Transport Perspectives

Deal Capsule

Transactions in Chemicals & Pharmaceuticals

April 2017

M&A in Life Sciences continued apace, particularly with strong interest for biotech assets in “oncology. Consolidation in the paints and coatings sector drives high levels of Chemicals M&A. VIR LAKSHMAN | HEAD OF CHEMICALS & PHARMACEUTICALS, KPMG IN GERMANY ” HIGHLIGHTS FIGURE 1: TRENDS IN PHARMACEUTICALS M&A

821 —— M&A continues to be brisk with the number of completed 755 797 778 722 697 deals in both sectors remaining at a high level. One 204 pharmaceutical deal completed in Q1 2017 broke the $10 180 billion mark. Chemicals saw a deal above $20 billion being announced. 36 100 79 69 170 298 185 28 —— Big pharma players continue to acquire biotechs, particularly in the oncology area. Venture Capital is also 2011 2012 2013 2014 2015 2016 Q1 2016 Q1 2017 increasing investments in biotech assets. Deal Value in $ bn. Number of Completed Deals Sources: Thomson One, KPMG Analysis —— Transactions in Chemicals focused on paints and coatings and plastics. FIGURE 2: TRENDS IN CHEMICALS M&A —— US and China remain the most active countries. Japanese companies were more active and participated in some 883 872 large deals. 776 829 806 774 —— KPMG’s Deal Thermometer indicates that the 181 183 environment for M&A activity will remain moderately strong in both pharmaceuticals and chemicals. 83 34 53 60 76 72 14 10

2011 2012 2013 2014 2015 2016 Q1 2016 Q1 2017

Deal Value in $ bn. Number of Completed Deals Sources: Thomson One, KPMG Analysis DEAL THERMOMETER Q1 2017 KPMG’s Deal Thermometer signals the environment for M&A deals in chemicals and pharmaceuticals. It combines the appetite for deals (changes in forward P/E ratios) with the capacity to fund deals (changes in Net Debt/ EBITDA multiples). ‘Hot’ signifies an environment conducive to deal-making.

PHARMACEUTICALS HOT CHEMICALS DEAL APPETITE DEAL CAPACITY DEAL APPETITE DEAL CAPACITY (Forward P/E ratio) (Net debt/EBITDA) (Forward P/E ratio) (Net debt/EBITDA)

MODERATE 14.9 16.0 14.3 1.3x 15.1 0.8x 0.9x 0.5x 6% 37% 4% 31% COOL 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 2016 2017 2017 2018 2016 2017 2017 2018

Sources: Capital IQ, KPMG Analysis Sources: Capital IQ, KPMG Analysis 2 | Deal Capsule | April 2017 Pharmaceuticals

The value of the top 10 completed deals in Q1 FIGURE 4: TOP COUNTRIES IN PHARMACEUTICALS M&A Q1 2017*

53 51 2017 increased 36% compared to the previous AS ACQUIRER AS TARGET year with one transaction surpassing the $10 billion mark. Pharmaceutical firms focused on 30 32 biotech targets to replenish their pipelines. US and China remain the most active countries. 12 9 9 9 8 9 8 8 8 8 8 9 5 5 3 4 DEAL FOCUS AREAS US CHINA FRANCE S. KOREA GERMANY CANADA INDIA SPAIN AUSTRALIA UK A third of Q1 pharmaceutical transactions are in the biotech sector helping pharma to replenish pipelines. Oncology * Number of completed deals Sources: Thomson One, KPMG Analysis continues to be the top therapeutic area of interest. In 2017, three of the five biggest growing drugs are likely to be cancer treatments. By 2020, more than 225 medicines are estimated Sumitomo Dainippon Pharma Co., Ltd. acquired Tolero to be introduced with one-third focused on treating cancer. Pharmaceuticals Inc. for $0.8 billion. Tolero has several Risk sharing via contingency payments facilitated deals in Q1 preclinical and late-stage assets in oncology and hematology. 2017. The deal will help Sumitomo refresh its pipeline as its main pillar, the atypical anti-psychotic LATUDA, loses exclusivity in 2019. BIOTECH Ipsen S.A. plans to acquire oncology assets from Merrimack Takeda Pharmaceutical Company Ltd. completed the $5.2 Pharmaceuticals Inc. for $1 billion to strengthen its global billion all-cash acquisition of ARIAD Pharmaceuticals Inc., leadership in specialty oncology. Ipsen is interested in expanding its oncology business by adding two precision Merrimack’s key product, ONIVYDE, a treatment for medicines – Iclusig and Brigatinib. Iclusig is expected to metastatic pancreatic cancer, the third leading cause of bolster Takeda’s position in hematology in the US. Brigatinib, cancer related deaths. a lung cancer drug under investigation, has the potential to Celgene Corp. plans to acquire Delinia Inc. for $0.8 billion, a generate peak annual sales of more than $1 billion. In 2017, biotech developing novel therapeutics for the treatment of Takeda faces the patent expiry of Velcade, which accounted autoimmune diseases and cancer. With the deal, Celgene for 24% of its US sales in 2016. accesses Delinia’s lead preclinical stage regulatory T cells (Treg) therapy, DEL106. The majority of the purchase price is FIGURE 3: BIGGEST GROWING PRODUCTS BY NEW SALES IN 2017 ($bn)* contingent upon certain milestones being met.

