I. COMPLETED MERGERS AND ACQUISITIONS | |||||
Company |
Acquired By Or Merged With* (Country; Symbol) |
Date Announced |
Date Completed |
Value (M)** |
Terms/Details |
| |||||
Abeta GmbH* (Germany) |
The Genetics Co. AG* (Switzerland) |
6/16/03 |
6/16/03 |
ND |
The Genetics Co. paid an undisclosed amount in cash and stock for Abeta, which focuses on developing therapeutics and diagnostics for Alzheimer's disease |
|
|
||||
Advanced Tobacco Products Inc. (OTC BB:AVTH) |
IVAX Corp. (AMEX:IVX) |
5/27/03 |
9/24/03 |
ND |
Companies completed merger; ATP share- holders received shares determined by multiplying the number of outstanding shares of ATP stock by 54 cents and dividing the result by the average closing price of IVAX's stock |
|
|
||||
Alpha Therapeutic Corp.* |
Baxter Healthcare Corp. (NYSE:BAX) |
10/20/03 |
10/20/03 |
ND |
Baxter completed its purchase of certain Alpha Therapeutic assets, including Aralast alpha-1 antitrypsin product; it subsequently sold some of the remaining assets of the company to Accredo Health Inc. |
|
|
||||
Artemis Neuroscience Inc.* |
VistaGen Therapeutics Inc.* |
11/19/03 |
11/19/03 |
ND |
VistaGen acquired Artemis, adding a lead compound in epilepsy and other CNS disorders, AV-101; terms were not disclosed |
|
|
||||
Amarin Development AB (Sweden; subsidiary of Amarin Corp. plc; UK; AMRN) |
Watson Pharmaceuticals Inc. (NYSE:WPI) |
10/28/03 |
10/28/03 |
$15M |
Watson paid about $15M in cash for the Swedish drug delivery subsidiary, which specializes in oral controlled-release technology |
|
|
||||
Aurora Instruments LLC (instrumentation unit of Vertex Pharmaceuticals Inc.; VRTX) |
Aurora Discovery Inc.* |
12/4/03 |
12/4/03 |
ND |
Vertex sold certain assets acquired in its March 2001 purchase of Aurora Biosciences Corp.; it retained nonexclusive rights to use the technology in its drug discovery efforts; Aurora Discovery was formed by Telegraph Hill Partners LP and senior management at Aurora Instruments |
|
|
||||
Axovan AG* (Switzerland) |
Actelion Ltd. (Switzerland; SWX:ATLN) |
9/30/03 |
10/31/03 |
CHF60 (US$45.7) |
Actelion said the price could increase up to CHF252 million if milestones are met in the development of clazosentan for treating cerebral diseases |
|
|
||||
Biogen Inc. (BGEN) |
IDEC Pharmaceuticals Inc. (IDPH) |
6/23/03 |
11/12/03 |
ND |
Combined company is named Biogen Idec Inc.; each share of Biogen was exchanged for 1.15 shares of IDEC, giving IDEC 50.5% of the stock of combined company; the market cap of the combined company was $13.7B when the deal was announced |
|
|
||||
BioRobotics Ltd. (subsidiary of Apogent Technologies Inc.; NYSE:AOT) |
Genomic Solutions (subsidiary of Harvard Bioscience Inc.; HBIO) |
9/22/03 |
9/22/03 |
$3.2 |
Genomic Solutions acquired BioRobotics for $3.2M payable in cash and partly in the assumption of certain limited liabilities |
|
|
||||
Biotage LLC (unit of Dyax Corp.; DYAX) |
Pyrosequencing AB (Sweden; SSE:PYRO) |
10/14/03 |
10/30/03 |
$35 |
Pyrosequencing purchased the wholly owned separations subsidiary; about $30M is being paid in cash and the other $5M covers mortgage obligations |
|
|
||||
Alzheimer's assets of CallistoGen AG* (Germany) |
The Genetics Co. Ltd.* (Switzerland) |
1/20/03 |
1/20/03 |
ND |
The Genetics Co. acquired CallistoGen's portfolio of small-molecule leads against Alzheimer's disease and lead-generation technology for an undisclosed amount |
