I. COMPLETED MERGERS AND ACQUISITIONS

Company Acquired* (Country; Symbol)

Acquired By Or Merged With* (Country; Symbol)

Date Announced

Date Completed

Value (M)**

Terms/Details


A. Carlsson Research AB* (Sweden)

NeuroSearch A/S (Denmark; CSE:NEUS)

8/23/06

10/23/06

SEK260.1
($35.7)

Carlsson got SEK176.1M in cash and SEK84M in NeuroSearch shares; another SEK625M could be paid if milestones are met

AnorMED Inc. (Canada; TSX: AOM)

Genzyme Corp. (GENZ)

9/26/06

11/7/06

$584

Genzyme paid $13.50 in cash per share, more than its original offer of $8.55 per share; the increase followed a competing offer from Millennium Pharmaceuticals Inc.

Applied Imaging Corp. (OTC BB:AICX)

Genetix Group plc (UK; AIM:GTX)

9/1/06

11/22/06

$25.8

Genetix paid $4.20 per share, or $25.8M in cash total, for Applied Imaging; the offer price was increased a few times before the the deal was completed

Avidex Ltd.* (UK)

MediGene AG (Germany; FSE:MDG)

8/30/06

9/29/06

€50
($63)

Avidex shareholders received about 8M MediGene shares, or 28 percent of the merged company, in the deal

Avidia Inc.*

Amgen Inc. (AMGN)

9/29/06

10/24/06

$290

Amgen paid $290M in cash, and could pay up to $90M more if milestones are met; Avidia was developing a drug class known as Avimer proteins

Axonyx Inc. (AXYX)

TorreyPines Therapeutics Inc.*

6/8/06

10/4/06

ND

TorreyPines owns 58% of the merged firm, which took on the TorreyPines name; its new Nasdaq symbol is "TPTX"

Azurel Ltd. (PK:AZUR)

National Stem Cell Inc.*

3/28/06

10/3/06

ND

NSCI owns 90% of the company following the reverse merger; the ticker symbol changed to "PK:NHGI"

Berna Products Corp. (unit of Acambis plc; UK; ACAM)

Crucell NV (the Netherlands; CRXL)

10/2/06

10/2/06

$16.5

Crucell acquired Berna Products from Acambis; Berna markets an oral vaccine for typhoid fever; Berna's original parent company, Berna Biotech AG, was acquired by Crucell in February 2006

Cabrellis Pharmaceuticals Inc.*

Pharmion Corp. (PHRM)

11/15/06

11/15/06

$59

Pharmion paid $59M for Cabrellis, and would pay up to $45M more based on various approvals of the anthracycline cancer agent amrubicin

Instrument business of Ciphergen Biosystems Inc. (CIPH)

Bio-Rad Laboratories Inc. (AMEX:BIO)

8/14/06

11/13/06

$20

Bio-Rad acquired the proteomics instrument business, which includes SELDI and array technologies, for $20M in cash; it also made a $3M equity investment in Ciphergen

Connetics Corp. (CNCT)

Stiefel Laboratories Inc.

10/23/06

12/28/06

$670

Stiefel paid $17.50 per share in cash, or $670M, for Connetics; the offer was a 62% premium to the four-week average price

Dauphin Technology Inc. (PK:DNTK)

GeoVax Inc.*

1/25/05

10/2/06

ND

GeoVax shareholders own 67% of the combined company following the reverse merger; the name was changed to GeoVax Labs Inc., and the ticker symbol to "OTC BB:GOVX"

Dendritic Nanotechnologies Inc.*

Starpharma Holdings Ltd. (Australia; ASX:SPL)

10/4/06

10/23/06

$6.97

Starpharma issued about 20.1M shares to acquire the 67% of DNT it didn't already own, giving DNT 13.6% of the merged firm

DNage BV* (the Netherlands)

Pharming Group NV (the Netherlands; Euronext:PHARM)

3/24/06

10/16/06

€16
($20.2)

DNage shareholders got 4M Pharming shares and 600,000 warrants in the deal; they also could receive milestone and royalty payments

Elbion AG* (Germany)

4AZA Bioscience NV* (Belgium)

12/5/06

12/5/06

ND

The merged firm is named Elbion NV and is based in Belgium

Genaco Biomedical Products Inc.*

Qiagen NV (the Netherlands; QGEN)

10/30/06

10/30/06

$22

Qiagen paid $22M in cash and issued 125,000 shares of restricted stock for Genaco, which could get up to $18M more in milestone payments

Gene Logic Labs (unit of Gene Logic Corp.; GLGC)

Bridge Pharmaceuticals Inc.

