel NVS 94% $880M 7/08 <a href='read_msg.asp?message_id=30588524'>#msg-30588524</a> MNT JNJ 92% $1.1B 11/08 <a href='read_msg.asp?message_id=33879830'>#msg-33879830</a> SIRT GSK 85% $620M 4/08 <a href='read_msg.asp?message_id=28705020'>#msg-28705020</a> Ventana Roche 72% $3.4B 1/08 <a href='read_msg.asp?message_id=30912677'>#msg-30912677</a> Jerini Shire *71% $520M 7/08 <a href='read_msg.asp?message_id=30452872'>#msg-30452872</a> Acambis SNY 64% $550M 7/08 <a href='read_msg.asp?message_id=30990498'>#msg-30990498</a> SCRX Shionogi 61% $1.4B 9/08 <a href='read_msg.asp?message_id=31859174'>#msg-31859174</a> ALO KG ‡†54% $1.6B 11/08 <a href='read_msg.asp?message_id=33763449'>#msg-33763449</a> MEDI AZN ‡‡53% $15.2B 4/07 <a href='read_msg.asp?message_id=19020387'>#msg-19020387</a> MLNM Takeda 53% $8.8B 4/08 <a href='read_msg.asp?message_id=28365383'>#msg-28365383</a> PCOP LGND ***52% $75M 9/08 <a href='read_msg.asp?message_id=32404474'>#msg-32404474</a> OMRI JNJ ‡*51% $465M 11/08 <a href='read_msg.asp?message_id=33762745'>#msg-33762745</a> IMCL LLY †††51% $6.5B 10/08 <a href='read_msg.asp?message_id=32662830'>#msg-32662830</a> LEVP VPHM ††49% $440M 7/08 <a href='read_msg.asp?message_id=30704409'>#msg-30704409</a> PHRM CELG 46% $2.9B 11/07 <a href='read_msg.asp?message_id=24645394'>#msg-24645394</a> IDEV ENDP ****45% $370M 1/09 <a href='read_msg.asp?message_id=34592416'>#msg-34592416</a> BRL TEVA **42% $9.0B 7/08 <a href='read_msg.asp?message_id=30792830'>#msg-30792830</a> MOGN Eisai 39% $3.9B 12/07 <a href='read_msg.asp?message_id=25163775'>#msg-25163775</a> CGPI Galderma 30% $420M 2/08 <a href='read_msg.asp?message_id=28286522'>#msg-28286522</a> APPX Fresenius †29% $940M 7/08 <a href='read_msg.asp?message_id=30498388'>#msg-30498388</a> Zentiva SNY ‡‡26% $2.6B 9/08 <a href='read_msg.asp?message_id=32327005'>#msg-32327005</a> ARI.to Roche ‡15% $190M 7/08 <a href='read_msg.asp?message_id=30904056'>#msg-30904056</a> PGLA Avexa ® ® 12/08 <a href='read_msg.asp?message_id=34341452'>#msg-34341452</a> NTMD Archemix ® ® 11/08 <a href='read_msg.asp?message_id=33656969'>#msg-33656969</a> NUVO ARCA ® ® 9/08 <a href='read_msg.asp?message_id=32420015'>#msg-32420015</a> ®Reverse merger with private or non-US company. ‡Number is misleading inasmuch as Arius announced in May 2008 that it was pursued by an unnamed suitor. ‡‡Premium relative to commencement of bidding. ‡†Based on closing price 8/21/08, the day before KG announced initial buyout offer. ‡*Based on 11/20/08 close. †Premium reaches 63% if earn-out met. ††Premium reaches 103% if earn-out met; †††Premium relative to 7/30/08 close, the day before BMY announced first buyout offer. *199% premium to volume-weighted price during preceding 3 months. **Premium based on 7/16/08 close: $9B price includes assumption of debt. ***Premium excludes 0.50/sh contingency. ****Premium excludes $3/sh contingent payout.</pre>