| 1 | Novartis AG/Alcon AG | Comments |
| Announced/Initial Filing Date | 04/01/2010 | The purpose of the transaction was for Novartis AG to strengthen its presence in growing eye care sector. |
| Target/Issuer | Alcon Inc | |
| Total Transaction Value ($mm USD) | 12144 | |
| Buyers/Investors | Novartis AG | |
| Percent Sought (%) | 75.4 | |
| Implied Enterprise Value/Revenues | 6.6x | |
| Implied Enterprise Value/EBITDA | 16.8x | |
| Implied Enterprise Value/EBIT | 18.3x | |
| Headquarters-Country | Switzerland | |
| 2 | Teva/Ratiopharm | Comments |
| Announced/Initial Filing Date | 03/18/2010 | Ratiopharm is Germany's second largest generics producer. Following the acquisition, Teva will be the number one generic company in Europe, holding the leading market position in ten countries, as well as ranking in the top three in seven additional countries. In addition, the transaction will significantly increase Teva's sales in Canada. Strategically, Teva has acquired Radopharm for consolidation purpose. |
| Target/Issuer | Ratiopharm International GmbH | |
| Total Transaction Value ($mm USD) | 4931.3 | |
| Buyers/Investors | Teva Pharm Inds Ltd | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | Np | |
| Implied Enterprise Value/EBITDA | - | |
| Implied Enterprise Value/EBIT | Np | |
| Headquarters-Country | Germany | |
| 3 | Ruby Acquisition/OSI Pharmaceuticals | Comments |
| Announced/Initial Filing Date | 03/01/2010 | OSI is a biotechnology company focused on the discovery, development and commercialization of molecular targeted therapies addressing medical needs in oncology, diabetes and obesity.The acquisition of OSI is expected to augment Astellas' strong existing franchises in urology and transplantation, expanding the product portfolio and pipeline of the combined company. |
| Target/Issuer | OSI Pharmaceuticals Inc | |
| Total Transaction Value ($mm USD) | 4031 | |
| Buyers/Investors | Ruby Acquisition (Unit of Astellas) | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | 8.5x | |
| Implied Enterprise Value/EBITDA | 22.9x | |
| Implied Enterprise Value/EBIT | 27.4x | |
| Headquarters-Country | United States | |
| 4 | Biovail Corp/Valeant Pharma | Comments |
| Announced/Initial Filing Date | 06/21/2010 | The new combined entity will be called Valeant Pharmaceuticals. Management anticipates that the new Valeant’s scale, financial strength and complementary product lines will enable it to pursue substantial growth opportunities. The new Valeant will be able to leverage its complementary product lines and operations in specialty CNS, Dermatology, Canada and emerging markets/branded generics. |
| Target/Issuer | Valeant Pharma | |
| Total Transaction Value ($mm USD) | 3717 | |
| Buyers/Investors | Biovail Corp | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | 5.2x | |
| Implied Enterprise Value/EBITDA | 12.4x | |
| Implied Enterprise Value/EBIT | 16.4x | |
| Headquarters-Country | United States | |
| 5 | Abbott/Piramal Healthcare | Comments |
| Announced/Initial Filing Date | 05/21/2010 | Abbott has acquired Piramal's Healthcare Solutions business, propelling it to market leadership in the Indian pharmaceutical market and further accelerating the company's growth in emerging markets. Piramal's portfolio of well-known, trusted products has served patients in India for decades. Combined with existing product offerings, Abbott is uniquely positioned to meet the needs of one of the world's fastest-growing pharmaceutical markets |
| Target/Issuer | Piramal Healthcare Ltd- | |
| Total Transaction Value ($mm USD) | 3712.8 | |
| Buyers/Investors | Abbott Laboratories | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | np | |
| Implied Enterprise Value/EBITDA | - | |
| Implied Enterprise Value/EBIT | np | |
| Headquarters-Country | India | |
| 6 | Carlyle Group/NBTY | Comments |
