Table of contents

Executive Summary Chapter 1 – Introduction Chapter 2 – Trends in M&A dealmaking 2.1. Introduction 2.2. Difference between merger and acquisition deals 2.3. Trends in M&A deals since 2009 2.3.1. Japanese M&A accelerates 2.3.2. Option to acquire the new acquisition? 2.3.3. Case study 1: – Ception 2.3.4. Case study 2: HertArt Aps – Vitrolife 2.4. When M&A can be useful 2.5. Attributes of M&A deals 2.5.1. M&A as an alternative to IPO 2.6. Partnering deals with M&A component 2.6.1. Partnering as a precursor to M&A 2.6.1.a. Case study 3: Celgene – VentiRx Pharmaceuticals, Oct 2012 2.6.2. Equity as part of partnering deal 2.6.2.a. Case study 4: BioMarin – Catalyst Pharma Partners, Oct 2012 2.6.2.b. Case study 5: – Clovis Oncology , June 2011 2.6.2.c. Case study 6: Tesaro – OPKO Health, December 2010 2.6.3. Conversion of partnership to acquisition 2.6.4. But M&A is not always the route followed 2.7. Big pharma mega mergers – are we at the end of the road? 2.7.1. Growth of Johnson & Johnson through M&A 2.7.2. Growth of through M&A 2.8. Accessing innovation through M&A 2.8.1. Big pharma acquisitions of small companies 2.8.1.a. Case study 7: Abbott – Facet Biotechnology 2.8.1.b. Case study 8: Gilead Sceinces – Pharmasset 2.8.2. Medium and small biopharma – use of M&A 2.8.2.a. Case study 9: – MAP Pharmaceuticals 2.8.2.b. Case study 10: Reckitt Benckiser – Schiff Nutrition International 2.8.3. Using M&A to build a company 2.8.3.a. Case study 11: Shire – built from M&A 2.8.3.b. Case study 12: Zeneus - acquiring a ready-made European capability 2.8.3.c. Case study 13: Novartis – from pure pharma to half generic 2.8.4. Emergence of biotech-biotech mergers 2.8.4.a. Case study 14: Merger between and Idec 2.8.4.b. Case study 15: acquisition activity 2.9. The emerging role of private equity in M&A 2.10. Implementing M&A transactions 2.11. Joint ventures as alternative to M&A 2.12. The future of M&A in biopharma

Chapter 3 – Overview of M&A deal structure

3.1. Introduction 3.2. Pure versus multi-component acquisition deals 3.3. Pure M&A agreement structure 3.3.1. Example acquisition agreements 3.3.1.a. Case study 16: Allergan - SkinMedica – November 2012 3.4. Acquisition as part of a wider alliance agreement 3.4.1. Example acquisition option clauses 3.4.1.a. Case study 17: MGI Pharma – AkaRx – October 2007 3.5. Merger agreements 3.5.1. Example merger agreements 3.5.1.a. Case study 18: Synergy Pharmaceuticals – Callisto Pharmaceuticals – July 2012

Chapter 4 – Leading M&A deals

4.1. Introduction 4.2. Top M&A deals by value 4.3. Top merger deals 4.4. Most active M&A dealmakers 4.5. Big pharma M&A deal activity 4.6. Big biotech M&A deal activity

