European Biotech Industry A Perspective on the 3° Roadshow ... · european biotechnology at a glance The European biotech industry has developed rapidly over recent years Following

3° Roadshow del Nuovo Mercato

A Perspective on theEuropean Biotech Industry

3° Roadshow del Nuovo Mercato

A Perspective on theEuropean Biotech Industry

Sebastian Alexanderson, DirectorSG Cowen Healthcare Group

20 November, 2002

Sebastian Alexanderson, DirectorSG Cowen Healthcare Group

20 November, 2002SG Cowen

2 SG Cowen

THE SCOPE OF THIS PRESENTATION

� Overview of the Global and European Biotech Industry

� Health Care Venture Capital Market

� SG Cowen Biotech Credentials

SG Cowen

Overview of the Global and European BiotechIndustry

4 SG Cowen

INTRODUCTION

� Biotechnology usually refers to the use of natural processes to improvehealthcare, agriculture and the environment

� We are focusing on healthcare, and in particular the use of various technologiesto discover and develop new therapies and diagnostics for human diseases

� Until the early nineties, biotechnology typically referred to companies that utilisedeither rDNA and/or MAbs to produce novel therapeutic agents

� Today, a majority of biotechnology companies cannot be differentiated frompharmaceutical companies merely on the basis of the types of technologyemployed

� WHEN DO THE BIOTECH COMPANIES BECOME PHARMACEUTICALCOMPANIES?

5 SG Cowen

WHAT IS THE DIFFERENCE?

� Pharmaceutical companies use cash flow generated by sales of currently marketedproducts to discover and develop novel pharmaceuticals

� Typical biotechnology companies lack such cash flow and therefore use equityfinance to discover and develop new products

� Biotechnology companies become pharmaceutical companies once they havelaunched enough successful products onto global markets to generate sufficientcash flow for the market to value them principally by financial parameters ratherthan merely scientific (e.g. Amgen)

� Biotechnology and pharmaceutical companies will continue to co-exist in asymbiotic relationship

6 SG Cowen

SUB-SECTORS WITHIN BIOTECHNOLOGY

DRUG DEVELOPERS“Develop drugs by focusing ontherapeutic area or technologybase”

TOOLS FOR THE TRADE“Provide platform technology and/orinstrumentation for biotechnology/pharmaceutical companies”

GENOMICS & PROTEOMICS“Apply genomic and/or proteomictechnology directly to drugdiscovery”

AlexionAllos TherapeuticsAmgenAvironBiogenCephalonChironCorixaCV TherapeuticsDendreonGenentechGenzymeGenzyme Molecular OncologyGilead SciencesGliatechICOSImmunoGenMedImmuneMillennium PharmaceuticalsSCIOSTranskaryotic TherapiesTrimerisTularikVertex PharmaceuticalsVical

Axis-ShieldBiacoreCerepEVOTEC OAIFlamel TechnologiesLion BioscienceMorphosysPyrosequencingQiagenTepnel Life SciencesApplied BiosystemsArena PharmaceuticalsCharles River LaboratoriesIlluminaPharmacopeiaProtein Design LabsSequenomVariagenics

Bavarian NordicGPC BiotechOxford BiomedicaOxford GlycosciencesTransgeneApplied Molecular EvolutionCelera GenomicsExelixisGene Logic

ActelionAlizymeAmarin CorporationAntisomaBiosearch ItaliaBritish BiotechCambridge Antibody TechnologyCelltech GroupCrucellKaro BioKS BiomedixMedivirMedigeneNeuroSearchNicOxNovuspharmaProthericsSeronoSkyepharmaSR PharmaValentisVernalisXenovaZeltia

“Genomics”

7 SG Cowen

1/2 - 1 year

FILE

NDA

$$$

FILE

NDA

MARKET

MARKET

FDA

REVIEW

A

20022002

1 year

Obtaintoxicology& kineticdata

FILE

IND

30 days 1/2 - 1 year

Obtain humanpharmacokineticdata, safety data

Ascertain optimal doselevel, dosing regimen,route of administration,indication, establishappropriate endpointsfor phase III studies