1.8 China’s Sanpower Group Co., Ltd. announced the acquisition 1.8 1.6 of Dendreon Pharmaceuticals Inc., an affiliate of Valeant 1.2 1.2 Pharmaceuticals International Inc. for $0.8 billion. Sanpower takes over Dendreon’s first and only commercial product, Provenge, a vaccine for prostate cancer treatment. Dendreon was previously bought by Valeant out of bankruptcy in 2015 for approximately $0.4 million. Valeant will use the proceeds to pay down debt. Keytruda Epclusa Humira Revlimid Ibrance (Merck&Co.) (Gilead) (Abbvie) (Celgene) (Pfizer) CANCER HEPATITIS C RHEUMATOID CANCER CANCER ARTHRITIS * Anticipated additional sales of existing drugs (e.g. helped by broad approval settings) Sources: Evaluate Ltd., KPMG Analysis

Biotech collaborations in immune-oncology Biotech deals outside oncology Bristol-Myers Squibb (BMS) announced an expansion of its By acquiring LifeCell Corp. for $2.9 billion, Allergan PLC collaboration with CytomX Therapeutics Inc. The collaboration enters the field of regenerative medicine, supporting its was initially established in 2014 to focus on the discovery, aesthetic and plastic surgery business. LifeCell’s key assets development and commercialization of novel therapies include dermal matrix products used in breast reconstruction against multiple immuno-oncology targets using CytomX’s and abdominal wall repair. proprietary Probody Platform therapeutics for the treatment Johnson & Johnson (J&J) announced the $30 billion tender of cancer. BMS has contributed approximately $350 million to offer for the shares of Actelion Ltd., a leader in the field of date and plans to extend this to at least $200 million in upfront pulmonary arterial hypertension. This will help to replenish its payments as well as research funding. portfolio following patent expirations.

Biotech start-up secures $1 billion VC investment FINANCIAL INVESTORS GRAIL Inc. managed to raise over $0.9 billion through the first close of its Series B financing led by ARCH Venture Partners. Following a competitive bidding process among PE investors Investors include Johnson & Johnson, BMS, Celgene Corp., for STADA, a generics and OTC player, the Executive Board as well as Amazon.com Inc. In its previous Series A funding, and Supervisory Board decided to support Bain Capital LP GRAIL had already secured $100 million. and Cinven Partners LLP’s offer with a value of € 66 per share, including dividend. This equates to an enterprise value of GRAIL aims to detect cancer at an early, still curable stage, around € 5.3 billion. STADA achieved an Adjusted EBITDA of through a simplified blood screening procedure. GRAIL around € 0.4 billion on Adjusted Group Sales of approximately combines leading approaches in computer and data sciences € 2.2 billion in 2016. with population-scale clinical trials and ultra-broad and ultra- deep sequencing. From deep research to driving changes in patient behavior, the opportunities for smart use of data CAPITAL INDEX science and analytics in the life sciences industry are almost limitless. All pharma indices have rebounded after a decline at the beginning of Q1 2017. The Bloomberg Asia Pacific Pharma Index saw the biggest growth by 8.4%, including Takeda with a 6.9% gain. The Bloomberg Europe 500 Pharma Index grew TABLE 1: TOP 10 VENTURE CAPITAL ROUNDS OF 2016 IN LIFE SCIENCES by 6.7%, whereas the S&P 500 Pharma Index increased by

