I. COMPLETED MERGERS AND ACQUISITIONS

Company
Acquired*
(Country; Symbol)

Acquired By
Or Merged With*
(Country; Symbol)

Date
Announced

Date
Completed

Value
(M)**

Terms/Details


Abgenix Inc.
(ABGX)

Amgen Inc.
(AMGN)

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
Pharmaceuticals
LLC*

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
Pharmaceutical
Partners Inc.
(APPX)

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.
Ltd.*
(Canada)

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
Diagnostics
Inc.*

Fisher Scientific International Inc.

3/16/06

4/18/06

$283

Fisher acquired the diagnostics company from Behrman Capital for $283M in cash

BioReliance
Manufacturing
GmbH
(Germany;
unit of Invitrogen
Europe Ltd.)

Biomeva*
(Germany)

4/27/06

4/27/06

ND

A management-led group purchased the manufacturing operation and renamed it Biomeva

Research unit
of Biovitrum
AB*
(Sweden)

iNovacia*
(Sweden)

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*
(France)

7TM Pharma
A/S*
(Denmark)

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
Antibody
Technology
Group plc
(UK; CATG)

AstraZeneca
plc
(UK)

5/15/06

6/22/06

£567
($1.07B)

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
Inc.*
(OTC BB:CMHN)

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
Australia Pty.
Ltd.
(unit of
Cellegy Pharma-
ceuticals Inc.;
OTC BB:CLGY)

Epsilon
Pharmaceuticals*

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.
(CHIR)

Novartis AG
(Switzerland)

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
Therapeutics
Corp.*

Biogen Idec
Inc.
(BIIB)

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.
(subsidiary of
Cytomyx Holdings
plc; UK; AIM:CYX)

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
AG
(unit of
Crucell NV;
the Netherlands;
CRXL)

VetInvest GmbH
(Germany)

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
Pharmaceutical
Corp.*

YM BioSciences
Inc.
(Canada;
TSE:YM)

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
Ltd.*
(Israel)

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
Biotech Inc.*

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
Clan Creations
Corp.
(OTC BB:
HCLN)

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
Oncology Inc.
(OTC BB:IOVO)

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
business of LION
Bioscience AG
(Germany; FSE:
LIOG)

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
Research Ltd.
(Australia; ASX:MTR)

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*
(Germany)

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
Pharmacology
Ltd.
(Australia;
unit of PharmaNet
Group Ltd.; ASX:PNO)

Molecular
Pharmacology
Ltd. (USA)
(OTC BB:MLPH)

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
Pharmaceuticals
Inc.*

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
Ltd.*
(UK)

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
Pharmaceutical
Co.*

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.*
(UK)

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
GmbH
(Germany;
unit of Rhein
Biotech NV, which
is majority owned
by Crucell NV; CRXL)

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
Neuroscience
Corp.*

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
Pharmaceuticals
Inc.*

AdventRx
Pharmaceuticals
Inc.
(AMEX:ANX)

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
Genomics Inc.*

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
To Be Acquired*
(Country; Symbol)

Acquiring
Company*
(Country; Symbol)

Date
Announced

Expected
Completion

Value
(M)**

Terms/Details


Agencourt
Personal
Genomics*

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*
(Switzerland)

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.
(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

2-3Q:06

ND

NSCI would own 90% of the company following the reverse merger

BCY
LifeSciences
Inc.
(Canada;
CDNX: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
Holding Ltd.
(the Netherlands;
owns Virosome
Biologicals Ltd.)

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
International
AB
(Sweden;
SSE:BCOR)

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
Technology
Inc.
(PK:DNTK)

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
operations of
Discovery
Partners
International
Inc.
(DPII)

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
Partners
International
Inc.
(DPII)

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*
(the Netherlands)

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
AG*
(Switzerland)

Biogen Idec
Inc.
(BIIB)

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
Inc.*

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
Pharmaceutical
Inc.
(China)

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
Pharma plc
(UK; AIM:NTP)

Novartis AG (Switzerland)

6/7/06

2H:06

£305.1
($564)

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

Predix
Pharmaceuticals
Holdings Inc.*

EPIX
Pharmaceuticals
Inc.
(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
Inc.*

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
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

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
Srl*
(Italy)

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
Corp.
(SERO)

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
Technologies
Inc.
(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
Pharmaceuticals
Inc.*

Pharmos Corp.
(PARS)

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
Corp.
(XGEN)

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.

No Comments