I. COMPLETED MERGERS AND ACQUISITIONS

Company
Acquired*
(Country; Symbol)

Acquired By
Or Merged With*
(Country;
Symbol)

Date
Announced

Date
Completed

Value
(M)**

Terms/Details


Advanced
Influenza
Technologies
Inc.*

CytoDyn Inc.
(OTC BB:CYDY)

7/21/06

7/21/06

ND

CytoDyn acquired AIT from the technology transfer company UTEK Corp.; AIT has rights to a DNA-based influenza vaccine developed at the University of Massachusetts Medical School

Advanced
Pheromone
Technologies
Inc.*

Industrial Biotechnology Corp. (PK:IBTY)

9/11/06

9/11/06

ND

IBC gained access to a bio-repellant technology through its acquisition of Advanced Pheromone

Agencourt
Personal
Genomics*

Applied Biosystems Group

5/30/06

7/11/06

$120

Applied Biosystems paid $120M in cash for APG, a developer of genetic analysis technologies; Beckman Coulter Inc. was to get about $50M of the total for its stake in APG

Agera
Laboratories
Inc.*

Isolagen Inc. (AMEX:ILE)

8/17/06

8/17/06

$2.66

Isolagen acquired a 57% interest in the skin- care company for $2.655M in cash, plus an earnout provision; it has a six-month option to increase the stake to 65% for $0.48M more

Alan James
Group LLC*

Interleukin Genetics Inc. (AMEX:ILI)

8/17/06

8/17/06

$7.5

IGI paid $7M in cash and $0.5M in stock for the consumer products firm; $10.75M more could be paid if milestones are reached

Arryx Inc.*

Haemonetics Corp.

6/8/06

7/18/06

$26

Haemonetics acquired the 81% of Arryx it didn't already own for $26M in cash; they had collaborated since 2004

Athelas SA*
(Switzerland)

MerLion Pharmaceuticals Pte. Ltd.* (Singapore)

8/21/06

8/21/06

ND

MerLion acquired Athelas, which has an anti-infectives discovery platform, at the same time it acquired Combinature Biopharm AG

Autodose SA*
(Switzerland)

Symyx Technologies Inc.(SMMX)

6/14/06

7/10/06

CHF8.5 ($6.9)

Symyx paid CHF8.5M in cash, and could pay CHF7.7M more if revenue targets are hit

Biacore
International
AB
(Sweden;
SSE:BCOR)

GE Healthcare (unit of General Electric Co.)

6/20/06

8/15/06

SEK3,220 ($440)

GE paid SEK330 in cash per Biacore share, a premium of 17% to the June 19 closing price

Combinature
Biopharm AG*
(Germany)

MerLion Pharmaceuticals Pte. Ltd.* (Singapore)

8/21/06

8/21/06

ND

MerLion acquired Combinature, which has nuclear magnetic resonance screening technology, and drug candidates for infections, at the same time it acquired Athelas SA

Corus Pharma
Inc.*

Gilead Sciences Inc. (GILD)

7/19/06

8/11/06

$365

Gilead exercised its option to acquire the rest of Corus, following a $25M investment in April 2006

Discovery
Partners
International
Inc.
(DPII)

Infinity Pharmaceuticals Inc.*

4/12/06

9/13/06

ND

Infinity got shares representing 66% of the merged company, which is operating under the Infinity name and management; the new Nasdaq symbol is “INFI"

Drug discovery
operations of
Discovery
Partners
International
Inc.
(DPII)

Galapagos NV (Belgium; Euronext:GLPG)

6/13/06

7/6/06

$5.4

Galapagos paid $5.4M in cash for the drug discovery service operations of DPI, which separately merged with Infinity Pharmaceuticals Inc.