COMPANY INVESTMENT ($m) ROUND DATE 4.9%. Moderna Therapeutics 451 Series Undisclosed Aug Innovent Biologics 260 Series D Nov BlueRock Therapeutics 225 Series A Dec Intarcia Therapeutics 206 Series Undisclosed Dec Intarcia Therapeutics 215 Series I Sep Denali Therapeutics 130 Series B Aug UNITY Biotechnology 116 Series B Oct FIGURE 5: DEVELOPMENT OF PHARMA SHARE PRICES Q1 2017 Zal Lab 100 Series B Jan 110 DalCor Pharmceuticals 100 Series B Apr Hengrui Therapeutics 100 Series Undisclosed Jun

Sources: Evaluate Ltd., KPMG Analysis 105

100

95 JAN FEB MAR

MSCI WORLD INDEX BLOOMBERG EUROPE 500 PHARMA INDEX S&P 500 PHARMA INDEX BLOOMBERG ASIA PACIFIC PHARMA INDEX

Sources: Bloomberg, KPMG Analysis

Pharmaceuticals

The deal value of the global top 10 completed deals in Q1 2017 was $ 29.7 billion TABLE 1: GLOBAL TOP DEALS COMPLETED IN Q1 2017 CONTINGENT TOTAL BIDDER TARGET THERAPY AREA DATE OF ANNOUNCEMENT VALUE1 PAYMENTS1 VALUE1 C.H. Boehringer Sohn AG Sanofi S.A. - animal health Animal health 27 Jun 2016 12.6 & Co. KG business Takeda Pharmaceutical ARIAD Pharmaceuticals Inc. Oncology 9 Jan 2017 5.2 Company Ltd. New Huadu Industrial Yunnan Baiyao Holding Co., Ltd. Traditional Chinese 30 Dec 2016 3.6 Group Co., Ltd. (50%) medicine LifeCell Corporation (Acelity Allergan PLC Regenerative tissues 20 Dec 2016 2.9 L.P. Inc.) Growth hormones, LG Corp LG Life Sciences Ltd. 6 Sep 2016 1.0 diabetes, vaccines

Eli Lilly and Company CoLucid Pharmaceuticals Inc. Pain management 18 Jan 2017 1.0

Pfizer Inc. - infusion therapy Injectable drugs and ICU Medical Inc. 6 Oct 2016 0.7 0.2 0.9 business infusion technologies C.H. Boehringer Sohn AG & Eli Lilly and Company Co. KG – certain animal health Animal health 5 Oct 2016 0.9 vaccines Hygiene and disinfection Ecolab Inc. S.A.S. Laboratoires Anios 29 Jun 2016 0.8 products Sumitomo Dainippon Tolero Pharmaceuticals Inc. Oncology 21 Dec 2016 0.2 0.6 0.8 Pharma Co., Ltd.

The deal value of the global top 10 announced deals in Q1 2017 was $ 40.3 billion TABLE 2: GLOBAL TOP DEALS ANNOUNCED IN Q1 2017, YET TO CLOSE TOTAL BIDDER TARGET THERAPY AREA DATE OF ANNOUNCEMENT DEAL STATUS VALUE1

Pulmonary arterial Pending, offer prospectus Johnson & Johnson Actelion 26 Jan 2017 30.0 hypertension published Cinven Partners LLP and STADA Arzneimittel AG Generics, OTC 12 Feb 2017 Pending 5.6 Bain Capital LP Merrimack Pharmaceuticals Inc. Ipsen S.A. Oncology 8 Jan 2017 Pending 1.0 - oncology assets Haematology, clinical Creat Group Corp. Biotest AG immunology, intensive 29 Mar 2017 Pending 1.0 care medicine Valeant Pharmaceuticals Sanpower Group Co. Ltd. Internationl Inc. - oncology Oncology 9 Jan 2017 Pending 0.8 assets Pending shareholder and Celgene Corp. Delinia Inc. Immunology and oncology 26 Jan 2017 0.8 antitrust approval Investor group including Antibiotics, anti-viral Shandong Luoxin Giant Star Global Ltd. and medicines and system 13 Mar 2017 Pending 0.3 Pharmaceutical Group Co., Ltd. Lucky Ltd. specific medicines Stomach and intestine Liu Xicheng Hainan Haiyao Co. Ltd. (10%) 13 Mar 2017 Pending 0.3 medicines Attention deficit Otsuka Neurovance 2 Mar 2017 Pending 0.3 hyperactivity disorder Generex Biotechnology Emmaus Medical Inc. (51%) Rare diseases 20 Jan 2017 Pending 0.2 Corp.

