I. COMPLETED MERGERS AND ACQUISITIONS | |||||
Company Acquired* |
Acquired By Or Merged With* (Country; Symbol) |
Date |
Date |
Value |
Terms/ |
| | |||||
Antex Biologics |
BioPort Corp.* |
3/17/03 |
6/3/03 |
$3.4 |
BioPort purchased the assets of Antex for $3.4M |
|
|||||
Antigen |
Generex Biotechnology Corp. (Canada; GNBT) |
6/5/03 |
8/11/03 |
$4.13 |
Generex acquired Antigen Express for about 2.9M shares of common stock, valuing the deal at $4.13M |
|
|||||
Applied Biotech |
Inverness Medical Innovations Inc. (AMEX:IMA) |
7/31/03 |
8/29/03 |
$29.3 |
Inverness acquired Applied Biotech from Apogent in exchange for 692,506 shares of its common stock and $13.4M in cash |
|
|||||
Berna |
Acambis plc (UK; ACAM; LSE:ACM) |
8/28/03 |
8/28/03 |
$8.4 |
Acambis acquired Berna for $8.4M in cash |
|
|||||
BioGentec Inc.* |
BioGentech Corp. (OTC BB: BGTH) |
7/11/03 |
7/11/03 |
ND |
BioGentech completed a reverse triangle merger whereby BioGentec became a wholly owned subsidiary; BioGentec shareholders received BioGentech shares in exchange for their shares |
|
|||||
BioMedical |
SeraCare Life Sciences Inc. (SRLS) |
7/17/03 |
7/17/03 |
$4 |
SeraCare paid $4M to acquire all of the assets of BioMedical Resources and a related company |
|
|||||
Bruker Daltonics |
Bruker AXS Inc. (BAXS) |
4/7/03 |
7/2/03 |
$103.6 |
Companies merged, with Bruker AXS issuing one common share for 0.63 shares of Bruker Daltonics' common stock; the combined company will be named Bruker Biosciences Corp. and began trading on Nasdaq under “BRKR“ |
|
|||||
Cell Pathways |
OSI Pharmaceuticals Inc. (OSIP) |
2/10/03 |
6/12/03 |
$31 |
OSI acquired Cell Pathways in an all stock deal valued at $31M; OSI exchanged 0.0567 shares of OSI for every share of Cell Pathways |
|
|||||
CePeP AB* |
Orexo AB* (Sweden) |
8/29/03 |
8/29/03 |
ND |
Orexo acquired CePeP for an undisclosed amount |
|
|||||
Ciro |
Advanced Bio/Chem Inc.* |
3/28/03 |
7/9/03 |
ND |
Advanced Bio/Chem acquired Ciro in a reverse merger; the new company will trade on the Over-the-Counter Bulletin Board under the symbol “AVBC“ |
|
|||||
CLL Pharma |
Neuro Bioscience Inc. (OTC BB:NUBIE) |
6/3/03 |
6/3/03 |
ND |
Neuro Bioscience acquired the majority of outstanding shares of CLL Pharma for an undisclosed amount |
|
|||||
Corvas International |
Dendreon Corp. (DNDN) |
2/25/03 |
7/30/03 |
$72.9 |
Dendreon acquired Corvas in a $72.9M stock transaction; each Corvas common share was exchanged for 0.45 shares of Dendreon common stock; Dendreon owns about 68.6% of the combined company, with Corvas shareholders holding the rest; Dendreon issued about 12.4M shares |
|
|||||
Cyclis |
ArQule Inc. (ARQL) |
7/17/03 |
9/8/03 |
$25 |
ArQule acquired Cyclis by issuing 4.6M shares and paying $5M in cash, valuing the merger at about $25M |
|
|||||
Draxis Pharmaceutica |
Shire BioChem Inc. (division of Shire Pharmaceuticals Group plc; UK; SHPGY) |
7/22/03 |
7/22/03 |
$9.6 |
Shire bought Draxis Pharmaceutica for $9.6M in cash and could pay up to an additional $2.9M in market-driven milestones over the next several years |
|
|||||
Enhanced |
Vital Living Inc. (OTC BB:VTLV) |
8/22/03 |
8/22/03 |
ND |
Vital Living completed a merger with Enhanced Nutriceuticals with all issued and outstanding common shares of Enhanced Nutraceuticals being exchanged for Vital Living common shares |
