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.C.T. Holdings
Inc.
(OTC BB:
ACTH)

Advanced Cell Technology Inc.*

1/3/05

2/1/05

ND

The companies completeda reverse merger; prior to the deal Advanced Cell raised $8M privately

ActivX
Biosciences
Inc.*

Kyorin Pharmaceutical Co. Ltd. (Japan)

12/1/04

2/2/05

$21

ActivX survives as a wholly owned subsidiary and will serve as Kyorin's discovery and development center in the U.S.; they have been collaborating since 2002

Amedis
Pharmaceuticals
Ltd.*
(UK)

Paradigm Therapeutics Ltd.* (UK)

1/7/05

1/7/05

ND

Both are early stage companies based in Cambridge, UK; terms were not disclosed

Aptamera
Inc.*

Antisoma plc (UK;LSE:ASM)

1/10/05

2/4/05

£11.5 (US$21.6)

Antisoma issued up to 66.5M shares, or 20% of the enlarged company, to acquire Aptamera, which is developing AGRO100, an anticancer aptamer

Auvation
Ltd.*
(UK)

EiRx Therapeutics plc (Ireland;AIM:ERX)

1/5/05

1/5/05

£1.5 (US$2.6)

EiRx acquired 56.1% percent of Auvation from Auvation's founder and chairman for £1.5M in stock, and is offering to buy the rest of the company on the same terms

Axxima
Pharmaceuticals
AG*
(Germany)

GPC Biotech AG (Germany; GPCB)

3/2/05

3/2/05

€13.7 (US$18)

GPC issued 1.3M shares for Axxima, a kinase discovery firm that filed for insolvency in December; Axxima investors invested €8.7M in Axxima as part of the deal

Aventis
Pharmaceuticals
Puerto Rico

Inyx Inc. (OTC BB:IYXI)

10/7/04

3/31/05

$19.7

The production and development center in Puerto Rico was a unit of the Sanofi-Aventis Group

Bio Asia*
(China)

Invitrogen Corp. (IVGN)

12/8/04

3/24/05

$8

Invitrogen paid up to $8M in cash for Bio Asia, which provides products to the Chinese research community

Biogenesis Ltd.*
(UK) and
Biogenesis Inc.*

MorphoSys AG (Germany; FSE:MOR)

1/20/05

1/20/05

£5.25 (US$9.8)

The Biogenesis companies, which focus on antibody development and manufacturing, became wholly owned subsidiaries of MorphoSys

Antibody and
peptide business
BioSource International
Inc.
(BIOI)

Quality Controlled Biochemicals*

1/3/05

1/3/05

ND

Dennis DiSorbo, the former general manager of the business, bought the antibody of and peptide business, which was renamed Quality Controlled Biochemicals

Computational
Biology Corp.*

Agilent Technologies Inc. (NYSE:A)

1/5/05

1/5/05

ND

Agilent acquired CBC, which developed a microarray-based technique for analysis of gene regulation in disease

Dragon
Pharmaceutical
Inc.
(Canada;
TSE:DDD)

Oriental Wave Holding Ltd.* (China)

3/24/04

1/14/05

ND

Companies merged in a deal giving Dragon about 31.65% of the combined company; Oriental Wave, incorporated in the British Virgin Islands, is the sole shareholder of a China-based pharmaceutical company

Dynal Biotech*
(Norway)

Invitrogen Corp. (IVGN)

2/8/05

4/1/05

NOK2.5B (US$391)

Invitrogen purchased the company, which is focused on magnetic bead technologies, from majority-owner Nordic Capital and a co-investor

Echelon
Biosciences
Inc.*

AEterna Zentaris Inc. (Canada; AEZS)

1/6/05

1/6/05

$2.7

AEterna issued 443,905 shares valued at $2.7M in the deal; Echelon shareholders could earn another $2.9M in stock if certain milestones are reached

ESP Pharma
Holding Co.
Inc.*

Protein Design Labs Inc. (PDLI)