Demonstratestatisticallysignificanteffect of drugand furthersafety

23% 31% 64%

1-2 years 1-2 years

$$

I II III

PRECLINICAL

FILE

IND

19901990

Drug Development

A R M

BIOTECHNOLOGY COMPANIES ARE TAKING DRUGS FURTHER19701970

1 2 3

Time

Probability of Approval

Discovery: 2-3 years

Drug Discovery

19801980

$

Leadoptimisation

Stage Targetidentification

Leadcompoundidentification

Targetvalidation

BIOTECH4

P H

8 SG Cowen

Biotech Products Approved or Likely to be Approved (1982-2004)

NEW PRODUCTS ARE COMING INTO THE MARKET

8 SG CowenSource: SG Cowen Research

9 SG Cowen

FUNDAMENTALLY SOUND BUSINESS MODEL

� Biotech drugs are:➤ High margin, patent protected➤ Cost effective vs. other healthcare➤ Targeted at an aging population

� Biotech companies are not:➤ Viewed in a negative light➤ At the mercy of patent expirations➤ Encumbered by size/growth constraints

Borrowing The Model, But Not The Baggage From Pharma

10SG

Cow

en

0 50

100

150

200

1995

1996

1997

1998

1999

2000

2001

2002

$ billions

14.210.4

9.99.79.7

8.88.68.28.28.08.07.97.97.87.77.6

7.27.27.17.17.06.9

6.46.4

5.85.24.9

4.43.8

0% 2% 4% 6% 8%10%12%14%16%

US

France

Canada

Australia

Iceland

Belgium

Austria

Finland

Sweden

New Zealand

Luxembourg

Ireland

Greece

Mexico

Korea

STATE OF TH

E IND

USTR

YN

umber of People in M

illions Aged 65+Society is W

illing to Pay for Healthcare

Pharmaceutical Sales w

ere $170 Billion in2000 and are G

rowing 10%

AnnuallyFD

A Mean Approval Tim

es

Source: World H

ealth Organisation

Source: PhRM

A

Germany

Switzerland

Netherlands

Portugal

Norway

Czech Republic

Italy

Spain

Japan

Hungary

UK

Denmark

Turkey

Poland

Healthcare Expenditures as a Percentage of G

DP

0

200

400

600

800

19982020

Developed C

ountryU

nder-developedTotal

0 5 10 15 20 25 30 35

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

Months

2001

11 SG Cowen

DRUG DEVELOPMENT IS A PROFITABLE ENTERPRISE

Turning profitableActelionAffymetrixEvotec OAIGileadPowderjectSangstat Medical

Already profitableAmgenApplied BiosystemsBiacoreBiogenCelltech GroupCephalonChironEnzonGenentechGenzymeIDECInvitrogenMedImmuneQiagenQLTSerono

Source: SG Cowen Research

Num

ber o

f Pro

fitab

le C

ompa

nies

6 7 811 12

17

13

912

16 1619

24

18

0

5

10

15

20

25

30

1996 1997 1998 1999 2000 2001 2002 YTD

Core Universe SG Cowen 100

12 SG Cowen

BIOTECHNOLOGY SALES POTENTIAL

1 Epogen Amgen $ 3,2002 Enbrel Amgen/WYE 2,9003 Aransesp Amgen 2,5004 PEG-Rebetron Schering Plough/Enzon 2,2005 Rituxan Genentech/IDEC 2,0006 Neupogen Eli Lilly/Icos 2,0007 Avonex Biogen 1,1008 Rebif Serono 1,1009 Synagis Medlmmune/Abbott 1,000

10 Provigil Cephalon 750Total $18,500

No. Drug Company 2005P Sales ($m)

Top New Drugs Based on 2005 Sales Potential

Source: SG Cowen Research

13 SG Cowen

BIOTECHNOLOGY IS GAINING MOMENTUM

� New products are coming into the market➤ Amgen’s Aranesp was the 131st biotech product to obtain FDA approval

� For profitable biotech companies, the average sales growth is approximately+24% and EPS growth around +23%

� Development pipeline remains full and well diversified➤ Approximately 800+ products in development including approximately 425 in

clinical development

� European publicly traded biotech companies have roughly 320 products indevelopment, including approximately 200 in clinical trials

