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| American Pharmaceutical Partners, Inc. |
| 10866 Wilshire Boulevard, Suite 1270, Los Angeles, CA 90024 * (310) 470-4222 |
| Business Description | The company is a specialty pharmaceutical company that develops, manufactures and markets injectable pharmaceutical products. |
| Offering Information Company has | ||||
| Trading As | APPX (NASNTL) | Industry | Pharmaceutical (SIC 2834) | |
| Type of Stock Offered | Common Shares | Filing Date | 10/3/2001 | |
| Domestic Shares Offered | 9,000,000 | Offer Date | 12/13/2001 | |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $16.00 | |
| Company Shares | 9,000,000 | Offer Price | $16.00 | |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.120 | |
| Gross Proceeds | $144,000,000 | Selling | $0.660 | |
| Expenses | - - | Reallowance | - - | |
| Post-IPO Shares | 31,989,440 | Employees | - - | |
| Spun out from: | American BioScience, Inc. | |||
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CIBC World Markets | Lead Manager | (212) 667-7400 |
| Banc of America Securities LLC | Co-manager | (415) 627-2100 |
| UBS Warburg LLC | Co-manager |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1998 | 12/31/1999 | 12/31/2000 | 6/30/2000 | 6/30/2001 | ||
| Revenues | - | - | 66.501 | 136.523 | 165.373 | 81.156 | 87.814 |
| Income from Oper. | - | - | 0.111 | 12.058 | 16.107 | 9.556 | 9.709 |
| Net Income | - | - | -0.512 | 6.082 | 7.683 | 6.150 | 5.454 |
| E.P.S | - | - | -0.050 | 0.230 | 0.300 | 0.250 | 0.220 |
| Revenue Growth (%) | - | - | 105.29 | 21.132 | 8.20 | ||
| Net Income Growth (%) | - | - | - | 26.32 | -11.32 | ||
| Oper. Profit Margin (%) | - | - | 0.17 | 8.83 | 9.74 | 11.06 | 11.77 |
| Net Profit Margin (%) | - | - | - | 4.45 | 4.65 | 6.21 | 7.58 |
| Cash Flow - Oper. | 18.58 | 8.79 | 1.06 | ||||
| Cash Flow - Inv. | -11.85 | -7.79 | -2.92 | ||||
| Cash Flow - Fin. | -11.66 | -6.43 | 3.47 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/2001 | Financial Ratios | ||||
| Total Assets | 142,530.00 | Current Assets | - | Current Ratio | - |
| Total Liab. | 91,199.00 | Current Liab. | - | Debt Ratio | 63.99% |
| Total Equity | 51,331.00 | Working Cap. | 23,712.00 | Debt to Equity Ratio | 1.78 |
| Cash | - | Return on Assets | 0.00% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay approximately $35 million of indebtedness and, under the license agreement to be entered into for ABI-007, we expect to make a license payment of $45 million to American BioScience. We intend to use the remaining net proceeds for general corporate purposes, including working capital, capital expenditures, potential acquisitions and in-licensing opportunities. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Morrison & Foerster |
| Bank's Law Firm | Latham & Watkins |
| Auditor | Ernst & Young |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| American BioScience, Inc. | 100.00 | 85.00 |
| Note: represents ownership of 5% or more prior to the offering. | ||