I. COMPLETED MERGERS AND ACQUISITIONS | |||||
Company |
Acquired By |
Date |
Date |
Value |
Terms/Details |
Acuity |
eXegenics Inc. (OTC BB:EXEG) |
3/27/07 |
3/27/07 |
N/A |
Companies merged with eXegenics, a public shell, giving them access to $16M in cash; new company will be called Opko Corp. and will be based in Miami |
AdviSys Inc.* |
VGX Pharmaceuticals Inc.* |
2/26/07 |
2/26/07 |
ND |
VGX acquired AdviSys' assets; terms were not disclosed |
Aion |
GEM Global Yield Fund |
4/13/07 |
4/13/07 |
$3 |
PSivida sold its subsidiary to portfolio management company GEM for $3M |
AquaCap |
Atrium Biotechnologies Inc. (Canada; TSX:ATB) |
1/22/07 |
1/22/07 |
$21.5 |
Atrium gains a liquid delivery technology through the acquisition of AquaCap |
Arrow |
AstraZeneca plc (UK) |
2/1/07 |
3/2/07 |
$150 |
AstraZeneca completed its acquisition of Arrow for $150M in cash |
Biopartners |
Bioton SA |
3/14/07 |
3/14/07 |
$77.8 |
Bioton issued 81.5M shares that were valued at 183.4M zlotys (US$62M), and assumed $15.8M of Biopartners debt |
BioReliance |
Avista Capital Partners (NYSE:AVA) |
2/14/07 |
4/13/07 |
$210 |
Avista completed its acquisition of BioReliance for $210M |
CellCyte* |
CellCyte Genetics Corp. (OTC BB:CCYG; formerly Shepard Inc.) |
3/15/07 |
3/30/07 |
ND |
CellCyte (formerly Shepard) acquired the company focused on discovering and developing stem cell enabling therapeutics |
Celmed |
Kiadis BV* (the Netherlands) |
11/28/06 |
12/11/06 |
ND |
The private, oncology-focused firm is now based in the Netherlands and operates under the name Kiadis Pharma BV |
Cerexa Inc.* |
Forest Laboratories Inc. |
12/14/06 |
1/12/07 |
$493.6 |
Deal gives Forest worldwide rights, except for Japan, to ceftaroline acetate; includes an additional $100 million milestone payment based on sales |
CoTherix Inc. (CTRX) |
Actelion Ltd. (Switzerland; SWX:ATLN) |
11/20/06 |
1/9/07 |
$420 |
Actelion paid $13.50 in cash for each CoTherix share, a 21% premium to the Nov. 17 price |
DanioLabs Ltd.* |
VASTox plc (UK; LSE:VOX) |
3/22/07 |
3/22/07 |
£16.5 (US$22) |
VASTox simultaneously acquired Danio- Labs and Dextra for $22M; it gains two clinical and two preclinical programs in neurological and ophthalmic diseases |
Discovery |
Vector Capital |
11/20/06 |
3/21/07 |
$26.2 |
The all-cash acquisition of the informatics business is an initial step in Tripos' liquidation plan |
Domantis |
GlaxoSmithKline plc (UK) |
12/8/06 |
1/8/07 |
£230 ($454) |
GSK paid £230M in cash for Domantis, which is developing domain antibody therapeutics |
Ecopia |
Caprion Pharmaceuticals Inc.* (Canada) |
1/4/07 |
3/13/07 |
ND |
The companies completed a merger under which each owns 50% of the combined firm, Thallion Pharmaceuticals Inc., which now trades on the Toronto Stock Exchange under the symbol “TLN"; Thallion concurrenty raised C$45M(US$38.2M) |
Effective |
Pipex Pharmaceuticals Inc. (OTC BB:PPXB) |
1/12/07 |
1/12/07 |
ND |
Pipex completed its acquisition of its majority-owned subsidiary, giving it broader control of EPI's lead products |
Embrex Inc. |
Pfizer Animal Health (division of Pfizer Inc.) |
11/15/06 |
1/19/07 |
$155 |
Pfizer paid $17 per share in cash for Embrex, which develops poultry vaccines and vaccine technology |
Epichem Group |
Sigma-Aldrich Corp. (SIAL) |
2/12/07 |
2/12/07 |
$60 |
Sigma-Aldrich paid $60M in cash for all of the outstanding shares of Epichem, which has $40M in annual revenues |
