Teva Pharmaceutical Industries

:

Cephalon (Bid No 2)

Dealogic Deal #  :

743121

Data as of :

5/2/2011

Target

Acquiror

Dates & Values

Cephalon (Bid No 2)

Teva Pharmaceutical Industries

Target:

100

% stake

Buying:

100

% stake

Rumored

-

Deal Value $m

6,767.9

NS

CEPH

81

m shares outstanding

Public (Listed)

Announced

2nd May 2011

Value ex Debt $m

6,767.9

United States

Israel

Healthcare

Healthcare

Expected

4Q 2011

Consideration

Deutsche Bank | Advisor

Credit Suisse | Advisor

Completed

-

BOA Merrill Lynch | Advisor

Kirkland & Ellis | Attorney

Skadden Arps | Attorney

Withdrawn

-

Termination Fee, Target $m

tbd

Termination Fee, Acquiror $m

tbd

Financials

31st Dec 2010

Balance Sheet

Debt/Equity:

0.9

Timeline Events

Premiums & Multiples

Initial Offer

$81.50

Current Offer

$81.50

Income Statement

Cash Flows

Operations $m

782

Profitability

Profit Margin

27%

Return on Equity

16%

League Table Impact

Sector Trend

2011 YTD Announced Global M&A by Deal Value, $bn

Monthly Announced Global M&A, $bn:

Healthcare

1

JPMorgan

261.1

2

Goldman Sachs

254.2

3

Morgan Stanley

225.1

4

Credit Suisse

217.2

5

BOA Merrill Lynch

181.7

6

Citi

167.4

7

Deutsche Bank

162.1

8

Barclays Capital

147.3

9

Lazard

135.7

10

UBS

124.3

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