|
|||||
FermPro |
Martek Biosciences Corp. (MATK) |
9/8/03 |
9/8/03 |
$10 |
Martek acquired certain assets and liabilities of FermPro for about $10M, comprised of cash and Martek common stock |
|
|||||
GenVec Inc. (GNVC) |
Diacrin Inc. (DCRN) |
4/15/03 |
8/22/03 |
$40.4 |
The companies merged with each share of Diacrin being exchanged for 1.5 shares of GenVec in a tax-free deal; GenVec shareholders have 45.5% of the combined entity and Diacrin holders have 54.5% |
|
|||||
Cardiothoracic device |
Teleflex Inc. (NYSE:TFX) |
7/1/03 |
7/1/03 |
$40.4 |
Teleflex bought the business for $32.4M in cash and about $8M in assumed trade obligations |
|
|||||
GlycoDesign Inc. |
Inflazyme Pharmaceuticals Ltd. (Canada; TSE:IZP) |
4/9/03 |
5/29/03 |
C$12.8 (US$8.7) |
GlycoDesign's shareholders approved the acquisition, in which Inflazyme issued 22M shares |
|
|||||
Healthcare |
Nova BioGenetics Inc. (OTC BB:NVBG) |
8/13/03 |
8/13/03 |
ND |
Nova acquired Healthcare Network through a reverse merger; Nova's officers and directors now own or control more than 60% of the combined company's issued and outstanding stock |
|
|||||
HiLyte |
AnaSpec Inc.* |
9/15/03 |
9/15/03 |
ND |
AnaSpec acquired HiLyte for an undisclosed amount |
|
|||||
ICN Biomedicals |
MP Global Enterprises* and MP Biomedicals Inc.* |
7/2/03 |
7/2/03 |
$15 |
ICN sold its research products and diagnostics businesses of its ICN Biomedicals division to MP Global for a value of $15M; MP Biomedicals acquired all assets of ICN Biomedicals |
|
|||||
Russian business |
Millhouse Capital* |
6/30/03 |
6/30/03 |
ND |
Millhouse Capital acquired the Russian business operations of ICN for an undisclosed amount of cash |
|
|||||
ImmuneRegen |
GPN Network Inc. (OTC BB:GPNN) |
5/30/03 |
7/2/03 |
$0.525 |
GPN acquired ImmuneRegen in a stock-for-stock exchange; GPN issued about 10.5M common shares |
|
|||||
Innopharm Inc.* |
Contract Pharmaceuticals Ltd. Canada* (Canada) |
6/4/03 |
6/4/03 |
ND |
Contract Pharmaceuticals acquired Innopharm for an undisclosed amount |
|
|||||
KS Biomedix |
Xenova Group plc (UK; XNVA; LSE:XEN) |
8/14/03 |
9/17/03*** |
£8.5 (US$13.6) |
Xenova acquired KS, offering 1.0714 shares for each KS Biomedix share, valuing KS's share capital at about US$13.6M |
|
|||||
Libraria Inc.* |
Sertanty Inc.* |
8/4/03 |
8/4/03 |
ND |
Sertanty acquired all of the assets of Libraria for an undisclosed amount |
|
|||||
Molecular |
Invitrogen Corp. (IVGN) |
7/2/03 |
8/19/03 |
$325 |
Invitrogen acquired Molecular Probes for $325M in cash |
|
|||||
Perbio |
Fisher Scientific International Inc. (NYSE:FSH) |
9/3/03 |
9/3/03 |
ND |
Fisher acquired 93.6% of Perbio, paying SEK155 (US$18.41) per share and SEK106 per warrant |
|
|||||
PharmaResearch |
Inveresk Research Group Inc. (IRGI) |
7/30/03 |
7/30/03 |
$37.1 |
PharmaResearch was acquired by Inveresk in an all-cash transaction valued at $37.1M |
|
|||||
Pluristem Ltd. |
A.I. Software Inc.* (Canada) |
6/23/03 |
6/23/03 |
ND |
A.I. Software acquired all of the issued and outstanding shares of Pluristem, which ill change its name to Pluristem Life Systems Inc. |
|
|||||
Predix |
Physiome Sciences Inc.* |
8/12/03 |
8/12/03 |
ND |
Physiome acquired Predix in exchange for 30% of the combined equity of the companies |
