FCP OP MEDICAL BioHealth Trends FCP OP ... - Sal. Oppenheim
FCP OP MEDICAL BioHealth Trends FCP OP ... - Sal. Oppenheim
FCP OP MEDICAL BioHealth Trends FCP OP ... - Sal. Oppenheim
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STOCKPICKING AND PORTFOLIO STRUCTURE<br />
Corporate takeovers (2011/2012)<br />
STOCKS SELECTED FOR THE PORTFOLIO OF <strong>FCP</strong> <strong>OP</strong> <strong>MEDICAL</strong> <strong>BioHealth</strong>-<strong>Trends</strong><br />
Over taken From Sector<br />
Price in mil mil. Premium<br />
USD<br />
in %<br />
<strong>Sal</strong>es-Multiple<br />
Cypress Ramius EmPharma 255 160% 7.5-times<br />
Genzyme Sanofi Biotech 20 20.100 100 50% 45times 4.5-times<br />
Prostrakan Kyowa Hakko EmPharma 470 21% 3-times<br />
Celera Quest Biotech 671 28% 5.2-times<br />
Chemgenex Cephalon Biotech 231 59% na<br />
Orthovita Stryker Medtech 305 41% 3.2- times<br />
Adolor Cubist EmPharm 190-415 121-355%* 4.4-times**<br />
Micromet Amgen Biotech 1160 33% na<br />
Oridion Covidien Medtech 300 72% 4.3-times<br />
Human Genome<br />
Sciences<br />
Biotech GSK 2600 81%*** 14-times<br />
Ardea EmPharma AstraZeneca 1260 54% NA<br />
Source: Medical Strategy GmbH, Gräfelfing near Munich As of: April 2012<br />
*Cash 4.25 USD, plus up to 4.50 USD in case predefined milestones are reached / ** Based on Cash-Payment<br />
06/30/2012| Page 24 <strong>Oppenheim</strong> Asset Management Services S.à r.l.
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