I. COMPLETED MERGERS AND ACQUISITIONS | |||||
Company Acquired* (Country; Symbol) | Acquired By Or Merged With* (Country; Symbol) | Date Announced | Date Completed | Value (M)** |
Terms/Details |
AB Technology Inc.* |
Bioniche Life Sciences Inc. (Canada; TSE:BNC) |
1/10/04 |
2/12/04@ |
ND |
AB Technology will operate as a unit of Bioniche Animal Health USA Inc., a division of Bioniche; the focus is on embryo transfer technologies |
Adprotech Ltd.* (UK) |
Inflazyme Pharmaceuticals Inc. (Canada; TSE:IZP) |
4/7/04 |
4/20/04 |
C$18.4 (US$13.6) |
Inflazyme issued about 12.7M shares in the acquisition, about 12% of the combined company; Adprotech is developing protein drugs based on inhibiting the complement system |
Adaltis US Inc. (U.S. distribution arm of Aldatis Inc.*) |
Trinity Biotech plc (Ireland; TRIB) |
4/13/04 |
4/13/04 |
$3.5 |
Trinity paid cash for Adaltis US, which distributes diagnostic instruments andreagents for the infectious disease market in the U.S. |
Antalium Inc.* (Canada) |
Neuroceptor Inc.* (Canada) |
3/22/04 |
3/22/04 |
ND |
The companies, both spun off from universities in Canada, merged to form PainCeptor Pharma Corp.; at the same time the new company raised C$23M (US$17.3) |
Amersham plc (UK; NYSE:AHM) |
General Electric Co. (NYSE:GE) |
10/10/03 |
4/08/04 |
£5.7B (US$10.2B) |
GE purchased Amersham in an all-share deal that gives Amersham about 3% of the combined company |
Ascent Pediatrics Inc. (unit of Medicis Inc.) |
BioMarin Pharmaceutical Inc. (BMRN) |
4/20/04 |
5/18/04 |
$175 |
BioMarin acquired the assets related to the pediatric asthma drug Orapred, including the sales force, for $93M in cash paid over five years, and has an option to acquire all the Ascent shares for another $82M |
Aton Pharma Inc.* |
Merck & Co. Inc. (NYSE:MRK) |
2/23/04 |
3/30/04 |
ND |
Terms of the deal were not disclosed, but consideration consists of up-front and contingent payments based on the regulatory filing, approval and sale of Aton products; Aton became a wholly owned Merck subsidiary |
Avocel Inc.* |
Benitec Ltd. (Australia; ASX:BLT) |
5/16/04 |
5/16/04 |
$5.5 |
Avocel, which focuses on RNAi therapeutics, gets about 7.6M Benitec shares, or 9% of the combined company; Benitec Inc. was set up as the company's U.S. subsidiary |
Celmed USA (unit of Celmed BioSciences, a subsidiary of Theratechnologies Inc.; Canada; TSE:TH) |
Michael Levesque, a doctor who's been involved in Celmed product development |
4/29/04 |
4/29/04 |
ND |
Levesque acquired the neurology assets and technology platform of Celmed USA in exchange for royalties on any sales; the program includes an autologous neural stem cell transplantation technology for Parkinson's disease |
Ceretek LLC* |
SRI International* |
3/29/04 |
3/29/04 |
ND |
SRI acquired the intellectual property assets of Ceretek, which include endothelial differentiation gene receptors 1 through 7; terms were not disclosed, but Ceretek could receive revenue from product sales |
Dharmacon Inc.* |
Fisher Scientific International Inc. (NYSE:FSH) |
2/11/04 |
3/31/04 |
$80 |
Fisher paid about $80M in cash to acquire Dharmacon, which focuses on RNA interference research |
Egea Biosciences Inc.* |
Johnson & Johnson (NYSE:JNJ) |
5/18/04 |
5/18/04 |
ND |
Egea's platform in optimizing protein therapeutics will be used in drug discovery by J&J unit Centocor Inc., with which Egea had been collaborating since May 2003 |
Epicyte Pharmaceutical Inc.* |
Biolex Inc.* |
5/5/04 |
5/5/04 |
ND |
Terms of the deal involving plant-based production companies were not disclosed; Epicyte's facilities in San Diego will be closed |
Fitzgerald Industries International Inc.* |
Trinity Biotech plc (Ireland; TRIB) |
