Company Acquired**

Acquired By Or Merged With (Country)

Date Announced

Date Completed

Value (M)***

Terms/Details

I. COMPLETED MERGERS AND ACQUISITIONS

Advanced Cell Technology Inc.* (purchase of majority stake owned by Avian Farm*)

ACT Group Inc.*

2/00

2/00

ND

ACT acquired a majorty of Avian Farm's interest in Advanced Cell, as well as stakes in two agbiotech companies (CIMA Biotechnology Inc. and Cyagra LLC); all three companies will remain separate, independently operating entities under the ACT Group

Allelix Biopharmaceuticals Inc. (Canada; TSE: AXB)

NPS Pharmaceuticals Inc. (NPSP)

9/99

12/99

$53.6

NPS acquired Allelix in an all-stock transaction; NPS issued approximately 6.5M shares of stock to Allelix shareholders, exchanging 0.3238 of an NPS share for each Allelix share; on date of merger close (12/23), those shares were worth $53.6M; the company will operate as NPS Pharmaceuticals in the U.S. and as NPS Allelix in Canada

American Advanced Organics Inc.*

Albany Molecular Research Inc. (AMRI)

2/00

2/00

$2.3

Albany acquired AAO for $2.3M in cash and stock and will pay up to $0.8M in addition based on AAO's financial performance in 2000 and 2001

Amrad Biotech (Reagents business of Amrad Corp. Ltd. [Australia; ASX:AML])

Chemicon International Inc.*

2/00

2/00

A$14 (US$8.9)

Amrad sold its biotechnology reagents division, Amrad Biotech, to Chemicon for A$14M (US$8.9M); the deal includes all the assets of Amrad's biotech business

Axogen Ltd. (AMEX;AXG)

Elan Corp. plc (Ireland; NYSE: ELN)

11/99

12/99

$182.8

Elan exercised its option to acquire all outstanding common shares of Axogen at $34.56 per share, payable in cash, pursuant to the purchase option granted by Axogen in 11/96

BIO101*

Quantum Biotechnologies

4/00

4/00

ND

Quantum's wholly owned subsidiary, Quantum Biotechnologies USA, and BIO101 merged to form a new entity called Q Biogene; terms ND

BioChem ImmunoSystems Inc. (diagnostics division of BioChem Pharma Inc. [Canada; BCHE])

Minority shareholder (ND) and management group

1/00

3/00

$54

BioChem divested its diagnostics division and received a $54 million debenture to be paid out of future cash flows

BioNexus Genomics Inc.*

Ashni Nutraceuticals Inc.*

1/00

1/00

ND

Terms ND

U.S. operations of British Biotech plc (UK; BBIOY)

Ilex Oncology Inc. (ILXO)

3/00

3/00

ND

Ilex's contract drug development subsidiary, Ilex Oncology Services Inc., acquired the operations of British Biotech's Annapolis, Md., office; Ilex will provide contract services necessary to complete ongoing clinical trials of British Biotech's anticancer drug, marimastat

Cambridge Drug Discovery Ltd.* (UK)

Cambridge Genetics Ltd.* (UK)

1/00

1/00

#8.25E (US$13.2)

The merger was accomplished through a stock-for-stock exchange; CGL also paid Oxford Molecular Group plc (LSE:OMG) #1.65M (US$2.64M) for its 20% stake; the deal was financed by raising #2.75M (US$4.4M) from CGL investors 3I Group, Alta Berkeley Associates and MVM

Cancer Diagnostic Inc.*

Lexon Inc. (OTCBB:LXXN)

2/00

2/00

$0.2M

Lexon acquired Cancer Diagnostic for $0.2M in cash and notes, made in lieu of Lexon's original plan to merge by issuing 0.5M shares to Cancer Diagnostic's owners

Cerebrus Pharmaceuticals Inc.*

Vanguard Medica Group plc (UK; LSE:VGD)

12/99

12/99

#9.6 (US$16)