Chapter 5 – Big pharma M&A deals

5.1. Introduction 5.2. How to use M&A deals 5.3. Big pharma company M&A deal profiles Abbott Abbvie Allergan Amgen Aspen Pharmacare Astellas AstraZeneca Bayer Biogen Idec Boehringer Ingelheim Bristol-Myers Squibb Celgene Daiichi Sankyo Dainippon Sumitomo Eisai Eli Lilly Endo Pharmaceuticals Fresenius GlaxoSmithKline Grifols Johnson & Johnson Kyowa Hakko Kirin Lundbeck Menarini Merck & Co Merck KGaA Mitsubishi Tanabe Novartis Otsuka Pfizer Roche Servier Shionogi Shire Sun Pharmaceutical Takeda Teva UCB Valeant Chapter 6 – Big biotech M&A deals 6.1. Introduction 6.2. How to use M&A deals 6.3. Big biotech company M&A deal profiles 3SBio AMAG Pharmaceuticals Anika Therapeutics Bavarian Nordic Biocon BioMarin Pharmaceuticals Cangene Celgene Cubist Elan Emergent BioSolutions Enzo Biochem Galapagos Ipsen Isis Pharmaceuticals LFB Group Morphosys Onyx Pharmaceuticals Optimer Questcor Pharmaceuticals SciClone Pharmaceuticals Swedish Orphan Biovitrum The Medicines Company United Therapeutics ViroPharma Chapter 7 – M&A contracts directory 7.1. Introduction 7.2. Company A-Z Abbvie Abraxis BioScience Abraxis Health Accelerated Care Plus AccelPath Accelrys Accuray Acon Labs Acorda Therapeutics Actavis Actavis (acquired by Watson) Actinium Pharmaceuticals Adamis Pharmaceuticals Adeona Pharmaceuticals Adolor Advanced Biohealing Advanced Medical Optics Adventrx Pharmaceuticals Aetna AGA Medical Agila Specialties Agilent Technologies Akorn Albany Molecular Research Aldagen Alexion Pharmaceuticals Alexza Pharmaceuticals Alkermes Allergan Allezoe Medical Allos Therapeutics Allozyne Alpha Innotech Alphatec Spine Alpine Biomed Amag Pharmaceuticals Amarin American Medical Systems Amerifit Brands Amgen Amorcyte Amsterdam Molecular Therapeutics Anchen Pharmaceuticals Anesiva ANI Pharmaceuticals Anika Therapeutics AorTx Apax Partners Applied Genomics Aptalis Pharma Apthera AquaMed Technologies Arcion Therapeutics Ardea Biosciences Arigene Ariston Pharmaceuticals Arrayit Diagnostics Arresto BioSciences Arrow Group Arthrocare Asahi Kasei Ashland Aspect Medical Systems Assay Designs AssuraMed Astex Pharmaceuticals Astex Therapeutics Astra Tech AstraZeneca Atlas Acquisition Corp ATS Medical Aurora Diagnostics Avalon Pharmaceuticals AVANYX Therapeutics Avista Capital Partners AxoGen Azur Pharma Banner Health Bausch & Lomb Baxter International Bayer Healthcare BBC Graphics Beckman Coulter Beijing Genomics Institute (BGI) Belgian Volition Bio-Imaging Technologies BioClinica Biocompatibles International BioCryst Pharmaceuticals Bioform Medical BioMarin Pharmaceutical BioMimetic Therapeutics Bioniche Pharma BioReliance BioSante Pharmaceuticals BioScrip BioSphere Medical Biotel BioTelemetry BioTime Biovail BioVectra Biovex Blackstone Lake Minerals Bohai Pharmaceuticals Group Boston Therapeutics Bristol-Myers Squibb BTG Byrne Medical Cactus Ventures Cadence Pharmaceuticals Cahaba Pharmaceuticals Caleco Pharma California Stem Cell Caliper Life Sciences Calistoga Pharmaceuticals Calixa Therapeutics Callisto Pharmaceuticals Cambrex Cambrex Zenara Cambridge Research and Instrumentation Canada Pension Plan Investment Board Candela Cantel Medical Cape Cod Cardiac Cath Cape Cod Cardiology Services Cape Cod Hospital Caraco Pharmaceuticals Cardiac Science Cardinal Health CardioCORE Lab Cardiogenesis Cardiokine Cardo Medical CareDx Celera Celgene Cell Biosciences Cell Genesys Cell Therapeutics Celldex Therapeutics Cellectar Biosciences Cephalon Ception Therapeutics Cequent Pharmaceuticals Cesca Therapeutics Charles River Laboratories Charterhouse Equity Partners Chief Respect Chiesi Farmaceutici China China Medicine Corporation China PharmaHub CitySync Clarient Claros Diagnostics Clinical Data CNS Wellness CombinatoRx Commonwealth Biotechnologies Complete Genomics Conceptus Conmed Cornerstone Therapeutics Cortex Pharmaceuticals Cougar Biotechnology Covella Pharmaceuticals Coventry Health Care CPEX Pharmaceuticals Crealta Pharmaceuticals Critical Homecare Solutions Crucell Cryolife Curacyte Discovery Curagen Curaxis Pharmaceuticals CV Therapeutics CyDex Cypress Pharmaceutical Cyrenaic Pharmaceuticals Cytomedix Cytopia Dainippon Sumitomo Pharma Dako Danaher Dentsply International Denville Scientific Derma Sciences Dermik Laboratories Diagnostic Hybrids Dialysis Corp of America DigiPath Solutions Dionex Divine Skin Laboratories Dragon Pharmaceutical DS Healthcare DSM DUSA Pharmaceuticals Dynavax Technologies EKR Therapeutics Elan Elan Drug Technologies Eli Lilly Emergent BioSolutions Endo Pharmaceuticals Endologix Enobia Pharma Enzo Biochem Eon Labs EpiCept EQT Ester Neurosciences Etrials Worldwide EUSA Pharma Ev3 Excelsyn Express Scripts Facet Biotechnology FasTrack Pharmaceuticals Fero Industries Fidia Advanced Biopolymers Fidia Farmaceutici FluoroPharma Medical Footstar Forest Laboratories Forest Pharmaceuticals Fujifilm GE Healthcare Gemin X Pharmaceuticals Gen-Probe Generex Biotechnology GeneSeek GenturaDx Genzyme Gilead Sciences GL Biochem GlaxoSmithKline Global Med Technologies Global Medical Direct Glycosan BioSystems Grifols GTC Biotherapeutics Guangzhou LifeTech Pharmaceuticals Haemonetics Corporation Hanger Orthopedic Group Hansen Medical Hartlab Harvard Bioscience Hasco Medical HealthTronics Heart Hospital of Austin HeartWare International Hellman & Friedman HepaLife Hi-Tech Pharmacal Hisamitsu Pharmaceutical Hologic Home Diagnostics Hongshan Pharmaceuticals Hospira Human Genome Sciences Huxley Pharmaceuticals