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DewDiligence

01/24/11 5:10 AM

#113037 RE: DewDiligence #111692

Recent Biotech Buyouts

[Added NVS-GXDX (shown in red).]


Acquired Premium Deal iHub
Company Buyer to Market Value Date Reference

GNLB GSK 465% $57M 10/08 #msg-33209281
MEMY Roche 319% $50M 11/08 #msg-33787598
SYNB PFE 240% $10M 12/10 #msg-58221573
KOSN BMY 233% $190M 5/08 #msg-29647147
MGRM LH 171% $155M 6/09 #msg-38960958
COLY PFE 167% $165M 11/07 #msg-24600805
CYPB Ramius 160%‡‡ $255M 12/10 #msg-57780859
NTMD Deerfield 158%‡‡‡ $36M 1/09 #msg-35132470
EYE ABT 149% **$2.8B 1/09 #msg-34762429
IOMI Intercell 147% $190M 5/08 #msg-29232165
BTRX Stiefel 136% $150M 6/08 #msg-30201906
Tepnel GPRO 126% $132M 1/09 #msg-35221710
SGXP LLY 119% $64M 7/08 #msg-30547648
ENCY PFE 118% $350M 2/08 #msg-26978155
TRCA Ipsen 104% $660M 6/08 #msg-29795183
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
SIRT GSK 85% $620M 4/08 #msg-28705020
ZGEN BMY 84% $885M 9/10 #msg-54152162
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 ††73% ††$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
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
SCRX Shionogi 61% $1.4B 9/08 #msg-31859174
BFRM Merz 60% $253M 1/10 #msg-45071380
CRXL JNJ 58% $2.4B 12/10 #msg-57504349
MTXX HIG Captl 56% $75M 12/10 #msg-57778844
ASPM COV 56% $210M 9/09 #msg-43348479
OSIP Astellas 55% $4.0B 5/10 #msg-50234451
IDMI Takeda 55% $75M 5/09 #msg-37898204
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
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
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
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
PHRM CELG 46% $2.9B 11/07 #msg-24645394
BRL TEVA 42% **$9.0B 7/08 #msg-30792830
AGAM STJ 41% $1.3B 10/10 #msg-55673504
KG PFE 40% $3.6B 10/10 #msg-55425514
MOGN Eisai 39% $3.9B 12/07 #msg-25163775
MATK Royal DSM 35% $1.1B 12/10 #msg-57987049
CLRT GE 34% $580M 10/10 #msg-55864640
SGP MRK 34% $41B 3/09 #msg-36140327
HTRN ENDP 34% $223M 5/10 #msg-49838813
SMTS COV 32% $250M 6/10 #msg-51344183
CGPI Galderma 30% $420M 2/08 #msg-28286522
WYE PFE 29% $68B 1/09 #msg-35077617
APPX Fresenius †29% $940M 7/08 #msg-30498388
SEPR Dainippon 28% $2.6B 9/09 #msg-41143301
GXDX NVS 27% $330M 1/11 #msg-59092015

Zentiva SNY ‡‡26% $2.6B 9/08 #msg-32327005
NOVN Hisamitsu 22% $428M 7/09 #msg-39515681
DNEX TMO 21% $2.1B 12/10 #msg-57686719
PPCO ENDP 19% $168M 8/10 #msg-53137069
EVVV COV 19% $2.6B 6/10 #msg-50797343
ABII CELG 17% $2.9B 6/10 #msg-51844360
ACL NVS *‡‡17% *‡‡$49.7B 1/10 #msg-45072999
CGRB JNJ 16% $970M 5/09 #msg-38039851
DNA Roche 16% †*$46.8B 3/09 #msg-36224175
ARI.to Roche 15% $190M 7/08 #msg-30904056
SENO BCR 14% $213M 5/10 #msg-49838776
EURX Axcan 9% $583M 12/10 #msg-57543845
CEGE BPAX 6% $38M 6/09 #msg-39163410
MEND JNJ 6% $480M 7/10 #msg-52176337
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
PGLA Avexa ® ® 12/08 #msg-34341452
NUVO ARCA ® ® 9/08 #msg-32420015
NOVC TSPT ® ® 9/08 #msg-31869987
VSGN IPC*†† ® ® 8/09 #msg-40603745

®Reverse merger with private or non-US company.

‡‡Premium relative to commencement of M&A activity.

‡‡‡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.

*Nestlé portion only; minority shareholders
acquired in separate transaction in Dec 1010.

**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.

*‡‡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.

*†Premium includes estimated value of contingent
payouts, but listed deal value excludes them.

*††IntelliPharmaCeutics.

*†*Relative to MIL’s price before announcement that co. was for sale.