1 All numbers are in US$ billion Financial investors are italicized Figures in green are estimated values Sources: Thomson One, KPMG Analysis

Chemicals

The deal value of the global top 10 completed deals in Q1 2017 was $ 7.6 billion TABLE 3: GLOBAL TOP DEALS COMPLETED IN Q1 2017 TOTAL BIDDER TARGET BUSINESS AREA DATE OF ANNOUNCEMENT VALUE1

Air Products & Chemicals Evonik Industries AG Inc. - performance materials Performance materials 6 May 2016 3.8 operations

CCL Industries Inc. Innovia Group Ltd. Biaxially oriented polypropylene (BOPP) films 19 Dec 2016 0.8

Nippon Paint Holdings Co., Ltd. Dunn-Edwards Corp. Paints 22 Dec 2016 0.6

Bridgepoint Advisers Group Sapec S.A. - agro business Agrochemicals 7 Nov 2016 0.5 Ltd. Jiangsu Youli Holding Co., Ltd. Investor group* Spandex (elastane) 12 Nov 2016 0.5 (30%)

Berry Plastics Group Inc. AEP Industries Inc. Plastic packaging 25 Aug 2016 0.5

Asahi Glass Co., Ltd. Vinythai PCL (59%) Caustic soda, PVC, resins, epichlorohydrine 7 Dec 2016 0.3

Chemtrade Logistics Income Canexus Corp. Sodium chlorate, chlor-alkali products 3 Oct 2016 0.2 Fund Peninsula Packaging Company Sonoco Products Co. Thermoformed packaging 16 Feb 2017 0.2 LLC Printed wiring board materials, flat panel display DIC Corp. Taiyo Holdings Co., Ltd. (20%) 25 Jan 2017 0.2 materials

* including Wuxi Liangchuang Artificial Intelligence Investment Enterprises LP The deal value of the global top 10 announced deals in Q1 2017 was $ 37.9 billion TABLE 4: GLOBAL TOP DEALS ANNOUNCED IN Q1 2017, YET TO CLOSE TOTAL BIDDER TARGET BUSINESS AREA DATE OF ANNOUNCEMENT DEAL STATUS VALUE1

Paints, coatings and PPG Industries Inc. Akzo Nobel NV 9 Mar 2017 Offer rejected 26.3 specialty chemicals

Stone Canyon Industries LLC Mauser group NV Packaging technologies 7 Feb 2017 Pending 2.3

Daesung Industrial Gases MBK Partners Ltd. Co., Ltd. (Goldman Sachs-led Industrial gases 24 Feb 2017 Pending 1.8 consortium 2)

Pacific Alliance Group Ltd. Yingde Gases Group Co., Ltd. Industrial gases 9 Jan 2017 Pending 1.5

OMV Petrol Ofisi Holding A.S. Vitol Holding BV Petrochemicals 3 Mar 2017 Pending 1.5 (OMV AG) DuPont Corp. - crop protection FMC Corp. Agrochemicals 31 Mar 2017 Pending 1.2 business GCP Applied Technologies Henkel AG & Co. KGaA Inc. - packaging technologies Metal packaging 2 Mar 2017 Pending 1.1 business Ningxia Younglight Chemicals Ningxia Tiangyuan Calcium carbide, lime Pending (51% agreed, 49% Co., Ltd. (GD Power Development 23 Feb 2017 1.0 Managanese Co., Ltd. nitrogen, dicyandiamide mandatory offer planned) Co., Ltd.) Saudi Petrochemical (Sabic-Shell Saudi Basic Industries Corp. Petrochemicals 22 Jan 2017 Pending antitrust approval 0.8 Joint Venture) (50%)

PTT Global Chemical PCL HMC Polymers Co., Ltd. Polypropylene resins 16 Feb 2017 Pending 0.4

1 All numbers are in US$ billion Financial investors are italicized Figures in blue are estimated values Sources: Thomson One, KPMG Analysis

While the total number of completed deals FIGURE 7: TOP COUNTRIES IN CHEMICALS M&A Q1 2017* remained stable, the deal value slightly 46 41 AS ACQUIRER AS TARGET decreased in Q1 2017 versus Q1 2016. However, landmark announced deals from 2016 are yet to 30 30 close and one newly announced deal broke the $20 billion mark. US and China remain the most 14 10 11 10 10 active countries. 9 8 9 6 7 6 6 6 4 5 5 DEAL FOCUS AREAS US CHINA S. KOREA JAPAN INDIA UK GERMANY RUSSIA FRANCE ITALY

