Company Acquired (Location)

Acquiring Company (Location)

Date Reported

Expected Completion

Value (M)@

Terms/Details

Adagio Pharmaceuticals Ltd. (Hamilton, Ont.)

Cynapsus Therapeutics Inc. (Toronto)

8/18

4Q:11

ND

Cynapsus plans to acquire Adagio with stock

Adolor Corp. (Exton, Pa.)

Cubist Pharmaceuticals Inc. (Lexington, Mass.)

10/25

4Q:11

$415

Cubist offered to acquire Adolor in a deal valued at $415M

Afexa Life Sciences Inc. (Edmonton, Alberta)

Subsidiary of Valeant Pharmaceuticals International Inc. (Mississauga, Ontario)

8/31

ND

C$87.6 ($86)

Afexa entered a definitive acquisition support agreement for Valeant to acquire it for C71 cents (73 cents) per share; Valeant raised its bid to C85 cents (82 cents) to trump Paladin's bid; Afexa's board unanimously recommended the offer; by Oct. 19, Valeant had acquired 73.8% of the shares

Allozyne Inc. (Seattle)

Poniard Pharmaceuticals Inc. (San Francisco)

6/24

4Q:11

ND

Allozyne will hold 65% of the combined company, while Poniard gets 35%; Poniard brings with it $5.5M in cash, and is getting a $2.4M loan from Bay City Capital to get through the reverse merger transaction

AMAG Pharmaceuticals Inc. (Lexington, Mass.)

MSMB Capital Management (New York)

8/4

ND

$378

MSMB made an unsolicited offer for AMAG of $18 a share, or about $378M; AMAG's board rebuffed the offer, saying it is not superior to the merger with Allos Therapeutics Inc.; MSMB tried to block the AMAG and Allos merger by filing a preliminary consent solicitation statement to remove AMAG's current board and elect MSMB's nominees, and to stop the issuance of new AMAG shares

Anadys Pharmaceuticals Inc. (San Diego)

Roche AG (Basel, Switzerland)

10/18

4Q:11

$230

Roche is acquiring Anadys for its hepatitic C virus candidate setrobuvir, plus ANA773

Anchen Pharmaceuticals (Irvine, Calif.)

Par Pharmaceutical Cos. Inc. (Woodcliff Lake, N.J.)

8/25

4Q:11

$410

Par agreed to acquire Anchen for $410M in cash

Dermik (dermatology unit of Sanofi-Aventis; Paris)

Valeant Pharmaceuticals International Inc. (Mississauga, Ont.)

7/11

4Q:11

$425

Valeant will pay $425M for the Sanofi unit

DuoCort Pharma AB (Helsingborg, Sweden)

ViroPharma Inc. (Exton, Pa.)

10/28

ND

$164.6

ViroPharma has agreed to pay $33.6M up front and up to $131M in milestones for DuoCort

Edict Pharmaceuticals (Chennai, India)

Par Pharmaceuticals Inc. (Woodcliff Lake, N.J.)

5/24

4Q:11

$37.6

Par plans to acquire Edict for $37.6M in cash and Par's repayment of additional pre-close indebtedness (5/24)

Graceway Pharmaceuticals LLC (Bristol, Tenn.)

Galderma SA (Lausanne, Switzerland)

9/29

1Q:12

ND

Galderma has offered to acquire all assets of Graceway, which is in bankruptcy proceedings

Incline Therapeutics Inc. (Redwood City, Calif.)

Cadence Pharmaceuticals Inc. (San Diego)

6/23

ND

$285

Cadence has an option to acquire Incline for up to $285M through two option periods that extend as far out as 42 months

Medicis Technologies Corp. (unit of Medicis Pharmaceutical Corp.; Scottsdale, Ariz.)

Solta Medical Inc. (Hayward, Calif.)

9/14

4Q:11

$35

Solta agreed to buy all outstanding shares of Medicis for $15M upon closing, and up to $30M in regulatory milestones and contingent payments

Mpex Pharmaceuticals Inc. (San Diego)

Aptalis Pharma Inc. (formerly Axcan Holdings Inc.; Mont-Saint-Hilaire, Quebec)

4/15

4Q:11

ND

Axcan is acquiring all of Mpex's outstanding shares and lead product candidate, Aeroquin

Newron Pharmaceuticals SpA (Bresso, Italy)

Biotie Therapies Oyj (Turku, Finland)

9/28

4Q:11

€37.4 ($50.7)

Biotie offered $50.7M to take over Newron, with another possible €7.2M in share-based milestones

Ortho Dermatologics (division of Johnson & Johnson; New Brunswick, N.J.)

Valeant Pharmaceuticals International Inc. (Mississauga, Ontario)

7/18

4Q:11

$345

Valeant is acquiring Ortho for $345M

Prism Pharmaceuticals Inc. (King of Prussia, Pa.)

Baxter International Inc. (Deerfield, Ill.)

4/21

2Q:11

$338

Baxter will acquire Prism for $338M, including $170M up front, plus $168M in future sales-based milestones

Proteon Therapeutics Inc. (Waltham, Mass.)

Novartis AG (Basel, Switzerland)

8/15

ND

$550

Novartis obtained an exclusive option, worth more than $550M, to acquire Proteon

Symbiotec GmbH (Germany)

Xenetic Biosciences plc (formerly Lipoxen plc; London)

8/8

4Q:11 (expected on Nov. 25)

8.8 ($14.38)

Xenetic is acquiring Symbiotec in an all-share deal

Synageva BioPharma Corp. (Lexington, Mass.)

Trimeris Inc. (Durham, N.C.)

6/14

ND

ND

Synageva will gain access to the public markets through the transaction, which gives it 75% of the combined company and Trimeris a quarter

Transdel Pharmaceuticals (San Diego)

Cardium Therapeutics (San Diego)

6/28

ND

$4

Cardium plans to acquire Transdel for $4M in unregistered shares of stock, including $1M to be held in escrow until the U.S. marketing approval of Ketotransdel

Trophos SA (Marseille, France)

Actelion Pharmaceuticals Ltd. (Allschwil, Switzerland)

7/21**

ND

€195 ($250.8)

Actelion paid $12.9M in cash for the option to acquire Trophos for up to $250.8M in cash; the option period may extend to Dec. 31, 2012

Notes:

# This chart is intended to include not only mergers and acquisitions of entire businesses, but also of divisions or subsidiaries of those businesses, where appropriate. In general, it does not include acquisitions of single products or of manufacturing facilities.

For those deals that are pending, and for which the acquiring company is issuing stock, the value of the transaction was calculated based on the closing price prior to the first announcement. For stock-based deals that have been completed, the final value was calculated based on the closing price before the merger's completion was announced.

** Denotes the date the item ran in BioWorld International.

@ Conversions of non-U.S. currencies are calculated using the rate on the date the transaction closed, or for pending deals, on the date it was announced.

ND = Not disclosed