Fumapharm
AG*
(Switzerland)

Biogen Idec Inc. (BIIB)

5/31/06

6/15/06

$220

Biogen paid $220M in cash for Fumapharm, with which is was partnered on development of the multiple sclerosis drug candid- ate BG-12; another $315M could be paid if sales targets are hit

HaptoGuard
Inc.*

Alteon Inc. (AMEX:ALT)

4/19/06

7/19/06

$5.6

HaptoGuard shareholders received 37.4M Alteon shares, or 31% of the combined company; some of the shares came from Genentech Inc., which held a stake in Alteon

Jade
Pharmaceutical
Inc.
(China)

ADML Inc. (AMEX:ADL)

11/22/05

9/28/06

$8.3M

ADML issued 13.715M shares (2.743M post-split) to acquire Jade, which consisted of the Chinese companies JiangXi JieZhong Jade Bio-Chemistry Pharmacy Co. Ltd. and Yangbian Yiqiao Bio-Chemistry Pharmacy Ltd. of China

Meditech Ltd.
(Australia
ASX:MTR)

Alchemia Ltd. (Australia; ASX:ACL)

3/9/06

7/25/06

A$16.9 ($13)

Alchemia issued shares that were valued at A$16.9 when the deal was disclosed, a 36% premium to the prior 30-ay average

NeuTec
Pharma plc
(UK; AIM:NTP)

Novartis AG (Switzerland)

6/7/06

7/28/06

£305.1 ($574)

Novartis paid £10.50 in cash for each NeuTec share, a premium of 109% to the June 5 midday price

Nura Inc.*

Omeros Corp.*

9/7/06

9/7/06

ND

Omeros acquired Nura, which is developing treatments for pain and other central nervous system disorders

Nya Hamlet
Pharma*
(Sweden)

NatImmune A/S* (Denmark)

9/7/06

9/7/06

ND

NatImmune acquired Nya Hamlet, which is developing protein- derived compounds for cancer indications

Pathwork
Informatics*

Predicant Biosciences*

7/6/06

7/6/06

ND

The merged company, renamed Pathwork Diagnostics, secured $11M in venture funding concurrent with the merger

Pharmorphix
Ltd.*
(UK)

Sigma-Aldrich Corp.

8/9/06

8/9/06

ND

Sigma-Aldrich acquired Pharmorphix, a provider of solid-form research services that had $5M in sales over the prior 12 months

Predix
Pharmaceuticals
Holdings Inc.*

EPIX Pharmaceuticals Inc. (EPIX)

4/3/06

8/16/06

$90

Predix stockholders got 23.28M shares, or 47% of the combined company, which kept the EPIX name; they also could get $35M more in cash or stock if milestones are met

PB Diagnostics
Ltd.
(subsidiary
of Provalis plc;
UK; LSE:PRO)

Bio-Rad Laboratories Inc.(AMEX:BIO)

8/7/06

9/7/06

$3

Bio-Rad paid $3M in cash for the business, which sells point-of-care diagnostics for use in diabetes and osteoporosis; Provalis was in liquidation proceedings

Proventiv
Therapeutics
LLC*

Cytochroma Inc.* (Canada)

6/29/06

6/29/06

ND

The acquisition expands Cytochroma's vitamin D product portfolio, and gives it a base of operation in the U.S.

Quill Medical
Inc.*

Angiotech Pharmaceuticals Inc. (Canada; ANPI)

5/25/06

6/28/06

$40

Angiotech paid $40M in cash, plus potential future consideration, for Quill, a medical device company

Rosemont
Pharmaceuticals
Ltd.
(UK; subsid-
iary of Savient
Pharmaceuticals
Inc.; SVNT)

Close Brothers Private Equity (UK)

8/4/06

8/4/06

$176

An entity affiliated with Close Brothers purchased the wholly owned subsidiary, which makes and sells oral liquid medicines in the UK

RNA-TEC
NV*
(Belgium)

Integrated DNA Technologies Inc.*

9/18/06

9/18/06

ND

The acquisition broadens IDT's capabilities in the large-scale RNA synthesis and purification areas

Segix Farma Srl* (Italy)

Bioprogress plc (UK; BPRG)

6/20/06

7/14/06 ($2.5)

€1.95

Bioprogress paid €0.7M in cash and €1.25M in stock for the Italian drug distribution company

Serologicals
Corp.
(SERO)

Millipore Corp.

