Scorecard: Top 20 M&A deals since 2000

The M&A scorecard lists the top M&A deals since 2000 based on published headline value in US dollars.

M&A deal scorecard - top deals since 2000

Last updated: June 2010

Rank	Partners	Date	Value, US$m
1	Pfizer - Warner Lambert	Feb '00	$90,000
2	Pfizer - Wyeth	Jan '09	$68,000
3	Sanofi - Aventis	Apr '04	$65,000
4	Pfizer - Pharmacia	Jul '02	$60,000
5	P&G - Gillette	Jan '05	$57,000
6	Roche - Genentech	Jul '08	$46,800
7	Merck - Schering-Plough	Mar '09	$41,000
8	Boston Sci. - Guidant	Dec '05	$27,000
9	Bayer - Schering AG	Mar '06	$21,500
10	Dow - Rohm & Haas	Jul '08	$18,800
11	J&J - Warner Lambert	Jun '06	$16,600
12	AstraZeneca - MedImmune	Apr '07	$15,600
13	Amgen - Immunex	Dec '01	$14,800
14	Schering-Plough - Organon	Mar '07	$14,500
15	Merck KgaA - Serono	Sep '06	$13,300
16	Novartis - Alcan	Apr '08	$11,000
17	Fisher Sci. - Thermo Elec.	May '06	$10,600
18	J&J - Alza	Mar '01	$10,500
19	General Elec. - Amersham	Oct '03	$9,500
20	Takeda - Millennium	Apr '08	$8,800

Source: CurrentPartnering, 2010

M&A scorecard in detail

1. Pfizer - Warner Lambert

February 2000 - Acquisition - Headline value: $90,000m

Purchase of Warner Lambert in a share transaction.

2. Pfizer - Wyeth

January 2009 - Acquisition - Headline value: $68,000m

Pfizer and Wyeth have entered into a definitive merger agreement under which Pfizer will acquire Wyeth in a cash-and-stock transaction currently valued at $50.19 per share, or a total of approximately $68 billion.

3. Sanofi - Aventis

April 2004 - Acquisition - Headline value: $65,000m

Agreement Between Sanofi-Synthelabo and Aventis to create Sanofi-Aventis. The offer was approved on April 25, 2004 by the Management Board and by the Supervisory Board of Aventis, which recommends that Aventis shareholders tender their shares into Sanofi-Synthelabo's offer.

4. Pfizer - Pharmacia

July 2002 - Acquisition - Headline value: $60,000m

Pfizer and Pharmacia have signed a definitive agreement providing for Pfizer to acquire Pharmacia in a stock-for-stock transaction valued at $60 billion, expanding the company's core strengths in pharmaceuticals and health care.

5. P&G - Gillette

January 2005 - Acquisition - Headline value: $57,000m

Procter & Gamble has signed a deal to acquire 100% of Gillette. The transaction is valued at approximately $57 billion (USD) making it the largest acquisition in P&G history.

6. Roche - Genentech

July 2008 - Acquisition - Headline value: $43,700m

Roche has proposed to acquire the outstanding publicly held interest in Genentech (NYSE: DNA), a leading biotechnology company, for US$89.00 per share in cash, or a total payment of approximately US$43.7 billion to equity holders of Genentech other than Roche. Roche acquired a majority in Genentech in 1990 and currently owns 55.9% of all outstanding shares.

7. Merck - Schering-Plough

March 2009 - Merger - Headline value: $41,000m

Definitive merger agreement under which Merck and Schering-Plough will combine, under the name Merck, in a stock and cash transaction. Under the terms of the agreement, Schering-Plough shareholders will receive 0.5767 shares and $10.50 in cash for each share of Schering-Plough. Each Merck share will automatically become a share of the combined company. Merck Chairman, President and Chief Executive Officer Richard T. Clark will lead the combined company.

8. Boston Scientific - Guidant

December 2005 - Acquisition - Headline value: $27,000m

Boston Scientific is to acquire all the outstanding shares of Guidant for a combination of cash and stock worth $72 per Guidant share. Under the Boston Scientific proposal, each share of Guidant common stock will be exchanged for $36 in cash and a fixed number of shares of Boston Scientific common stock having a value of $36 on or about the date that a definitive merger agreement between Boston Scientific and Guidant is signed.

9. Bayer - Schering AG

March 2006 - Acquisition - Headline value: $21,500m

Bayer acquires Schering AG in a cash transaction.

10. Dow - Rohm & Haas

July 2008 - Acquisition - Headline value: $18,800

Dow will acquire all outstanding shares of Rohm and Haas common stock for $78 per share in cash. The acquisition of Rohm and Haas will make Dow the world’s leading specialty chemicals and advanced materials company, combining the two organizations’ best-in-class technologies, broad geographic reach and strong industry channels to create an outstanding business portfolio with significant growth opportunities.

11. J&J - Warner Lambert

June 2006 - Acquisition-asset - Headline value: $16,600m

Johnson & Johnson announced the closing of its acquisition of Pfizer Consumer Healthcare for $16.6 billion in cash.

12. AstraZeneca - MedImmune

April 2007 - Acquisition - Headline value: $15,600m

AstraZeneca has entered into a definitive agreement to acquire MedImmune, in an all-cash transaction.