12/18/06

12/18/06

$15

Bridge, a contract research organization, purchased Gene Logic's preclinical division

GeneSpectrum Inc.*

NABsys Inc.*

12/22/06

12/22/06

ND

The combined company kept the NABsys name; terms of the all-stock deal were not disclosed

GroPep Ltd. (Australia; ASX:GRO)

Novozymes A/S (Denmark; CSE:NZYM)

8/14/06

11/27/06

A$95.5
($73)

Novozymes paid A$2.05 in cash for each GroPep share, a 33% premium to the 90-day average before the deal's announcement

IviGene Corp.*

Oragenics Inc. (AMEX:ONI)

11/20/06

11/20/06

$0.23

Oragenics issued 185,186 shares in the acquisition of IviGene, with which it has worked since 2004

Myogen Inc. (MYOG)

Gilead Sciences Inc. (GILD)

10/2/06

11/17/06

$2.5B

Gilead paid $52.50 in cash for each Myogen share, or $2.5 billion, a premium of 50% to the Sept. 29 closing price

PowderMed Ltd.* (UK)

Pfizer Inc.

10/9/06

11/30/06

ND

Terms of the merger agreement were not disclosed

ProlX Pharmaceuticals Corp.*

Biomira Inc. (Canada; BIOM)

10/31/06

10/31/06

$23.9

Biomira paid $3M in cash and issued 17.88M shares for ProlX, which is developing small-molecule cancer drugs; ProlX also could receive regulatory milestone payments

ProSkelia SASU (French subsidiary of ProStrakan Group plc; UK; LSE:PSK)

Galapagos NV (Belgium; Euronext:GLPG)

12/22/06

12/22/06

€12.5
($16.4)

Galapagos acquired the subsidiary, which focuses on bone diseases, for €12.5M in stock; another €14.5M more could be paid if milestones are met; and ProStrakan keeps an interest in potential milestone and royalty payments from existing deals

Q-RNA Inc.*

Neuro-Hitech Inc. (OTC BB:NHPI)

11/17/06

11/30/06

$10.1

Q-RNA received 1.8M Neuro-Hitch shares in the deal; it also got warrants exercisable at $12 to $18 on 1.27M additional shares

Raylo Chemicals Inc. (Canada; unit of Degussa AG)

Gilead Sciences Inc. (GILD)

6/6/06

11/3/06

€115.2
($148)

Gilead acquired the manufacturing operation from Degussa for €115.2M in cash; Gilead had worked with Raylo for 14 years; Degussa kept the Raylo name

SBL Vaccin AB* (Sweden)

Crucell NV (the Netherlands; CRXL)

11/21/06

11/23/06

€39.4
($52)

Crucell pad €39.4M in cash to acquire SBL from 3i and SEB; SBL markets Dukoral, an oral cholera vaccine

Sentigen Holding Corp. (SGHL)

Invitrogen Corp. (IVGN)

9/1/06

12/4/06

$25.9

Invitrogen paid $3.37 in cash for each Sentigen share, a 35% premium when announced to the 30-day average

Sheffield Pharmaceuticals Inc. (OTC BB:SFPH)

Pipex Therapeutics Inc.

11/6/06

11/6/06

ND

The company will continue the operations of Pipex following the reverse merger; Sheffield, which had filed for bankruptcy, gets a 2% stake in the merged firm; the symbol was changed to "OTC BB:PPXP"

TheraPei Pharmaceuticals Inc.*

Forbes Medi-Tech Inc. (Canada; TSX:FMI)

10/25/06

10/27/06

$0.63

TheraPei received 94,672 Forbes shares and $400,000 in cash; it also could get up to $50M in milestone payments

TriPath Imaging Inc. (TPTH)

Becton, Dickinson and Co.