4/20/04 |
4/20/04 |
$16 |
Trinity is paying $8M in cash and $8M in stock for Fitzgerald, which provides immunodiagnostic products |
UK business of Galen Holdings plc (UK; GALN) |
Company controlled by Allen McClay, Galen's founder and former chairman |
4/29/04 |
4/29/04 |
£40 (US$72) |
Galen sold its UK-based pharmaceutical product sales and marketing business for $72M in cash; separately, it also sold its sterile fluids solutions business (Ivex) to Gambro BCT for $4.5M in cash |
Diagnostics business of Genelabs Technologies Inc. (GNLB) |
MP Biomedicals LLC (Singapore) |
4/21/04 |
4/21/04 |
ND |
Genelabs sold its wholly owned diagnostics unit, Genelabs Asia Pte. Ltd., which was the parent company of Genelabs Diagnostics Pte. Ltd.; terms of the deal were not disclosed |
Physicians Services unit of Impath Inc. (OTC BB:INPHQ) |
Genzyme Corp. (GENZ) |
3/1/04 |
5/3/04 |
$215 |
Genzyme was the lead bidder for the unit, which focuses on oncology testing; the business will be incorporated into Genzyme Genetics; as part of the deal Genzyme also acquired Impath's Analytical Services unit, which includes a laboratory that provides clinical trial testing services |
Kinetek Pharmaceuticals Inc.* (Canada) |
QLT Inc. (Canada; QLTI) |
3/30/04 |
3/31/04 |
$2.7 |
QLT paid cash in acquiring Kinetek, with which it had been collaborating since 2001 in the area of signal transduction inhibitors; Kinetek had run out of money |
Lark Technologies Inc. (OTC BB:LRTK) |
Genaissance Pharmaceuticals Inc. (GNSC) |
12/19/03 |
4/1/04 |
$23.6 |
Genaissance acquired Lark for about 6.7M shares, exchanging one share of Lark for about 1.8 shares of Genaissance |
Nadag AG* (Germany) |
SiREEN AG* (Germany) |
1/13/04 |
5/14/04 |
ND |
Companies merged to form Sirenade Pharmaceuticals AG; they plan to raise €20M, with €11M commited post-merger from 3i, ABN Amro, Deutsche VC and Renaissance Ventures; Bioscience Managers Ltd. was adviser in the merger and will continue in that role in the financing; terms of the deal were not disclosed |
Novocure Inc.* |
Bio-America Inc. (OTC BB:BOAI) |
5/26/04 |
5/26/04 |
$0.672 |
Bio-America issued 4.2M shares that were valued at 16 cents each to acquire Novocure, which focuses on cellular and molecular biology |
OncBio Inc.* |
Caye Chapel Inc. (OTC BB:CAYY) |
5/20/04 |
5/20/04 |
ND |
Caye, a shell company, acquired OncBio, which focuses on cancer therapies; the merged company is named OncBio Inc. |
Protometrix Inc.* |
Invitrogen Corp. (IVGN) |
4/2/04 |
4/2/04 |
ND |
Invitrogen acquired Prometrix, which develops protein microarrays; details of the deal were not disclosed |
Sirus Pharmaceuticals Ltd.* (UK) |
Arakis Ltd.* (UK) |
3/16/04 |
3/16/04@ |
ND |
Arakis acquired Sirus, which owns AD 923, an opioid analgesic in Phase II, and an associated sublingual drug delivery platform; terms were not disclosed |
Syn-X Pharma Inc. (Canada; TSE:SYY) |
Nanogen Inc. (NGEN) |
2/10/04 |
4/21/04 |
$12.3 |
Nanogen issued about 1.6M shares in the deal; Syn-X will operate as a wholly owned subsidiary, keeping its name and facility in Toronto |
TecScan International Inc. (OTC BB:TSCN) |
Bio-Life Laboratories Corp.* |
4/5/04 |
5/19/04 |
ND |
The reverse merger resulted in Bio-Life owning 74% of the combined company; the company's new name is Bio- Life Labs Inc. and its symbol is "BLFE" |
Trigenesis Inc.* |
Dr. Reddy's Laboratories Ltd. (India; NYSE:RDY) |
5/6/04 |
5/6/04 |
$11 |
The acquisiton followed by a week a deal in which Trigenesis acquired dermatology assets from SkyePharma plc; Reddy could make additional payments as products develop |
Ultrafine* (UK) |
Sigma-Aldrich Corp. (SIAL) |
4/14/04 |
4/14/04 |
ND |