Euroscreen |
PerkinElmer Inc. (NYSE:PKI) |
12/20/06 |
1/10/07 |
ND |
PerkinElmer acquired the majority- owned subsidiary of Euroscreen SA in an all-cash deal |
Evotec |
PerkinElmer Inc. (NYSE:PKI) |
11/30/06 |
1/10/07 |
€23 ($30.6) |
Deal called for PerkinElmer to pay €23M in cash for the Evotec subsidiary, which has cellular research and othertechnologies |
GlobePan |
Intellect Neurosciences Inc.* |
2/1/07 |
2/1/07 |
ND |
Intellect became a public company through the reverse merger |
Hypnion Inc.* |
Eli Lilly and Co. |
3/5/07 |
4/3/07 |
$315 |
Lilly completed its acquisition of Hypnion for $315M |
ICOS Corp. |
Eli Lilly and Co. |
10/17/06 |
1/29/07 |
$2.3B |
Lilly paid $34 per share, or $2.3B total for ICOS; original offer was $32 per share; they were partners on the erectile dysfunction drug Cialis |
Innovata plc |
Vectura Group plc (UK; AIM:VEC) |
11/17/06 |
1/18/07 |
£130.9 ($248.4) |
Vectura issued stock that was valued at £130.9M for Innovata, which now owns 46% of the merged firm |
INO |
Ikaria Inc.* |
2/22/07 |
2/22/07 |
$670 |
Transaction is being financed by a group of private equity and venture capital investors led by New Mountain Capital, ARCH Venture Partners and Venrock Associates; the combined company will be called Ikaria Holdings |
International |
BTHC III Inc. (formerly OTC BB: BTHC) |
1/8/07 |
1/29/07 |
ND |
International Stem Cell's shareholders exchanged shares for about 33.1M shares of BTHC's common stock, making it a wholly owned subsidiary of BTHC |
MacroMed |
Protherics plc (UK; LSE:PTI) |
12/8/06 |
1/4/07 |
$25 |
Protherics issued $25M in stock for MacroMed, which is developing OncoGel, a sustained-release formulation of paclitaxel |
Metastatin |
Samaritan |
7/27/06 |
3/1/07 |
$0.12 |
Samaritan acquired Metastatin for 500,000 restricted shares |
Mimotopes |
Commonwealth Biotechnologies Inc. (CBTE) |
10/2/06 |
2/12/07 |
$4.5 |
Term sheet was entered into in October; on Nov. 28, the price was set at 2.15M shares, which gave PAA a 39.5% stake in CBI |
Molecular |
MDS Inc. (NYSE:MDZ; TSX:MDS) |
1/29/07 |
3/29/07 |
$615 |
MDS acquired Molecular Devices through a $615M all-cash deal; the offer price of $35.50 per share represents a 48.7% premium to the closing price Jan. 26 |
Morphotek Inc.* |
Eisai Co. Ltd. (Japan) |
2/22/07 |
4/17/07 |
$325 |
Eisai completed its acquisition of Morphotek for $325M after excess net cash |
Neuro3d SA* |
Evotec AG (Germany; FSE:EVT) |
4/4/07** |
4/4/07 |
€22 (US$29.4) |
Evotec acquired Neuro3d in an all-stock deal valued at $29.4M; it issued 6M shares at €3.70 each |
New River |
Shire plc (UK) |
2/20/07 |
4/20/07 |
$2.6B |
Shire acquired New River for $2.6B, or $64 per share, a 10% premium over the Feb. 16 closing price |
OPi SA* (France) |
EUSA Pharma Inc.* |
3/1/07 |
3/1/07 |
ND |
EUSA paid for OPi with part of a $175M private financing |
Orthodontix |
Protalix Ltd.* (Israel) |
8/22/06 |
1/3/07 |
ND |
Protalix owns about 85% of the merged company; Orthodontix and its majority shareholder, the Frost Group, hold the rest; the new name is Protalix BioTherapeutics Inc. and the symbol is "OTC BB:ORTX" |
Paradigm |
Takeda Pharmaceutical Co. Ltd. (FSE:TKD) |
3/12/07 |
3/29/07 |
ND |
Takeda acquired Paradigm for an undisclosed amount |
Praecis |
GlaxoSmithKline plc (UK) |
12/21/06 |
2/16/07 |
$54.8 |
Deal called for GSK to pay $5 per share in cash, or $54.8M, for Praecis, a premium of 150% to the Dec. 20 close |