8/14/06

12/20/06

$350

BD acquired the 93.5% of TriPath it did not already own for $9.25 per share in cash, an 81% premium to the Aug. 14 closing price

Vela Pharmaceuticals Inc.*

Pharmos Corp. (PARS)

3/15/06

10/25/06

$19.2

Pharmos issued 6.5M shares and paid $6.2M in cash for Vela, which could earn up to $8M more in cash and 13.5M more shares if various milestones are met

XCELLentis (unit of Innogenetics NV; Belgium; Euronext:INNX)

Celltran Ltd.* (UK)

7/19/06

10/2/06

ND

Celltran acquired Innogenetics' XCELLentis wound-care subsidiary; Innogenetics now owns a 51% stake in Celltran

Zenyth Therapeutics Ltd. (Australia; ASX:ZTL)

CSL Ltd. (Australia; ASX:CSL)

7/17/06

10/31/06

A$108
($81)

CSL paid A$0.82 in cash per Zenyth share; the deal included consideration for Zenyth's stake in Avexa Ltd.

II. PENDING MERGERS AND ACQUISITIONS

Company To Be Acquired* (Country; Symbol)

Acquiring Company* (Country; Symbol)

Date Announced

Expected Completion

Value (M)**

Terms/Details


Bestewil Holding Ltd. (the Netherlands; it owns Virosome Biologicals Ltd.)

Norwood Immunology Ltd. (Australia; AIM:NIM)

1/19/06

1Q:07

ND

Norwood has a call option to acquire Bestewil for up to €25M ($30.4M); Norwood is paying €0.25M up front and up to €0.7M per month through 2006 for the option

Celmed BioSciences Inc.* (Canada)

Kiadis BV* (the Netherlands)

11/28/06

1Q:07

ND

The private, oncology-focused firms would be based in the Netherlands and operate under the name Kiadis Pharma BV following the merger

Cerexa Inc.*

Forest Laboratories Inc.

12/14/06

1Q:07

$480

Deal calls for Forest to pay $480M in cash for Cerexa, as well as a potential $100M milestone payment if U.S. sales of the antibiotic ceftaroline exceed $500M over a 12-month period within five years

CoTherix Inc. (CTRX)

Actelion Ltd. (Switzerland; SWX:ATLN)

11/20/06

1Q:07

$420

Deal calls for Actelion to pay $13.50 in cash for each CoTherix share, a 21% premium to the Nov. 17 price and a 72% premium to the price one month earlier

Domantis Ltd.* (UK)

GlaxoSmithKline plc (UK)

12/8/06

1Q:07

£230
($454)

Agreement calls for GSK to pay £230M in cash for Domantis, which is developing domain antibody therapeutics

Embrex Inc. (EMBX)

Pfizer Animal Health (division of Pfizer Inc.)

11/15/06

1Q:07

$155

Pfizer intends to pay $17 per share in cash for Embrex, which develops poultry vaccines and vaccine technology

Euroscreen Products SA (subsidiary of Euroscreen SA*; Belgium)

PerkinElmer Inc.

12/20/06

1Q:07

ND

PerkinElmer intends to acquire the majority-owned subsidiary of Euroscreen SA in an all-cash deal

Evotec Technologies GmbH (majority owned by Evotec AG; Germany; FSE:EVT)

PerkinElmer Inc.

11/30/06

1Q:07

€23
($30.6)

Deal calls for PerkinElmer to pay €23M in cash for the Evotec subsidiary, which has cellular research and other technologies

ICOS Corp. (ICOS )

Eli Lilly and Co.

10/17/06

1Q:07

$2.3B

Deal revised in December calls for Lilly to pay $34 in cash for each ICOS share, or $2.3B; original offer was $32 per share, or $2.1B; they are partners on the erectile dysfunction drug Cialis

Innovata plc (UK; LSE:IOV)

Vectura Group plc (UK; AIM:VEC)

11/17/06

1Q;07

£130.9
($248.4)

Agreement calls for Vectura to issue stock that was valued at £130.9M for Innovata, which would own 46% of the merged firm

Inpharmatica Ltd.* (UK)

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

MacroMed Inc.*

Protherics plc (UK; LSE:PTI)

12/8/06

1Q:07

$25

Protherics plans to issue $25M in stock for MacroMed, which is developing OncoGel, a sustained-release formulation of paclitaxel

Metastatin Pharmaceuticals Inc.*

Samaritan Pharmaceuticals Inc. (AMEX:LIV)

7/27/06

4Q:06/1Q:07

$0.12

Samaritan signed a letter of intent to acquire Metastatin, which is developing cancer drugs, for 500,000 restricted shares; definitive agreement was reached in November

Mimotopes Pty. Ltd. (unit of PharmAust Ltd.; Australia; ASX:PAA)

Commonwealth Biotechnologies Inc. (CBTE)