Sigma-Aldrich acquired Ultrafine, which offers contract chemistry services for drug development |
Xtrana Inc. (OTC BB:XTRN) |
Applied Biosystems Group (NYSE:ABI) |
1/29/04 |
5/21/04 |
$4 |
Applied Biosystems acquired the intellectual property of Xtrana, excluding trademarks and trade names; Xtrana focused on nucleic acid extraction kits and detection systems |
II. PENDING MERGERS AND ACQUISITIONS | |||||
Company To Be Acquired* (Country; Symbol) | Acquiring Company* (Country; Symbol) | Date Announced | Expected Completion | Value (M)** |
Terms/Details |
Agenix Inc. (Australia; ASX:AGX) |
Peptech Ltd. (Australia; ASX:PTD) |
4/29/04 |
3Q:04 |
ND |
Peptech would issue seven shares for every 10 Agenix shares, a premium of 25% based on a one-month Agenix average; Peptech would own 58% of the merged company |
Axon Instruments Inc. (OTC BB:AXNIF) |
Molecular Devices Corp. (MDCC) |
3/21/04 |
2Q:04 |
$140 |
Companies entered a definitive agreement under which MDC would acquire Axon for $70M in stock and $70M in cash; MDC would assume Axon's $29M in cash and marketable securities |
Two divisions of Boston Biomedica Inc. (BBII) |
SeraCare Life Sciences Inc. (SRLS) |
4/16/04 |
3Q:04 |
$30M |
SeaCare intends to pay cash in the acquisition of BBI Diagnostics and BBI Biotech Research Laboratories, as well as assume certain liabilities |
BresaGen Inc. (subsidiary of BresaGen Ltd.*; Australia) |
CyThera Inc.* |
11/27/03 |
1Q:04 |
ND |
CyThera is acquiring the cell therapy division based at the University of Georgia; after the deal and a concurrent financing, BresaGen would own 30% of the company |
Celltech Group plc (UK; NYSE:CLL) |
UCB SA (Belgium; Euronext:UCBB) |
5/18/04 |
ND |
£1.53B (US$2.77B) |
The all-cash offer represents a premium of about 27 percent to the recent Celltech price and 45% to the one-year average; UCB would pay 550 pence per ordinary share (US$19.44 per American depository share) |
ChemGenex Inc.* |
AGT Biosciences Ltd. (Australia; ASX:AGT) |
4/27/04 |
2Q:04 |
A14 (US$10.4) |
AGT would issue about 28M ordinary shares in the acquisition; the combined company would be named ChemGenex Pharmaceuticals and have operations in Menlo Park, Calif., and Geelon, Australia |
Chrysalis BioTechnology Inc.* |
OrthoLogic Corp. (OLGC) |
4/29/04 |
3Q:04 |
$27.5 |
OrthoLogic plans to pay $2.5M in cash and $25M in stock in the deal, as well as up to another $7M in stock based on milestones; OrthoLogic, which owns 5% of Chrysalis, would issue between 3M and 3.7M shares |
CIMA Labs Inc. (CIMA) |
Cephalon Inc. (CEPH) |
8/21/03 |
2Q:04 |
$397 |
Cephalon offered $26 per share for CIMA, valuing the potential merger at $260M; CIMA first said it would not accept the offer because it was considered inferior to a deal being negotiated with aaiPharma Inc.; but on Nov. 3 CIMA and Cephalon signed a definitive merger agreement under which Cephalon would pay $34 in cash per share, or $515M ($397M net of cash) |
Clinomics BioSciences Inc.* |
Cytomyx Holdings plc (UK; LSE:CYX) |
12/15/03 |
1/12/04@ |
ND |
Cytomyx acquired Clinomics under undisclosed terms |
Corgenix Medical Corp. (OTC BB:CONX) |
Genesis Bioventures Inc. (AMEX:GBI) |
8/5/03 |
3Q:04 |
$8 |
Genesis plans to merge with Corgenix, issuing 14M shares in exchange for 100% of Corgenix's outstanding shares in a deal valued at about $8M; the companies said in March 2004 they signed a definitive agreement after meeting a financing condition |
Dragon Pharmaceutical Inc. (Canada; TSE:DDD) |
Oriental Wave Holding Ltd.* (China) |
3/24/04 |
3Q:04 |
ND |
Companies entered definitive merger agreement under which Dragon would own 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 |
Duska Scientific Co.* |
