Forma Therapeutics Announces $200 mn Collaboration Deal with Novartis
Filed under: Americas, Biotech, Capital Markets, Europe, Finance, JVs, M&A, Pharma
CAMBRIDGE, Mass. Jan 12, 2009 — FORMA Therapeutics announced today that it has entered into a license and option agreement through the Novartis Option Fund. Under the terms of the agreement, FORMA will leverage its transformative biology and chemistry platform to develop inhibitors for an undisclosed protein-protein interaction target in the field of oncology. The agreement includes an upfront fee and potential milestones totaling over $200 million as well as royalties.
“Protein-protein interactions represent important target opportunities in the field of oncology drug discovery, but have been highly elusive to date,” stated Reinhard Ambros, Head of the Novartis Venture Funds. “Novartis is very excited to be collaborating with FORMA to access their biology and chemistry expertise and powerful discovery tools to unlock this challenging target class.” Read more
IBM to Acquire ILOG
Filed under: Americas, Computing, Data Management, Europe, Finance, Internet, M&A, Software, Technology
ARMONK, NY & PARIS - 28 Jul 2008: IBM (NYSE: IBM) and ILOG (NASDAQ: ILOG; Euronext: ILO, ISIN: FR0004042364) today announced they have signed an agreement regarding a proposed acquisition by IBM of ILOG to be implemented by way of concurrent cash public tender offers in both France and the United States. Through this proposed transaction, IBM will combine its business process management (BPM), business optimization, and service oriented architecture (SOA) technologies with ILOG’s Business Rules Management Systems software. This will enable IBM to help clients deliver critical business information in real-time, allowing them to make better business decisions faster.
The cash tender offer will be at a price of €10 per ordinary share and the U.S. dollar equivalent per American Depositary Share (“ADS”) based on the Euro/U.S. dollar exchange rate as of the settlement of the tender offers, amounting to an aggregate purchase price of approximately €215 million or approximately $US340 million on a fully diluted basis. This price represents a premium of approximately 56 percent compared to ILOG’s one month average of closing share prices prior to July 28, 2008, and a 37 percent premium to the closing price of Friday, July 25.
ILOG’s board of directors has approved the transaction between the two companies and, subject to the receipt of a satisfactory fairness opinion regarding the financial terms of the offer, is expected to give a final recommendation prior to September 15, following which the offer should be filed with the French stock exchange authority (AMF).
IBM has received commitments from certain shareholders to tender their shares to the contemplated offer, which represent approximately 10 percent of ILOG’s issued share capital.
The public tender offers will be conditional upon U.S. and EU antitrust clearances and a 66.67 percent share capital and voting rights minimum tender acceptance condition (on a fully diluted basis). The offer in France will only be opened for acceptances once the AMF and the French Ministry of Economy have granted their respective clearances.
The full text of the Memorandum of Understanding (MOU) between the two companies will be filed with the SEC today as an exhibit to ILOG’s Report of Foreign Private Issuer on Form 6-K. A summary in French of the MOU can be found on ILOG’s website (http://www.ilog.com).
When completed, the acquisition of ILOG will strengthen IBM’s BPM and SOA position by providing customers a full set of rule management tools for complete information and application lifecycle management across a comprehensive platform including IBM’s leading WebSphere application development and management platform.
BPM allows companies to model, automate, monitor, and redesign business processes, such as opening a bank account, documenting a medical record, or customizing an insurance policy. It enables companies to improve customers’ service and increase efficiency, automation and accuracy. Using BPM, companies can examine tasks within an organization – particularly those done manually or involving significant document processing – and apply BPM to automate or streamline them. Such processes are becoming increasingly critical as business operations become more complex and information volumes grow at phenomenal rates. Building on IBM’s existing capabilities, ILOG will help customers manage change and complexity in their business processes by providing powerful, yet easy-to-use business tools.