Hyaluron Hypermarcas I-Flow Icagen Idenix Pharmaceuticals Ignyta Illumina Image Sensing Systems ImaRX IMMCO Diagnostics Immucor ImmuMetrix Immune Pharmaceuticals Immunovative Therapies Impulse Monitoring INC Research Incline Therapeutics Indevus Pharmaceuticals Infinity Oil & Gas Inhibitex Innovus Pharmaceuticals Inovio Biomedical Insmed Inc Inspire Pharmaceuticals Intellipharmaceutics International Specialty Products InVentiv Health Inverness Medical Innovations InVivo InVivo Therapeutics ISTA Pharmaceuticals Javelin Pharmaceuticals Jefferies & Company Johnson & Johnson Juniper Investment Company Kendle International Kimberly-Clark Kinray La Jolla Pharmaceutical Laboratory Corporation of America Lantis Laser LEAD Therapeutics LecTec LEO Pharma LFB Biomedicaments Life Technologies Ligand Pharmaceuticals Link Resources Lipocine LMA International Luminex MAKO Surgical Pharmaceuticals Manhattan Pharmaceuticals Manhattan Scientifics Mantecorp MAP Pharmaceuticals Martek Biosciences Maya Medical McKesson MDRNA Medarex MedCath Medco Health Solutions MedEfficiency Medical Developers Medical Imaging Medicis Pharma MediVision Medical Imaging MedServe Medtox Scientific Medtronic Mepha Pharma Merck and Co Merck KGaA Merge Healthcare Merit Medical Systems Merz Metabasis Therapeutics MIB Digital Micro Beef Technologies MicroFluidic Systems Micromet MidCap Financial Millipore Minerva Neurosciences Monogram Biosciences MorphoSys Multigen Diagnostics MWI Veterinary Supply Mylan Laboratories Myriad Pharmaceuticals Myriad RBM Natus Medical NBTY Nellix Neogen NeoStem Nepentes Neurogen Neuromed Neuronex NextRx Nipro Corporation North Horizon Novartis NovaVision Novelos Therapeutics Noven Pharmaceuticals Novo Energies NuPathe Nurx Pharmaceuticals NuVasive Obagi Medical Products Omthera Pharmaceuticals One Lambda Onyx Pharmaceuticals Ophthalmic Imaging Systems OPKO Health Optimer Pharmaceuticals Opto Circuits Oracle Health Sciences Orchid Cellmark Orchid Chemicals and Pharma Organ Transport Systems Organovo OrthoCyte Orthohelix Surgical Designs OSI Pharmaceuticals Osteotech Otix Global Otsuka OXiGENE Paddock Laboratories Papillon Holdings Par Pharmaceutical Parkway Clinical Laboratories Pathfinder Pathfinder Cell Therapy PBM Products Pearl Therapeutics Penwest Pharmaceuticals Peplin PerkinElmer Pernix Therapeutics Pfizer Phadia Pharmasset PharmaSwiss PharmAthene Phase Forward PhotoMedex Pier Pharmaceuticals Piramal Healthcare Poniard Pharmaceuticals PositiveID Power Medical Interventions PPD Presidio Pharmaceuticals Prodesse Progenitor Cell Therapy Proteolix Proximagen Group Psynova Neurotech Public Sector Pension Investment Board Puma Biotechnology Pyro Pharmaceuticals QLT Pharmaceuticals QuantRx Biomedical Quest Diagnostics Questcor Pharmaceuticals Quidel Radiancy Radiation Therapy Services Radius Health Raptor Pharmaceutical Reckitt Benckiser Research Pharmaceutical Services Roche Rosetta Genomics Rules-Based Medicine RXi Pharmaceuticals Safeguard Scientifics Sanofi-Aventis Sanofi Santarus Savient Pharmaceuticals Schering-Plough Schiff Nutrition International Scientific Nanomedicine Scientx Senior Scientific Sepracor Shire Pharmaceuticals Sight Science Sigma-Aldrich Sirius Laboratories SkinMedica Sloning BioTechnology Smith & Nephew Solta Medical Solvay Somanetics Somaxon Pharmaceuticals Sonkei Pharmaceuticals Sonora Medical Systems SonoSite Southern Medical Acquisition Southern Medical and Mobility Spear Pharmaceuticals Specifar Pharma Spectrum Pharmaceuticals SRI Surgical Express St Jude Medical Stericycle Stryker Sucampo AG Sucampo Pharmaceuticals Sun City Cardiac Center Associates Sun Pharma Global Sun Pharmaceutical Sunovion Pharmaceuticals SuperGen Sycamore Films Symphony Allegro Symphony Capital Symphony Dynamo Symphony Icon Symyx Technologies Synageva BioPharma Synergy Health Synergy Pharmaceuticals Syneron Synovis Life Technologies SyntheMed Synthes SynthRx Systems Medicine TAG Minerals Talecris Biotherapeutics Taligen Therapeutics Tamandare Explorations Targanta Therapeutics Taro Pharmaceuticals Teleflex Tepnel Life Sciences Teva Pharmaceutical Industries The Carlyle Group The Medicines Company Theraclone Sciences Theragenics TherapeuticsMD Thermo Fisher Scientific ThermoGenesis Thomas Medical Thoratec Tolmar TomoTherapy TONIX Pharmaceuticals Tornier TorreyPines Therapeutics TotipotentRx Tourtellotte Solutions TPG Capital Transave Trimeris Trinity Biotech Trius Therapeutics TrovaGene UniQure Upsher-Smith Urchin Merger Sub US Oncology Uteron Pharma Valeant Pharmaceuticals ValiRx Varian Medical Systems Vascular Solutions Vasogen VaxGen VelQuest Vertebron Vertex Pharmaceuticals VGX Pharmaceuticals Vicept Therapeutics Viking Systems ViroChem Pharma Viropharma Visual Sonics Vital Signs VitamedMD VNUS Medical Technologies VolitionRX Waban Software Group Warburg Pincus Warner Chilcott Watson Pharmaceuticals Wellness Center USA Wellpoint William Demant Holding World Wide Relics Wright Medical WuXi PharmaTech Yantai Tianzheng Pharmaceutical YM BioSciences Zenara Pharma Zerusa Zoll Medical ZymoGenetics ZyStor Therapeutics 7.3. By industry sector Academic Agricultural Animal Health Bigbiotech Bigpharma Biotech Consumer health Drug delivery Medical device Diagnostic Financial Generic pharma Government Non-profit Pharmaceutical Research tools Services Specialty pharma About Wildwood Ventures Current Partnering Current Agreements Recent report titles from Current Partnering Upgrade Order Form – Subscription Access Products