14 SG Cowen

KEY FACTORS TO BUILD A SUSTAINABLE BIOTECH INDUSTRY

� World-class research culture and capabilities

� Talent pool of seasoned management willing to take risks

� Access to venture capital

� Well developed infrastructure and communication

� Network of experienced lawyers, bankers, accountants and consultants

� Access to public markets

15 SG Cowen

SIZE AND SCOPE OF THE INDUSTRY

Public Company Data Global U.S. Europe Canada Asia/ Pacif icRevenues ($m) 34,874 25,319 7,533 1,021 1,001 R&D expense ($m) 16,427 11,532 4,244 474 175 Net income ($m) (5,933) (4,799) (608) (507) (19) Number of employees 188,703 141,000 34,180 7,005 6,518 Number of companiesPublic companies 622 342 104 85 91 Private companies 3,662 1,115 1,775 331 441 Total 4,284 1,457 1,879 416 532

� Today the global biotech industry includes more than 4,000 companiesthroughout the U.S., Canada, Europe, Australia/New Zealand and Asia

� European companies represent 44% of the total, although just 17% of totalpublic companies

•Source: Ernst&Young•Data for financials largely represent data from 1 October 2000 through 30 September 2001

•Numbers may appear inconsistent because of roundings

16 SG Cowen

EUROPEAN BIOTECHNOLOGY AT A GLANCE

� The European biotech industry has developed rapidly over recent years

� Following a period of booming growth (2x companies in last five years) there isnow a necessary realignment

•Source: Ernst&Young•2000 data have been restated for comparability with 2001 data

•Market cap for 2000: 31/12/00•Market cap for 2001: 31/12/01•Numbers may appear inconsistent because of roundings

2001 2000 Change 2001 2000 ChangeFinancial ($m)Revenues 7,533 5,167 46% 13733 9872 39%R&D expenses 4,244 2,861 48% 7485 5524 35%Net Loss 608 379 60% 1522 1812 -16%Market Cap 50,739 79,787 -36% - - -

IndustryNumber of companies 104 107 -3% 1879 1734 8%Employees 34,180 25,964 32% 87182 67445 29%

Public companies Industry total

,

,

,,,

,,,

,

17 SG Cowen

EUROPEAN PUBLIC COMPANY BIOTECH PIPELINE REMAINS ROBUSTAND DIVERSIFIED

Stage of Development

Preclinical36%

Phase I29%

Phase II24%

Phase III11%

� In the European public biotechindustry, UK represents almost 50% oftotal products both in preclinical andclinical development

� Italian biotech products attain a 4%market share, taking into account allthe products in clinical development

Sour ce: SG Cowen on Er nst&Young data

18 SG Cowen

BIOTECH MARKETS CONTINUE TO BE HIGHLY VOLATILE

0

50

100

150

200

250

300

12/ 31/ 99 09/ 18/ 00 06/ 07/ 01 02/ 24/ 02 11/ 14/ 02

SG Cowen US Biotech SG Cowen European Biotech NASDAQ S&P 500

•Sep 11th 01

19 SG Cowen

IN A LONGER PERSPECTIVE, BIOTECH HAS OUTPERFORMED

0

200

400

600

800

1000

1200

1400

1600

1800

12/ 29/ 89 02/ 20/ 92 04/ 14/ 94 06/ 06/ 96 07/ 30/ 98 09/ 21/ 00 11/ 14/ 02

Global Biotech NASDAQ S&P 500

20 SG Cowen

BIOTECHNOLOGY FINANCINGS GO THROUGH CYCLES

Source: Ernst&Young, Bloomberg

190 217376 319

3,138

17524.5

417

0 45 49

2,603

723

15.3-

500

2,000

3,000

4,000

1996 1997 1998 1999 2000 2001 2002 YTD

European IPOs European Follow-Ons

21 SG Cowen

CASH IS KING FOR BIOTECH COMPANIES

Source: SG Cowen Research and Company reports

6,528

2,5722,4411,540

21,677

12,971

121 220 263790

4,900

1,49826.1 37.0 32.6

170.7

286.3

82.6

-

5,000

10,000

15,000

20,000

25,000

1996 1997 1998 1999 2000 2001

Tota

l Cas

h Ba

lanc

e U

S ($

MM

)

(10.0)

40.0

90.0

140.0

190.0

240.0

290.0

Aver

age

Cas

h/C

ompa

ny ($

MM

)

SG Cowen US UniverseSG Cowen EU UniverseAverage cash/company

SG Cowen

Health Care Venture Capital Market

23 SG Cowen

HEALTHCARE VENTURE CAPITAL MARKETOVERVIEW

� Healthcare private equity investing in Europe has been steady over the threequarters ended Q2 2002, averaging €364 million in 61 deals per quarter (Q3 2002data not yet available)