For example, a business rule might be applied to elevate a premier customer to the front of a phone queue as part of a customer service process. ILOG’s Business Rule Management System provides users with tools that allow greater control over the criteria that determine how and when to route those premier customers. As such, businesses can accelerate the process of initiating policy changes that may be driven by market trends or competitive activity to ensure customer satisfaction is maintained.
ILOG technology has the potential to add significant capability across IBM’s entire software platform and bolster its existing rules management offerings. This includes improved rules and business optimization capabilities for Information Management offerings, better visualization for Lotus products, enhanced optimization within Tivoli solutions, and efficient supply chain management assets for planning and scheduling.
ILOG offers tools and technologies for business managers, analysts, architects and developers to use as they analyze, plan, track and improve business processes. Today, hundreds of large enterprises use ILOG technologies to automate the allocation of scarce resources and to build smart interfaces into their business processes. Additionally, scientists and mathematicians from hundreds of universities use ILOG products for advanced research, design, and analysis.
“Companies across all industries are looking for technologies to help them manage their processes with more flexibility so they can keep up with changing business conditions,” said Tom Rosamilia, general manager, IBM WebSphere. ”ILOG’s software allows businesses to more effectively manage and automate the decision making process, giving companies an opportunity to react with incredible speed and accuracy. IBM has partnered with ILOG for over a decade, and by adding ILOG’s capabilities to IBM’s software portfolio, this is a great combination to provide value to our clients.”
Beyond end-user customers, ILOG has more than 500 original equipment manufacturer, solution integrator, and independent software vendor partners today. IBM also has an extensive partner community which will benefit from access to the ILOG technologies and extend ILOG’s reach. In addition to a successful network of more than 30 specialized partners and 850 personnel, ILOG brings extensive skills through a wide base of local and regional experts.
“We are very excited about this opportunity to join a world leader such as IBM, a long valued partner with shared core values. This combination will allow us to dramatically extend our market reach and realize the full potential of all of our technologies while protecting investments of ILOG’s customers now and into the future,” said Pierre Haren, ILOG Chairman & CEO.
About IBM
With more than 6,550 client engagements worldwide, IBM is a worldwide leader in SOA and BPM. This leadership is further illustrated by a community of greater than 120,000 architects and developers, more than 150 universities incorporating IBM’s SOA and BPM curricula, and more than 6,000 IBM Business Partners building SOA skills, solutions, and practices.
For more information on IBM visit: http://www.ibm.com/soa
About ILOG
ILOG delivers software and services that empower customers to make better decisions faster and manage change and complexity. Over 2,500 corporations and more than 465 leading software vendors rely on ILOG’s market-leading business rule management systems (BRMS), supply chain applications as well as its optimization and visualization software components, to achieve dramatic returns on investment, create market-defining products and services, and sharpen their competitive edge.ILOG was founded in 1987 and employs more than 850 people worldwide. For more information, please visit http://www.ilog.com.
Additional Information
The offers are not being made nor will any tender of shares or warrants be accepted from or on behalf of holders in any jurisdiction in which the making of the offers or the acceptance of any tender of shares or warrants therein would not be made in compliance with laws of such jurisdiction.
This press release contains forward-looking statements. These statements are not guarantees of future performance and are subject to inherent risks and uncertainties including with respect to the factors that may affect the completion of the acquisition. Forward-looking statements may be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may”, “will”, “expects”, “believes”, “anticipates”, “plans”, “intends”, “estimates”, “projects”, “forecasts”, “seeks”, “could”, “should”, or the negative of such terms, and other variations on such terms or comparable terminology.
Forward-looking statements include, but are not limited to, statements about the expected future business of ILOG resulting from and following the offers and the successful completion of the transaction. These statements reflect IBM’s and ILOG’s managements’ current expectations, based upon information currently available to them and are subject to various assumptions, as well as risks and uncertainties that may be outside of their control. Actual results could differ materially from those expressed or implied in such forward-looking statements. Any such forward-looking statements speak only as of the date on which they are made and IBM and ILOG shall be under no obligation to (and expressly disclaims any such obligation to) update or alter such forward-looking statements whether as a result of a new information, future events or otherwise, except to the extent legally required.
