I. COMPLETED MERGERS AND ACQUISITIONS | |||||
Company |
Acquired By |
Date |
Date |
Value |
Terms/Details |
Abgenix Inc. |
Amgen Inc. |
12/14/05 |
4/3/06 |
$2.2B |
Amgen paid $2.2 billion in cash, or $22.50 per Abgenix share, and assumed debt in the deal |
Abmaxis Inc.* |
Merck & Co. Inc. |
5/9/06 |
5/16/06 |
$80 |
Merck paid $80M in cash for Abmaxis, which focuses on development of monoclonal antibodies |
Alamo |
Avanir Pharmaceuticals Inc. (AVNR) |
5/23/06 |
5/24/06 |
$29 |
Avanir paid $4M in cash and $25M in three- year notes for Alamo, which sell FazaClo, a formulation of clozapine for schizophrenia indications; Alamo could get up to $40M more if sales milestones are met |
American |
American BioScience Inc.* |
11/28/05 |
4/18/06 |
$4.1B |
ABI already owned 64.4% of APP; APP issued 86M additional shares, giving ABI 83.5% of of the merged company, which changed its its name to Abraxis BioScience Inc. and its Nasdaq symbol to “ABBI" |
Amisol Co. |
Atrium Biotechnologies Inc. (Canada; TSE:ATB) |
5/2/06 |
5/2/06 |
$6 |
Atrium, through its MultiChem subsidiary, paid about $6M in cash for Amisol, a marketer of personal care and other products |
Athena |
Fisher Scientific International Inc. |
3/16/06 |
4/18/06 |
$283 |
Fisher acquired the diagnostics company from Behrman Capital for $283M in cash |
BioReliance |
Biomeva* |
4/27/06 |
4/27/06 |
ND |
A management-led group purchased the manufacturing operation and renamed it Biomeva |
Research unit |
iNovacia* |
5/29/06 |
5/29/06 |
ND |
Management formed iNovacia, a contract research company, through a buyout of the unit from Biovitrum; terms were not disclosed |
CareX SA* |
7TM Pharma |
5/24/06 |
5/24/06 |
ND |
7TM acquired CareX, which focuses on discovery of small- molecule drugs for the treatment of metabolic diseases |
Cambridge |
AstraZeneca |
5/15/06 |
6/22/06 |
£567 |
AstraZeneca paid £13.27 per CAT share (or $24.96 per ADS) for the 80.8% of CAT it didn't already own, a premium of about 67% to the May 12 price; AstraZeneca acquired 19.2% of CAT as part of a collaboration begun in 2004 |
Castle & Morgan |
Osteologix Holdings Inc. |
5/24/06 |
5/24/06 |
ND |
Osteologix owns 87% of the combined company following the reverse merger; the focus will be solely on Osteologix's business |
Cellegy |
Epsilon |
4/11/06 |
4/11/06 |
ND |
Cellegy received $1.25M in cash and will get an additional amount based on total accounts receivable for Cellegy Australia as of March 31, 2006 |
Chiron Corp. |
Novartis AG |
10/31/05 |
4/20/06 |
$5.4B |
Novartis acquired the 56% of Chiron it didn't already own for $48 per share in cash |
Conforma |
Biogen Idec |
5/3/06 |
5/16/06 |
$150 |
Biogen paid $150M for Conforma, which is developing cancer drugs; another $100 more could be paid if certain development milestones are met |
Cytomyx Ltd. |
Serologicals Corp. (SERO) |
3/14/06 |
3/31/06 |
$7 |
Serologicals paid $7M for Cytomyx Ltd., which provides ion channel cell lines and drug discovery services |
Dr. E. Gräub |
VetInvest GmbH |
4/5/06 |
4/5/06 |
ND |
The veterinary pharmaceuticals production company Dr. E. Gräub was owned by Berna Biotech AG, which Crucell acquired earlier |
Eximias |
YM BioSciences |
4/13/06 |
5/9/06 |
ND |
YM issued stock worth more than $29M, covering the amount of cash Eximias had at closing; Eximias shareholders also got 540,000 additional shares |
GlycoFi Inc.* |
Merck & Co. Inc. |
5/9/06 |
6/6/06 |
$400 |
Merck paid $400M in cash for GlycoFi, which specializes in glycoengineering |
Hapto Biotech |
Ortec International Inc. (OTC BB:ORTN) |
12/15/05 |
4/17/06 |
$9.6 |
Hapto shareholders received 30.86M Ortec shares, and warrants to purchase 3M Ortec shares at $0.30 each |
Hawaii |
Avantogen Ltd. (Australia; ASX:ACU) |
3/16/06 |
5/10/06 |
ND |
Each firm owns 50% of the combined company, which will focus exclusively on vaccine development |
Highland |
Raptor Pharmaceutical Inc.* |
5/26/06 |
5/26/06 |
ND |