| Announced/Initial Filing Date | 07/15/2010 | The Carlyle Group has closed its buyout of vitamin maker NBTY. NBTY is a sound business with well-established brands, a proven vertically integrated multi-channel/ multi-geography strategy and strong, long-standing customer relationships. |
| Target/Issuer | NBTY Inc | |
| Total Transaction Value ($mm USD) | 3640.4 | |
| Buyers/Investors | Carlyle Group LLC | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | 1.3x | |
| Implied Enterprise Value/EBITDA | 7.9x | |
| Implied Enterprise Value/EBIT | 9.2x | |
| Headquarters-Country | United States | |
| 7 | Pfizer/King Pharmaceuticals | Comments |
| Announced/Initial Filing Date | 10/12/2010 | Pfizer has moved to shore up earnings ahead of the looming evaporation of revenue from Lipitor, its biggest product. Pfizer is gaining a variety of businesses that complement its own offerings in King Pharma. Among the most attractive are pain medications like Embeda, a strong drug that is engineered to be more resistant to patient abuse, and Flector, a medicinal patch. |
| Target/Issuer | King Pharmaceuticals Inc | |
| Total Transaction Value ($mm USD) | 3566.1 | |
| Buyers/Investors | Pfizer Inc | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | 2.1x | |
| Implied Enterprise Value/EBITDA | 8.3x | |
| Implied Enterprise Value/EBIT | 16.9x | |
| Headquarters-Country | United States | |
| 8 | Grifols/Talecris Biotherapeutics | Comments |
| Announced/Initial Filing Date | 06/07/2010 | Grifols, Europe’s largest maker of blood-plasma products, bought Talecris to expand its share to almost a third of the US market. The combination of Grifols and Talecris will create a vertically integrated and diversified international plasma protein therapies company, bringing together complementary geographic footprints and products, as well as increased manufacturing scale. |
| Target/Issuer | Talecris Biotherapeutics | |
| Total Transaction Value ($mm USD) | 3559.9 | |
| Buyers/Investors | Grifols SA | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | 2.5x | |
| Implied Enterprise Value/EBITDA | 11.4x | |
| Implied Enterprise Value/EBIT | 12.6x | |
| Headquarters-Country | United States | |
| 9 | Hypermarcas/Mantecorp Industria | Comments |
| Announced/Initial Filing Date | 12/19/2010 | Hypermarcas is one of the largest consumer goods companies funded with Brazilian capital and has the largest and most diversified portfolio of brands, including a number of leading brands in their respective markets. With this acquisition, the company will focus on integration and organic growth in 2011, and expects operational savings of more than 148 million reais after the full integration with Mantecorp. |
| Target/Issuer | Mantecorp Industria Quimica e | |
| Total Transaction Value ($mm USD) | 1471.9 | |
| Buyers/Investors | Hypermarcas SA | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | 4.4x | |
| Implied Enterprise Value/EBITDA | - | |
| Implied Enterprise Value/EBIT | np | |
| Headquarters-Country | Brazil | |
| 10 | Charles River Labs/Wuxi Pharma | Comments |
| Announced/Initial Filing Date | 04/26/2010 | Charles River, provider of research models and of preclinical drug development services, and WuXi, a drug research and development outsourcing company with expertise in discovery chemistry. The combined company will offer an expanded portfolio of products and outsourced services to multinational pharmaceutical, biotechnology companies who seek the flexibility to access high quality, early-stage drug development expertise from chemistry to man from one global company. |
| Target/Issuer | WuXi PharmaTech(Cayman)Inc | |
| Total Transaction Value ($mm USD) | 1462.6 | |
| Buyers/Investors | Charles River Labs Intl Inc | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | 40.3x | |
| Implied Enterprise Value/EBITDA | - | |