1/25/05

3/24/05

$486

PDL paid $325M in cash and issued 9.85M shares to acquire ESP, which was founded around the acquisition of several products from Wyeth

Evotec
Neurosciences
(UK)

Evotec OAI AG (Germany; FSE:EVT)

3/6/05

3/6/05

€49 (US$65.5)

Evotec issued 14.3M shares to acquire the 78% of ENS it did not already own; ENS was formed by Evotec in 1999 and focuses on central nervous system diseases

G2M Cancer
Drugs AG*
(Germany)

TopoTarget A/S* (Denmark)

3/1/05

3/1/05

ND

TopoTarget acquired G2M, which is developing HDAC inhibitors for cancer indications

H3 Pharma*
(Canada)

Debiopharm SA* (Switzerland)

3/1/05

3/1/05

ND

Debiopharm purchased all the outstanding shares of H3 Pharma from Societe Generale de Financement du Quebec; Debiopharm and SGF created H3 Pharma in 2001

Igeneon AG*
(Austria)

Aphton Corp. (APHT)

12/15/04

3/24/05

$27.1

Igeneon stockholders received 21.5M Aphton shares in the deal; Igeneon became a wholly owned Aphton subsidiary

Inovio A/S*
(Norway)

Genetronics Biomedical Corp. (AMEX:GEB)

1/26/05

1/26/05

$10

Genetronics paid $3M in cash and $7M in shares of Series D convertible stock in the deal for the gene-delivery company; the value would increase if milestones are met

Ischemia
Technologies
Inc.*

Inverness
Medical
Innovations Inc.
(AMEX:IMA)

2/16/05

3/16/05

$20.7

Inverness issued about 970,000 shares to acquire Ischemia, which markets an in vitro diagnostic test for cardiac ischemia

Ivory Capital
Corp.
(OTC BB:
IVRC)

Chelsea
Therapeutics
Inc.*

1/21/05

2/16/05

ND

Chelsea shareholders own about 96.75% of the combined company following the reverse merger; the trading symbol will be changed

Julich Fine
Chemicals
GmbH*
(Germany)

Codexis Inc.*

2/22/05

2/22/05

ND

Julich provides products and services for the biocatalytic production of chiral pharmaceutical intermediates; terms were not disclosed

Lynx
Therapeutics
Inc.
(LYNX)

Solexa Ltd.*
(UK)

8/13/04

3/7/05

$142

Solexa was issued 14.75M shares in the deal and owns 80% of the combined company, named Solexa Inc. and trading under the "SLXA" ticker symbol

Molecular
Engine
Laboratories*
(France)

Cerep SA (France; Nouveau Marche:CERF)

5/25/04

1/7/05

€4.7 (US$6.1)

Cerep issued 400,000 shares in the deal, or 3.35% of the merged company; Cerep also would pay royalties of 5% or 8% to MEL shareholders on the first diagnostic and therapeutic products approved or licensed

Molecular
SkinCare Ltd.*
(UK)

York Pharma plc (UK; LSE:YRK)

2/1/05

2/1/05

£5.5 (US$10.3)

York issued about 5M shares in the deal

Multichem
Inc.*
(Canada)

AEeterna Zentaris Inc. (Canada; AEZS)

1/25/05

1/25/05

C$23.8 (US$19.2)

Atrium Biotechnologies Inc., a majority-owned AEterna subsidiary, paid C$22.2 of the total in cash; Multichem sells active ingredients and specialty chemicals

Murinus GmbH*
(Germany)

GenOway SA* (France)

1/12/05

1/12/05

ND

Murinus provides genetically modified animal models and offers transgenic services; terms of the deal were not disclosed

NeoGenesis
Pharmaceuticals
Inc.*

Schering-Plough Corp.

