Pharma BD Deal Intelligence

ViroPharma Incorporated / Lev Pharmaceuticals, Inc.

2008 · Acquisition/Merger · $443M · Complete

CALLED IT — OFF BY 4

Cinryze grew into a $450M+/year franchise that became ViroPharma's crown jewel, driving Shire's $4.2B buyout of the whole company six years later.

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The coverage arc

Jul 15, 2008 Fierce Biotech Bullish

Upfront consideration of $2.75 per share and potential total of $3.75 represent premiums of 49% and 103% over Lev's closing price. Lev Chairman Judson Cooper:…

Jul 21, 2008 Chemical & Engineering News Bullish

ViroPharma agreed to buy Lev for $443M upfront plus up to $174M in CVRs tied to Cinryze regulatory and sales milestones; the deal diversifies ViroPharma ahead…

Mar 02, 2009 ViroPharma FY2008 Form 10-K Neutral

On October 21, 2008, we completed our acquisition of Lev Pharmaceuticals. As a result of the merger, we obtained Cinryze, a C1 inhibitor, approved by the FDA…

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$2.75/share upfront cash+stock + up to $1/share contingent; Cinryze hereditary angioedema

Did it work? Outcome assessment

Cinryze grew into a $450M+/year franchise that became ViroPharma's crown jewel, driving Shire's $4.2B buyout of the whole company six years later.

Strategic verdict
Achieved Stated Rationale

Key facts

Related deals — scored

DealYearValueOutcome
ViroPharma Incorporated / Lev Pharmaceuticals, Inc. (this deal)2008$443M88
Roche Holding AG / Ventana Medical Systems Inc.2008$3.4B88
Shire plc / Jerini AG2008$521M85
Alkermes plc / Cephalon, Inc. (Vivitrol rights)2008$27M83
Sanofi-Aventis / Symbion Consumer (Primary Health Care)2008$544M71
Takeda Pharmaceutical Company Ltd. / Millennium Pharmaceuticals2008$8.8B68
Fresenius SE / Fresenius Kabi / APP Pharmaceuticals, Inc.2008$3.7B67

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