In the third week of January, only two acquisitions managed to top $100 million in size. And, at $7.11 billion, the total value of deals for the year to date was languishing at a mere 13 percent of the prior year’s $52.86 billion.

But what a difference a week makes. While the number of deals done in 2009 is still less than half last year’s volume, two huge drug deals put this year’s deal values on steroids, far outstripping the same period in 2008. Pfizer’s $67.5 billion acquisition of Wyeth, and Roche Holdings hostile $43.2 billion bid for the 44 percent of Genentech it doesn’t already own brought year-to-date deal values to $119 billion, according to data provided by mergermarket.

Even without the two drug company deals, the week saw a marked improvement, with six other acquisitions topping $100 million, including Newmont Mining’s $990 million deal for a third of the Boddington Gold Mine joint venture owned by AngloGold Ashanti Australia.

Pfizer Inc to buy Wyeth for $67.5 billion

The Madison, New Jersey-based drug company agreed to be acquired by New York City-based Pfizer. Both boards approved the merger at a price of $33 and 0.985 Pfizer shares per Wyeth share, or a value of $50.19 for each Wyeth share. The deal represents a premium of 14.7 percent. The implied equity value of the transaction is approximately $66.8 billion. The transaction can still be scuttled by Pfizer’s funding sources, who have the right to refuse financing if there is a material adverse change with respect to Pfizer. Pfizer is required to maintain the minimum credit rating of A2/A long-term stable/stable and A1/P1 short term affirmed.
Seller financial advisor: Evercore Partners; Morgan Stanley
Bidder financial advisor: Banc of America Securities; Barclays Bank; Citigroup; Goldman Sachs; JPMorgan
Seller legal advisor: Dewey & LeBoeuf (Advising Evercore Partners); Paul Weiss Rifkind Wharton & Garrison (Advising Morgan Stanley); Simpson Thacher & Bartlett; Wachtell Lipton Rosen & Katz
Bidder legal advisor: Cadwalader, Wickersham & Taft

Roche Holding Ltd makes hostile bid for remaining 44 percent stake of Genentech Inc for $43.2 billion

After failing to negotiate a merger, the Basle, Switzerland-based pharmaceuticals company is commencing a tender offer for all outstanding shares of San Francisco-based Genentech. Roche’s original July offer of $89 per Genentech share has been lowered to $86.50. Roche acquired a majority in Genentech in 1990 and currently owns 55.8 percent of all outstanding shares. The new offer of $86.50 per Genentech share represents a premium of 2.9 percent on Genentech’s January 29 closing price, and a premium of 5.7 percent on Genentech’s price on July 18, the day before Roche’s initial offer. The implied equity value of the transaction is approximately $91 billion.
Seller financial advisor: Goldman Sachs
Bidder financial advisor: Greenhill & Co
Seller legal advisor: Cravath Swaine & Moore (Advising Goldman Sachs); Latham & Watkins
Bidder legal advisor: Davis Polk & Wardwell; Sullivan & Cromwell (Advising Greenhill & Co)

Newmont Mining Corporation to buy remaining 33 percent stake in Boddington Gold Mine Joint Venture from AngloGold Ashanti Australia Limited for $990 million

Denver-based Newmont Mining Corporation has agreed to acquire the remaining 33.33 percent stake in Boddington Gold Mine, the Perth, Australia-based gold mining project, from AngloGold Ashanti Australia Limited, the Perth-based gold mining company that is a wholly owned subsidiary of Johannesburg-based AngloGold Ashanti Limited for a cash and equity consideration of $990 million, excluding royalties of $100 million. Under the terms of agreement, the total consideration consists of $750 million payable in cash at closing, $240 million paid in December 2009 in cash and/or Newmont’s common stock (at Newmont’s option), and a royalty of $100 million, equal to 50 percent of the average realized operating margin (if any) exceeding $600 per ounce, payable on one-third of gold sales from Boddington. The transaction is subject to approval from the Australian Foreign Investment Review Board, Western Australia Ministry of Mines and South African Reserve Bank and the receipt of consents and agreements from third parties. The transaction is expected to close in March 2009.
Seller financial advisor: UBS
Bidder financial advisor: Not Available
Seller legal advisor: Allens Arthur Robinson; Shearman & Sterling
Bidder legal advisor: Wachtell, Lipton, Rosen & Katz

Unilever Plc to buy TIGI Haircare International from Anthony Mascolo, Bruno Mascolo and Guy Mascolo (Private Individual) for $412 million

Unilever Plc, the London-based consumer goods company, has agreed to acquire TIGI Haircare International, the privately-held Lewisville, Texas-based hair product manufacturer and education academies operator. The total price consists of $411.5 million in cash. Further limited earn-out payments related to future growth may be made contingent upon meeting certain thresholds. The transaction is expected to close by the end of March 2009. The transaction is subject to regulatory approval.
Seller financial advisor: Michel Dyens & Co
Bidder financial advisor: Not Available
Seller legal advisor: Jones Day
Bidder legal advisor: Baker & McKenzie; Cravath Swaine & Moore; Slaughter and May