Shiprock Inc. (OTC BB:SRKI) |
3/4/04 |
2Q:04 |
ND |
Shiprock plans to change its name to Duska Therapeutics Inc. after the merger and focus on the Duska business; Duska would own 92% of the combined company; the deal is contingent on Duska securing $2.65M in financing |
Enzymes SA Pty. Ltd.* (South Africa) |
Novozymes A/S* (Denmark) |
3/18/04 |
3Q:04 |
ND |
Novozymes plans to acquire the 51% it doesn't own in the joint venture with Enzymes, which distributes Novozymes' products in South Africa |
Galenica Pharmaceuticals Inc.* |
Australian Cancer Technology Ltd. (Australia; ASX:ACU) |
5/20/04 |
3Q:04 |
$5 |
ACT would issue about 1.96M shares and pay $350,000 at closing; another $3M would be paid in cash or stock in one year, and $1M more could be paid in two years if milestones are met |
Heilongjiang Songhuajiang Pharmaceutical Ltd.* (China) |
American Oriental Bioengineering Inc. (Hong Kong; OTC BB:AOBO) |
5/26/04 |
ND |
ND |
AOB signed a letter of intent to acquire Heilongjiang, a Chinese state-owned pharmaceutical company that has 500 employees and focuses on antiviral products |
Hycor Biomedical Inc. (HYBD) |
Stratagene Corp.* |
7/25/03 |
3Q:04 |
ND |
Companies plan merger, with Hycor shareholders receiving 0.6158 of a Stratagene share for each share of Hycor, whose shareholders would own about 23% of the combined company; the deadline for closing the deal was extended in February to June 15 |
ILEX Oncology Inc. (ILXO) |
Genzyme Corp. (GENZ) |
2/26/04 |
2Q:04 |
$1B |
ILEX shareholders would get $26 in Genzyme stock for each share held, a premium of about 22% to the prior day's close; ILEX, which has approval for the cancer drug Campath, would stay in San Antonio; an FTC request in April for additional information extended the deal's waiting period |
Mitokor Inc.* |
Micrologix Biotech Inc. (Canada; TSE:MBI) |
4/15/04 |
2Q:04 |
$3.7 |
Micrologix agreed to acquire Mitokor for 5.5M shares, worth $3.65M when the deal was disclosed; Mitokor could earn another $4M in shares if certain milestones are met |
NexTherapeutics Inc.* |
Harvard Group Inc.* |
2/12/04 |
ND |
ND |
Harvard plans to buy the antibody development company; terms were not disclosed; the deadline on the deal passed and NexTherapeutics is exploring other options |
Nostrum Pharmaceuticals Inc.* |
Elite Pharmaceuticals Inc. (AMEX:ELI) |
8/8/03 |
ND |
$74.6 |
Elite plans to acquire Nostrum for about 32M shares, valued at $74.6M, and options to acquire additional Elite shares |
Tularik Inc. (TLRK) |
Amgen Inc. (AMGN) |
3/29/04 |
2H:04 |
$1.3B |
Amgen, which owns 21% of Tularik, is offer-$25 per share for the rest of the company, a premium of 47% to the previous day's closing price; the boards of both firms have approved the deal |
Vaccine business of Shire Pharmaceuticals Group plc (UK; SHPGY) |
ID Biomedical Corp. (Canada; IDBE) |
4/20/04 |
2Q:04 |
$120 |
ID Biomedical is paying $60M in cash and $60M in subscription rights to its shares; Shire will provide a four-year loan of $100M to finance development of the vaccines business |
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 on the day 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 on the date that 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. | |||||
@ Deal was completed before this chart's time frame but was not included in the previous M&A chart. | |||||
ND = Not disclosed, reported and/or available. | |||||
Unless otherwise indicated, shares are traded on Nasdaq. | |||||
AMEX = American Stock Exchange; ASX = Australian Stock Exchange; LSE = London Stock Exchange; NYSE = New York Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; TSE = Toronto Stock Exchange. | |||||