Vanguard acquired Cerebrus for #9.6M in the form of 7.09M shares for Cerebrus; Vanguard gained Cerebrus' obesity treatment, a serotonin receptor that causes weight loss

Chiron Technologies Pty Ltd. (a.k.a. Mimotopes; Australian subsidiary of Chiron Corp. [CHIR])

MitoKor*

2/00

2/00

ND

MitoKor acquired substantially all of the assets of Mimotopes; Chiron will collaborate by funding specific drug discovery projects over the next three years; other terms ND

Cobra Therapeutics Ltd.* (UK)

ML Laboratories plc* (UK)

2/00

2/00

#8 (US$12.7)

Cobra shareholder ML Laboratories acquired the company in an all-share deal valuing Cobra at #8M (US$12.7M); in addition, ML will pay up to #12M (US19.2M) in milestones; Cobra's facilities will be retained

Discovery Technologies Ltd.* (Switzerland)

Discovery Partners International*

6/99

1/00

ND

Discovery Technologies became a wholly owned subsidiary of Discovery Partners, retaining its headquarters in Switzerland

DNA Sciences*

Genetic Vectors Inc. (OTC BB: GVEC)

10/99

2/00

$2.5

Genetic Vectors acquired DNA Sciences for 0.45M common shares (2/1)

Genetic MicroSystems Inc.*

Affymetrix Inc. (AFFX)

9/99

2/00

$100

Affymetrix acquired Genetic MicroSystems by issuing approximately 1M shares of common stock for all outstanding GMS shares; GMS will operate as a wholly owned subsidiary of Affymetrix and will maintain its facilities in Woburn, Mass.

GeneScape Inc.*

SignalGene (Canada; TSE: SGI)

2/00

3/00

$15.2

SignalGene acquired GeneScape for 6.6M shares, for a total of C$22.1M (US$152M)

Heaven's Door Corp.*

Procept Inc. (PRCT)

11/99

1/00

$67.2

Procept issued 10.92M shares of common stock to Heaven's Door shareholders in exchange for 65% ownership of the new firm, HeveanlyDoor.com (HVDC); on the the day the merger was completed, 1/28/00, Procept's stock closed at $6.15 per share, giving the deal a value of $67.2M

Incara Pharmaceuticals Corp. (INCR)

ND

12/99

1/00

$10

Incara sold its antibacterial drug discovery division to an undisclosed purchaser for cash payments in excess of $10M and $4M in future milestones

Kimeragen Inc.*

ValiGene SA*

2/00

2/00

ND

Under merger of equals transaction, companies created ValiGen, with scientific operations in both Paris and Newtown, Pa., and an agricultural division in San Diego

LeukoSite Inc. (LKST)

Millennium Pharmaceuticals Inc. (MLNM)

10/99

12/99

$798.3

LeukoSite shareholders received 0.4296 shares of Millennium stock in exchange for each LeukoSite share; Millennium issued 6.67M shares for the purchase and assumed LeukoSite's outstanding employee stock options, rights and warrants, with a potential 0.88M shares; Millennium shares closed at $119.688 on 12/22, the deal's closing date, making the total value of the transaction $798.3M

LifePlan

HIV-VAC Inc. (OTC BB:HIVC)

3/00

3/00

$0.15

HIV-VAC Inc. became a fully reporting company via acquisition of LifePlan for 0.1M shares of stock, for a total of $0.15M based on the 3/13/00 closing price

Assets associated with contract manufacturing business of Marathon Biopharmaceuticals Inc.(subsidiary of Ligand Pharmaceuticals Inc. [LGND])

CoPharma Inc.*

1/00

1/00

$10

CoPharma paid $10M in cash for the assets; under terms of the deal, Ligand subsidiary Seragen Inc. entered a long-term supply contract with CoPharma to manufacture Ontak, an FDA-approved cancer drug

Medco Research Inc. (NYSE:MRE)