1/20/05

2/18/05

ND

Terms of the deal were not disclosed; they have been collaborating since 1999; NeoGenesis has screening and chemistry technologies for small- molecule drug discovery

Neurofit*
(France)

Bionomics Ltd. (Australia; ASX:BNO)

12/16/04

3/2/05

€1.25 (US$1.65)

Bionomics paid €1M in cash and €0.25M in stock to acquire Neurofit, which conducts contract research and preclinical testing

Nexia
Biotechnologies
Inc.
(Canada;
TSE:NXB)

PharmAthene Inc.*

1/6/05

3/10/05

$18

PharmAthene paid $11.2M in cash and issued 7.5 million Series C convertible preferred shares at $0.91 per share, as well as warrants to acquire 1.3M shares

O.E.M.
Concepts Inc.*

Meridian Bioscience Inc. (VIVO)

11/10/04

2/1/05

$6

O.E.M. received $6M in cash in the deal and could earn another $2.3M over four years

Optive
Research Inc.*

Tripos Inc. (TRPS)

12/22/04

1/5/05

$7.9

Tripos issued 599,521 shares that were valued at $3.17M, and paid $4.75M in cash for Optive, which develops software for computer- assisted molecular discovery

Panacos
Pharmaceuticals*

V.I. Technologies Inc. (VITX)

6/3/04

3/11/05

$166

Vitex issued 227.5M shares in the deal, leaving Panacos with about 80% ownership of the combined company

ProBio
International
Holdings Pte.
Ltd.*
(Australia)

Pharming Group NV (the Netherlands; Euronext:PHARM)

12/28/04

1/24/05

ND

Pharming issued shares representing 1.5% of the company in acquiring the 55% of ProBio it did not already own

ProCyte Corp.
(OTC BB:PRCY)

PhotoMedex Inc. (PHMD)

12/1/04

3/18/05

$28.2

PhotoMedex issued about 10.5M shares in the deal, giving ProCyte about 21% of the combined company

Proteome Inc.
(subsidiary of
Incyte Corp.;
INCY)

Biobase GmbH* (Germany)

1/18/05

1/18/05

ND

Acquiring Proteome strengthened Biobase's position in biological databases; terms of the deal were not disclosed

Proxima
Therapeutics
Inc.*

Cytyc Corp. (CYTC)

2/9/05

3/7/05

$160

Cytyc paid $160M in cash to acquire Proxima, which could earn up to $65M more based on sales of breast cancer-related products

Research
Diagnostics
Inc.*

Trinity Biotech Inc. (Ireland; TRIB)

3/21/05

3/21/05

$4.2

Trinity paid $4.2M in cash for RDI, a provider of immunodiagnostic products

SagaX Medical
Technologies
Inc.*

MIV Therapeutics Inc. (Canada; OTC BB:MIVT)

3/18/05

3/18/05

ND

MIV acquired Sagax, a company incorporated in the U.S. with operations in Israel that is developing devices for cardiovascular applications

Save-
therapeutics
AG*
(Germany)

Medical Discoveries Inc. (OTC BB:MLSC)

3/16/05

3/16/05

€2.35
(US$3.14)

MDI paid cash to acquire Savetherapeutics, which is developing a topical steroidal form of aromatase inhibitor for breast cancer

Scantox
Biologisk
Laboratorium
A/S*
(Denmark)

LAB International Inc. (Canada; TSE:LAB)

2/10/05

2/10/05

C$6.1 (US$5)

About 90% of the price was paid on closing, with the remainder payable by March 31, 2006, subject to post- closing adjustments; Scantox is a contract research organization

Specialty Media
division of
Sentigen Holding
Corp.
(SGHL)

Chemicon International Inc. (subsidiary of Serologicals Corp.; SERO)

2/22/05

2/22/05

$6.5

The division was part of Cell & Molecular Technologies, which is owned by Sentigen; the division has cell and stem cell research technologies

Sertanty Inc.*

Eidogen Inc.*

3/9/05

3/9/05

ND

The private companies merged to form Eidogen-Sertanty Inc., a provider of chemo-informatics and structural informatics products and services

Certain assets
of UroGene SA*
(France)

Laboratories Pierre Fabre (France)

1/24/05

1/24/05

ND

UroGene sold its chemistry platform and two programs in cancer to Pierre Fabre as part of a plan to divest its assets

Verigen AG*
(Germany)

Genzyme Corp. (GENZ)

2/8/05

2/8/05

$10

Verigen could get another $40M over six years based on achieving development and commercial milestones; Verigen has a cell therapy product for cartilage repair that is sold in Europe and Australia

Drug Delivery
business of
West
Pharmaceutical
Services Inc.