Chemical players were particularly active in the areas of paints * Number of completed deals and coatings and plastics. Sources: Thomson One, KPMG Analysis

Japan-based Nippon Paint Holdings Co., Ltd., the fourth PAINTS AND COATINGS largest paint company worldwide, acquired Dunn-Edwards Corp. for $0.6 billion, enforcing its goal to become a global Consolidation in paints and coatings continues, following the paint major. So far, Nippon has focused on automotive announced $11.3 billion acquisition of The Valspar Corp. by coatings in the US. The deal now develops its architectural Sherwin-Williams Co., dating back to March 2016. In Q1 2017, paints business in the region. the deadline for its merger agreement has been prolonged to the end of June 2017. Henkel AG & Co. KGaA made a $1.1 billion offer for GCP Applied Technologies Inc.’s packaging technologies business, PPG Industries Inc. made a bid for AkzoNobel NV, a global Darex Packaging Technologies, a leading maker of sealants for leader in paints, coatings and specialty chemicals. PPG beverage, food and aerosol cans. The transaction strengthens topped its first proposal from 28 February 2017 by €7 to €90 Henkel’s leading position in the adhesive technologies per share (cum dividend), now offering €24.5 billion in total. business and brings with it a global customer base. Akzo has twice rejected the offer. PPG acquired the North American license to Akzo’s Dulux and Sikkens brands through its acquisition of the North American decorative coatings business for $1.1 billion in 2013. PPG expects annual run rate synergies of $750 million in the course of combining the two firms.

FIGURE 6: PROFORMA COMBINED PAINTS AND COATINGS SALES ASSUMING COMPLETION OF PENDING DEALS

PPG Industries Inc./ 14.2 9.5 23.7 Akzo Nobel NV

Sherwin-Williams Co./ 11.3 4.2 15.5 The Valspar Corp.

Nippon Paint Holdings/ 4.7 0.4 5.1 Dunn-Edwards Corp.

BIDDER SALES IN $ bn., 2015 TARGET SALES IN $ bn., 2015

Sources: Company reports, KPMG Analysis

PLASTICS FIGURE 8: NUMBER OF COMPLETED CHEMICAL DEALS BY INVESTOR Q1 2017 Last year already witnessed keen interest in the plastics industry with Westlake Chemical Corp.’s $3.8 billion acquisition of Axiall Corp. representing the second-largest 27% deal completion in 2016. In Q1 2017, deal activity in plastics added up to more than 15% of completed chemical deals and five transactions in the Top 10 completed list. 73% CCL Industries Inc., a global top player in specialty label and packaging solutions, led the way by acquiring Innovia Group Ltd. for $0.8 billion. The target is a global leader in specialty biaxially oriented polypropylene (BOPP) films and banknote substrates. It adds complementary competences to CCL’s STRATEGIC INVESTORS FINANCIAL INVESTORS capabilities in security printing, polymer extrusion and surface Sources: Thomson One, KPMG Analysis engineering. and regulatory capabilities to accelerate revenue growth and Berry Plastics Group Inc. acquired AEP Industries Inc. for $0.5 geographic expansion in the consolidating agrochemicals billion, accessing a highly complementary product portfolio. market. The deal adds more than 15,000 types of multi-purpose and Asian investors predominantly conducted domestic M&A. flexible packaging films and 14 manufacturing facilities in USA MBK Partners Ltd. announced the $1.8 billion acquisition of and Canada. Annual cost synergies of approximately $50 Daesung Industrial Gases Co., Ltd., enforcing its investment million are expected. focus on Greater China, Japan and Korea. An investor group Asahi Glass Co., Ltd. (AGC) completed the $0.3 billion including Wuxi Lianchuang Artificial Intelligence Investment acquisition of Vinythai PCL, strengthening its position in the Enterprises LP bought a 30% stake of Jiangsu Youli Southeast Asian caustic soda and polyvinyl chloride (PVC) Investment Holding Co., Ltd. for $0.5 billion. market, which AGC expects to grow at around 5% per year. The deal is in alignment with AGC’s growth ambitions in the region, adding production facilities in Thailand, following CAPITAL INDEX Indonesia and Vietnam. In Q1 2017, the Bloomberg Asia Pacific Chem Index By acquiring Peninsula Packaging Company LLC for $230 outperformed the MSCI World Index and other regional million, Sonoco Products Co. grows its presence in the indices with a 9.3% growth. One of the key drivers was LG packaging segment of fresh food products, complementing Chem Ltd. with 16.2% growth. its previous focus of frozen and shelf-stable foods packaging.

