Scorecard: Top M&A deals 2010

The M&A scorecard lists the top deals of 2010 based on published headline value in US dollars.

M&A deal scorecard - top 25 - 2010 - deals valued at over $500

Last updated: 28 July, 2010

Rank	Partners	Date	Value, US$m
1	Merck KgaA - Millipore	Feb '10	$7,000
2	Teva - Ratiopharm	Mar '10	$4,925
3	OSI - Astellas	May '10	$4,000
4	Reckitt - SSL	Jul '10	$3,900
5	Abbott - Piramal	May '10	$3,700
6	Grifols - Talecris	Jun '10	$3,400
7	Biovail - Valeant	Jun '10	$3,300
8	Celgene - Abraxis	Jun '10	$2,900
9	Covidien - ev3	Jun '10	$2,600
10	Wuxi - Charles River	Apr '10	$1,600
11	Aspen - Sigma	May '10	$1,240
12	Inventiv - Thomas H Lee	May '10	$1,100
13	Boehringer Ing. - SSP	Feb '10	$913
14	Perrigo - PBM Holdings	Mar '10	$808
15	Abbott - Facet	Mar '10	$722
16	Phase Forward - Oracle	Apr '10	$685
17	Cephalon - Mepha	Feb '10	$615
18	Sanofi-Aventis - TargeGen	Jun '10	$560
19	Mylan - Bioniche	Jul '10	$550

Source: CurrentPartnering, 2010

M&A scorecard in detail

1. Merck KgaA - Millipore

February 2010 - headline value: $7,200m

Definitive agreement under which Merck KGaA will acquire all outstanding shares of common stock of Millipore, for US$ 107 per share in cash, or a total transaction value, including net debt, of approximately € 5.3 billion (US$ 7.2 billion). The transaction was approved by the boards of directors of both companies. Millipore and Merck will create a € 2.1 billion (US$ 2.9 billion) world-class partner for the Life Science sector, achieving significant scale in high-margin specialty products with an attractive growth profile. Read our own article on the Merck/Millipore deal here

2. Teva - Ratiopharm

March 2010 - headline value: $4,925m

Definitive agreement to acquire ratiopharm, Germany's second largest generics producer and the sixth largest generic drug company worldwide, for an enterprise value of $3.625 billion. The transaction is subject to certain conditions including relevant regulatory approvals. On a pro forma basis, the combined company would have had 2009 revenues of $16.2 billion. Teva expects to complete the transaction by year-end 2010. Read our own update on the Teva/RatioPharm deal

3. OSI - Astellas

May 2010 - acquisition - headline value: $4,000m

Astellas Pharma, Japan's no. 2 drugmaker buys U.S. biotech OSI Pharmaceuticals for $4 billion in cash, in a sweetened bid that will add OSI's blockbuster cancer drug Tarceva to its line-up.

Astellas will pay $57.50 per OSI share, 11 percent more than a previously proposed $52. The new price represents a 55 percent premium to OSI's last closing price before Astellas launched its hostile bid on March 1. Read our own view on the Astellas acquisition

4. Reckitt Benckiser - SSL

July 2010 - acquisition - headline value: $3,900m

Reckitt’s offer is worth 1,171 pence a share, 33 percent more than SSL’s closing price yesterday. SSL rose 33 percent in London trading, the most ever. Reckitt, the maker of Cillit Bang cleaners and Nurofen painkillers, gained 3.5 percent.

Reckitt is paying about 18 times SSL’s earnings before interest, taxes, depreciation and amortization, according to Bloomberg data. The maker of Veet hair remover paid almost 30 times Ebitda for the $2.3 billion purchase of Adams Respiratory Therapeutics Inc. in 2008, its last major acquisition. Read our own view on the Reckitts acquisition

5. Abbott Laboratories - Piramal Healthcare

May 2010 - asset purchase - headline value: $3,720m

Abbott Laboratories announce the $3.7bn acquisition of the generic drugs unit of Indian conglomerate Piramal, in a move which significantly increases the U.S. group's emerging market presence.