4/25/06

7/17/06

$1.4B

Millipore paid $31.55 in cash for each share of Serologicals, valuing the deal, including assumption of debt, at $1.4 billion

Sirion
Therapeutics
Inc.*

Tenby Pharma Inc.

9/18/06

9/18/06

ND

Sirion stockholders acquired control of Tenby, which wasstrictly a shell company; the Sirion name and business will continue

Sytera Inc.*

Sirion Therapeutics Inc.*

8/16/06

8/16/06

ND

Sytera shareholders are entitled to up-front payments in stock and cash, as well as potential development and commercialization payments

Tissue Repair
Co.*

Cardium Therapeutics Inc. (OTC BB:CDTP)

8/14/06

8/14/06

$1

Cardium paid $1M, and could pay $1M more, for TRC, which will operate as a wholly owned Cardium subsidiary

Xenogen
Corp.
(XGEN)

Caliper Life Sciences Inc. (CALP)

2/13/06

8/9/06

$56.1

Xenogen received 13.2M Caliper shares and 5.125M warrants exercisable at $6.79 per share, giving it 26% of the merged company (32% if warrants are exercised)

Zapaq Inc.*

Athenagen Inc.*

7/10/06

8/14/06

ND

The merged company will operate under the Athenagen name, focusing on neurovascular diseases

II. PENDING MERGERS AND ACQUISITIONS

Company
To Be Acquired*
(Country; Symbol)

Acquiring
Company*
(Country; Symbol)

Date Announced

Expected Completion

Value (M)**

Terms/Details


A. Carlsson
Research AB*
(Sweden)

NeuroSearch A/S (Denmark; CSE:NEUS)

8/23/06

4Q:06

SEK250 ($34.4)

Carlsson would get SEK166M in cash and SEK84M in NeuroSearch shares; another SEK625M could be paid if milestones are met

AnorMED Inc.
(Canada; TSX:
AOM)

Millennium Pharmaceuticals Inc. (MLNM)

9/26/06

4Q:06

$515

Agreement calls for Millennium to pay $12 in cash for each AnorMED share; AnorMED previously rejected an offer of $8.55 per share ($380M) from Genzyme Corp.

Applied
Imaging Corp.
(OTC BB:AICX)

Genetix Group plc (UK; AIM:GTX)

9/1/06

4Q:06

$18.3

Genetix intends to pay $3.06 in cash for each Applied Imaging share, or $18.3M total

Avidex Ltd.*
(UK)

MediGene AG (Germany; FSE:MDG)

8/30/06

4Q:06

€50 ($63)

Avidex shareholders would get about 8.2M MediGene shares, or 28 percent of the merged company, in the deal

Axonyx Inc.
(AXYX)

TorreyPines Therapeutics Inc.*

6/8/06

4Q:06

ND

TorreyPines would own 58% of the merged company, which would take on the Torrey-Pines name

Azurel Ltd.
(PK:AZUR)

National Stem Cell Inc.*

3/28/06

2H:06

ND

NSCI would own 90% of the company following the reverse merger, which on Sept. 28 appeared on the verge of closing

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

Instrument
business of
Ciphergen Biosystems
Inc.
(CIPH)

Bio-Rad Laboratories Inc. (AMEX:BIO)

8/14/06

4Q:06

$20

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

Dauphin
Technology
Inc.
(PK:DNTK)

GeoVax Inc.*

1/25/05

2H:06

ND

GeoVax shareholders would own 67% of the combined company following the reverse merger; the name would change to GeoVax Labs Inc.; the deal was scheduled to close Sept. 29

DNage BV*
(the Netherlands)

Pharming Group NV (the Netherlands; Euronext:PHARM)

3/24/06

2H:06

€16 ($19.3)