Redpoint Bio |
Robcor Properties Inc. (OTC BB:RBCR) |
3/12/07 |
3/12/07 |
ND |
The combined company will focus on the Redpoint business following the reverse merger |
RheoGene |
Intrexon Corp.* |
12/19/06 |
ND |
ND |
The combined company has kept the Intrexon name and is headquartered in Blacksburg, Va. |
Sangtec |
Cepheid Inc. (CPHD) |
2/15/07 |
2/15/07 |
$27 |
Cepheid acquired Sangtec for $27M in cash |
Serono SA |
Merck KGaA (Germany) |
9/21/06 |
1/5/07 |
CHF16.6B ($13.3B) |
Merck paid CHF 1,100 in cash per share for Serono, a 20% premium to the Sept 21 closing price |
Sirna |
Merck & Co. Inc. |
10/30/06 |
12/29/07 |
$1.1B |
Merck paid $13 per share in cash for SIrna, or $1.1 billion, a premium of 102% to the Oct. 30 closing price |
Injectables |
Blue Acquisition Corp. |
1/9/07 |
3/26/07 |
$20 |
The private equity group paid $20M to Skye for the business, and up to $61M more if milestones are reached; Skye also could get certain royalty payments in the deal |
Solexa Inc. |
Illumina Inc. (ILMN) |
11/13/06 |
1/26/07 |
$600 |
Illumina issued stock valued at $14 per Solexa share; Solexa stockholders received 0.344 of a share of Illumina common stock for each Solexa share |
Syntonix |
Biogen Idec Inc. (BIIB) |
1/4/07 |
1/31/07 |
$120 |
Biogen paid $40M at closing, and will pay up to $80M more upon the achievement of certain development milestones |
Therapeutic |
F. Hoffmann- La Roche Ltd. |
4/2/07 |
4/2/07 |
$56.5 |
Roche acquired THP for $56.5M in cash |
Tm Bioscience |
Luminex Corp. (LMNX) |
12/14/06 |
3/2/07 |
$44 |
Each Tm share was exchanged for 0.06 shares of Luminex, a 41.5% premium to Tm shares based on the Dec. 14 closing price of each company; Tm now owns 9% of the merged firm |
University of |
Geneservice Ltd.* |
2/14/07** |
2/14/07** |
ND |
Geneservice acquired the gene sequencing facility at the university's biochemistry department as part of its plan to build a nationwide sequencing services firm |
Valera |
Indevus Pharmaceuticals Inc. (IDEV) |
12/12/06 |
4/18/07 |
$120 |
Indevus issued $7.75 in stock for each Valera share, or $120M total; potential milestone payments could add $3.50 per share to the deal for Valera |
Wave Biotech |
GE Healthcare (UK; unit of General Electric Co.) |
4/17/07 |
4/17/07 |
ND |
GE Healthcare acquired Wave Biotech, including its European subsidiary, Wave Europe Pvt. Ltd. |
II. PENDING MERGERS AND ACQUISITIONS | |||||
Company |
Acquiring |
Date |
Expected |
Value |
Terms/Details |
454 Life Sciences(subsidiary of |
Roche Diagnostics Corp. |
3/29/07 |
2Q:07 |
$154.9 |
Roche is acquiring the subsidiary, paying $140M directly; the additional $14.9M will be paid through the exercise of stock options; of the $140M, $25M will stay in escrow for 15 months |
Alliant |
Sciele Pharma Inc. (SCRX) |
4/24/07 |
2Q:07 |
$122 |
Sciele is paying Alliant $122M in cash; the deal also could include up to $55M in payments based on certain product develop- ment targets |
Apoxis SA |
TopoTarget A/S (Denmark; CSE:TOPO) |
4/18/07** |
ND |
€14.5 (US$19.7) |
TopoTarget plans to acquire Apoxis in an all-share deal; it also could include a €10M milestone payment if Apoxis' APO866 achieves certain milestones in a Phase II program |
BioEnvelop Inc. |
Paladin Labs Inc. (Canada; TSX:PLB) |
4/25/07 |
4/30/07 |
$1.9 |
Paladin agreed to purchase all of the outstanding shares of BioEnvelop for about $1.9M in cash and stock |
