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Replies to post #182902 on Biotech Values
11/03/14 9:56 AM
…Covance shareholders would receive $75.76 in cash, and 0.2686 LabCorp shares, for each Covance share. The combined consideration of about $105.12 a share represents a premium of about 32% over Covance’s closing price Friday.
…Following the deal, the combined company will get 32% of its revenue from managed care, 29% from pharmaceutical and biotech companies, 22% from commercial customers, 12% from Medicare/Medicaid and 5% from private patients.
11/03/14 9:58 AM
Acquired ‡Premium *Deal iHub
Company Buyer to Market Value Date Reference
AVRX CLDA 487% $8M 10/08 #msg-33212809
GNLB GSK 465% $57M 10/08 #msg-33209281
MEMY Roche 319% $50M 11/08 #msg-33787598
ANDS Roche 256% $220M 10/11 #msg-68043946
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
MGRM LH 171% $155M 6/09 #msg-38960958
COLY PFE 167% $165M 11/07 #msg-24600805
INHX BMY 163% $2.5B 1/12 #msg-70636307
CYPB Ramius 160% $255M 12/10 #msg-57780859
NTMD Deerfld z158% z$36M 1/09 #msg-35132470
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
CPEX FCB Hldgs 142% $77M 3/11 #msg-61326856
BTRX Stiefel 136% $150M 6/08 #msg-30201906
ISTA Bausch&Lm 134% $500M 3/12 #msg-73708628
SOMX PTX 127% $25M 12/12 #msg-82334111
Tepnel GPRO 126% $132M 1/09 #msg-35221710
ADLR CBST 121% $190M 10/11 #msg-68264754
SGXP LLY 119% $64M 7/08 #msg-30547648
ENCY PFE 118% $350M 2/08 #msg-26978155
TRCA Ipsen 104% $660M 6/08 #msg-29795183
AMLN BMY 101% u$7.0B 6/12 #msg-77122453
HGSI GSK 99% $3.0B 7/12 #msg-77532608
CRY.to MDT 97% $380M 9/08 #msg-32421462
Speedel NVS 94% $880M 7/08 #msg-30588524
MNT JNJ 92% $1.1B 11/08 #msg-33879830
MEDX BMY 90% $2.1B 7/09 #msg-39801273
VRUS GILD 89% $11B 11/11 #msg-69211700
OMTH AZN 88% $260M 5/13 #msg-88349427
MAKO SYK 86% $1.65B 9/13 #msg-92358712
SIRT GSK 85% $620M 4/08 #msg-28705020
ZGEN BMY 84% $885M 9/10 #msg-54152162
AMBI Dai.Sankyo 83% $315M 9/14 #msg-106688411
YMI GILD 81% $510M 12/12 #msg-82377008
ORIDN.SW COV 77% $300M 4/12 #msg-74079493
CVTX GILD 76% $1.4B 3/09 #msg-36225695
MOVET.BR Shire 74% $560M 8/10 #msg-52918245
IDEV ENDP 74% $370M 1/09 #msg-34592416
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 Shire 71% $520M 7/08 #msg-30452872
APNO Cell Bio 70% $20M 9/09 #msg-43348606
AAH.AX CEPH 69% $207M 2/09 #msg-35956544
DDS.TO PLB.TO 68% $15M 8/11 #msg-66272770
DRTX ACT 66% $675M 10/14 #msg-106925472
LPDX LH 65% $83M 9/14 #msg-106598786
OSTE MDT 65% $123M 8/10 #msg-53410183
TLCR Grifols 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
Synthes JNJ 61% $21.5B 4/11 #msg-62473819
SCRX Shionogi 61% $1.4B 9/08 #msg-31859174
MAPP AGN 60% $958M 1/13 #msg-83696395
BFRM Merz 60% $253M 1/10 #msg-45071380
CXS.AX CEPH 59% $163M 3/11 #msg-61453144
CRXL JNJ 58% $2.4B 12/10 #msg-57504349
MEDS XON 57% $26M 12/13 #msg-95175483
OMPI VRX 56% $360M 3/13 #msg-86332513
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
AUXL ENDP 55% $2.6B 10/14 #msg-107031514
OSIP Astellas 55% $4.0B 5/10 #msg-50234451
IDMI Takeda 55% $75M 5/09 #msg-37898204
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
MEDI AZN 53% $15.2B 4/07 #msg-19020387
MLNM Takeda 53% $8.8B 4/08 #msg-28365383
TRBN EBS 52% $97M 8/10 #msg-53271836