DNage shareholders would get 4M Pharming shares and 600,000 warrants, as well as potential milestone and royalty payments; since the proposal, an internal Pharming council advised against the deal, a decision Pharming planned to appeal; on Aug. 10 Pharming said it would proceed with the deal

GroPep Ltd.
(Australia;
ASX:GRO)

Novozymes A/S (Denmark; CSE:NZYM)

8/14/06

4Q:06

A$95.5 ($73)

Novozymes would pay A$2.05 in cash for each GroPep share, a 33% premium to the 90-day average

Metastatin
Pharmaceuticals
Inc.*

Samaritan Pharmaceuticals Inc. (AMEX:LIV)

7/27/06

2H:06

ND

Samaritan signed a letter of intent to acquire Metastatin, which is developing cancer drugs

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

Pharmapac UK
Ltd.*
(UK)

Inyx Inc. (OTC BB:IYXI)

9/28/06

4Q:06

£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

Prion
Developmental
Laboratories
Inc.*

Genesis Bioventures Inc. (OTC BB:GBIW)

7/25/06

4Q:06

ND

Genesis intends to acquire the 56% of PDL, a diagnostics company focused on prions, that it doesn't already own; on Aug. 30, the letter of intent was extended 60 days

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

Gilead Sciences Inc. (GILD)

6/6/06

4Q:06

€115.2 ($146)

Gilead intends to acquire the manufacturing operation from Degussa for €115.2M in cash; Gilead has worked with Raylo for 14 years; Degussa would keep the Raylo name

ReceptoPharm*

Nutra Pharma Corp. (OTC BB: NPHC)

6/19/06

4Q:06

$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

Sentigen
Holding Corp.
(SGHL)

Invitrogen Corp. (IVGN)

9/1/06

4Q:06

$25.9

Deal calls for Invitrogen to pay $3.37 in cash for each Sentigen share, a 35% premium to the 30-day average

Serono SA
(Switzerland;
NYSE:SRA)

Merck KGaA (Germany)

9/21/06

1Q:07

CHF16.6 ($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

SIGA
Technologies
Inc.
(SIGA)

PharmAthene Inc.*

3/14/06

4Q:06

ND

The combined company would operate under the PharmAthene name; Pharm- Athene would own 68% of the merged firm

TriPath
Imaging Inc.
(TPTH)

Becton, Dickinson and Co.

8/14/06

4Q:06

$350

BD intends to acquire the 93.5% of TriPath it doesn't already own for $9.25 per share in cash, an 81% premium to the Aug. 14 closing price

Valeritas LLC
(subsidiary of
BioValve
Technologies
Inc.*)

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

8/28/06

4Q:06

$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

Vela
Pharmaceuticals
Inc.*

Pharmos Corp. (PARS)

3/15/06

4Q:06

$17.4

Under terms revised Sept. 5, Pharmos would pay $6M in cash and 6.5M shares of stock 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

2H:06

ND

They entered exclusive negotiation for deal under which Celltran would acquire Innogenetics' XCELLentis wound-care subsidiary

Zenyth
Therapeutics
Ltd.
(Australia;
ASX:ZTL)

CSL Ltd. (Australia; ASX:CSL)

7/17/06

4Q:06

A$108 ($81)

CSL offered A$0.86 in cash per Zenyth share, a 59% premium to the July 14 price; the offer includes about A$0.04 per share for Zenyth's stake in Avexa Ltd.

III. TERMINATED MERGERS AND ACQUISITIONS

Company
To Be Acquired*
(Country;
Symbol)

Acquiring Company* Country; Symbol)

Date Announced

Date Terminated

Value (M)**

Terms/Details


BCY
LifeSciences
Inc.
(Canada;
CDNX:BCY)

Pipex Therapeutics Inc.*

10/21/05

7/27/06

ND

They agreed to negotiate a potential merger under which Pipex would hold a majority position in the combined company; the exclusivity period ended without the deal being completed


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; CDNX = Canadian Venture 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; SSE = Stockholm Stock Exchange; TSX = Toronto Stock Exchange.

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