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Replies to post #174382 on Biotech Values
03/27/14 5:38 PM
Corporate mergers are often fraught with uncertainty… But two things are virtual locks: The companies will get sued by shareholders unhappy with some aspect of the deal, and eventually they will settle with the offended parties without significant changes to the transaction.
Shareholders challenged 94% of U.S. public-company deals last year, up from 44% in 2007… The vast majority of these cases settle…with no bump in the deal price. Instead, companies agree to disclose more details and pay shareholders' attorneys' fees, which averaged $500,000 last year…
…Out of more than 380 challenged deals since 2011, only four—about 1%—yielded more money for shareholders in court…
04/07/14 5:00 PM
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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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