|
|||||
ProLinia Inc.* |
Viagen Inc.* |
6/30/03 |
6/30/03 |
ND |
Viagen acquired livestock company ProLinia for an undisclosed amount |
|
|||||
ProteoPlex Inc.* |
EMD Biosciences Inc. (subsidiary of Merck KgaA; Germany) |
8/12/03 |
8/12/03 |
ND |
EMD acquired ProteoPlex for an undisclosed amount |
|
|||||
Ribapharm Inc. |
ICN Pharmaceuticals Inc. (NYSE:ICN) |
6/2/03 |
8/20/03 |
$129.4 |
ICN acquired the remaining shares of its subsidiary Ribapharm, for $129.4M |
|
|||||
Ribopharma |
Alnylam Pharmaceuticals Inc.* |
7/7/03 |
7/7/03 |
ND |
Companies merged; the new company will be called Alnylam Holding Co.; financial details were not disclosed |
|
|||||
Salus Therapeutics |
Genta Inc. (GNTA) |
8/15/03 |
8/22/03 |
$30 |
Genta acquired Salus for about $13M in stock and about $17M in stock and cash upon the achievement of certain milestones |
|
|||||
SangStat Medical |
Genzyme Corp. (GENZ) |
8/4/03 |
9/11/03 |
$585 |
Genzyme acquired SangStat for about $585M in cash, or $22.50 for each of 26M outstanding shares |
|
|||||
Taktix Inc.* |
MediQuest Therapeutics Inc.* |
7/14/03 |
7/14/03 |
ND |
MediQuest purchased the assets of Taktix, exchanging stock for the Taktix compound library, intellectual property and physical assets |
|
|||||
Zymark Corp.* |
Caliper Technologies Inc. (CALP) |
6/9/03 |
7/15/03 |
$72.7 |
Caliper acquired Zymark for $57M and 3.15M shares valued at $15.7M |
|
|||||
II. PENDING MERGERS AND ACQUISITIONS | |||||
Company |
Acquiring Company* (Country; Symbol) |
Date Announced |
Expected Completion |
Value (M)** |
Terms/Details |
|
| |||||
Advanced Tobacco Products Inc. (OTC BB:AVTH) |
IVAX Corp. (AMEX:IVX) |
5/27/03 |
ND |
ND |
Companies will merge; ATP shareholders would receive the number of outstanding shares of IVAX stock 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 |
|
|||||
Ancile |
Mera Pharmaceuticals Inc. (OTC BB:MRPI) |
1/10/03 |
ND |
ND |
Mera plans to acquire Ancile by paying its shareholders with shares of Mera common stock equal to about 35% of Mera |
|
|||||
Biogen Inc. |
IDEC Pharmaceuticals Inc. (IDPH) |
6/23/03 |
4Q:03 |
ND |
Companies plan to merge with each share of Biogen being exchanged for 1.15 shares of IDEC; IDEC shareholders would end up with 50.5% of the stock of the combined company |
|
|||||
Rutherford Chemicals business of Cambrex Corp. (NYSE:CBM) |
Arsenal Capital Partners* |
8/8/03 |
3Q:03 |
$64 |
Arsenal Capital plans to acquire the chemicals business from Cambrex for $64M in cash |
|
|||||
CIMA Labs |
aaiPharma Inc. (AAII) |
8/5/03 |
4Q:03 |
$360 |
Companies will merge with each aaiPharma common share being exchanged for one share of the new company's common stock, and each CIMA common share being exchanged for about 1.37 shares of the new company's common stock; aaiPharma's shareholders will own 59.4% of the new company, with CIMA shareholders owning the rest |
|
|||||
CIMA Labs |
Cephalon Inc. (CEPH) |
8/21/03 |
ND |
$260 |
Cephalon offered $26 per share for CIMA, valuing the potential merger at $260M; CIMA will not consider the offer because it is not a superior proposal to the stock-for-stock merger contemplated with aaiPharma Inc. |
|
|||||
Clean Chemical |
Segulah II LP* |
6/18/03 |
7/1/03 |
SEK210 (US$27.1) |
Segulah plans to acquire Medivir's subsidiaries for US$27.1M |
