had originally planned to go public back in 2007, before the market meltdown pushed share prices down. But Talecris, based in Research Triangle Park, put that plan aside when it inked a deal to merge with an Australian company. The merger deal, however, fell through after regulators raised antitrust concerns.
Business Overview (from prospectus)
We are a biopharmaceutical company that is one of the largest producers and marketers of plasma-derived protein therapies in the world. We develop, produce, market and distribute therapies that extend and enhance the lives of people suffering from chronic and acute, often life-threatening, conditions, such as chronic inflammatory demyelinating polyneuropathy (CIDP), primary immune deficiencies (PI), alpha-1 antitrypsin deficiency, bleeding disorders, infectious diseases and severe trauma. In 2007, we had a 24% share in North America of plasma-derived proteins (based on product sales and contract manufacturing combined) and a 12% share worldwide (based on product sales), according to MRB data. During the year ended December 31, 2008, we generated net revenue and net income of $1.4 billion and $65.8 million, respectively. During the six months ended June 30, 2009, we generated net revenue of $747.4 million, representing an increase of 20.1% over the comparable 2008 period, and net income of $116.7 million (including a $75 million merger termination fee).
Offering: 44.7 mm at $18 - $20 per share. Net proceeds of approximately $514.8 million will be used to repay debt and for general corporate purposes.
Our product net revenue was $735.0 million for the six months ended June 30, 2009 as compared to $603.6 million for the six months ended June 30, 2008, representing an increase of $131.4 million, or 21.8%... Our gross profit was $314.2 million for the six months ended June 30, 2009 as compared to $205.9 million for the six months ended June 30, 2008, representing gross margins of 42.0% and 33.1%, respectively... Our cost of goods sold was $433.2 million, or 58.0% of net revenues, for the six months ended June 30, 2009 as compared to $416.5 million, or 66.9% of net revenues, for the six months ended June 30, 2008... Our SG&A was $134.4 million for the six months ended June 30, 2009 as compared to $95.5 million for the six months ended June 30, 2008, representing an increase of $38.9 million, or 40.7%..., Our net income was $116.7 million (including the merger termination fee of $75.0 million) and $19.0 million for the six months ended June 30, 2009 and 2008, respectively.
The plasma products industry is highly competitive with changing competitive dynamics. We face, and will continue to face, intense competition from both U.S.-based and foreign producers of plasma products, some of which have lower cost structure, greater capital, manufacturing facilities, resources for research and development, and marketing capabilities. In addition to competition from other large worldwide plasma products providers, we face competition in local areas from smaller entities. In Europe, where the industry is highly regulated and health care systems vary from country to country, local companies may have greater knowledge of local health care systems, more established infrastructure and have existing regulatory approvals or a better understanding of the local regulatory process, allowing them to market their products more quickly. Moreover, plasma therapy generally faces competition from non-plasma products and other courses of treatments. For example, recombinant Factor VIII products compete with plasma-derived products in the treatment of Hemophilia A.
- Company website
- Online road show
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