� Over that period, investments in biopharmaceutical companies have garnered thelion’s share of funds raised, averaging €288 million, or 79.1% of all capitalinvested in European healthcare

� In the US early Q3 2002 estimates show investment of $947 million, downsignificantly from $1.8 billion in Q2 2002 and $1.3 billion in the second quarter in2001

Source: Private Equity Analyst and Venture Capital JournalSource: Venture Economics/National Venture Capital Association

24 SG Cowen

� This reduced level of investment reflects the difficult situation in the public capitalmarkets with little liquidity and few exit options available

� European biopharmaceutical investment levels have been supported by spin-offsfrom big pharma, as evidenced by the successful financings of companies suchas Basilea (Hoffmann-La Roche), Biovitrum (Pharmacia), BioXell (Hoffmann-LaRoche) and Proskelia (Aventis)


HEALTHCARE VENTURE CAPITAL MARKET OVERVIEW

25 SG Cowen

REFLECTING DIFFICULT MARKET CONDITIONS, CASHDIRECTED TO PRIVATE EQUITY FUNDS HAS DIMINISHEDMARKEDLY...� Investors are exiting the market

� Some funds are returning capital

US Private Equity Market European Private Equity Market


$8$14

$23$30

$39

$61

$92$97 $100

$23

$8$11

$174

25

75

85

99

164

22

112

94

82

30

23

10

109

0

20

40

60

80

100

120

140

160

180

200

90 91 92 93 94 95 96 97 98 99 00 01 02YTD

US$

in b

illion

s

0

15

30

45

60

75

90

105

120

135

150

165

Num

ber o

f fun

ds

Total Commitments to US Private Equity FundsNew Entrants into Private Equity Fund Market

€4€8

€1€4 €5 €6 €7

€18

€26

€16

€34

€7

€73

78

12

102

301513596 5

16

52

171

0

10

20

30

40

50

60

70

80

90 91 92 93 94 95 96 97 98 99 00 01 02YTD

€ in

billi

ons

0

20

40

60

80

100

120

140

160

180

Num

ber o

f fun

ds

Total Commitments to US Private Equity FundsNew Entrants into Private Equity Fund Market

26 SG Cowen

€259

€480€443

€788

€397

€709

€659

€385€349 €358

66

99

73

105

69

8578

72

58 53

0

100

200

300

400

500

600

700

800

Q1:00 Q2:00 Q3:00 Q4:00 Q1:01 Q2:01 Q3:01 Q4:01 Q1:02 Q2:02

Amou

nt in

vest

ed (€

in m

illion

s)

0

20

40

60

80

100

120

Num

ber o

f fin

anci

al ro

unds

Investments in Healthcare Number of Venture Financing Rounds

VENTURE CAPITAL DISBURSEMENTS IN EUROPEANHEALTHCARE HAVE REMAINED RELATIVELY STEADY...(A)

Source: VentureOne Corporation/PriceWaterhouseCoopers(a) Healthcare includes biopharmaceuticals, healthcare services, medical devices and medical IS

27 SG Cowen

$m

$10m

$20m

$30m

$40m

$50m

$60m

$70m

$80m

$90m

$100m

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

Seed Round First Round Second Round Later Round Median for Health Care

…WHILE VALUATIONS CONTINUE TO DECLINE

Source: VentureOne

Median Pre-Money Valuation by Round Class

1998 1999 2000 2001 2002

28 SG Cowen

AMOUNT RAISED IN EUROPEAN HEALTHCARE BY INDUSTRYSEGMENT

Source: PriceWaterhouseCoopers MoneyTree Survey/VentureOne Corporation

Biopharmaceuticals Medical Devices

Medical Information Services Healthcare Services

172.7

339.1375.8

627.3

286.6

571.6 588.4

305.5 292.3266.1

0

100

200

300

400

500

600

700

Q1 '00 Q2 '00 Q3 '00 Q4 '00 Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2' 02

€ in

milli

ons

55.0

80.2

57.8

117.4

62.5

107.2

52.145.4 48.6

87.1

0.0

20.0

40.0

60.0

80.0

100.0

120.0

Q1 '00 Q2 '00 Q3 '00 Q4 '00 Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2' 02

€ in

milli

ons

28.6

45.6

4.8

31.8

39.5

22.1

13.3

19.7

7.54.1

0

5

10

15

20

25

30

35

40

45

50

Q1 '00 Q2 '00 Q3 '00 Q4 '00 Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2' 02

€ in

milli

ons

3.0

15.0

4.9

11.1

8.7 8.4

5.2

14.2

1.00.80.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Q1 '00 Q2 '00 Q3 '00 Q4 '00 Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2' 02

€ in

milli

ons

29 SG Cowen

IMPACT OF MARKET TURMOIL – WHERE DOES THAT LEAVEUS?