Piramal will receive $2.1bn in cash up-front and $1.6bn over the next four years whilst underlining group's growing interest in getting a foothold in one of the world's fastest growing pharmaceutical markets. Read our own article on Abbott and Piramal

6. Grifols - Talecris

June 2010 - acquisition - headline value: $3,400m

Definitive agreement through which Grifols will acquire Talecris for a combination of cash and newly-issued Grifols non-voting shares having an aggregate value today of approximately $3.4 billion (€2.8 billion), creating a global leader of life-saving and life enhancing plasma protein therapeutics. Read our own take on the buy-out

7. Biovail - Valeant

June, 2010 - reverse merger - headline value: $3,300m

The deal will take advantage of tax breaks and other savings to create a company that retains the Valeant name and is run by Valeant's existing chief executive, Michael Pearson.

Shareholders of Biovail, Canada's largest publicly owned company, will own 50.5 percent of the new firm. Valeant shareholders will own 49.5 percent.

The deal will create a company with cash flow of some $900 millin and a focus on products for central nervous system disorders and dermatology.

The merger creates an entity that will tap the market for neurological drugs for ailments that affect an aging population, like Alzheimer's and Parkinson's. Read our own report on the Biovail/Valeant reverse merger

8. Celgene - Abraxis

June 2010 - acquisition - headline value: $2,900m

Celgene Corp., the maker of blood cancer drugs, agreed to buy Abraxis BioScience Inc. for $2.9 billion in cash and stock to acquire a solid-tumor medicine.

The acquisition values Los Angeles-based Abraxis at $71.93 per share. That calculation excludes the value of tradable rights that Abraxis shareholders will receive.

Celgene, which markets the best-selling pill Revlimid, will gain the drug Abraxane, approved by U.S. regulators for treating metastatic breast cancer. The medicine brought in $315 million in sales last year, 88 percent of Abraxis’s revenue, and is in testing for lung and pancreatic tumors. Celgene has been making acquisitions to expand in oncology, and Abraxane enables it to broaden from hematology treatments into solid tumours. Read our own article on the Celgene acquisition

9. Covidien - ev3

June 2010 - acquisition - headline value: $2,600m

Definitive merger agreement under which Covidien will acquire all of the outstanding shares of ev3 Inc. for $22.50 per share in cash, for a total of $2.6 billion, net of cash acquired. This transaction further accelerates Covidien's strategy of building a world-class vascular platform addressing high-growth markets and positions Covidien to become a leading endovascular player, with strong positions in both the peripheral vascular and neurovascular markets. Read our own article on the Covidien and ev3 merger

10. Wuxi Pharmatech - Charles River

April 2010 - acquisition - headline value: $1,600m

Definitive agreement under which Charles River and WuXi will combine in a cash and stock transaction valued at approximately $1.6 billion.

The combined company, which will retain the name Charles River, will offer an expanded portfolio of products and outsourced services to multinational pharmaceutical, biotechnology and medical device companies and academic and government institutions who increasingly seek the flexibility to access high quality, early-stage drug development expertise from chemistry to man from one global company. Read our own article on the Charles River acquisition

11. Aspen - Sigma

May 2010 - offer - $1.24bn

Aspen Pharmacare Holdings Ltd., Africa's largest drug company have offered to buy Sigma Pharmaceuticals ltd. for for A$1.49bn ($1.24bn) in cash and assumed debt to expand in Australia.

Aspen will offer A$0.60 for each of Sigma's outstanding 1.18 billion shares and assume net debt of A$785 million. Sigma lost more than half its value after reporting a full-year loss of A$389 million in March because of goodwill writedowns. Read our own article on the Sigma/Aspen deal

12. Inventiv - Thomas H Lee

May 2010 - acquisition - headline value: $1,100m

Definitive agreement to be acquired by Thomas H. Lee Partners, L.P. (THL), a leading private equity firm, for approximately $1.1 billion.