Archimedes Pharma Ltd.* (UK)

2/8/05

2/9/05

$7.1

Archimedes, formed by three former Shire Pharmaceuticals Group plc executives, paid $7.1M for the drug delivery assets; West also got 14% ownership in Archimedes and would get a 3% royalty on any sales from technology it contributed

Xcel
Pharmaceuticals
Inc.*

Valeant Pharmaceuticals International (NYSE:VRX)

2/2/05

3/1/05

$280

Valeant paid $280M in cash to acquire the neurology company

Zymed
Laboratories
Inc.*

Invitrogen Corp. (IVGN)

1/10/05

2/14/05

$60

Invitrogen paid $60M in cash to acquire the antibody manufacturer

II. PENDING MERGERS AND ACQUISITIONS

Company
To Be Acquired*
(Country; Symbol)

Acquiring Company* (Country; Symbol)

Date Announced

Expected Completion

Value (M)**

Terms/Details

Angiosyn
Inc.*

Pfizer Inc.

1/20/05

1H:05

$527

Angiosyn stockholders would receive upfront and other payments of up to $527M, plus royalties on future sales; full payment is contingent on successful development of a drug for an ophthalmic indication and a second therapeutic area

Anosys Inc.*

Chromos Molecular Systems Inc. (Canada; TSE:CHR)

3/15/05

2Q:05

C$3.6 (US$3)

Chromos would issue a C$2.1M note convertible into Chromos stock at $0.50 per share, and purchase from one shareholder a C$1.5M debenture for 3.125M shares and 1.56M warrants exercisable at $0.60 per share

Certain assets
of Argonaut
Technologies
Inc.
(AGNT)

Biotage AB (Sweden; SSE: BIOT)

2/22/05

1H:05

$21.2

Definitive agreement calls for Biotage to pay $21.2M in cash in exchange for stock and Argonaut's consumables business segments; the offer was increased from $19.9M to $21.2M in March after an unsolicited proposal from a third party

Binax Inc.*

Inverness Medical Innovations Inc. (AMEX:IMA)

2/8/05

1H:05

$44.9

Inverness plans to issue 1.433M shares of stock and pay $8.6M in cash for the diagnostics company; Binax shareholders could earn up to $11M more if certain objectives are reached

Biofrontera
Discovery
GmbH*
(Germany)

Discovery Partners International Inc. (DPII)

3/1/05

2Q:05

ND

Terms of the all-cash deal were not disclosed; Biofrontera Discovery is the natural products discovery division of Biofrontera AG

Biofrontera
AG*
(Germany)

DNAPrint genomics Inc. (OTC BB:DNAP)

9/28/04

ND

$25

DNAPrint agreed to invest $25M in Biofrontera over two years in exchange for a 51.77% stake in the company

Cambridge
Biotechnology
Ltd.*
(UK)

Biovitrum AB* (Sweden)

3/21/05

1H:05

ND

Biovitrum plans to acquire CBL, which is developing drugs to treat obesity, pain and inflammation; it was formed in 2001

CyVera Corp.*

Illumina Inc. (ILMN)

2/22/05

1Q:05

$17.5M

Illumina would issue about 1.5M shares and pay $2.3M of CyVera liabilities in the deal; CyVera has a digital-microbead platform

Emergent
Genetics Inc.*

Monsanto Co.