The Good News

� Ample capital still available for selected sectors, particularly in biotechnology andspecialty pharma

� Later stage situations with clear path to product and profitability, including bigpharma spin-offs are of particular interest; early stage situations are stillfinanceable but increasingly challenging

� Despite decreased commitments to private equity funds, healthcare investing inEurope has remained relatively stable over the first two quarters of 2002 and theright deals still generate investor excitement

30 SG Cowen

IMPACT OF MARKET TURMOIL – WHERE DOES THAT LEAVEUS?

The Bad News

� Investors taking much longer to make a decision; more extended due diligenceprocesses mean the average transaction can take as much as 6-12 months tocomplete

� Private equity firms are holding back capital for portfolio companies unable toaccess public/private markets; some are returning capital and others still areexiting the market completely

� This increased uncertainty creates a challenging valuation environment; downrounds are becoming increasingly common and investment terms increasinglyonerous as investors look for downside protection

� Companies have limited reliance on multiple expansion assumptions; investorsare applying massive discounts to revenue projections and looking to drasticallyreduce large cash burn rates

SG Cowen

SG Cowen Biotechnology Credentials

32 SG Cowen

Number of Healthcare Public Equity Offerings — 1997–31 August 2002(a)

LEADER IN EUROPEAN HEALTHCARE PUBLIC EQUITYOFFERINGS

SG Cowen is a leader inthe European healthcare

industry, with 54offerings from 1997 to 31

August 2002

(a) Full credit to each manager; ranked by number of issues. Includes IPOs, follow-ons, ADRs and convertiblesSource: Securities Data Co

48

39 38 37 36 36 36 3532

28 27 27 26 2624 22 21

54(b)

58

49

0

10

20

30

40

50

60

UBS

War

burg

Wes

tdeu

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bank

Giro

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Nom

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Inte

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SG C

owen

33 SG Cowen Includes global overallotment

SG COWEN EUROPEAN HEALTHCARE FINANCINGS

November 2000

€200,000,000Initial Public Offering

October 2001

$30,000,000Private Placement

May 2001

Follow-On Offering€80,000,000

August 2000


July 2000


July 2000

$96,600,000Initial Public Offering

June 2000

€55,580,000Convertible Offering

May 2000


June 2000

SEK1,000,000,000Initial Public Offering

June 2000

€49,000,000Convertible Offering

April 2000

CHF260,000,000Initial Public Offering

February 2000

$200,000,000High Yield Offering

November 1999


October 1999

$1,100,000,000Convertible Offering

March 1999


July 1998

$41,300,000Follow-On Equity

October 1997

$1,200,000,000Units Offering

February 1997

$481,600,000Follow-On Offering

August 1997


September 1999

€1,098,000,000Follow-On Offering

June 1998

FF6,790,000,000Initial Public Offering

July 1998

FF387,500,000Initial Public Offering

May 2000

£60,000,000Convertible Offering

November 1999


April 2002

£23,700,000Rights Offering

34 SG Cowen

SELECTED 2000-2002 SG COWEN HEALTHCARE FINANCINGS

January 2002

$175,000,000Convertible Offering

CHARLESRIVERLABORATORIES

April 2002

$33,900,000Rights Offering

Pending


Pending


Includes global overallotment

Pending


July 2002


July 2002

$38,800,000Private Placement

June 2002


June 2002


May 2002


May 2002


April 2002


April 2002


March 2002

$2,531,925,000Initial Public Offering

December 2001

$125,600,000Follow-on Offering

December 2001


December 2001


December 2001


December 2001


December 2001

$48,400,000PIPE Offering

December 2001


November 2001


November 2001


November 2001


November 2000


November 2000


December 2000


November 2000


November 2000

$ 400,000,000Follow-On Offering

November 2000


35 SG Cowen

December 2000

$1,632,000,000

Has been acquired byGenzyme General Division of

Genayne Corp

December 2000

$43,700,000

Has acquired Agritope, Inc

November 2000

$77,000,000

Has been acquired byAbgenix, Inc

September 2000

$53,200,000

Has sold all publicly tradedshares to Andrx Corp

y e

August 2000

$145,000,000

Has been acquired by WelchAllyn, Inc

August 2000

$105,900,000

Has been acquired by DuraPharmaceutical,

Inc

SpirosDevelopment

Corporation II, Inc.