|
|
||||
Drug metabolism division of Cedra Corp.* |
CellzDirect Inc.* |
10/20/03 |
10/20/03 |
ND |
CellzDirect purchased Cedra's cell culture laboratory as well as a services business that conducts outsourced research |
|
|
||||
Cureon A/S* (Denmark) |
Pantheco A/S* (Denmark) |
3/12/02 |
5/19/03 |
ND |
Cureon and Pantheco merged in a stock-based transaction; the merged firm is named Santaris Pharma A/S |
|
|
||||
Clean Chemical Sweden AB, Clean Care Sweden Ltd. and Nordic Care Sweden AB (subsidiaries of Medivir AB; Sweden; SSE:MVIR) |
Segulah II LP* |
6/18/03 |
7/1/03 |
SEK210 (US$27.1) |
Segulah acquired Medivir's CCS group for US$27.1M |
|
|
||||
Developmental Therapeutics Inc.* |
Titan Pharmaceuticals Inc. (AMEX:TTP) |
10/16/03 |
10/16/03 |
$3.4 |
Titan acquired DTI for about 1.2M shares and $171,000 in cash, and could issue up to 750,000 shares if milestones are met in development of DITPA, a drug in Phase II for congestive heart failure |
|
|
||||
Eminent Research Systems Inc.* and its Clinsights subsidiary |
PPD Inc. (PPDI) |
7/17/03 |
7/18/03 |
$25 |
PPD acquired Eminent and Clinsights for $25M in cash |
|
|
||||
Oligonucleotide operations of Epoch Biosciences Inc. (EBIO) |
Eurogentec SA* (Belgium) |
5/28/03 |
5/30/03 |
$1.4 |
Eurogentec bought the assets and customer base of Epoch's specialty oligonucleotide business for $1.4M in cash |
|
|
||||
Euroclide* (France) |
Faust Pharmaceuticals* (France) |
12/15/03 |
12/15/03 |
ND |
Faust acquired Euroclide in an all-share deal for an undisclosed amount |
|
|
||||
Gala Bitoech* |
Cardinal Health Inc. (NYSE:CAH) |
10/01/03 |
10/01/03 |
$15.5 |
Cardinal acquired the remaining 42 percent of Gala it did not own for $15.5M |
|
|
||||
GenomeVision business of Genome Therapeutics Corp. (GENE) |
Agencourt Bioscience Corp.* |
2/25/03 |
3/14/03 |
ND |
Agencourt acquired the genomic sequencing service business of Genome Therapeutics for an undisclosed amount; Genome Therapeutics will receive a percentage of revenues for two years from commercial and government customers transferred to Agencourt |
|
|
||||
GeneNews Inc.* |
ChondroGene Ltd. (Canada; TSE:YDG) |
3/16/03 |
11/27/03 |
ND |
ChondroGene said it issued 4M shares at C$0.50 each to acquire technology to which it already held certain rights |
|
|
||||
GenSci Regeneration Sciences Inc. (Canada; TSE:GNS) |
IsoTis SA (Switzerland; SWX:ISON) |
6/3/03 |
10/27/03 |
ND |
The combined company is named IsoTis OrthoBiologics; former IsoTis shareholders own about 60% of the merged company; GenSci got about 27.5M shares |
|
|
||||
GTB GenTherapeutika Berlin-Buch GmbH (subsidiary of Schering AG; Germany) |
Bavarian Nordic A/S (Denmark; CSE:BAVA) |
5/13/03 |
5/15/03 |
ND |
Bavarian Nordic acquired GTB GenTherapeutika for an undisclosed amount |
|
|
||||
Infectech Corp. (OTC BB:IFEC) |
Nutra Pharma Corp. (OTC BB:NPHC) |
9/8/03 |
10/20/03 |
ND |
Nutra Pharma acquired a majority interest in Infectech |
|
|
||||
Integrity Pharmaceutical Corp.* |
Xanodyne Pharmacal Inc.* |
12/4/03 |
12/4/03 |
ND |
Terms of the deal were not disclosed; the merged company will keep the Xanodyne name; both were founded by Union Springs LLC (12/4) |
|
|
||||
Kane Biotech Inc.* (Canada) |
Vinson Biotech Inc. (Canada; TSE:VIN.P) |
9/24/00 |
9/24/03 |