10/2/06

1Q:07

$4.5

Term sheet was entered into in October; on Nov. 27, the price was set at 2.15M shares, which would give PAA a 39.5% stake in CBI

Orthodontix Inc. (OTC BB:OTIX)

Protalix Ltd.* (Israel)

8/22/06

4Q:06

ND

Protalix would own about 85% of the merged company; Orthodontix and its majority shareholder, the Frost Group, would hold the rest, following Frost's concurrent $15M investment in Protalix; the deal was expected to close by Dec. 31

Pharmapac UK Ltd.* (UK)

Inyx Inc. (OTC BB:IYXI)

9/28/06

1Q:07

£9
($16.9)

Inyx intends to acquire Pharmapac for £9M in cash; another £1.5M in cash would be paid if certain milestones are met in 2007 and 2008

Praecis Pharmaceuticals Inc. (PRCS)

GlaxoSmithKline plc (UK)

12/21/06

1Q:07

$54.8

Deal calls for GSK to pay $5 per share in cash, or $54.8M, for Praecis, a premium of 150% to the Dec. 20 close

Prion Developmental Laboratories Inc.*

Genesis Bioventures Inc. (OTC BB: GBIW)

7/25/06

1Q:07

ND

Genesis intends to acquire the 56% of PDL, a diagnostics company focused on prions, which it doesn't already own; the letter of intent later was extended to Dec. 31

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

RheoGene Inc.*

Intrexon Corp.*

12/19/06

1Q:07

ND

The combined company would keep the Intrexon name and headquarters in Blacksburg, Va.

Serono SA (Switzerland; NYSE:SRA)

Merck KGaA (Germany)

9/21/06

1Q:07

CHF16.6B
($13.3B)

Merck is offering CHF1,100 per share in cash for Serono, a 20% premium to the Sept 21 closing price; Serono's majority shareholder agreed to the deal

Sirna Therapeutics Inc. (RNAI)

Merck & Co. Inc.

10/30/06

1Q:07

$1.1B

Definitive agreement calls for Merck to pay $13 per share in cash for Sirna, a premium of 102% to the Oct. 30 closing price

Solexa Inc. (SLXA)

Illumina Inc. (ILMN)

11/13/06

1Q:07

$600

Illumina intends to issue stock valued at $14 per Solexa share, subject to certain collar provisions

Tanox Inc. (TNOX)

Genentech Inc. (NYSE:DNA)

11/9/06

1Q:07

$919

Genentech offered $20 per share in cash for Tanox, with which it developed the approved asthma product Xolair

Tm Bioscience Corp. (Canada; TSX:TMC )

Luminex Corp. (LMNX)

12/14/06

1Q:07

$44

Each Tm share would be 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 would own 9% of the merged firm

Discovery Informatics unit of Tripos Inc. (TRPS)

Vector Capital

11/20/06

1Q:07

$25.6

The all-cash acquisition of the informatics business is an initial step in Tripos' liquidation plan

Urigen NA Inc.*

Valentis Inc. (VLTS)

10/5/06

1Q:07

ND

Urigen shareholders would own about 67% of the merged company under terms of the definitive agreement

Valera Pharmaceuticals Inc. (VLRX)

Indevus Pharmaceuticals Inc. (IDEV)

12/12/06

2Q:07

$120

Deal calls for Indevus to issue $7.75 in stock for each Valera share, or $120M; potential milestone payments could add $3.50 per share to the deal for Valera

Valeritas LLC (subsidiary of BioValve Technologies Inc.*)

Paramount Acquisition Corp. (OTC BB:PMQC; affiliate of Paramount BioSciences LLC)

8/28/06

4Q:06/1Q:07

$10

Paramount would own about 58% of Valeritas, and BioValve 42%; Paramount would pay BioValve $10M, and use the rest of its money to fund Valeritas; Paramount Acquisition would change its name to Valeritas

III. TERMINATED MERGERS AND ACQUISITIONS

Company To Be Acquired* (Country; Symbol)

Acquiring Company* (Country; Symbol)

Date Announced

Date Terminated

Value (M)**

Terms/Details


SIGA Technologies Inc. (SIGA)

PharmAthene Inc.*

3/14/06

10/4/06

ND

Initial agreement would have given PharmAthene 68% of the merged company; SIGA decided against the deal following receipt of a significant government grant


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.

** 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; N/A = Not applicable.

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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