The tender offers, which have not yet commenced, will be made for the outstanding shares and warrants of ILOG. This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any ILOG shares or warrants. The solicitation and the offer to buy the shares and warrants of ILOG will be made only pursuant to an offer to purchase and related materials that IBM and its subsidiary intend to file with the AMF (in particular the Note d’Information) and the SEC (on Schedule TO). ILOG also intends to file with the AMF a Note en Réponse and with the SEC a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer.
ILOG shareholders and warrant holders and other investors should read carefully the Tender Offer Statement on Schedule TO and the Note d’Information to be filed by IBM and the Schedule 14D-9 and the Note en Réponse to be filed by ILOG because these documents will contain important information, including the terms and conditions of the tender offer. ILOG shareholders and warrant holders and other investors will be able to obtain copies of these tender offer materials and any other documents filed with the AMF from the AMF’s website (http://www.amf-france.org.) or with the SEC from the SEC’s website (http://www.sec.gov), in both cases without charge. Such materials filed by IBM and ILOG will also be available for free at IBM’s web site (http://www.ibm.com), and at ILOG’s web site (http://www.ilog.com), respectively.
ILOG shareholders and warrant holders and other investors are urged to read carefully all tender offer materials prior to making any decisions with respect to the tender offers.
| Contact(s) information | |
| Matt Berry IBM Media Relations 914-766-1715 mhberry@us.ibm.com |
Kory Liss IBM Investor Relations 914-499-4095 kory@us.ibm.com |
| Susan Peters ILOG 408-991-7109 speters@ilog.com |
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Glu Mobile offers $36 million to acquire Superscape
SAN MATEO, Calif.–(BUSINESS WIRE)–Glu Mobile Inc. (“Glu”) (NASDAQ:GLUU – News) today announced a tender offer to acquire Superscape Group plc (“Superscape”) (LSE:SPS – News), a leading developer and publisher of mobile games. The acquisition of Superscape will considerably expand Glu’s US presence and add significant development and publishing capabilities to Glu’s existing world-class resources.
The offer price of 10 pence in cash for each Superscape share values Superscape’s entire issued and to be issued share capital at approximately $36 million, or approximately $25 million when taking into account the $11 million of cash and equivalents held on Superscape’s balance sheet as of October 31, 2007.
Founded in 1993, Superscape ranked among the top five mobile games publishers in the United States during Q3 2007a, according to the Mobile Games Report from Nielsen Mobile. With approximately 135 employees, Superscape is headquartered in San Clemente, Calif., with a production facility in Moscow and an office in Fleet, Hampshire, UK. The company’s strong technical heritage in both development and publishing has led to its success in creating industry leading 3D games as well as in establishing innovative programs with leading network operators and handset manufacturers. These initiatives, which include a white label partnership with Verizon Wireless and a mobile gaming community with Alltel, distinguish Superscape within the industry.
Superscape’s portfolio of high quality games includes both original and branded titles. Superscape’s original titles include Gum Blox, Capone Casino, Sudoku, Paintball Challenge and Classic Mini Golf while its branded titles are based on recognized brands from 20th Century Fox, Universal Studios and Sony Pictures Mobile and include Alien versus Predator, Fox Motocross, AMF Extreme Bowling, Dodgeball, Fight Club, Harlem Globetrotters and Independence Day.
Greg Ballard, chief executive officer and president, Glu, commented, “This Offer represents an important step in Glu’s strategy to become the number one mobile games publisher in the world. Superscape’s strong market position in the United States, heritage in 3D technology, and unique position as a leading white label publisher are a perfect complement to Glu’s world-class global presence.”
