<b>Recent Biotech Buyouts</b> [Added LH-MGRM deal (171% premium).]<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.aspx?message_id=33209281'>#msg-33209281</a> MEMY Roche 319% $50M 11/08 <a href='read_msg.aspx?message_id=33787598'>#msg-33787598</a> KOSN BMY 233% $190M 5/08 <a href='read_msg.aspx?message_id=29647147'>#msg-29647147</a> MGRM LH 171% $155M 6/09 <a href='read_msg.aspx?message_id=38960958'>#msg-38960958</a> COLY PFE 167% $165M 11/07 <a href='read_msg.aspx?message_id=24600805'>#msg-24600805</a> NTMD Deerfield 158%‡‡‡ $36M 1/09 <a href='read_msg.aspx?message_id=35132470'>#msg-35132470</a> EYE ABT 149% **$2.8B 1/09 <a href='read_msg.aspx?message_id=34762429'>#msg-34762429</a> IOMI Intercell 147% $190M 5/08 <a href='read_msg.aspx?message_id=29232165'>#msg-29232165</a> BTRX Stiefel 136% $150M 6/08 <a href='read_msg.aspx?message_id=30201906'>#msg-30201906</a> Tepnel GPRO 126% $132M 1/09 <a href='read_msg.aspx?message_id=35221710'>#msg-35221710</a> SGXP LLY 119% $64M 7/08 <a href='read_msg.aspx?message_id=30547648'>#msg-30547648</a> ENCY PFE 118% $350M 2/08 <a href='read_msg.aspx?message_id=26978155'>#msg-26978155</a> TRCA Ipsen 104% $660M 6/08 <a href='read_msg.aspx?message_id=29795183'>#msg-29795183</a> CRY.to MDT 97% $380M 9/08 <a href='read_msg.aspx?message_id=32421462'>#msg-32421462</a> Speedel NVS 94% $880M 7/08 <a href='read_msg.aspx?message_id=30588524'>#msg-30588524</a> MNT JNJ 92% $1.1B 11/08 <a href='read_msg.aspx?message_id=33879830'>#msg-33879830</a> SIRT GSK 85% $620M 4/08 <a href='read_msg.aspx?message_id=28705020'>#msg-28705020</a> CVTX GILD *‡76% $1.4B 3/09 <a href='read_msg.aspx?message_id=36225695'>#msg-36225695</a> IDEV ENDP *†74% *†$370M 1/09 <a href='read_msg.aspx?message_id=34592416'>#msg-34592416</a> LEVP VPHM ††73% ††$510M 7/08 <a href='read_msg.aspx?message_id=30704409'>#msg-30704409</a> TARG MDCO ***72% $42M 1/09 <a href='read_msg.aspx?message_id=34774402'>#msg-34774402</a> Ventana Roche 72% $3.4B 1/08 <a href='read_msg.aspx?message_id=30912677'>#msg-30912677</a> Jerini Shire *71% $520M 7/08 <a href='read_msg.aspx?message_id=30452872'>#msg-30452872</a> AAH.AX CEPH 69% $207M 2/09 <a href='read_msg.aspx?message_id=35956544'>#msg-35956544</a> Acambis SNY 64% $550M 7/08 <a href='read_msg.aspx?message_id=30990498'>#msg-30990498</a> SCRX Shionogi 61% $1.4B 9/08 <a href='read_msg.aspx?message_id=31859174'>#msg-31859174</a> IDMI Takeda 55% $75M 5/09 <a href='read_msg.aspx?message_id=37898204'>#msg-37898204</a> ALO KG ‡†54% $1.6B 11/08 <a href='read_msg.aspx?message_id=33763449'>#msg-33763449</a> MEDI AZN ‡‡53% $15.2B 4/07 <a href='read_msg.aspx?message_id=19020387'>#msg-19020387</a> MLNM Takeda 53% $8.8B 4/08 <a href='read_msg.aspx?message_id=28365383'>#msg-28365383</a> PCOP LGND ***52% $75M 9/08 <a href='read_msg.aspx?message_id=32404474'>#msg-32404474</a> OMRI JNJ ‡*51% $465M 11/08 <a href='read_msg.aspx?message_id=33762745'>#msg-33762745</a> IMCL LLY †††51% $6.5B 10/08 <a href='read_msg.aspx?message_id=32662830'>#msg-32662830</a> CRGN CLDX 50% $40M 5/09 <a href='read_msg.aspx?message_id=38262967'>#msg-38262967</a> PHRM CELG 46% $2.9B 11/07 <a href='read_msg.aspx?message_id=24645394'>#msg-24645394</a> BRL TEVA 42% **$9.0B 7/08 <a href='read_msg.aspx?message_id=30792830'>#msg-30792830</a> MOGN Eisai 39% $3.9B 12/07 <a href='read_msg.aspx?message_id=25163775'>#msg-25163775</a> SGP MRK 34% $41B 3/09 <a href='read_msg.aspx?message_id=36140327'>#msg-36140327</a> CGPI Galderma 30% $420M 2/08 <a href='read_msg.aspx?message_id=28286522'>#msg-28286522</a> WYE PFE 29% $68B 1/09 <a href='read_msg.aspx?message_id=35077617'>#msg-35077617</a> APPX Fresenius †29% $940M 7/08 <a href='read_msg.aspx?message_id=30498388'>#msg-30498388</a> Zentiva SNY ‡‡26% $2.6B 9/08 <a href='read_msg.aspx?message_id=32327005'>#msg-32327005</a> CGRB JNJ 16% $970M 5/09 <a href='read_msg.aspx?message_id=38039851'>#msg-38039851</a> DNA Roche 16% †*$46.8B 3/09 <a href='read_msg.aspx?message_id=36224175'>#msg-36224175</a> ARI.to Roche ‡15% $190M 7/08 <a href='read_msg.aspx?message_id=30904056'>#msg-30904056</a> PGLA Avexa ® ® 12/08 <a href='read_msg.aspx?message_id=34341452'>#msg-34341452</a> NUVO ARCA ® ® 9/08 <a href='read_msg.aspx?message_id=32420015'>#msg-32420015</a> NOVC Transcept ® ® 9/08 <a href='read_msg.aspx?message_id=31869987'>#msg-31869987</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. ‡‡‡To be liquidated by Deerfield following failed merger with Archemix; premium relative to 11/18/08 date of Archemix deal. ‡†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 and deal value based on 0.45/sh of contingent payments. †††Premium relative to 7/30/08 close, the day before BMY announced first buyout offer. †*Price for 44% of DNA not already owned. *199% premium to volume-weighted price during preceding 3 months. **Deal value includes assumption of debt. ***Premium and deal value exclude contingent payouts. *‡Premium relative to 1/26/09, the day before Astellas announced $16/sh offer. *†Premium includes estimated value of contingent payouts, but listed deal value excludes them.</pre>