Under the terms of the agreement, which has been approved by inVentiv’s board of directors, inVentiv shareholders will receive $26.00 in cash for each share of VTIV common stock they hold, representing a 52% premium over the $17.15 closing stock price on March 25, 2010, the day before inVentiv announced that it had been approached by financial investors regarding a potential transaction and had formed a special committee to engage financial advisors and evaluate possible courses of action. Read our own article on InVentiv and Thomas H Lee Partners

13. Boehringer Ingelheim - SSP

February 2010 - Acquisition - headline value: $913m

Boehringer, which owns 60 percent of SSP, will offer 710 yen a share for the rest, the companies said in a statement today. That’s 34 percent higher than the closing price of 530 yen yesterday. The drugmaker, which generates more than 80 percent of revenue in Japan, sells the painkiller Eve and constipation medicine Detofiber. Read our own article on this Boehringer/SSP deal

14. Perrigo - PBM Holdings

March 2010 - headline value: US$808

Definitive merger agreement to acquire PBM Holdings, Inc. (PBM), the leading store-brand infant formula manufacturer, for approximately $808 million in cash. Based in Gordonsville, Virginia, privately-held PBM manufactures and distributes over-the-counter (OTC) store brand infant formula and baby foods sold by leading retailers in the mass, club, grocery and drug channels in the United States, Canada, Mexico and China. The acquisition is expected to close in the Company's fiscal 2010 fourth quarter pending regulatory approval. Read our own article on the Perrigo/PBM acquisition

15. Abbott - Facet

March 2010 - headline value: $722m

Definitive agreement for Abbott to acquire Facet, enhancing Abbott's early- and mid-stage pharmaceutical pipeline. Abbott will acquire Facet for $27 per share in cash for a net transaction value of approximately $450 million, which includes a purchase price of approximately $722 million less Facet's projected cash and marketable securities at closing of approximately $272 million. Read our own article on the acquisition of Facet

16. Phase Forward - Oracle

April 2010 - acquisition - headline value: $685m

Phase Forward announced that it has agreed to be acquired by Oracle for $17.00 per share in cash, representing a valuation of approximately $685 million. The transaction is subject to stockholder and regulatory approval and other customary closing conditions and is expected to close in mid-2010. Read our own article on the Oracle acquisition

17. Cephalon - Mepha

February 2010 - acquisition - headline value $865m

Agreement to acquire Mepha AG and its subsidiaries, a profitable, privately-held, Swiss-based pharmaceutical company. Mepha has specific expertise in innovative dosage formulations and markets both generic and branded generic products. The acquisition diversifies the company's business mix, doubles the size of its international business, and provides an attractive platform to launch current and future products in new, developed and emerging markets. Read our own article on the Cephalon/Mepha acquisition

18. Sanofi-Aventis - TargeGen

June 2010 - acquisition - estimated headline value: $560m

Under the terms of the agreement, sanofi-aventis will make an upfront payment of $75 million upon closing of the transaction. Further milestones payments will occur at different stages of development of TargeGen lead product TG 101348. The total amount of all payments, including the upfront payment, could reach $560 million. The closing of the transaction is expected to occur in the 3rd quarter of 2010 and is subject to customary consent conditions. Read our own article on the Sanofi-Aventis/TargeGen acquisition...

19. Mylan Inc. - Bioniche Pharma

July 2010 - acquisition - headline value: $550m

Generic drugmaker Mylan Inc (MYL.O) said it plans to acquire privately held Bioniche Pharma Holdings Limited for $550 million in cash, to get an access to the North American injectables market.

Mylan said it expects the deal to close in 60 days and add to its earnings in the first year, without accounting for any operational or other synergies.

Mylan will not assume any of Bioniche's outstanding debt or acquire its cash, the company said in a statement. Read our own article on the Mylan acquisition here