Under the terms of the agreement, which has unanimous MedImmune Board support, AstraZeneca will acquire all of the fully diluted shares of MedImmune common stock at a price of $58 per share, for a total consideration of approximately $15.6 billion (including approximately $340m net cash).

13. Amgen - Immunex

December 2001 - Acquisition - Headline value: $14,800m

Amgen and Immunex have signed a definitive agreement providing for Amgen to acquire Immunex for $16 billion in stock and net cash. Under the terms of the agreement, each share of Immunex common stock will be exchanged for a fixed-ratio of 0.44 shares of Amgen common stock, and cash of $4.50, or a total of 85% in stock and 15% in cash.

14. Schering-Plough - Organon

March 2007 - Acquisition - Headline value: $14,500m

Akzo Nobel announced that it received an offer for the purchase of its wholly owned subsidiary Organon BioSciences NV from Schering-Plough for EUR 11 billion in cash.

15. Merck KgaA - Serono

September 2006 - Acquisition - Headline value: $13,300m

Merck KGaA has entered into an agreement with the Bertarelli Family, which owns the majority stake of Serono SA, to purchase their Serono shares to create a strategically compelling combination with the size to compete in the global pharmaceutical market.

The offer price represents a 20% premium to the share price as of September 20, 2006, and a total equity value of CHF 16.6 billion (approximately EUR 10.6 billion) on a fully diluted basis.

16. Novartis - Alcan

April 2008 - Acquisition - Headline value: $11,000m

Once consummated, Novartis would own a minority stake in Alcon of approximately 25 percent of Alcon’s outstanding shares, while Nestlé would remain Alcon’s majority shareholder with approximately 52 percent of Alcon’s outstanding shares.

Nestlé and Novartis also announced that the agreement contains put and call option rights on the remaining Alcon shares owned by Nestlé, which commence on January 1, 2010 and expire on July 31, 2011. As outlined by the two parties, these rights grant (i) Novartis a call option to buy Nestlé’s remaining Alcon shares at a fixed price of $181 per share and (ii) Nestlé a put option to sell its remaining Alcon shares to Novartis at the lower of Novartis’s call price of $181 per share or at a 20.5 percent premium above the market price of Alcon shares, which will be calculated as the average price of Alcon shares during the week preceding the exercise date of the put option.

The agreement also provides for the expansion of the Alcon board of directors from eight to ten members, with one of the additional members designated by Nestlé and one designated by Novartis. The nominees for these additional board seats are James Singh, who is currently Nestlé’s executive vice president and chief financial officer, and Daniel Vasella, M.D., who is chairman and chief executive officer of Novartis. Shareholders will vote on whether to expand the Alcon board and to elect these nominees at Alcon’s upcoming Annual General Meeting which will be held on May 6, 2008, in Zug, Switzerland. Alcon distributed proxy materials to its shareholders on April 2, 2008, and it will distribute a new proxy form to shareholders incorporating these additional items.

17. Fisher Scientific - Thermo Electron

May 2006 - Merger - Headline value: $10,600m

Thermo Electron and Fisher Scientific have unanimously approved a definitive agreement to combine the two companies in a tax-free, stock-for-stock exchange.

Under the terms of the agreement, Fisher shareholders will receive 2.00 shares of Thermo common stock for each share of Fisher common stock they own. Based on Thermo's closing price of $39.45 per share on May 5, 2006, this represents a value of $78.90 per Fisher share, or an aggregate equity value of $10.6 billion, not including net debt of $2.2 billion. Upon completion of the transaction, Thermo’s shareholders would own approximately 39 percent of the combined company, and Fisher shareholders would own approximately 61 percent. The transaction will be treated as a reverse merger with Thermo as the acquirer.

18. J&J - Alza

March 2001 - Acquisition - Headline value: $10,500m

Johnson & Johnson and ALZA have entered into a merger agreement under which Johnson & Johnson will merge with ALZA in a stock-for-stock exchange.

The transaction has an estimated net equity value of $10.5 billion, as of the close of business on March 26, 2001, based upon ALZA's approximately 295 million fully diluted shares outstanding. ALZA shareholders will receive a fixed exchange ratio of .49 shares of Johnson & Johnson common stock for each share of ALZA in a tax-free transaction. Johnson & Johnson intends to account for the transaction as a pooling of interests.

19. General Electric - Amersham

October 2003 - Acquisition - Headline value: $9,500m

General Electric and Amersham have reached agreement on the terms of an all-stock transaction whereby GE will acquire all the outstanding shares of Amersham, a world leader in diagnostic imaging agents and life sciences.

The terms of the transaction value each Amersham share at 800 pence and the diluted share capital of Amersham at approximately GBP5.7 billion ($9.5 billion).

20. Takeda - Millennium

April 2008 - Acquisition - Headline value: $8,800m

Definitive agreement pursuant to which Takeda will acquire Millennium for approximately $8.8 billion through a cash tender offer of $25.00 per share. The transaction was unanimously approved by the Boards of Directors of both companies. Upon completion of the acquisition, Millennium will become a wholly-owned subsidiary of Takeda Pharmaceutical Company Limited, and will continue operations in Cambridge, Massachusetts, as a standalone business unit. Millennium will be known as Millennium Pharmaceuticals, Inc., a Takeda Company.