Raptor gained a public listing through a reverse merger with Highland, which sold all prior operations as a nutritional drink distributor in April |
Innovate |
Avantogen Ltd. (Australia; ASX:ACU) |
2/1/06 |
5/30/06 |
ND |
Avantogen received 32M Innovateshares, giving it 54% of Innovate; as part of the deal Innovate got Avantogen's 50% interest in their RP101 drug candidate, and $1.1M |
Linco* |
Serologicals Corp. (SERO) |
3/23/06 |
5/2/06 |
$74.8 |
Serologicals paid $64.5M in cash for the business and another $10.3M for the land and buildings at Linco, which consists of Linco Research Inc. and Linco Diagnostic Services Inc. |
Bioinformatics |
BioWisdom Ltd.* (UK) | 4/4/06 |
4/4/06 |
€4 ($4.9) |
BioWisdom is paying up to €4M for the business, which is based around the SRS suite of data integration products |
Meditech |
Alchemia Ltd. (Australia; ASX:ACL) |
3/9/06 |
5/29/06 |
A$16.9 ($12.5) |
Alchemia paid stock valued at about a 37% premium to Meditech prices when the deal was disclosed; Alchemia on May 26 received acceptance for 65% of the Meditech shares |
Micromet AG* |
CancerVax Corp. (CNVX) |
1/9/06 |
5/5/06 |
$127 |
CancerVax issued stock representing 67.5% of the combined company, which was renamed Micromet Inc.; its new Nasdaq symbol is "MITI" |
Molecular |
Molecular |
12/5/05 |
5/9/06 |
$176 |
MPL USA issued 88M shares in the deal to acquire MPL, a wholly owned division of PharmaNet, which now owns about 67% of the company |
Montigen |
SuperGen Inc. (SUPG) |
1/27/06 |
4/5/06 |
$18 |
SuperGen paid $9M in cash and $9M in stock for the oncology- focused firm; another $22M in stock would be paid if certain regulatory milestones are met |
NeuroServe |
Lectus Therapeutics Ltd.* (UK) |
4/19/06 |
4/19/06 |
ND |
Lectus purchased NeuroServe, an electro-physiology company that tests compounds on ion channels |
Osprey |
Athenagen Inc.* |
4/13/06 |
4/13/06 |
ND |
Athenagen acquired the assets of Osprey, which include a lead clinical compound targeting Alzheimer's disease |
Proteom Ltd.* |
Amura Ltd.* (UK) |
5/17/06 |
5/17/06 |
ND |
The companies merged interests into Amura Holdings Ltd., which focuses on small-molecule drug design and discovery for inflammation and autoimmune diseases |
Rhein Biotech |
Dynavax Technologies Corp.(DVAX) |
3/27/06 |
4/24/06 |
$12.4 |
Dynavax paid cash to acquire the biopharmaceutical and vaccine manufacturer; the wholly owned subsidiary was renamed Dynavax Dusseldorf |
Rinat |
Pfizer Inc. |
4/6/06 |
6/16/06 |
ND |
Rinat is developing therapeutic proteins for treating diseases and disorders of the central nervous system |
SD |
AdventRx |
4/10/06 |
4/28/06 |
$10.2 |
AdventRx issued 2.1M shares to acquire SD Pharmaceuticals, which is developing drugs for cancer and infectious diseases |
SRKP 4 Inc. |
Cougar Biotechnology Inc.* |
4/10/06 |
4/10/06 |
ND |
Cougar acquired the public shell company through a reverse merger and owns 100% of the merged firm |
Spectral |
PerkinElmer Inc. |
5/1/06 |
5/1/06 |
ND |
Spectral has technologies for identifying chromosomal abnormalities; terms of the acquisition were not disclosed |
II. PENDING MERGERS AND ACQUISITIONS | |||||
Company |
Acquiring |
Date |
Expected |
Value |
Terms/Details |
Agencourt |
Applied Biosystems Group |
5/30/06 |
3Q:06 |
$120 |
Applied Biosystems intends to pay $120M in cash for APG, a developer of genetic analysis technologies; Beckman Coulter Inc. expects to get $50M of the total for its stake in APG |
Arryx Inc.* |
Haemonetics Corp. |
6/8/06 |
3Q:06 |
$26 |
Haemonetics intends to acquire the shares in Arryx it doesn't already own for $26M in cash; they have collaborated since 2004 |
Autodose SA* |
Symyx Technologies Inc. (SMMX) |
6/14/06 |
3Q:06 |
CHF8.5 ($6.8) |
Symyx plans to pay CHF8.5M in cash, and CHF7.7M more if revenue targets are hit, for Autodose, a maker of powder- dispensing equipment |
Axonyx Inc. |
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. |
National Stem Cell Inc.* |
3/28/06 |
2-3Q:06 |
ND |
NSCI would own 90% of the company following the reverse merger |