The following appendices are available in a accompanying volume.

Appendices

Appendix 1 – Company A-Z Appendix 2 – By industry sector Academic Agricultural Animal Health Big pharma Big biotech Biotech Consumer health Drug delivery Medical device Diagnostic Financial Generic pharma Government Non-profit Pharmaceutical Research tools Services Specialty pharma Appendix 3 – M&A dealmaking references Appendix 4 – Resources Appendix 5 – Deal type definitions Appendix 6 – Example M&A contract document

TABLE OF FIGURES

Figure 1: Definition of merger and acquisition Figure 2: Trends in M&A deal announcements, 2009-2014 Figure 3: M&A deals signed at each phase of development, 2009-2014 Figure 4: Key recent M&A trends – 2009 to present Figure 5: Recent Japanese M&A Figure 6: Recent ‘option to acquire’ deals Figure 7: Situations where M&A can prove useful Figure 8: Recent partnering deals involving equity participation in the licensor Figure 9: Equity investments converting to acquisitions Figure 10: Johnson & Johnson’s growth through M&A Figure 11: Novartis’s growth through M&A since 2000 Figure 12: Shire’s M&A history Figure 13: Amgen’s biotech-biotech acquisition trail Figure 14: Private equity M&A activity, 2009-2014 Figure 15: Issues in implementing M&A agreements Figure 16: Joint venture agreements, 2009-2014 Figure 17: Recent joint ventures in the biopharma sector Figure 18: Future trends in M&A in biopharma Figure 19: Components of the acquisition deal structure Figure 20: Components of the merger deal structure Figure 21: Top M&A deals by value since 2009 Figure 22: Top merger deals by value since 2009 Figure 23: Most active M&A dealmakers Jan 2009- May 2014 Figure 24: Big pharma – top 50 – M&A deals 2009 to mid 2014 Figure 25: Big pharma M&A deal frequency - 2009 to mid 2014 Figure 26: Big biotech – top 50 – M&A deals 2009 to mid 2014 Figure 27: Big biotech M&A deal frequency - 2009 to mid 2014