SYNO BAX 52% $260M 12/11 #msg-69906294
PCOP LGND 52% $75M 9/08 #msg-32404474
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
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
BEC Danaher 46% $6.8B 2/11 #msg-59624646
PHRM CELG 46% $2.9B 11/07 #msg-24645394
ROCM BCR 45% $262M 9/13 #msg-91684202
CALP PKI 42% $600M 9/11 #msg-66915400
BRL TEVA 42% $9.0B 7/08 #msg-30792830
VITA SYK 41% $320M 5/11 #msg-63178312
AGAM STJ 41% $1.3B 10/10 #msg-55673504
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
SYR.L STE 39% $1.9B 10/14 #msg-107152734
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
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
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
MATK Royal DSM 35% $1.1B 12/10 #msg-57987049
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
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
CVD LH 32% $5.6B 11/14 #msg-107784169
SMTS COV 32% $250M 6/10 #msg-51344183
TOMO ARAY 31% $277M 3/11 #msg-60697854
PPDI CarlyleGrp 30% $3.9B 10/11 #msg-67625255
OctoPlus RDY 30% $35M 10/12 #msg-80752228
CGPI Galderma 30% $420M 2/08 #msg-28286522
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
CRA DGX 28% $330M 3/11 #msg-61103240
SEPR Dainippon 28% $2.6B 9/09 #msg-41143301
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 Shire 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
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
FRX ACT 25% $25B 2/14 #msg-97422529
ICOS LLY 25% $2.3B 12/06 #msg-15623908
HITK AKRX 24% $540M 8/13 #msg-91428592
ZOLL AsahiKasei 24% $2.2B 3/12 #msg-73194976
NOVN Hisamitsu 22% $428M 7/09 #msg-39515681
DNEX TMO 21% $2.1B 12/10 #msg-57686719
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
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
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
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
TSRX CBST 15% $707M 7/13 #msg-90492857
ARI.to Roche 15% $190M 7/08 #msg-30904056
SENO BCR 14% $213M 5/10 #msg-49838776
ELN PRGO 11% $6.7B 7/13 #msg-90418077
TGX Juniper 9% $52M 8/13 #msg-90677660
EURX Axcan 9% $583M 12/10 #msg-57543845
PMTI CYNO 8% $294M 3/13 #msg-85810217
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
PRON.OL BASF 4% $844M 12/12 #msg-81711876
GENT JAZZ 2% $1.0B 12/13 #msg-95143526
CRTX Chiesi (3%) t$106M 9/13 #msg-92046498
VXGN OXGN (4%) $33M 10/09 #msg-42578130
AVGN MNOV (7%) $38M 8/09 #msg-40769841
VRX BVF (7%) $3.9B 6/10 #msg-51505172
OPTR CBST (19%) $535M 7/13 #msg-90492857
TLON SPPI ‡(85%) ‡$11M 7/13 #msg-90020541
TSPT Paratek ® ® 7/14 #msg-103895855
TELK MabVax ® ® 5/14 #msg-101987443
ZLCS Epirus ® ® 4/14 #msg-100707725
NABI Biota ® ® 11/12 #msg-81312718
TRMS Synageva ® ® 6/11 #msg-64249161
PGLA Avexa ® ® 12/08 #msg-34341452
NUVO ARCA ® ® 9/08 #msg-32420015
NOVC TSPT ® ® 9/08 #msg-31869987
VSGN IPC ® ® 8/09 #msg-40603745
* Adjusted for cash/debt on acquired company’s balance sheet.
‡ Relative to “unaffected” share price in cases where
a buyout offer or auction was made public; excludes
contingent values unless otherwise specified.
® Reverse merger with private or non-US company.
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.
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