King Pharmaceuticals Inc. (KING)

11/99

2/00

$366

Under terms of tax-free pooling of interests transaction, Medco shareholders received 0.6757 shares of King common stock for every share of of Medco held

Medeva plc (UK)

Celltech Chiroscience

11/99

1/00

#563 (US$912)

Celltech acquired Medeva, offering 34 new shares for every 100 Medeva shares; Celltech shareholders now hold 56% of the combined company, which is called Celltech Group plc, with Medeva investors owning 44%

MarDx Diagnostics Inc.*

Trinity Biotech plc (Ireland; TRIBY)

3/00

3/00

$4

Trinity acquired MarDx for a consideration of $4M and will locate its marketing and sales staff for North and South America in MarDx's Carlsbad, Calif., facility

Millennium Predictive Medicine Inc. (MPMx; subsidiary of Millennium Pharmaceuticals Inc. [MLNM])

Millennium Pharmaceuticals Inc. (MLNM)

3/00

3/00

ND

MPMx shareholders, including Becton Dickinson and Co. (NYSE:BDX), will receive one share of new Millennium common stock in exchange for five MPMx shares, subject to adjustment for the company's recent 2-for-1 stock split; additional terms were not disclosed

Mimetrix (Drug discovery unit of Peptide Therapeutics Group plc [LSE:PTH])

Medivir AB (Sweden)

4/00

4/00

ND

Medivir acquired Mimetrix for an undisclosed amount; completion of the transaction was contingent upon Medivir's raising #22M (US$35.2M)

Mitotix Inc.* (Germany)

GPC AG*

3/00

3/00

ND

GPC acquired Mitotix in an all-stock transaction to create GPC Biotech AG, which will be headquartered in Munich and operate U.S. facilities in Cambridge, Mass., and Princeton, N.J.; JSB Partners LP served as financial adviser to Mitotix

ND

GenSci Regeneration Sciences Inc.* (Canada)

4/00

4/00

ND

GenSci created a new subsidiary, GenSci OCF Inc., through the acquisition of a majority stake in an undisclosed privately held oral cranio-facial company located in Montreal (4/11)

Neurocrine Biosciences Inc.'s (NBIX) neurosteroid program and Canadian affiliate, Neuroscience Pharma Inc.

Paladin Labs Inc. (Canada; VSE:PLB)

12/99

12/99

$2

NBI sold neurosteroid program and Canadian affiliate to Paladin for $2M plus royalties on worldwide product sales

NMT Medical Inc. (NMTI)

Integra LifeSciences Holding Corp.

3/00

3/00

$12

NMT sold several product lines from its neurosciences division, including certain assets and liabilities for $12M in cash

Novopharm Ltd.* (Canada)

Teva Pharmaceutical Industries Ltd. (Israel; TEVA)

12/99

4/00

$266

Dan Family Holdings, the sole shareholder of Novopharm, received equity securities representing approximately 6.2% of Teva's outstanding shares, to be held by a trustee in Israel and released in installments over the next 18 months

Opticon Inc.*

Immune. Response Inc. (OTC BB:IMUN)

1/00

2/00

$3

Immune Response acquired Opticon and is now operating through its wholly owned subsidiary, Opticon Medical Inc.; funding for the transaction was provided by a 6% convertible debenture offering for $3M

Pharmazyme (division of Immune Complex Corp.*)

PPD Discovery (wholly owned subsidiary of PPD Inc. [PPDI])

2/00

2/00

ND

PPD acquired the assets of Pharmazyme, which develops, makes and markets drug metabolism reagent products and services

Rapigene (indirect wholly owned subsidiary of Celltech Group plc [LSE:CCH])

Qiagen NV (Germany; Neuer Markt:QIA)

12/99

12/99

$12

Qiagen agreed to issue approximately 0.154M shares of common stock in exchange for 100% of the outstanding equity in Rapigene; based on an average price of Qiagen common stock as defined in the purchase agreement; the transaction will be accounted for as a purchase