| Implied Enterprise Value/EBIT | 198.2x | |
| Headquarters-Country | China | |
| 11 | Endo Pharmaceuticals/Qualitest Pharmaceuticals | Comments |
| Announced/Initial Filing Date | 09/28/2010 | Endo Pharmaceuticals had completed its acquisition of Qualitest Pharmaceuticals, a privately held generics company in the US for top-line growth. |
| Target/Issuer | Qualitest Pharmaceuticals Inc | |
| Total Transaction Value ($mm USD) | 1200 | |
| Buyers/Investors | Endo Pharmaceuticals Holdings | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | Np | |
| Implied Enterprise Value/EBITDA | - | |
| Implied Enterprise Value/EBIT | np | |
| Headquarters-Country | United States | |
| 12 | Aspen Pharmacare/Herron Pharmaceuticals | Comments |
| Announced/Initial Filing Date | 07/18/2010 | Herron is an Australian brand of pharmaceutical and natural healthcare items. |
| Target/Issuer | Herron Pharmaceuticals Pty Ltd | |
| Total Transaction Value ($mm USD) | 807.8 | |
| Buyers/Investors | Aspen Pharmacare Holdings Ltd | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | np | |
| Implied Enterprise Value/EBITDA | - | |
| Implied Enterprise Value/EBIT | np | |
| Headquarters-Country | Australia | |
| 13 | Aspen Pharmacare/Sigma Pharm | Comments |
| Announced/Initial Filing Date | 05/21/2010 | Sigma had sold the unit of generic medicines and manufacturing . Aspen assumes that this is the biggest purchase of overseas assets by an African company. It will lead to cost savings and allow the company to introduce its own generic and over-the-counter products in Australia. The Durban, South Africa-based company is buying a business that Sigma blamed for a record loss in March and reduced earnings forecast in July. |
| Target/Issuer | Sigma Pharm Ltd-Pharm Div | |
| Total Transaction Value ($mm USD) | 803.4 | |
| Buyers/Investors | Aspen Pharmacare Holdings Ltd | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | Np | |
| Implied Enterprise Value/EBITDA | - | |
| Implied Enterprise Value/EBIT | np | |
| Headquarters-Country | Australia | |
| 14 | Eli Lilly/Avid Radiopharmaceuticals | Comments |
| Announced/Initial Filing Date | 11/08/2010 | Avid Radiopharmaceuticals is a privately held company developing novel molecular imaging compounds intended for the detection and monitoring of chronic human diseases. The acquisition of Avid Radiopharmaceuticals aligns well with Lilly's innovation-based strategy, offers a potential near-term revenue opportunity, leverages our neuroscience expertise and will immediately bolster our diagnostics capabilities. |
| Target/Issuer | Avid Radiopharmaceuticals Inc | |
| Total Transaction Value ($mm USD) | 800 | |
| Buyers/Investors | Eli Lilly & Co | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | np | |
| Implied Enterprise Value/EBITDA | - | |
| Implied Enterprise Value/EBIT | np | |
| Headquarters-Country | United States | |
| 15 | Reckitt Benckiser/Paras Pharmaceuticals | Comments |
| Announced/Initial Filing Date | 12/13/2010 | Paras is expected to make sales of more than 1 million INR in 2010, makes several OTC medication. The acquisition of Paras is another step forward in RB's growth strategy in consumer health care. It creates a material health care business in India, one of the most promising health care markets in the world with the addition of number of strong and leading brands. |
| Target/Issuer | Paras Pharmaceuticals Ltd | |
| Total Transaction Value ($mm USD) | 722.5 | |
| Buyers/Investors | Reckitt Benckiser Group PLC | |
| Percent Sought (%) | 100 | |
| Implied Enterprise Value/Revenues | np | |
| Implied Enterprise Value/EBITDA | - | |
| Implied Enterprise Value/EBIT | np | |
| Headquarters-Country | India |
Thursday 8 December 2011
Top 15 transactions in the pharma sector in 2010
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