Larry Quinn, chairman of Superscape, said, “I am very pleased that we have been able to reach agreement on the terms of this transaction, which I believe is the right strategic outcome for Superscape, offering certainty and value to our shareholders. I am confident that Superscape will make a significant contribution to the future of the combined business.”
Transaction Details
The tender offer of 10 pence for each Superscape share has been unanimously recommended by the board of directors of Superscape. The offer is being made by Glu Mobile Inc., and is for all of the issued and to be issued ordinary shares of Superscape. Glu has received irrevocable undertakings or letters of intent from Superscape shareholders representing, in aggregate, 34% of Superscape’s issued share capital. The purchase of Superscape shares in the tender offer will be funded out of Glu’s existing cash resources.
The offer is being conducted under the terms of the U.K. City Code on Takeovers and Mergers and is subject to the satisfaction and/or waiver of a set of standard terms and conditions, including, but not limited to, the receipt by Glu of 90% acceptances to the offer by Superscape shareholders. Any of the conditions can be waived at the discretion of Glu.
Superscape shareholders have a period of 21 days from the date that the tender offer document is mailed to Superscape shareholders to accept the offer. This period of acceptance of the offer may be extended at the discretion of Glu. A copy of the formal announcement containing a summary of the terms and conditions of the offer will be available on Glu’s website at www.glu.com.
Glu will not provide financial guidance on the expected impact of the acquisition until after the transaction has been successfully completed.
aRanking at the 70% confidence level of statistical significance, based on sampling and analysis of consumer mobile bills from the top four US mobile carriers.
About Glu
Glu (NASDAQ:GLUU – News) is a leading global publisher of mobile games. Its portfolio of top-rated games includes original titles Super K.O. Boxing!, Stranded and Brain Genius, and titles based on major brands from partners including Atari, Activision, Konami, Harrah’s, Hasbro, Warner Bros., Microsoft, PlayFirst, PopCap Games, SEGA and Sony. Founded in 2001, Glu is based in San Mateo, Calif. and has offices in London, France, Germany, Spain, Italy, Hong Kong, China, Sao Paulo and Chile. Consumers can find high-quality, fresh entertainment created exclusively for their mobile phones wherever they see the ‘g’ character logo or at www.glu.com.
About Superscape
Superscape is the world’s leading publisher of 3D mobile games. Superscape is quoted on the London Stock Exchange and has corporate offices in San Clemente, California (USA) and Fleet, Hampshire (UK), together with a development and production facility in Moscow.
This news release contains certain forward-looking statements with respect to the plans, objectives and expected performance of Superscape and Glu. Such statements relate to events and depend on circumstances that will occur in the future and are subject to risks, uncertainties and assumptions. There are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements including, among others, the risk that the offer is not consummated in a timely manner (if at all); the risk that the anticipated benefits of the combination of the Glu and Superscape businesses will not materialize; the enactment of legislation or regulation that may impose costs or restrict activities; the re-negotiation of contracts or licenses; risks regarding the loss of key wireless carrier customers or subscribers; risks relating to the integration of the businesses of Glu and Superscape including that such integration efforts may result in unforeseen operating difficulties and expenditures; risks related to the diversion of management’s attention from ongoing business operations as a result of the offer process; risks relating to employee retention; fluctuations in demand and pricing in the mobile industry; fluctuations in exchange controls; changes in government policy and taxations; industrial disputes; war and terrorism. This list is not exhaustive of the factors that may affect the forward-looking information. These and other factors should be considered carefully and undue reliance should not be placed on such forward-looking information. Although this announcement has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ materially from those anticipated, estimated or intended and therefore there can be no assurance that forward-looking statements will prove accurate. Forward-looking statements contained in this news release in respect of Superscape and/or Glu are made as of the date of this news release based on the opinions and estimates of management. Subject to requirements to update under any applicable regulation or law, Superscape and Glu disclaim any obligation to update any forward-looking statements, whether as a result of new information, estimates or opinions, future events, results or otherwise. Information on some risks and uncertainties are described in the “Risk Factors” section of Glu’s Form 10-Q for the quarter ended September 30, 2007, filed with the U.S. Securities and Exchange Commission on November 14, 2007. Copies of the Form 10-Q are available from Glu’s web page at www.glu.com.