Research Genetics Inc.*

Invitrogen Corp. (IVGN)

6/99

2/00

$220.8

Invitrogen acquired Research Genetics for 3.2M Invitrogen shares; on the date of closing, 2/2/00, Invitogren shares closed at $69 per share, giving the deal a value of $220.8M; Invitrogen will also issue up to 750,000 shares via options given to Research Genetics employees; the transaction was accounted for as a pooling of interests and qualified as a tax-free exchange

Renaissance Cell Technologies Inc. and Aeolus Pharmaceuticals Inc. (both majority-owned subisidiaries of Incara Pharmaceuticals Corp. [INCR])

Incara Pharmaceuticals Corp. [ICNR]

3/00

3/00

$6.9

Incara previously owned 78% of Renaissance and 66% of Aeolus; the company acquired the remaining interests of both companies through issuance of 1.2M shares of stock, valued at $6.9M based on 3/31 closing price of $5.75 per share

Serex Inc.*

Nymox Pharmaceutical Corp. (NYMX)

1/00

3/00

$2.6

Nymox acquired majority ownership of Serex for 0.26M shares and 0.16M warrants exercisable at $3.70 each; the share component is worth $2.6M based on the 3/8/00 closing price of Nymox stock, $9.938

Shanghai Genecore Biotechnologies Co. Ltd.* (China)

Celera Genomics (NYSE:CRA)

1/00

1/00

ND

Celera acquired 47.5% of the equity in Shanghai, a stake formerly held by Axys Pharmaceuticals Inc. (AXPH); Celera's sister company PE Biosystems (NYSE: PEB) also owns 47.5% interest, giving parent firm PE Corp. a 95% stake

Shire Pharmaceuticals Group plc (UK) (UK; LSE:SHP)

Roberts Pharmaceutical Corp. (AMEX:RPC)

7/99

12/99

$1,000

Shire merged with Roberts by way of a share-for-share exchange; the offer was made on the basis of 1.1374 of Shire's American Depositary Shares (3.4122 ordinary shares) for each Roberts share; Roberts granted Shire an option to purchase for cash newly issued Roberts shares equivalent to 19.9% of Roberts' existing issued shares

Small Molecule Therapeutics Inc.*

Morphochem AG* (Germany)

3/00

3/00

ND

Morphochem and SMT will become a fully integrated company with SMT a wholly owned U.S. subsidiary called Morphochem Inc.; transaction was structured as a triangle reverse merger in which Morphochem AG acquired 100% of the shares of SMT for cash and stock; following the transaction, SMT's leading shareholders (Domain Associates, Mayfield and 3i) now hold 8% of Morphochem stock; the deal was led by Techno Venture Management, Morphochem's lead investor

Strata Biosciences*

GeneTrace Systems Inc.*

3/00

3/00

ND

GeneTrace closed a Series B financing in conjunction with the acquisition and consolidated operations at GeneTrace's facilities in Alameda, Calif.

Synergy Pharmaceuticals Inc.*

United Therapeutics Corp. (UTHR)

3/00

3/00

ND

As part of licensing agreement for antiviral compounds, United acquired a 15% stake in Synergy with an option to acquire the remainder

Synopsys Scientific Systems Ltd.*

Pharmacopeia Inc. (PCOP) <

2/00

2/00

$25

Pharmacopeia acquired all of Synopsys' outstanding stock in a transaction valued at approximately $25M, consisting primarily of cash

INH Technologies (subsidiary of Synsorb Biotech Inc. [Canada; SYBB])

MDS Inc. (Canada; TSE:MDS.A)

3/00

3/00

ND

MDS purchased INH for an undisclosed cash payment, plus future milestones and royalties; Synsorb expects that a revenue stream related to the sale could be generated within 12 months

t. Breeders Inc.*

Viacord Inc.*

4/00

4/00

ND

The companies merged to form ViaCell Inc., which raised $11M from three venture capital firms (MPM Asset Management, Javelin Capital and Zero Stage Capital) upon closing of the agreement; the company will maintain two facilities