C$3.19 (US$2.4) |
Vinson issued 7.5 million shares valued at US$2.4 million |
|
|
||||
Kourion Therapeutics AG* (Germany) |
ViaCell Inc.* |
11/12/03 |
11/12/03 |
ND |
ViaCell acquired Kourion, which discovered the Unrestricted Somatic Stem Cell; concurrent with the deal, ViaCell secured an undisclosed investment; terms were not disclosed |
|
|
||||
MetaGen Pharmaceuticals GmbH* (Germany) |
Astex Technology Ltd.* (UK) |
10/31/03 |
10/31/03 |
ND |
Astex acquired MetaGen in an all-share deal; it said it improved its cash position by US$39M through the transaction and through related investments by shareholders |
|
|
||||
Molecular Research Laboratories LLC* |
CalbaTech Inc. (OTC BB:CLBE) |
10/01/03 |
10/01/03 |
ND |
Calbatech acquired gene-silencing technology; terms were not disclosed |
|
|
||||
MolecularWare Inc.* |
CalbaTech Inc. (OTC BB:CLBE) |
6/9/03 |
7/1/03 |
$0.137 |
CalbaTech acquired MolecularWare through the issuance of 300,000 shares that were valued at $137,000; it also issued debt securities covering $600,000 in MolecularWare debt |
|
|
||||
Paclitaxel business of NaPro Biotherapeutics Inc. (NPRO) |
Mayne Group Ltd. (formerly Faulding Pharmaceutical Co.) |
8/26/03 |
12/12/03 |
$71.7 |
NaPro sold its generic injectable pac- litaxel business to Faulding for $71.7M in cash; the deal ends the agreements between the companies |
|
|
||||
Neokimia Inc.* (Canada) |
Tranzyme Inc.* |
12/18/03 |
12/18/03 |
ND |
Tranzyme and Neokimia received $6M in financing in the form of convertible notes in conjunciton with their merger; terms of the merger were not disclosed |
|
|
||||
Oculex Pharmaceuticals Inc.* |
Allergan Inc. (NYSE:AGN) |
10/14/03 |
11/20/03 |
$230 |
Companies completed acquisition deal under which Allergan paid $230M in cash |
|
|
||||
Bone-growth business of OrthoLogic Corp. (OLGC) |
DJ Orthopedics Inc. (NYSE:DJO) |
10/9/03 |
11/26/03 |
$93 |
DJ Orthopedic paid $93M in cash and assumed $1.4M of liabilities in the deal |
|
|
||||
Oxford GlycoSciences plc (UK; OGSI; LSE:OGS) |
Celltech plc (UK; NYSE:CLL) |
2/26/03 |
5/1/03 |
£101.4 (US$173) |
Celltech acquired Oxford GlycoSciences for about US$173M in cash, outbidding an an all-share offer from Cambridge Antibody Technology Group plc |
|
|
||||
Personal Chemistry AB* (Sweden) |
Biotage AB (Sweden; SSE:BIOT; formerly Pyrosequencing AB) |
8/7/03 |
12/4/03 |
ND |
PyroSequencing acquired Personal Chemistry through a direct issue of shares representing 40% of the combined company |
|
|
||||
Phyton Inc.* |
DFB Pharmaceuticals Inc.* |
12/15/03 |
12/15/03 |
ND |
Phyton will operate as a DFB subsidiary; terms of the deal were not disclosed |
|
|
||||
Plexus Vaccine Inc.* |
SIGA Technologies Inc. (SIGA) |
4/1/03 |
5/15/03 |
$6.17 |
SIGA acquired Plexus Vaccine for 1.95M shares and assumption of certain liabilities |
|
|
||||
PowderJect Pharmaceuticals plc (UK; LSE:PJP) |
Chiron Corp. (CHIR) |
5/19/03 |
7/8/03 |
£542 (US$878) |
Chiron acquired PowderJect by paying cash for all of the outstanding shares, valuing the deal at US$878M |
|
|
||||
Pecura business of Qiagen NV (the Netherlands; QGENF) |
Merial Ltd. (joint venture of Merck and Co. Inc. and Aventis SA) |
10/07/03 |
10/07/03 |
ND |
Merial acquired technology covering veterinary rights to a class of compounds based on CpG dinucleotides |
|
|
||||
Q-One Biotech Group Ltd.* (UK) |