Toshiba Corporation to buy a 20 percent stake in Flash Partners Ltd (a joint venture of Toshiba & Sandisk) ), and a 20 percent stake in Flash Alliance Ltd (also a joint venture of Toshiba & Sandisk) from SanDisk Corporation for $298 million

Tokyo-based Toshiba Corporation has agreed to acquire a stake of approximately 20 percent in Flash Alliance Ltd and Flash Partners Ltd. from Milpitas, Calif.-based SanDisk Corporation for $298 million in cash. Both joint ventures, originally co-owned by Toshiba and SanDisk, manufacture flash memory. SanDisk makes flash memory data storage card products. SanDisk will have an option to purchase a part of the transferred capacity from Toshiba and retains the option to continue to invest up to 50 percent in future expansions and technology transitions. SanDisk and Toshiba will remain equal partners for the capacity remaining in the joint ventures.
Seller financial advisor: Not Available
Bidder financial advisor: Not Available
Seller legal advisor: Skadden Arps Slate Meagher & Flom
Bidder legal advisor: Morrison & Foerster

Total SA to buy UTS Energy Corporation for $292 million

UTS Energy Corporation, the Calgary, Canada based development-stage company engaged in the development of the Fort Hills Oil Sands Project, has received an unsolicited proposal to be acquired by Total SA, the Paris-based integrated international oil and gas company for $1.08 per UTS share. The offer provides a premium of 56.6 percent. The implied equity value of the transaction is approximately $510 million. The tender offer is expected to be open for 60 days.
Seller financial advisor: RBC Capital Markets; TD Securities
Bidder financial advisor: Not Available
Seller legal advisor: Not Available
Bidder legal advisor: Goodmans

Natural Gas Partners Midstream & Resources LP to buy a 40 percent stake in MarkWest Liberty Midstream from MarkWest Energy Partners LP for $200 million

Natural Gas Partners Midstream & Resources LP, the Irving, Texas-based holding company of assets controlled by private equity firm NGP Energy Capital Management has agreed to acquire 40 percent interests in MarkWest Liberty Midstream, the Denver-based provider of services to the oil and gas exploration and production industry from MarkWest Energy Partners LP for $200 million.
Seller financial advisor: Morgan Stanley
Bidder financial advisor: Not Available
Seller legal advisor: Not Available
Bidder legal advisor: Not Available

Detour Gold Corporation to buy PDX Resources Inc for $124 million

Detour Gold Corporation, the Toronto-based gold exploration and development company primarily involved in the Detour Lake project, has acquired PDX Resources Inc, the Milton, Canada-based mine developer for $124 million. PDX is also the largest shareholder of Detour Gold, holding approximately 42 percent (19 million shares) of Detour. The implied equity value of the transaction is approximately $124 million. Detour Gold will issue 19 million common shares to PDX shareholders and the company will become a wholly owned subsidiary while PDX’s interest in Detour Gold will be canceled. Detour Gold shareholders will keep their interest in the company and the acquisition will not have material impact on the capitalization of Detour Gold. The acquisition is subject to the approval of not less than two-thirds of the votes collected by PDX shareholders and the approval of a majority of votes by Detour Gold shareholders and minority shareholders.
Seller financial advisor: RBC Capital Markets
Bidder financial advisor: BMO Capital Markets
Seller legal advisor: Osler Hoskin & Harcourt
Bidder legal advisor: Davies Ward Phillips & Vineberg

Gen-Probe Incorporated to buy Tepnel Life Sciences Plc for $93 million

San Diego-based Gen-Probe, which makes and markets rapid, nucleic acid tests used to diagnose human diseases and screen donated human blood, has agreed to acquire Manchester UK-based Tepnel Life Sciences Plc. Tepnel provides outsourcing services to the pharmaceutical, healthcare and biotechnology industries. Gen-Probe will offer $0.38554 in cash for each Tepnel share. The implied equity value of the transaction is approximately $92 million, and represents a 125.8 percent premium.
Seller financial advisor: Seymour Pierce Ellis
Bidder financial advisor: Bank of America Merrill Lynch
Seller legal advisor: Halliwells
Bidder legal advisor: Cooley Godward Kronish; Linklaters

Betfair Group Ltd to buy TV Games Network from Macrovision Solutions Corporation for $50 million

London-based Betfair Group Ltd, a privately held on-line betting company, has acquired Beaverton, Oregon-based TV Games Network, an online horse wagering and race betting company, from Santa Clara, Calif.-based Macrovision Solutions Corporation, for $50 million in cash.
Seller financial advisor: UBS
Bidder financial advisor: Not Available
Seller legal advisor: Not Available
Bidder legal advisor: K&L Gates

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