Tyrogene Biotechnologies Inc.* (Canada)

Kinetek Pharmaceuticals Inc.* (Canada)

3/00

3/00

ND

Kinetek acquired Tyrogene and its assets and expertise for the development of protein tyrosine phosphates

Verex Laboratories Inc. (VRXL)

PR Pharmaceuticals Inc.*

12/99

3/00

ND

PR purchased 52.95% of Verex's outstanding common stock from certain shareholders and directors, each of whom received one share of PR for each 15 shares of Verex; PR has committed to making a tender offer to purchase the remaining shares on a similar exchange basis or, at PR's option, for a cash purchase price

Vysis Sarl (French subsidiary of Vysis Inc.; VYSI)

Applied Genetic Services Ltd.* (UK)

2/00

2/00

$1.2

Vysis sold its wholly owned French subsidiary, Vysis Sarl, for $1.2M; in conjunction with the sale, AGS was appointed Vysis' exclusive French distributor for several product lines, with a separate deal for distribution of clinical in vitro diagnostic products under discussion

JT America Inc.'s 50% interest in Xenotech Inc. and Xenotech L.P. (equally owned partnership between Abgenix and JT, a unit of Japan Tobacco Inc.)

Abgenix Inc. (ABGX)

12/99

12/99

$57

Abgenix paid $47M to JT America for its 50% interest in Xenotech Inc. and Xenotech L.P. in order to become the sole owner of XenoMouse technology for generating fully human antibodies; Abgenix will also pay Japan Tobacco Inc. $10M to relinquish certain option and license rights to which it would otherwise be entitled; JT will have a research license to use XenoMouse technology and options to license the technology for a small number of antigen targets each year; Abgenix also will provide JT with licenses to related technology; in return for these licenses, JT will pay Abgenix $10M; JT also retains options and license on several antigen targets it has previously nominated under the Xenotech structure; JT will pay license fees and royalties on sales for any antibodies it develops

II. PENDING MERGERS AND ACQUISITIONS

Algos Pharmaceuticals Corp. (ALGO)

Endo Pharmaceuticals Holdings Inc.*

11/99

2Q:00E

$220

Companies entered a definitive merger agreement under which Algos will merge with a subsidiary of Endo in a tax-free transaction; Algos stockholders will receive one share of Endo stock for each share of Algos they hold, plus warrants to be exercised for an undisclosed price per share into Endo common shares upon FDA approval Morphidex, if approved by 12/31/02

Biomatrix Inc. (NYSE:BXM)

Genzyme Tissue Repair (GZTR) and Genzyme Surgical Products (GZSP)

3/00

ND

$611

Genzyme divisions and Biomatrix will merge in a tax-free stock-for-stock exchange to create Genzyme Biosurgery, a new division of Genzyme Corp. with its own new stock; combined market value as of 3/3 totaled $1.3 billion; Biomatrix will have the option of receiving $37 in cash or one share of Genzyme Biosurgery stock for each Biomatrix share; the election provision of the agreement specifies that the cash portion of the transaction will be approximately $245M; Biomatrix shareholders will hold approximately 47% of the new company, Genzyme Tissue shareholders will own 27% of the new company and will receive 0.3352 shares of stock for each Genzyme Tissue share owned; Genzyme Surgical shareholders gain a 26% stake and receive 0.6060 shares per share

BioQuest Inc. (Pink Sheets: HIVX)

BioKeys Inc.*

2/00

ND

ND

The company will take the name BioKeys

Biotech International (Australia; ASX:BII)

Peptech Ltd. (Australia; ASX:PTD)

12/99

­

ND

Peptech is attempting to buy Biotech through a stock swap, creating a company with A$62M (US$41.5M) in assets

