Biotech Values

[DewDiligence]

Source of NVS’ Equity Stake in IDIX

[Updated to reflect the IDIX shares
issued to GSK in the IDX899 deal.]


All told, NVS has invested $411M to purchase 31,309,498 shares of IDIX at an average cost of $13.12. These shares comprise a 53% equity stake in IDIX (#msg-37999888).

NVS’ shares of IDIX were acquired in the three main transactions shown below. (There were also a few small “true up” transactions that permitted NVS to offset new IDIX shares from the exercise of employee options, e.g. #msg-33807081.)

• 8-May-2003. NVS bought $255M worth of IDIX shares at $12.23 per share as part of the initial partnership agreement between the companies.

• 27-Jul-2004. NVS bought $76M worth of IDIX shares at $11.63 per share, pursuant to contractual rights in the 2003 agreement between the companies. (This purchase consisted of 5.4M shares at $14.00 and 1.1M shares at no cost.)

• 31-Oct-2005. NVS bought $80M worth of IDIX shares at $20.61 per share as part of a public offering.