For a further list and description of such risks and uncertainties, see the reports filed by Glu with the US Securities and Exchange Commission. Glu disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This news release does not constitute, or form part of, an offer or solicitation of any offer to sell or an invitation to purchase any securities or the solicitation of an offer to buy any securities, pursuant to the offer or otherwise. The offer will be made solely by means of the formal offer document and the related form of acceptance accompanying the formal offer document, which contains the full terms and conditions of the offer, including details of how the offer may be accepted. Any acceptance or other response to the offer should be made on the basis of the information in the formal offer document and the related form of acceptance.
The availability of the offer to Superscape shareholders who are not resident in the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the U.K. should inform themselves about, and observe, any applicable requirements. Any failure to comply with the applicable requirements may constitute a violation of the securities laws of any such jurisdiction. Further details in relation to overseas shareholders are contained in the formal offer document.
Glu has filed a Form 8-K with the United States Securities and Exchange Commission (the “SEC”) containing the Announcement of Recommended Cash Offer and other relevant materials related to the proposed acquisition of Superscape by Glu. The Form 8-K and any other documents filed by Glu with the SEC may be obtained free of charge at the SEC’s web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed by Glu with the SEC by contacting Nicole Kennedy, Glu’s Senior Director of Global Public Relations, at (650) 532-2488. Investors and security holders of Superscape are urged to read the Announcement for Recommended Cash Offer and the other relevant materials before making any voting or investment decision with respect to the offer because they contain important information about Glu, Superscape and the offer.
GLU MOBILE, GLU, SUPER K.O. BOXING!, STRANDED, BRAIN GENIUS and the ‘g’ character logo are trademarks of Glu Mobile.
Questex Media Acquires FierceMarkets
Filed under: Advertising, Americas, Asia-Pacific, Communications, Data Management, Europe, Finance, M&A, Marketing, New Media, Publishing
New York, NY January 22, 2008 – FierceMarkets (www.fiercemarkets.com), a leading online B2B media company, has announced its acquisition by Questex Media Group, Inc. (www.questex.com), a global, diversified business-to-business integrated media and information provider headquartered in Newton, MA.
The Jordan, Edmiston Group, Inc. (www.jegi.com), a New York-based independent investment bank that specializes in media and information, represented FierceMarkets in this transaction and acted as its exclusive financial advisor.
Based in Washington, DC, FierceMarkets helps business marketers reach targeted decision-makers through its portfolio of e-mail newsletters, web sites, webinars and live events focusing on the Telecommunications, Life Sciences, Healthcare, IT, and Finance industries. The company currently produces 19 targeted online publications, primarily marketed under the Fierce brand, including FierceWireless, FierceBiotech, FierceCIO, FierceHealthcare, FierceFinance and many others.
With 45% compound annual revenue growth over five years, more than 300 repeat advertisers, and triple-digit annual audience growth, FierceMarkets has established itself as a leader in the new generation of fast-growth media companies taking traditional trade publishing into the digital age.
“We at FierceMarkets are thrilled to join Questex,” said Jeff Giesea, Founder and President of FierceMarkets. “Questex has a strong leadership team, a global footprint across numerous complementary markets, and a similar vision of creating a global, diversified B2B media company. I think they’re pretty darn “Fierce”. Combined with our expertise and reach in digital B2B, there is a lot of value we can create together.”