Celtrix Pharmaceuticals Inc. (CTRX)

Insmed Pharmaceuticals Inc.*

12/99

2Q:00E

$73

Insmed will acquire Celtrix, exchanging 3.5 shares of Celtrix for 1 share in a newly formed holding company; Insmed shareholders will hold about 59% of the company, while Celtrix shareholders will hold about 41%

Cistron Biotechnology Inc. (OTC BB:CIST)

Celltech Group plc (UK; NYSE: CLL)

3/00

ND

$18

Cistron will become a wholly owned subsidiary of Celltech, which will pay $8.75M for intellectual property encompassing anti-interleukin (IL-1) antibodies as treatments for chronic inflammatory disorders and about $9.25M for Cistron's cash reserves; purchase will be made with Celltech American Depositary Shares, with the price based on the five-day trailing average through 3/20; Cistron shareholders will also be entitled to receive up to $3.5M in cash and $3.5M in Celltech stock if Aventis Pasteur (subsidiary of Aventis SA; NYSE: AVE) exercises IL-1 licensing options under agreement with Cistron; transaction intended as tax-free reorganization

The Liposome Company Inc.

Elan Corp. plc (Ireland; NYSE:ELN)

3/00

2Q:00E

$575

Elan will acquire all of Liposome's outstanding stock in a tax-free, stock-for-stock transaction; Liposome shareholders will receive 0.3850 Elan American Depositary Shares for each share of Liposome common stock; based on Elan's 3/3/00 closing price of $39.6875, the transaction has a value of $15.28 per Liposome share and an aggregate value of $575M; Elan may make a cash payment of up to $98M as well, contingent partly on milestones related to Liposome's Evacet anticancer drug; Liposome has scheduled a special stockholders meeting for 5/12/00 to vote on the merger

North American Vaccine (AMEX: NVX)

Baxter International Inc. (NYSE:BAX)

11/99

2Q:00E

$375

Under 4/18/00 modifications to merger plan, NAV will receive $6.73 per share ($6.70 in Baxter common stock and $0.03 in cash) rather than the originally proposed $7 per share; the number of Baxter shares to be issued to NAV shareholders will be set based on the average closing sale price of Baxter stock; the date by which the transaction is to be completed has been extended from 5/31/00 to 6/31/00; NAV failed to win UK approval and make a two-month supply of its NeisVac-C vaccine by 4/1/00; as a result, Baxter has no obligation to consummate the deal

Novalon Pharmaceutical

Karo Bio AB (Sweden)

3/00

2Q:00E

$107

Karo will issue 2.3M shares (about 20% of the company) to Novalon shareholders; at the late March price of about $46.50 per share for Karo stock, the deal is worth $107M; Novalon will operate as a wholly owned subsidiary of Karo with no staffing or directional changes anticipated

Ontogeny Inc.* and Reprogenesis Inc.*

Creative BioMolecules Inc. (CBMI)

2/00

6/00E

$342

Companies will merge to form Curis Inc. to concentrate on regenerative medicine; Creative BioMolecules' shareholders will receive three Curis shares for every 10 shares of Creative BioMolecules owned, for a total of about 43% of the new company; Ontogeny shareholders will own 38% of Curis, and Reprogenesis shareholders will hold about 19%; based on the closing price of Creative BioMolecules on 2/14/00, Curis would have a market capitalization of about $600M; thus, the deal values Ontogeny at about $228M and Reprogenesis at about $114M

Paracel Inc.*

Celera Genomics (NYSE:CRA)

3/00

2Q:00E

$283

Companies signed a definitive merger agreement under which Celera will acquire Paracel in a stock-for-stock transaction structured as a tax-free reorganization; all of the equity of Paracel will be exchanged for shares of Celera common stock having a market value at the effective time of the merger equal to $283M, except that the number of shares issued at closing will not be more than 2.26M or less than 1.55M