Stone Canyon Industries LLC (SCI) announced the acquisition FIGURE 9: DEVELOPMENT OF CHEMICAL SHARE PRICES Q1 2017 of Mauser Group NV for $2.3 billion from Clayton Dubilier & Rice LLC. SCI expands its packaging portfolio by obtaining 110 knowledge in intermediate bulk containers, plastic and fibre packaging. Via its subsidiary BWAY Corp., SCI is already 105 a leader in the manufacturing of rigid metal and plastic containers in North America. 100

FINANCIAL INVESTORS 95 Momentum has continued from Q4 2016 with several PE JAN FEB MAR houses and financial investors showing interest in the sector. MSCI WORLD INDEX BLOOMBERG EUROPE 500 CHEM INDEX Around 27 percent of completed deals has been carried out S&P 500 CHEMICAL INDEX BLOOMBERG ASIA PACIFIC CHEM INDEX by financial investors. Sources: Bloomberg, KPMG Analysis Bridgepoint Advisers Group Ltd. acquired Sapec S.A.’s agrochemicals business for $0.5 billion, adding an Iberian market leader in off-patent crop protection and one of the global leaders in crop nutrition with sales in over 70 countries to its portfolio. Bridgepoint aims to leverage the target’s R&D

© 2017 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Germany. The KPMG name and the logo and are registered trademarks of KPMG International. BASIS OF DATA PREPARATION Imprint Values and volumes used throughout the report are based Publisher on completion date as provided by Thomson Reuters’ KPMG AG Wirtschaftsprüfungsgesellschaft database Thomson One as of 31 March 2017, extracted up to Tersteegenstrasse 19 - 23 and including 3 April 2017, and supplemented by additional 40474 Düsseldorf independent research. Data available after publication date Germany is incorporated in subsequent editions. This edition presents revised data for the years 2010 to 2015. This report includes Contact disclosed and undisclosed values for M&A transactions including minority stake purchases, acquisitions of remaining Vir Lakshman * interest, and recapitalizations and it explicitly excludes self- Partner, Deal Advisory tenders and spinoffs. The published numbers of deals and Head of Chemicals & Pharmaceuticals, deal values are based on the analysis of target companies Germany which operate in the following subsectors: T +49 211 475-6666 [email protected] Pharmaceuticals —— Medicinal chemicals & botanical products Christian Klingbeil Partner, Deal Advisory – Valuation —— Pharmaceutical preparations T +49 89 9282-1284 —— In vitro and in vivo diagnostic substances [email protected] —— Biotechnology – biological products, except diagnostic substances Christian Specht Partner, Deal Advisory – M&A —— Pharmaceutical wholesale T +49 69 9587-2240 Chemicals [email protected]

—— Clay, kaolin, ceramic & refractory minerals Authors —— Chemical and non-metallic mineral mining, except fuels Rita Duran —— Fertilizers and agricultural chemicals Senior Manager, Deal Advisory —— Industrial gases Chemicals & Pharmaceuticals, KPMG in Germany Fabian Dingel —— Specialty chemicals Chemicals & Pharmaceuticals, KPMG in Germany —— Chemical wholesale Laura Fritsche —— Plastics and rubber components Chemicals & Pharmaceuticals, KPMG in Germany KPMG’s Deal Thermometer is based on financial data as provided by S&P Capital IQ of public companies in the same Contributors sector as noted above with a market capitalization at quarter Andy Qiu end of at least a $1 billion. For the pharmaceutical sector, this Partner, KPMG in China comprises 203 public companies. For the chemical sector, this comprises 195 public companies. * Responsible according to German Law (§ 7 (2) BerlinerPresseG): Vir Lakshman

All figures in this report are shown in US Dollars ($) unless www.kpmg.de otherwise stated. Sources Online databases: —— Thomson One (Thomson Reuters) —— Mergermarket —— S&P Capital IQ —— Bloomberg —— EvaluatePharma

Publications —— Various companies’ press releases

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