|
|||||
Corgenix Medical |
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 valued at about $8M |
|
|||||
Cureon A/S* |
Pantheco A/S* (Denmark) |
3/12/02*** |
ND |
ND |
Cureon and Pantheco plan to merge in a stock-based transaction |
|
|||||
Eminent Research |
PPD Inc. (PPDI) |
7/17/03 |
ND |
$25 |
PPD Inc. has agreed to acquire Eminent and Clinsights for $25M in cash |
|
|||||
Oligonucleotide |
Eurogentec SA* (Belgium) |
5/28/03 |
2Q:03 |
$1.4 |
Eurogentec plans to buy the assets and customer base of Epoch's specialty oligonucleotide business for $1.4M in cash |
|
|||||
Fractal |
Direct Wireless Communications Inc. (OTC BB:DWCM) |
9/2/03 |
ND |
ND |
Direct Wireless intends to acquire Fractal for an undisclosed amount |
|
|||||
GenomeVision |
Agencourt Bioscience Corp.* |
2/25/03 |
ND |
ND |
Agencourt will acquire 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 |
|
|||||
GenSci Regeneration Sciences Inc. (Canada; |
IsoTis SA (Switzerland; SWX:ISON) |
6/3/03 |
3Q:03 |
ND |
Companies plan to merge with IsoTis shareholders holding 60% of the combined company, and GenSci shareholders holding 40% |
|
|||||
GTB |
Bavarian Nordic A/S (Denmark; CSE:BAVA) |
5/13/03 |
ND |
ND |
Bavarian Nordic plans to acquire GTB GenTherapeutika for an undisclosed amount |
|
|||||
Hycor |
Stratagene Corp.* |
7/25/03 |
4Q:03 |
ND |
Companies will merge with Hycor shareholders receiving 0.6158 of a Stratagene share for each share of Hycor, whose shareholders will own about 23% of the combined company |
|
|||||
IGEN |
Roche Holding Ltd. |
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 |
|
|||||
Kiadis BV* |
Biofrontera Pharmaceuticals GmbH* (Germany) |
2/18/03 |
ND |
ND |
Biofrontera and Kiadis plan to merge into a single entity called Aliga Pharmaceuticals AG, which will be based in Germany with subsidiaries in Germany and the Netherlands |
|
|||||
MolecularWare Inc.* |
CalbaTech Inc. (OTC BB:CLBE) |
6/9/03 |
ND |
ND |
CalbaTech plans to acquire MolecularWare for an undisclosed amount |
|
|||||
Paclitaxel business |
Faulding Pharmaceutical Co. |
8/26/03 |
4Q:03 |
$71.7 |
NaPro intends to sell its generic injectable paclitaxel business to Faulding in a cash deal worth more than $71.7M |
|
|||||
Neurologix Inc.* |
Change Technology Partners (OTC BB:CTPI) |
8/14/03 |
ND |
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 |
$74.56 |
Elite plans to acquire Nostrum for about 32M shares, valued at $74.56M, and options to acquire additional Elite shares |
|
|||||
Novuspharma |
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 theirs, or about 16M shares; the deal is worth $236M and Novuspharma will own about 31% of the combined company |
|
|||||
Oxford GlycoSciences |
Celltech plc (UK; NYSE:CLL) |
4/11/03 |
4/15/03 |
£101.4 (US$173) |
Celltech made a bid to acquire Oxford GlycoSciences; the bid is worth US$173M+ |
|
|||||
Personal |
Pyrosequencing AB (Sweden; SSE:PYROa) |
8/7/03 |
ND |
ND |
PyroSequencing plans to acquire Personal Chemistry through a direct issue of shares |
|
|||||
Plexus Vaccine |
SIGA Technologies (SIGA) |
4/1/03 |
ND |
ND |
SIGA plans to buy Plexus Vaccine for an undisclosed number of shares |
|
|||||
PowderJect Pharmaceuticals |
Chiron Corp. (CHIR) |
5/19/03 |
ND |
£542 (US$878) |
