Company acquired (location)

Acquiring company (location)

Date reported

Expected completion

Value (M)@

Terms/details

Aciex Therapeutics Inc. (Boston)

Nicox SA (Sophia Antipolis, France)

7/3/13

ND

$120

Nicox is paying $65M up front and could pay up to $55M more in a cash-free, stock-based acquisition; the additional payments take the form of contingent value rights linked to the timing of approvals; Aciex shareholders would receive $35M worth of Nicox stock should AC-177 gain FDA approval within 18 months of an NDA filing or by no later than Dec. 1, 2016, falling to $10M should the approval come later but arrive within 30 months of filing or by Dec. 1, 2017; two further stock-based payments worth $10M each are linked to two further U.S. product approvals

Allergan Inc. (Irvine, Calif.)

Valeant Pharmaceuticals International Inc. (Laval, Quebec) and Pershing Square Capital Management LP

4/23/14

ND

$54.3B

Valeant and Pershing made a hostile takeover bid of $45B for Allergan, valuing each Allergan share at $48.30 in cash and 0.83 shares of Valeant common stock; Allergan's board unanimously rejected the acquisition; Valeant raised its offer to $58.30 in cash and 0.83 shares of Valeant common stock for each Allergan share, valuing it at $54.3B; it also added a contingent value right related to Allergan's sales of Darpin, providing up to about $25 per share of additional value; Allergan's board unanimously determined that a second revised offer of $72 per share, plus 0.83 shares of Valeant stock, for each Allergan share, substantially undervalues the company

Brighthaven Ventures LLC (Raleigh, N.C.)

Islet Sciences Inc. (Raleigh, N.C.)

3/14/14

ND

$12

Islet signed a binding letter of intent to acquire Brighthaven, issuing 30M shares of common stock, worth about $12M

Chindex International Inc. (Bethesda, Md.)

Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (China)

4/22/14

ND

$461

Shanghai Fosun is acquiring Chindex International through an amended and restated merger agreement with the bidding consortium of TPG and Fosun Pharma after their bid had been upped from $19.50 per share in cash to $24 per share in cash – representing an implied equity value of $461M

Clinuvel Pharmaceuticals Ltd. (Melbourne, Australia)

Retrophin Inc. (New York)

7/29/14

ND

$95

Retrophin submitted a proposal to the board of Clinuvel Pharmaceuticals to acquire by scheme of arrangement all of the shares of Clinuvel stock that Retrophin does not own for 0.175 Retrophin shares per Clinuvel share, or A$2.17 (US$2.04) per share in cash; Retrophin currently owns about 4.8% of Clinuvel; the deal is valued at $95M

Dihon Pharmaceutical Group Co. (China)

Bayer AG (Leverkusen, Germany)

3/5/14

2H:14

ND

Bayer will own 100% of Dihon; financial details were not disclosed, but analysts have reported the deal value to be in the ballpark of $680M; Dihon makes OTC and traditional Chinese medicines (TCM) sold in China and Southeast Asia

Furiex Pharmaceuticals Inc. (Morrisville, N.C.)

Forest Laboratories Inc. (New York)

4/29/14

3Q:14

$1.1B

Forest offered to buy Furiex for $95 per share, or about $1.1B in cash, and up to $30 per share – about $360 million – in a contingent value right

Idenix Pharmaceuticals Inc. (Cambridge, Mass.)

Merck & Co. Inc. (Whitehouse Station, N.J.)

6/10/14

3Q:14

$3.85B

Merck is acquiring Idenix for $24.50 in cash per share, or about $3.85B

Mabvax Therapeutics Inc. (San Diego)

Telik Inc. (Palo Alto, Calif.)

5/15/14

3Q:14

ND

Mabvax plans to go public through an all-stock merger with Telik; Hudson Bay Capital Management LP plans to invest $2.5M to cover legal, regulatory and Telik's wind-down expenses

QLT Inc. (Vancouver, British Columbia)

Auxilium Pharmaceuticals Inc. (Chesterbrook, Pa.)

6/27/14

4Q:14

$350

Companies plan to complete an all-share merger, worth $350M - a 25% premium - to QLT shareholders, who will hold 24% of the combined company; Auxilium will hold 76%

Questcor Pharmaceuticals Inc. (Anaheim, Calif.)

Mallinckrodt plc (Dublin)

4/8/14

3Q:14

$5,600

Mallinckrodt is buying Questcor for about $5.6B, including $30 per share in cash and 0.897 Mallinckrodt shares for each share of Questcor owned: a total amount of about $86.10 per Questcor share

Salix Pharmaceuticals Ltd. (Raleigh, N.C.)

Cosmo Tech (subsidiary of Cosmo Pharmaceuticals SpA)

7/10/13

4Q:14

$2.6B

Salix plans to merge with the Irish subsidiary in an all-stock transaction valued at about $2.6B, to create Salix Pharmaceuticals plc, reincorporating in Dublin

Seragon Pharmaceuticals Inc. (San Diego)

Genentech (South San Francisco; unit of Roche AG)

7/3/13

3Q:14

$1.725B

Genentech will pay $725M in cash, plus contingent milestone-based payments of up to $1B to purchase Seragon and its portfolio of oral selective estrogen receptor degraders

Transcept Pharmaceuticals Inc. (Point Richmond, Calif.)

Paratek Pharmaceuticals Inc. (Boston)

7/2/14

ND

ND

Definitive merger agreement under which stockholders of Paratek will become the majority owners of Transcept; investors and certain stockholders will invest about $93M, and Paratek stockholders will receive about 167.5M of common stock of Transcept

Vidara Therapeutics International Ltd. (Dublin)

Horizon Pharma Inc. (Deerfield, Ill.)

3/20/14

3Q:14

$660

Horizon is acquiring Vidara in a deal valued at $660M, through a reverse merger transaction involving stock and about $200M in cash; Horizon shareholders will hold about 74% of the new company

Welichem Biotech Inc. (Burnaby, British Columbia)

LJ Resources Co. Ltd.

4/18/14

ND

ND

Welichem said it became aware through a filing on SEDAR on April 15, of a takeover bid circular dated April 11, that LJ Resources Co. Ltd. is making an unsolicited offer to purchase all of the outstanding common shares of the firm priced at C15 cents (US14 cents) per share; the company's board has formed a special committee of independent directors that recommended that shareholders reject the offer

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. It only includes options to acquire once they are exercised.

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.

@ 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