BioRexis |
Pfizer Inc. |
2/1/07 |
2Q:07 |
ND |
Pfizer agreed to buy BioRexis for an undisclosed amount |
Biosite Inc. |
Beckman Coulter |
3/26/07 |
2Q:07 |
$1.55B |
Beckman and Biosite entered into a definitive merger agreement under which Beckman would acquire all of Biosite's outstanding common stock for $85 per share; Biosite intends to terminate the agreement, but Beckman has until May 2 to match a superior proposal by Inverness Medical Innovations |
Biosite Inc. |
Inverness Medical Innovations (AMEX:IMA) |
4/5/07 |
2Q:07 |
$1.6B |
Inverness offered to top Beckman Coulter's offer by $5 a share; it offered to acquire the company for $90 per share |
BioVeris Corp. |
F. Hoffmann- La Roche Ltd. (Switzerland) |
4/4/07 |
3Q:07 |
$600 |
Roche is buying BioVeris for $600M, or $21.50 per share, a 58% premium |
Celunol Corp.* |
Diversa Corp. (DVSA) |
2/12/07 |
2Q:07 |
$155 |
Diversa plans to issue 15M shares, placing the value of the merger at $155M based on the Feb. 9 $10.31 closing price of the stock; it also will provide Celunol with $20M in debt financing |
Chiral Quest Inc.(subsidiary of |
Chiral Quest Acquisition Corp. |
4/17/07 |
2Q:07 |
$3 |
Under the terms, the sale is valued at up to $3M, with $1.7M in cash expected to be paid to VioQuest upon closing and about $1.3M in liabilities will be assumed by the new company |
Corautus |
VIA Pharmaceuticals Inc. (VIAP) |
2/8/07 |
2Q:07 |
ND |
Corautus will issue shares in exchange for shares of VIA, after which VIA stockholders will own 76.4% of the combined company and Corautus stockholders will own 23.6%, upon delivery of $12M of net cash at closing; VIA plans to trade on Nasdaq with the symbol “VIAP" |
eGene Inc. |
Qiagen North American Holdings Inc. (unit of Qiagen NV; the Netherlands; QGEN) |
4/13/07 |
3Q:07 |
$34 |
Qiagen agreed to acquire eGene for $34M in cash and stock |
FermaVir Pharmaceuticals Inc. (OTC BB:FMVR) |
Inhibitex Inc. (INHX) |
4/10/07 |
3Q:07 |
$19 |
Inhibitex plans to issue about $19M in stock to acquire FermaVir; it would then own about 73% of the combined company |
InfoSpherix Inc. |
The Active Network Inc.* |
4/26/07 |
3Q:07 |
ND |
Spherix signed a letter of intent to sell the stock of its subsidiary to The Active Network for an undisclosed amount |
Inpharmatica |
Galapagos NV (Belgium; Euronext:GLPG) |
12/6/06 |
1H:07 |
€12.5 ($16.5) |
Galapagos will issue up to 2.166M shares in the deal, which includes about €6M of cash held by Inpharmatica; Inpharmatica also could earn commercial milestones of €6.6; final payments are expected by May |
Inyx Inc. |
CEO Jack Kachkar and an outside investor |
3/26/07 |
ND |
$115 |
Kachkar and the investor are offering $3.01 per share in a deal that would take the company private; Inyx has 53.6M outstanding shares; the value is the amount paid after accounting for warrants and options |
Lehigh Valley |
Vyteris Holdings (OTC BB:VYHN) |
3/1/07 |
ND |
ND |
Vyteris entered into a letter of intent to buy Lehigh Valley Technologies |
MedImmune |
AstraZeneca plc (UK) |
4/23/07 |
06/07 |
$15.2B |
AstraZeneca is acquiring MedImmune for $58 in cash for each MedImmune share |
Organon |
Schering-Plough Corp. |
3/12/07 |
4Q:07 |
€11B (US$14.5B) |
Schering's board approved the acquisition that is expected to close by the end of the year |
Oxxon |
Oxford BioMedica plc (UK; LSE:OXB) |
3/12/07 |
ND |
£16 (US$30.9) |