Chiron plans to acquire PowderJect by paying cash for all of the outstanding shares, valuing the deal at US$878M |
|
|||||
Q-One Biotech Group Ltd.* (UK) |
BioReliance Corp. (BREL) |
8/13/03 |
3Q:03 |
£42 (US$67.5) |
BioReliance plans to acquire Q-One for about US$67.5M in cash |
|
|||||
Quintiles Transnational |
Pharma Services Holding Inc.* |
4/11/03 |
ND |
$1.7B |
Pharma Services will acquire Quintiles, paying its shareholders $14.50 per share in cash; the value is based on 118.2M shares outstanding; Quintiles said in August it plans to offer $450M worth of senior subordinated notes in connection with the merger |
|
|||||
Vernalis plc (UK; LSE:VER) |
British Biotech plc (UK; BBIOY; LSE:BBG) |
7/3/03 |
ND |
£48 (US$79.7) |
British Biotech plans to acquire Vernalis in an all-share deal; the merged company will be called Vernalis |
|
|||||
III. TERMINATED MERGERS AND ACQUISITIONS | |||||
Company To Be Acquired* (Country; Symbol) |
Acquiring Company* (Country; Symbol) |
Date Announced |
Termination Date |
Value (M)** |
Terms/Details |
| | |||||
Anosys Inc.* |
Epimmune Inc. (EPMN) |
2/13/03 |
8/13/03 |
$13.5 |
Epimmune planned to acquire Anosys in an all-stock transaction valued at $13.5M, but the companies terminated the agreement when certain conditions weren't met |
|
|||||
Enzon Pharmaceuticals Inc. (ENZN) |
NPS Pharmaceuticals Inc. (NPSP) |
2/20/03 |
6/5/03 |
$750 |
NPS was offering about $750M in stock for Enzon; NPS shareholders were to receive a full share of the combined entity's common stock for each NPS share owned; Enzon shareholders were to receive 0.7264 shares for each Enzon share; the companies terminated the merger agreement after failing to come to terms |
|
|||||
eXegenics Inc. (EXEG) |
AVI BioPharma Inc. (AVII) |
6/16/03 |
9/2/03 |
$11 |
AVI had planned to acquire eXegenics in a deal worth $11M; AVI was offering 0.123 of a share for each eXegenics share, and 0.185 of a share for each eXegenics preferred share; the deal was terminated because an insufficient number of eXegenics' shareholders agreed to the tender offer |
|
|||||
eXegenics Inc. (EXEG) |
Foundation Growth Investments LLC and El Acquisition Inc. |
5/30/03 |
9/9/03 |
ND |
eXegenics received an unsolicited offer to acquire all of eXegenics' outstanding common stock and Series A convertible preferred stock for 40 cents each; eXegenics' board rejected the tender offer; the parties increased their offer price in August to 60 cents per share in cash, but later terminated the offer |
|
|||||
Salix Pharmaceuticals Ltd. (SLXP) |
Axcan Pharma Inc. (Canada; AXCA) |
4/10/03 |
6/30/03 |
$224.7 |
Axcan increased its cash tender offer for all of Salix's outstanding shares to $10.50 per share from $8.75 per share; the offer was raised in May after the board rejected the prior offer; later in May, the board rejected the revised offer, and the offer expired in late June |
|
|||||
|
| |||||
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. | |||||
*** Denotes the date the item ran in BioWorld International. | |||||
+ The merger of Oxford GlycoSciences and Celltech was completed before May 29, but was not listed in the M&A chart in the July 2 issue of BioWorld Financial Watch. | |||||
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. | |||||
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