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January 20, 2014

Top 25 M&A Deals of 2013

Find out which big fish were devoured by larger ones last year.

Top 25 M&A Deals of 2013

Most 2013 deals involved big biotechs, and even several big pharmas, snapping up smaller biopharmas. [© Yuri Arcurs - Fotolia.com]

  • #20. MAP Pharmaceuticals

    Acquired by: Allergan

    Price: About $958 million

    Deal Status: Completed March 1

    Premium: 60% above closing stock price of $15.58 on January 22, 2013, based on a deal price of $25 per share

  • #19. Aragon Pharmaceuticals

    Acquired by: Johnson & Johnson

    Price: Up to $1 billion5

    Deal Status: Completed August 196

    Premium: N/A

  • #18. Gentium

    Acquired by: Jazz Pharmaceuticals

    Price: About $1 billion

    Deal Status: Announced December 20; deal expected to close in the first quarter of 2014.

    Premium: 2.4% premium over Gentium’s December 16 closing price for its American Depository Receipts, based on deal price of $57 per share

  • #17. GlaxoSmithKline Pharmaceuticals Ltd. (India pharmaceuticals subsidiary)

    Acquired by: GlaxoSmithKline

    Price: $1.028 billion (Rs. 64 billion)

    Deal Status: Announced December 16. Offing period expected to begin in February 2014; no projected closing date furnished.

    Premium: 26% premium above the company’s closing share price on the National Stock Exchange of India (NSE) on December 13, 2013, and a 19% appreciation over the previous 12 months, based on deal price of Rs. 3,100 per share. The deal will enable GSK to raise its stake in the publicly listed Indian pharmaceuticals subsidiary from 50.7% to 75%.

  • #16. Pearl Therapeutics

    Acquired by: AstraZeneca

    Price: Up to $1.15 billion7

    Deal Status: Completed June 27

    Premium: N/A

  • #15. PRA International<sup>8</sup>

    Acquired by: KKR

    Price: More than $1.3 billion8

    Deal Status: Completed September 25

    Premium: N/A

  • #13 (tie). Paladin Labs

    Acquired by: Endo Health Solutions

    Price: About $1.6 billion

    Deal Status: Announced November 5. On December 17, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was terminated by the U.S. Federal Trade Commission; on December 18, the Canadian Competition Bureau issued a no-action letter, which constitutes Canadian Competition Act compliance for the deal, expected to close in the first half of 2014.

    Premium: 20% premium to Paladin Labs' share price of C$63.91 (about $60) as of November 4, 2013, based on deal price of C$77 (about $72) per share

  • #13 (tie). Ikaria

    Acquired by: Madison Dearborn Partners

    Price: About $1.6 billion9

    Deal Status: Announced December 24 by Ikaria and leader of its selling investor group, New Mountain Capital. In addition to New Mountain, the group includes Arch Venture Partners, Venrock, and 5AM Ventures, which created the company in 2007 in an roughly $670 million cash-and-stock merger of INO Therapeutics and Ikaria Inc. Deal expected to close during first quarter of 2014.

    Premium: N/A

  • #12. Novartis (blood transfusion diagnostics unit)

    Acquired by: Grifols

    Price: $1.675 billion

    Deal Status: Announced November 11; deal expected to be completed in first half of 2014.

    Premium: About three times 2012 net sales of $565 million

  • #11. Agila (injectables business of Strides Arcolab Ltd.)

    Acquired by: Mylan

    Price: Up to $1.75 billion10

    Deal Status: Completed December 411

    Premium: N/A

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