2/17/05

1H:05

$300

They signed a definitive agreement under which Monsanto would pay $300M in cash and commercial paper for the cotton seed company

Genencor
International
Inc.
(GCOR)

Danisco A/S (Denmark; CSE: DCO)

1/27/05

2Q:05

$592

Danisco plans to pay $19.25 per share to acquire the shares it does not already hold; it already owns 42% of Genencor, as does Eastman Chemical Co., which agreed to the sale

Idun
Pharmaceuticals
Inc.*

Pfizer Inc.

2/24/05

2Q:05

ND

Idun focuses on the discovery and development of therapies to control apoptosis; terms of the deal were not disclosed

IGI Inc.
(AMEX:IG)

Senetek plc (SNTK)

10/27/04

1H:05

ND

The companies signed a letter of intent on an all-share deal that would leave Senetek with 60% ownership of the merged company; a Jan. 14 offer by Senetek called for a merger of equals; the offer period expired Feb. 28, but discussions continue

Immuno-Designed
Molecules SA*
(France)

Epimmune Inc. (EPMN)

3/16/05

3Q:05

$105

IDM shareholders would hold about 78% of the merged company's 102M shares after the deal; the merged company would be named IDM Inc.

Microarray
business of
MWG Biotech
AG
(Germany;
FSE:NWUG)

Ocimum Biosolutions (India)

2/25/05

1H:05

ND

The operation would move to India, with part of the service operated from Indianapolis; terms were not disclosed

Portage
BioMed LLC*

Nutra Pharma Corp. (OTC BB: NPHC)

11/9/04

ND

$1.15

Nutra Pharma intends to issue up to 3.2M shares over 18 months if Portage research reaches undisclosed milestones; it also would fund work at Portage

Sahajanand
Medical
Technologies*
(India)

MIV Therapeutics Inc. (Canada; OTC BB:MIVT)

3/11/05

2Q:05

ND

The merger would bring together products and drug-eluting technologies in coronary stents; Sahajanand's stents are sold in more than 33 countries

Synthematix
Inc.*

Symyx Technologies Inc. (SMMX)

2/23/05

2Q:05

$13

Synthematix, which provides software systems for chemistry research, could earn $4M more in the deal over one year if certain revenues are achieved

Syrrx Inc.*

Takeda Pharmaceutical Co. Ltd. (Japan)

2/7/05

1Q:05

$270

Syrrx would become a subsidiary of Takeda following the all-cash deal

Tarpan
Therapeutics
Inc.*

Manhattan Pharmaceuticals Inc. (OTC BB:MHTT)

1/5/05

ND

ND

Manhattan plans to issue stock equal to 20% of the enlarged company for Tarpan, which is developing dermatological therapeutics

TransForm
Pharmaceuticals
Inc.*

Johnson & Johnson

3/9/05

2Q:05

$230

They entered a definitive agreement under which J&J would pay $230M in cash for TransForm, which was founded in 1999 and focuses on drug formulations

Xtrana Inc.
(OTC BB:XTRN)

Alpha Innotech Corp.*

12/14/04

1H:05

ND

Xtrana shareholders would own 17% of the combined company following the reverse merger; they would keep the Alpha Innotech name

III. TERMINATED MERGERS AND ACQUISITIONS

Corgenix
Medical Corp.
(OTC BB:CONX)

Genesis Bioventures Inc. (AMEX:GBI)

8/5/03

1/14/05

$8

Genesis planned to issue 14M shares in the deal; Corgenix terminated the deal due to a lack of a contingent financing and the passing of expiration dates

Synt:em SA*
(France)

Sonus Pharmaceuticals Inc. (SNUS)

11/3/04

3/15/05

$12

Sonus decided to call off the merger, saying a review showed it would be best to operate as a stand-alone company at this time


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. It does not include acquisitions of single products or of manufacturing facilities and plants.

For those deals that are pending, and for which the acquiring company is issuing stock, the value of the transaction has been calculated based on the closing price prior to the first announcement. For those deals that have been completed, and for which the acquiring company is issuing stock, the final value has been 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.

Unless otherwise indicated, shares are traded on Nasdaq.

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; SSE = Stockholm Stock Exchange; TSE = Toronto Stock Exchange.