July 2000

$708,000,000

Has merged with CreativeBiomolecules, Inc and

Reprogenesis, Inc

December 1999

Undisclosed

Has been acquired by GeminiHoldings plc

July 1999

$42,000,000

Has been acquired byThermedics, Inc

(a Thermo Electron company)

April 1999

$30,000,000

Has acquired EDiXCorporation

March 1999

$70,000,000

Sale of its pharmacy benefits-management division

March 1999

$197,000,000

Has been acquired byQuintiles Transnational Corp

February 1999

$115,000,000

Has been acquired byAlkermes, Inc

Advanced ResearchInhalation, Inc

January 1999

$4,200,000,000

Has been acquired byMedtronic, Inc

January 1999

$110,000,000

Has been acquired by GrupoCH-Werfen, SA

December 1998

$62,000,000

Has acquired World MedicalManufacturing Corporation

November 1998

$1,300,000,000

Has sold its diagnosticdivision to Bayer Group

November 1998

$40,000,000

Has been acquired byCatholic Healthcare West

EPMGEPMGOctober 1998

$50,000,000

Has acquired Reynolds andReynolds Company

Healthcare

September 1998

$40,000,000

Has sold Hassold HaustedIncorporated to Steris

Corporation

August 1998

$75,000,000

Has sold its non-US assets toIMS Health

June 1998

$375,000,000

Has acquired AcroMedCorporation

April 1998

$69,700,000

Has sold Puritan-BennettAero Systems to

BE Aerospace, Inc

ALLINCKRODTM

February 1998

$369,900,000

Has been acquired byRespironics, Inc

®

December 1997

$62,000,000

Has completed an assetexchange with National Data

Corp & Source Infomatics

November 1997

$195,000,000

Has acquired CareAmerica Health Plans Inc

October 1997

$37,500,000

Has sold Bear MedicalSystems to Thermo Elecron

July 1997

$235,000,000

Has been acquired by IonBearn Applications SA

July 1997

$14,000,000

Has acquired IntegrexSystems Corp

March 2001

Undisclosed

Sale toBoston Scientific Corp

November 1997

$4,800,000,000

Has acquired thepublicly traded shares of

Rhone Poulenc Rorer

December 2001

$450,000,000

Acquisition of Group Lafon

December 2001

$20,000,000

Sale to Cerner Corp

Healthcare Technologies

May 1997

$77,000,000

Has acquired NeoCardia, LLC

SG COWEN SELECTED HEALTHCARE M&A TRANSACTIONS1997–2002

Terminated

$933,654,000

Has acquired ReliantPharmaceuticals LLC

August 2001

$200,000,000

Strategic Alliance with EliLilly & Co

June 2002

$28,000,000

Has been acquired by QiagenNV

June 2002

Undisclosed

Has acquiredCytomation, Inc

Pending

$260,700,000

Merger with Versicor Inc

Pending

$370,000,000

Acquisition of the Abelcetproduct and other assets from

Elan Corp, plc

Pending

$31,211,000

Sale to Inverness MedicalInnovations, Inc

May 2002

$119,000,000

Pending acquisition of LaserVision Centers, Inc

36 SG Cowen

SG COWEN DOMINATES ITALIAN BIOTECH/EMERGINGPHARMA

� SG Cowen has advised on the only Italian public biotech M&A transaction todate, as well as directed the only two biotech initial public offerings on the NuovoMercato

$260,700,000

merger withVersicor Inc.

Pending

Financial advisor to Biosearch Italia

Init ial PublicOffering

November 2000

Joint Global Coordinator and Bookrunner

Init ial PublicOffering

July 2000

Joint Lead Coordinator

€200,000,000 €160,650,000

European Biotech Industry A Perspective on the 3° Roadshow ... · european biotechnology at a glance The European biotech industry has developed rapidly over recent years Following

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