“Jeff and his team have built FierceMarkets into a leading B2B lead-generation organization serving key vertical markets,” added Kerry Gumas, Questex Media’s President and CEO. “Their business model is an excellent fit with Questex’s digital strategy to serve the new and evolving demands of readers and advertisers and facilitate a meaningful connection between the two audiences. We welcome Jeff and his team and look forward to working with them to further Questex’s focus on lead generation and integrated campaigns, which are top of mind for our advertising partners across all vertical markets served.”
About FierceMarkets
FierceMarkets, a leader in B2B e-media, provides information and marketing services in the Telecommunications, Life Sciences, Healthcare, IT, and Finance industries through its portfolio of e-mail newsletters, web sites, webinars, and live events. Every business day, FierceMarkets’ wide array of publications reaches more than 560,000 executives in over 100 countries. Current publications include: DailyTechRag; FierceBiotech; FierceBioResearcher; FierceBroadbandWireless; FierceCIO; FierceDeveloper; FierceFinance; FierceHealthcare; FierceHealthIT; FierceIPTV; FierceMobileContent; FiercePharma; FierceSarbox; FierceTelecom; FierceVoIP; FierceWireless; FierceWireless:Europe; IT-Wireless; and The Business VoIP Report.
About Questex Media
Questex Media Group, Inc. is a global, diversified business-to-business integrated media and information provider that serves multiple industries including technology, telecommunications, beauty, spa, travel, hospitality, leisure, abilities, home entertainment, landscape design, building services and natural resources through a range of well-established, market-leading publications, events, interactive media, research, information and integrated marketing services. The company’s media properties include over 100 print and digital media publications, 45 conferences, tradeshows and events, and a range of research, data and information products. The company’s operations include more than 400 employees in offices throughout North America, South America, Asia and Europe.
About JEGI
The Jordan, Edmiston Group, Inc. (JEGI) of New York, NY is a leading independent investment bank for the media and information industries. As a leading M&A advisor to media and information companies, JEGI has closed numerous high-profile transactions for: Global Media and Information Companies; Entrepreneurial Owners; and Private Equity and Venture Capital Funds. JEGI has established an impeccable reputation in the marketplace, which reflects its superior performance on behalf of its clients. The firm’s executive team of investment bankers has over 200 years of combined experience across the media and information market sectors that JEGI serves.
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PR Contacts
Adam Gross
212-754-0710
adamg@jegi.com
Biogen Idec completes Review of Strategic Alternatives
BIOGEN IDEC COMPLETES REVIEW OF STRATEGIC ALTERNATIVES
Company to Remain Independent
Cambridge, MA, December 12, 2007 – The Board of Directors of Biogen today announced that, after completing a review of strategic alternatives to maximize shareholder value, Biogen Idec will continue on its present course as an independent Company.
On October 12, the Board announced the start of a process to determine whether potential strategic interest on the part of major pharmaceutical companies might result in superior value for stockholders in the current environment. Biogen Idec, which was represented by independent financial advisors Goldman Sachs & Co. and Merrill Lynch & Co., conducted a comprehensive and thorough sale process. At the conclusion of this process, Biogen Idec did not receive any definitive offers to purchase the Company.
The Board emphasized that Biogen Idec’s business strategy is working and generating strong operating and financial performance. The Board noted that it is confident that continued execution of the Company’s business plan will result in attractive value for stockholders. As previously announced, Biogen Idec’s business plan is focused on achieving a series of goals by year-end 2010:
- 100,000 patients on TYSABRI® (natalizumab);
- More than 40% of the Company’s revenue coming from its International business;
- Four new products and/or existing products launched in new indications;
- Six programs in late-stage clinical development; and,
- Generating revenue growth at a 15% compound annual growth rate (CAGR) and non-GAAP EPS at a 20% CAGR from 2007 through 2010.
The Company reiterated guidance for the full-year 2007, which was first announced on July 24, in reporting its second-quarter financial results.
