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Given in a lecture for Corporate Finance class at the HTW, Berlin.

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pfizer to purchase king pharmaceuticals

Pfizer to Purchase King Pharmaceuticals

News from October 14, 2010 – Pharmtech Newsletter

Magda Neumann – Alina Sachapow – Kasey Navita Phifer [ January 4, 2011 ]

www.kNavita.com

news details
News Details
  • Pfizer produces pharmaceuticals (Viagra, Lipitor, Celebrex)
  • Announcement of Purchase: Oct. 12, 2010
  • $3.6 billion cash
  • Pfizer paid $14.25 per share (40% higher than closing price)
  • Top two Pfizer drug patents (Lipitor & Xalatan) expire 2011
  • Purchased Wyeth in early 2009

Magda Neumann – Alina Sachapow – Navi K. Phifer [ January 4, 2011 ]

financials of the news
Financials of the News

Numbers in billions of USD*Share Price NOT in billions

Magda Neumann – Alina Sachapow – Navi K. Phifer [ January 4, 2011 ]

theoretical linkages
Theoretical Linkages
  • Chapter 7
  • Technical analysis - Trends, volume, OBV, MACD, SMA
  • Fundamental analysis - Background information
  • Valuation by comparables

Magda Neumann – Alina Sachapow – Navi K. Phifer [ January 4, 2011 ]

conclusion
Conclusion
  • Purchase of King less dramatic than Wyeth
  • Tactical desicion regarding expiring patents, falling stock prices & growing competition
  • Stock price still low (compared to $50 earlier)

Magda Neumann – Alina Sachapow – Navi K. Phifer [ January 4, 2011 ]

resources
Resources
  • Brealey/Myers/Marcus, Fundamentals of Corporate Finance, 6th Edition, McGraw-Hill, 2009 [Chapter 7]
  • http://www.wikinvest.com/stock/Pfizer_(PFE)/Generic%20Competition (accessed 21.11.2010)
  • http://de.finance.yahoo.com/echarts?s=PFE#symbol=pfe;range=2y;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined; (accessed 15.11.2010)
  • http://www.wikinvest.com/stock/Pfizer_(PFE)/Generic%20Competition (accessed 21.11.2010)
  • http://drugdelivery.pharmaceutical-business-review.com/news/pfizers_q4_revenue_decreases_290109 (accessed 21.11.2010)
  • http://www.wikinvest.com/stock/Pfizer_(PFE)/Data/Key_Metrics (accessed 21.11.2010)
  • http://de.finance.yahoo.com/echarts?s=PFE#chart8 (accessed 15.11.2010)
  • http://www.marketwatch.com/investing/stock/PFE/charts?countryCode=US&submitted=true&intflavor=advanced&origurl=%2Ftools%2Fquotes%2Fintchart.asp&time=9&freq=1&comp=Enter%20Symbol(s)%3A&compidx=aaaaa~0&compind=aaaaa~0&uf=7168&ma=1&maval=50&lf=1&lf2=4&lf3=8&type=2&size=2&optstyle=1013 (accessed 15.11.2010)
  • http://www.investopedia.com/university/technical/ (accessed 14.11.2010)
thank you for your attention
Thank You for Your Attention!

Magda Neumann – Alina Sachapow – Navi K. Phifer [ January 4, 2011 ]

www.kNavita.com