BioReliance Corp. (BREL) |
8/13/03 |
9/23/03 |
£42 (US$67.5) |
BioReliance acquired Q-One for about US$67.5M in cash |
|
|
||||
Quintiles Transnational Corp. (QTRN) |
Pharma Services Holding Inc.* |
4/11/03 |
9/26/03 |
$1.7B |
Pharma Services acquired Quintiles, paying its shareholders $14.50 per share in cash; Quintiles will continue to operate under its name as a subsidiary of Pharma Services and no longer is a public company |
|
|
||||
Sequitur Inc.* |
Invitrogen Corp. (IVGN) |
11/4/03 |
11/4/03 |
ND |
Invitrogen strengthened its position in offering RNAi services through the deal, terms of which were not disclosed |
|
|
||||
STS Biopolymers Inc.* |
Angiotech Pharmaceuticals Inc. (Canada; ANPI) |
11/14/03 |
12/4/03 |
$23 |
Angiotech acquired STS for $23M in cash; STS makes coatings for medical devices |
|
|
||||
Vernalis plc (UK:LSE:VER) |
British Biotech plc (UK: BBIOY) |
7/3/03 |
10/1/01 |
£48 (US$79.7) |
British Biotech acquired Vernalis in an all-share deal; the merged company is named Vernalis |
|
|
||||
II. PENDING MERGERS AND ACQUISITIONS | |||||
Company To Be Acquired* (Country; Symbol) |
Acquiring Company* (Country; Symbol) |
Date Announced |
Expected Completion |
Value (M)** |
Terms/Details |
| |||||
Amersham plc (UK; NYSE:AMH) |
General Electric Co. (NYSE:GE) |
10/10/03 |
1H:04 |
£5.7B (US$10B) |
GE agreed to purchase Amersham in an all- stock deal that would give Amersham 3% of the combined company |
|
|
||||
Ancile Pharmaceuticals Inc.* |
Mera Pharmaceuticals Inc. (OTC BB:MRPI) |
1/10/03 |
ND |
ND |
Mera plans to acquire Ancile by paying shares of Mera common stock equal to about 35% of Mera |
|
|
||||
Applied Molecular Evolution Inc. (AMEV) |
Eli Lilly and Co. (NYSE:LLY) |
11/21/03 |
1Q:04 |
$400 |
AME shareholders would get $18 per share in cash or in Lilly stock, making the deal worth $400M, net of cash; the offer was a premium of better than 50% to AME's share price at the time of the offer |
|
|
||||
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 |
|
|
||||
Ceptor Inc.* |
Xechem International Inc. (OTC BB:XKEM) |
12/9/03 |
1Q:04 |
$6 |
Xechem would issue $6M of convertible stock in the transaction and assume debt of $300,000; Ceptor shareholders also could get milestone payments as products progress |
|
|
||||
CIMA Labs Inc. (CIMA) |
Cephalon Inc. (CEPH) |
8/21/03 |
1Q: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 |
ND |
ND |
Cytomyx entered a conditional agreement for the acquisition of all of Clinomics; details were not disclosed |
|
|
||||
Corgenix Medical Corp. (OTC BB:CONX) |
Genesis Bioventures Inc. (AMEX:GBI) |
8/5/03 |
1Q:04 |
$8 |
Genesis plans to merge with Corgenix, issuing 14M shares in exchange for 100% of Corgenix's outstanding shares in a deal value at about $8M |
|
|
||||
Endeavor Pharmaceuticals Inc.* |
Barr Laboratories Inc. (NYSE:BRL) |
12/3/03 |
ND |
$35 |
Companies entered agreement for $35M acquisition; Endeavor focuses on hormone therapies and has NDAs before the FDA for formulations of its Enjuvia product |
|
|
||||
Fractal Genomics* |
Direct Wireless Communications Inc. (OTC BB:DWCM) |
9/2/03 |
ND |
ND |
Direct Wireless intends to acquire Fractal for an undisclosed amount |
|
|
||||
Genesoft Pharmaceuticals Inc.* |
Genome Therapeutics Corp. (GENE) |
11/18/03 |
1Q:04 |
$79.8 |
