Replies to post #144871 on Biotech Values

[DewDiligence]

Linde acquires LNCR for $41.50/sh, a 22% premium:

http://finance.yahoo.com/news/linde-acquire-lincare-holdings-inc-120000930.html

The nominal deal value is $4.6B.

APD, a major competitor of Linde, sold to Linde its European home-healthcare segment, which is similar to LNCR, for about $800M in early 2012 (http://www.airproducts.com/company/news-center/2012/0109-air-products-to-divest-homecare-business-in-continental-europe-to-the-linde-group.aspx ). Evidently, Linde thinks packaged gases for home healthcare is a better business than its competitors do.

[DewDiligence]

BMRN, AFFY, THRX, and RIGL are the most likely candidates for the next significant biotech buyout, according to Piper Jaffray:

http://finance.yahoo.com/news/piper-discusses-potential-takeout-candidates-112833520.html

Putting THRX on the list was made easier by today’s news in #msg-77146713.

[DewDiligence]

Recent Biotech Buyouts of Publicly Traded Companies

[Added GSK-HGSI and TPG-PRX deals.]

 
 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 
 ANDS     Roche     256%     $220M 10/11  #msg-68043946 
 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 
 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 
 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 
 SIRT     GSK        85%     $620M  4/08  #msg-28705020 
 ZGEN     BMY        84%     $885M  9/10  #msg-54152162 
 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 
 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 
 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 
 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 
 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 
 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 
 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 
 BEC      Danaher    46%     $6.8B  2/11  #msg-59624646 
 PHRM     CELG       46%     $2.9B 11/07  #msg-24645394 
 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 
 KG       PFE        40%     $3.6B 10/10  #msg-55425514 
 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 
 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 
 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 
 KNSY     Royal DSM  33%     $360M  5/12  #msg-75204020 
 MITI     AMGN       33%     $1.16B 1/12  #msg-71341339 
 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 
 CGPI     Galderma   30%     $420M  2/08  #msg-28286522 
 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 
 ALTH     SPPI       27%     $108M  4/12  #msg-74081029 
 GXDX     NVS        27%     $330M  1/11  #msg-59092015 
 ISPH     MRK        26%     $430M  4/11  #msg-61724403 
 Zentiva  SNY        26%     $2.6B  9/08  #msg-32327005 
 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 
 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 
 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 
 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.  
  
 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.