BCY |
Pipex Therapeutics Inc.* |
10/21/05 |
3Q:06 |
ND |
They agreed to negotiate a potential merger under which Pipex would hold a majority position in the combined company; Pipex is providing BCY a $50,000 bridge loan over four months; they reached a definitive agreement in February |
Bestewil |
Norwood Immunology Ltd. (Australia; AIM:NIM) |
1/19/06 |
1Q:07 |
ND |
Norwood has a call option to acquire Bestwil 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 |
Biacore |
GE Healthcare (unit of General Electric Co.) |
6/20/06 |
3Q:06 |
SEK3,220 ($440) |
GE offered SEK330 in cash per Biacore share, a premium of 17% to the June 19 closing price |
Dauphin |
GeoVax Inc.* |
1/25/05 |
3Q:06 |
ND |
GeoVax shareholders would own 67% of the combined company following the reverse merger; the name would change to GeoVax Labs Inc. |
Drug discovery |
Galapagos NV (Belgium; Euronext:GLPG) |
6/13/06 |
3Q:06 |
$5.4 |
Galapagos plans to pay $5.4M in cash for the drug discovery service operations of DPI, which separately is merging with Infinity Pharmaceuticals Inc. |
Discovery |
Infinity Pharmaceuticals Inc.* |
4/12/06 |
3Q:06 |
ND |
Infinity would get shares representing 69% of the combined company and DPI 31%, assuming DPI's net cash at closing is between $70M and $80M |
DNage BV* |
Pharming Group NV (the Netherlands; Euronext:PHARM) |
3/24/06 |
2-3Q: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 |
Fumapharm |
Biogen Idec |
5/31/06 |
3Q:06 |
ND |
Biogen intends to pay cash for Fumapharm, its partner on development of the multiple sclerosis drug candidate BG-12 |
HaptoGuard |
Alteon Inc. (AMEX:ALT) |
4/19/06 |
3Q:06 |
$9.7 |
HaptoGuard shareholders would get about 37.4M shares in the deal, or about 31% of the combined company |
Jade |
ADML Inc. (AMEX:ADL) |
11/22/05 |
3Q:06 |
$4.5M |
ADML intends to issue 13.715M shares to acquire Jade, which conists of the Chinese companies JiangXi JieZhong Jade Bio- Chemistry Pharmacy Co. Ltd. and Yangbian Yiqiao Bio-Chemistry Pharmacy Ltd. of China |
NeuTec |
Novartis AG (Switzerland) |
6/7/06 |
2H:06 |
£305.1 |
Novartis would pay £10.50 in cash for each NeuTec share, a premium of 109% to the June 5 midday price |
Predix |
EPIX |
4/3/06 |
3Q:06 |
$90 |
Predix stockholders would get 23.28M shares, or 47% of the combined company; they also could get $35M more in cash or stock if milestones are met |
Quill Medical |
Angiotech Pharmaceuticals Inc.(Canada; ANPI) |
5/25/06 |
3Q:06 |
$40 |
Angiotech intends to pay $40M in cash, plus potential future consideration, for Quill, a medical device company |
Raylo |
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 |
3Q: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 |
Segix Farma |
Bioprogress plc (UK; BPRG) |
6/20/06 |
3Q:06 |
€1.95 ($2.5) |
Bioprogress intends to pay €0.7M in cash and €1.25M in stock for the Italian drug distribution company |
Serologicals |
Millipore Corp. |
4/25/06 |
2-3Q:06 |
$1.4B |
Millipore intends to pay $31.55 in cash for each share of Serologicals, valuing the deal, including assumption of debt, at $1.4 billion |
SIGA |
PharmAthene Inc.* |
3/14/06 |
3Q:06 |
ND |
The combined company would operate under the PharmAthene name; PharmAthene would own 68% of the combined firm |
Vela |
Pharmos Corp. |
3/15/06 |
3Q:06 |
$29.7 |
Pharmos would pay $5M in cash and issue 11.5M shares of stock for Vela, which is developing drugs for central nervous system disorders; another 8M shares would be issued if milestones are met |
Xenogen |
Caliper Life Sciences Inc. (CALP) |
2/13/06 |
3Q:06 |
$80 |
Xenogen would get 13.2M Caliper shares and 5.125M warrants exercisable at $6.79 per share; Xenogen would own 26% of the merged company (32% if warrants were exercised) |
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; FSE = Frankfurt Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; PK = Pink Sheets; SSE = Stockholm Stock Exchange; TSE = Toronto Stock Exchange. | |||||