Praelux Inc.*

Amersham Pharmacia Biotech (life sciences business of Nycomed Amersham plc [UK; NYSE:NYE.N])

2/00

ND

ND

Amersham Pharmacia signed a definitive merger agreement to gain 100% of Praelux

ProFound Pharma A/S (Denmark)

Maxygen Inc. (MAXY)

4/00

3Q:00

$63.2

Maxygen expects to issue 0.98M shares of common stock and additional shares (subject to put and call options) having an additional value of $10M; at Maxygen's 4/12/00 closing stock price of $54.25, the deal is worth $63.2M

Quay Pharmaceuticals* (Australia)

Cellegy Pharmaceuticals Inc. (CLGY)

4/00

ND

ND

Cellegy entered an agreement to acquire all of Quay's assets, including its sole marketed product, Rectogesic (nitroglycerin ointment; approved in Australia for treatment of anal fissures) for Cellegy stock and cash

Spiros Development Corp. II (SDCO)

Dura Pharmaceuticals Inc. (DURA)

2/00

ND

$100.8

On 3/20/00, Dura announced a definitive agreement to buy Spiros for $100.8M, up from the $79M originally proposed; for each share of Spiros callable common stock, shareholders will receive $13.25 in cash and one five-year warrant to purchase a fractional share of Dura common stock at $17.94 per share (a 25% premium to mid-March prices)

Third Wave Technologies Inc.*

PE Biosystems (NYSE:PEB)

1/00

ND

$330

PE will acquire all of the equity in Third Wave in exchange for an aggregate of 1.97M shares of common stock (before PE's 2/18/00 split of 2 shares for 1); the value of the transaction is based on the 1/24/00 closing price of $163.875 for PE Biosystems stock; the merger will be a taxfree pooling of interests

Xtrana Inc.* (formerly Molecular Innovations Inc.)

Biopool International Inc. (OTC BB:BIPL)

3/30

ND

ND

Companies signed a letter of intent to merge; terms of final agreement will be made available after it is signed; Biopool agreed to advance $1M to Xtrana in advance of closing; each company granted the other a warrant to purchase up to 19.9% of its shares; the right to exercise the warrrants is triggered by failure of the granting party to consummate the merger, subject to certain exceptions

III. TERMINATED MERGERS AND ACQUISITIONS

Alza Corp. (NYSE:AZA)

Abbott Laboratories

6/99

1/00

$7,300

Abbott was to acquire all of Alza's outstanding stock in a stock-for-stock merger intended to be tax-free; Alza shareholders would have received a fixed exchange ratio of 1.20 shares of Abbott common stock for each share of Alza; the companies were unable to reach an agreement with the Federal Trade Commission that would satisfy antitrust concerns relating to their merger

Cell Genesys Inc. (CEGE)

Genzyme General (GENZ)

10/99

12/99

$350

Genzyme was to acquire Cell Genesys in a tax-free, stock-for-stock exchange; the companies terminated the agreement because Cell Genesys directors had second thoughts since the value of the company's equity position in Abgenix Inc. (ABGX) had increased by about $240M since the merger was announced

Molecular Biosystems Inc. (OTC BB:MBIO)

Palatin Technologies Inc. (AMEX: PTN)

11/99

3/00

$27

Palatin said it would not extend the merger consummation date of 3/31/00, and, in fact, would not complete the merger due to management's opinion that "the merger is not currently in the best interests of its stockholders"

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 acquistions of single products or of manufacturing facilities and plants. It does not include mergers and acquisitions in the area of agricultural biotechnology.

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 of 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.

E = Estimated date, dependent on approval of regulatory authorities and shareholders of one or all companies involved in the transaction; ND = Not disclosed, reported and/or available; TSE = Toronto Stock Exchange; MSE = Montreal Stock Exchange; LSE = London Stock Exchange.

* Private companies are indicated with an asterisk.

** Unless otherwise noted, the trading symbols listed are on the NASDAQ market.

*** 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.

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