Companies agreed to merger under which Genome Therapeutics would issue 28M shares to Genesoft; it also would take on $24M in debt; deal is contigent on various approvals and the raising of $30M to fund the merged company |
|
|
||||
Hycor Biomedical Inc. (HYBD) |
Stratagene Corp.* |
7/25/03 |
4Q:03 |
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 |
|
|
||||
IGEN International Inc. (IGEN) |
Roche Holding Ltd. (Switzerland) |
7/25/03 |
4Q:03 |
$1.4B |
Roche plans to acquire IGEN, with IGEN shareholders receiving $47.25 in cash and one share of the newly formed public company to be spun off by IGEN for each IGEN share held |
|
|
||||
Neurologix Inc.* |
Change Technology Partners (OTC BB:CTPI) |
8/14/03 |
1Q:04 |
ND |
Companies plan to merge, with all Neurologix securities issued and outstanding at closing being exchanged for the right to receive shares of CTP's common stock |
|
|
||||
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 |
|
|
||||
Novuspharma SpA (Italy; Nuovo Mercato:NOV) |
Cell Therapeutics Inc. (CTIC) |
6/17/03 |
4Q:03 |
$236 |
Companies plan to merge with Novuspharma shareholders receiving 2.45 shares of CTI's stock for each of their approximately 16M shares; the deal was valued at $236M and Novuspharma would own about 31% of the combined company |
|
|
||||
Diagnostics unit of Orchid BioSciences Inc. (ORCH) |
Tepnel Life Sciences plc (UK; AIM:TED) |
10/31/03 |
4Q:03 |
$4.3M |
Companies signed a definitive agreement for the sale of Orchid Diagnostics for $4.3M in cash, plus assumption of certain liabilities; contingent on Tepnel completing follow-on offering |
|
|
||||
Receptopharm Inc.* |
Nutra Pharma Corp. (OTC BB:NPHC) |
12/15/03 |
ND |
ND |
Nutra Pharma signed a definitive agreement to acquire 50% of Receptopharm; the deal calls for a cash infusion of $2M |
|
|
||||
TheraSci Ltd.* (UK) |
CeNeS Pharmaceuticals plc (UK; LSE:CEN) |
11/24/03 |
ND |
£3.7M (US$6.5) |
CeNeS agreed to acquire TheraSci for up to US$6.5M; CeNeS would issue up to 45.7M ordinary 1 pence shares, representing 22.2% of the company |
|
|
||||
III. TERMINATED MERGERS AND ACQUISITIONS | |||||
Company To Be Acquired* (Country; Symbol) |
Acquiring Company* (Country; Symbol) |
Date Announced |
Termination Date |
Value (M)** |
Terms/Details |
| |||||
Kiadis BV* (the Netherlands) |
Biofrontera Pharmaceuticals GmbH* (Germany) |
2/18/03 |
11/14/03 |
ND |
Biofrontera and Kiadis were to merge into a single entity called Aliga Pharmaceuticals AG; they called off the merger negotiations but maintain a collaboration |
|
|
||||
Savient Pharmaceuticals Inc. (SVNT) |
Teva Pharmaceutical Industries Ltd. (Israel; TEVA) |
10/03/03 |
11/10/03 |
$365.3M |
Savient and Teva were discussing an acquisition at the Oct. 2, 2003, closing price of Savient shares; the companies could not agree on terms |
|
|
||||
| |||||
Notes: | |||||
# Some of deals in this chart closed before Sept. 18 but were not listed in previous M&A charts. 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. | |||||
ND = Not disclosed, reported and/or available. | |||||
Unless otherwise indicated, shares are traded on Nasdaq. | |||||
AMEX = American Stock Exchange; CSE = Copenhagen Stock Exchange; LSE = London Stock Exchange; NYSE = New York Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; SSE = Stockholm Stock Exchange; SWX = Swiss Stock Exchange; TSE = Toronto Stock Exchange. |