Oxford agreed to acquire Oxxon by issuing 27.6M shares for the entire share capital of Oxxon, plus 4.2M shares to repay a loan from Oxxon shareholders |
Pacific Pharma |
Upstream Biosciences Inc. (OTC BB:UPBS) |
3/19/07 |
2-3Q:07 |
ND |
Upstream got a three-month exclusive option to conduct due diligence and negotiate terms for the acquisition of Pacific |
PharmAthene |
Healthcare Acquisition Corp. (AMEX:HAQ) |
1/22/07 |
3Q:07 |
$163.3 |
PharmAthene would get about 12.5M HAQ shares, valued at about $93.3M, as well as about $70M in cash, and up to $10M more if it enters a contract with the U.S. government by the end of 2007 |
ReceptoPharm* |
Nutra Pharma Corp. (OTC BB: NPHC) |
6/19/06 |
1Q:07 |
$2.4 |
Nutra Pharma would issue 14M shares for the 62% of ReceptoPharm it doesn't already own; additional shares would be issued if certain milestones are met |
Somanta |
Access Pharmaceuticals Inc. (OTC BB:ACCP) |
2/21/07 |
3Q:07 |
$12.2 |
Access plans to acquire Somanta for $12.2M in stock, issuing about 1.5M shares |
Stratagene |
Agilent Technologies (NYSE:A) |
4/6/07 |
3Q:07 |
$245 |
Agilent offered to acquire Stratagene for $10.94 a share, more than a 28% premium to Stratagene's closing stock price on April 5 |
Tanox Inc. |
Genentech Inc. (NYSE:DNA) |
11/9/06 |
2Q:07 |
$919 |
Genentech offered $20 per share in cash for Tanox, with which it developed the approved asthma product Xolair; Tanox shareholders approved the merger; U.S. Federal Trade Commission asked for additional information and documentary materials, extending the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 |
Discovery |
Provid Pharmaceuticals Inc.* |
1/2/07 |
ND |
$2 |
Deal calls for Provid to acquire the UK- based drug discovery division of Tripos for $2M; in February, Tripos announced that Provid was having trouble financing the acquisition |
Urigen NA |
Valentis Inc. (VLTS) |
10/5/06 |
ND |
ND |
Urigen shareholders would own about 67% of the merged company under terms of the definitive agreement |
III. TERMINATED MERGERS AND ACQUISITIONS | |||||
Company |
Acquiring |
Date Announced | Date Terminated | Value (M)@ |
Terms/Details |
DOR BioPharma |
Cell Therapeutics Inc. (CTIC) |
1/19/07 |
4/12/07 |
$50 |
CTI offered to acquire DOR through the issuance of 29M shares, representing about 19.9% of its common stock valued at $50M based on a closing price of $1.70; proposal also included an additional $15M to DOR shareholders, either in stock or cash, upon FDA approval of orBec, but DOR rejected the offer |
Valeritas LLC |
Paramount Acquisition Corp. (OTC BB: PMQC; affiliate of Paramount BioSciences LLC) |
8/28/06 |
1/22/07 |
$10 |
Paramount would have owned about 58% of Valeritas, and BioValve 42%; they terminated the deal in January |
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. | |||||
* Private companies are indicated with an asterisk. ** 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 | |||||
Unless otherwise indicated, shares are traded on the Nasdaq exchange. | |||||
AIM = Alternative Investment Market; AMEX = American Stock Exchange; ASX = Australian Stock Exchange; CSE = Copenhagen Stock Exchange; FSE = Frankfurt Stock Exchange; LSE = London Stock Exchange; NYSE = New York Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; PK = Pink Sheets; SWX = Swiss Stock Exchange; TSX = Toronto Stock Exchange. | |||||
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