GAAP EPS Reconciliation for 2010 Goals
On a reported basis, calculated in accordance with accounting principles generally accepted in the U.S. (GAAP), the Company aims to grow GAAP EPS from 2007 through 2010 at a 25% CAGR. The long-term non-GAAP EPS goal excludes the impact of purchase accounting, merger-related adjustments, stock option expense, and their related tax effects. In order to reconcile long-term GAAP and non-GAAP EPS figures, the Company has excluded the following items for the years 2008 through 2010 from our non-GAAP EPS goal provided above:
- Purchase accounting charges, including amortization of acquired intangible assets and IPR&D, estimated to be $800-$840 million for already completed transactions;
- Stock option expense due to FAS 123R is estimated to be in the range of $80-$90 million;
- Tax benefit of $220-$240 million related to the pre-tax reconciling items.
Because the Company cannot predict with certainty the nature or the amount of non-operating or unusual charges through 2010, it has made no assumption regarding new purchase accounting charges in this GAAP EPS goal. The Company may incur charges or realize income through 2010 that could cause actual results to vary from the goal.
Use of Non-GAAP Financial Measures
Our “non-GAAP EPS” financial measure is defined as reported, or GAAP, EPS excluding, for the reasons discussed below, (1) purchase accounting and merger-related adjustments and (2) stock option expense. We believe it is important to share these non-GAAP financial measures with shareholders as they: better represent the ongoing economics of the business, reflect how we manage the business internally and set operational goals, and form the basis of our management incentive programs. Accordingly, we believe investors’ understanding of the Company’s financial performance is enhanced as a result of our disclosing these non-GAAP financial measures. Non-GAAP EPS should not be viewed in isolation or as a substitute for reported, or GAAP, EPS.
Purchase accounting and merger-related adjustments – Non-GAAP EPS excludes certain purchase accounting impacts such as those related to the merger with Biogen, Inc. (the “Merger”) and the acquisitions of Fumapharm AG, Conforma Therapeutics and Syntonix Pharmaceuticals. These charges relate to in-process research and development charges incurred upon the payment of future milestones and incremental charges related to the amortization of the acquired intangible assets. Excluding these charges allows management and investors an alternative view of our financial results “as if” the acquired intangible asset had been developed internally rather than acquired and, therefore, provides a supplemental measure of performance in which the Company’s acquired intellectual property is treated in a comparable manner to its internally developed intellectual property.
Stock option expense – Non-GAAP EPS excludes the impact of our stock option expense recorded in accordance with SFAS No. 123R. We believe that excluding the impact of expensing stock options better reflects the recurring economic characteristics of our integrated business. We do include the P&L impact of restricted stock awards and cash incentives in our non-GAAP results.
About Biogen Idec
Biogen Idec creates new standards of care in therapeutic areas with high unmet medical needs. Founded in 1978, Biogen Idec is a global leader in the discovery, development, manufacturing, and commercialization of innovative therapies. Patients in more than 90 countries benefit from Biogen Idec’s significant products that address diseases such as lymphoma, multiple sclerosis, and rheumatoid arthritis. For product labeling, press releases and additional information about the Company, please visit www.biogenidec.com.
Safe Harbor
This press release contains forward-looking statements about our expected revenues, earnings, cash flows, product sales, product development and other matters. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from that which we expect. Important factors that could cause our actual results to differ include our continued dependence on our two principal products, AVONEX® (Interferon beta-1a) and RITUXAN® (rituximab), the uncertainty of success in commercializing other products including TYSABRI, the occurrence of adverse safety events with our products, the failure to execute our growth strategy successfully or to compete effectively in our markets, our dependence on collaborations over which we may not always have full control, possible adverse impact of government regulation and changes in the availability of reimbursement for our products, problems with our manufacturing processes and our reliance on third parties, fluctuations in our operating results, our ability to protect our intellectual property rights and the cost of doing so, the risks of doing business internationally and the other risks and uncertainties that are described in Item 1A Risk Factors in our most recent Form 10-Q filing with the SEC. These forward-looking statements speak only as of the date of this press release, and we do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.
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