Summary

Other Scenarios:

Buyer: Adolor Corporation (ADLR) Last Price: 4.43 Market Cap.: 203.91M
Target: Axcan Pharma Inc. (USA) (AXCA) Last Price: 23.34 Market Cap.: 1.29B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 918
Biopharmaceuticals 375
Medical Devices   254
Nutritional Health   27

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 4)
  • Entereg (Alvimopan)
  • ADL5859 (Delta Opioid Receptor Agonist)
  • Alvimopan/Hydrocodone Combination Product
  • ADL 5747 (Delta Opioid Receptor Agonist)
Target (Total: 19)
  • NCX 1000 (Ursodeoxycholic Acid (UDCA) Derivative)
  • Carafate/Sulcrate
  • Photofrin (Porfimer Sodium)
  • Canasa Rectal Gel (Mesalamine)
Buyer

n/a
Target
  • Flutter Hands-Free CPT
  • Axcan Pharma Inc.

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 5)
  • Eli Lilly & Co. (LLY)
  • Sharp Corporation (ADR) (SHCAY)
  • Torcan Chemical Ltd.
  • Girindus AG
Target (Total: 1)
  • Eurand N.V. (EURX)
Buyer (Total: 0)

n/a
Target (Total: 0)

n/a

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 108 480
Revenue Per Employee 136,410.8 776,209.9
Total Revenue 3.7 92.9
Total Expenses 15.5 63.0
Other Revenue 0.0 0.0
Cost of Revenue 0.0 22.4
SG&A Expense 6.8 32.6
Research & Development 8.7 5.5
Other Operating Expense 0.0 0.0
Operating Income -11.8 29.9
Unusual Income 0.0 0.0
LT Debt to Capital 0 0.01
Fwd P/E -4.34 n/a
Fwd P/Rev 8.63 n/a
Book Value 112.4 718.7
Curr Portion of LTD/Cap Lease 0.0 0.4

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Surgery > Digestive System

Target

Focused (): Healthcare > Biopharmaceuticals > Digestive System

Business Description

Buyer

Adolor Corporation is a development-stage biopharmaceutical company. The Company has specialized in the discovery and development of prescription pain management products. It has a number of product candidates in various stages of development, ranging from preclinical studies to pivotal clinical trials. Adolor Corporation principal product candidate, Entereg (alvimopan), is designed to selectively block the unwanted effects of opioid analgesics on the gastrointestinal (GI) tract. For the global development and commercialization of Entereg as a monotherapy, the Company is collaborating with Glaxo Group Limited (Glaxo) in two indications. Adolor Corporation has a pending new drug application (NDA) with the United States Food and Drug Administration (FDA) for Entereg. The Company is also developing delta opioid agonists in collaboration with Pfizer Inc. (Pfizer). One of the delta opioid agonists is in Phase IIa clinical testing and one is in Phase I clinical testing.

Target

Axcan Pharma Inc. (Axcan) is a specialty pharmaceutical company concentrating in the field of gastroenterology, with operations in North America and Europe. Axcan markets and sells pharmaceutical products used in the treatment of a range of gastrointestinal diseases and disorders. During the fiscal year ended September 30, 2007 (fiscal 2007), the Company?s products included ULTRASE, CANASA, URSO 250/URSO FORTE, PYLERA and CARAFATE in the United States, SALOFALK, SUCRALFATE and URSO in Canada and LACTEOL, DELURSAN and PANZYTRAT in Europe. Axcan also has a number of projects in all phases of clinical development. In February 2008, Axcan was acquired by an affiliate of TPG Capital LP.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 100 76.06
Operating Margin % -619.08 30.5
Quick Ratio 6.7 3.77
Current Ratio 6.86 4.29
Coverage Ratio -0.14 0
Total Assets 178.7 856.1
Return on Equity % -43.12 10.61
Return on Assets % -27.11 8.91
Cash+ ST Inv. Per Share 3.64 5.58
Total Debt 0.0 0.5
Total Debt to Equity % 0 0.07
Total Debt to Tangible Equity % 0 0.16
Debt to Asset % 0.00 0.06

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Musculoskeletal System
The Musculoskeletal System Subsector includes therapeutics that treat disorders of the bones, joints, ligaments, tendons, and soft tissue involved with them.
  
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
  
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
  
Respiratory System
The Respiratory System Subsector includes therapeutics that treat disorders affecting both the upper and lower respiratory tract, including the nose, throat, larynx, trachea, bronchi, and lungs.
  
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Medical Devices  
Respiratory
The Respiratory Subsector includes medical devices that diagnose and treat respiratory diseases.
  
Nutritional Health  
Dietary/Naturopathic Supplements
The Dietary/Naturopathic Subsector includes nutritional biochemicals and nutrients derived from natural sources that are intended to support health.
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in early stages of clinical research where human subject is involved.

Target Products:

  • NCX 1000 (Ursodeoxycholic Acid (UDCA) Derivative)
  
Digestive System
Gastrointestinal Tract Disorders
Gastroduodenal Disorders  
Peptic Ulcers  
Duodenal  
Ulcer Adhering Agents
Therapeutics that treat peptic ulcers by binding to it and protecting it from further damage.

Target Products:

  • Carafate/Sulcrate
  
Gastroesophageal Disorders  
Barrett`s Esophagus  
Photodynamic Therapy (PDT)
Therapeutics that treat Barrett's Esophagus by having therapeutic agents accumulate preferentially in the pre-cancerous/mutated cells. The therapeutic is then activated using an energy source like UV light.

Target Products:

  • Photofrin (Porfimer Sodium)
  
Intestinal Disorders
Constipation  
Chronic  
Opioid Receptor Antagonists
Therapeutics that treat constipation by blocking the mu opioid receptors in the intestines.

Buyer Products:

  • Entereg (Alvimopan)
  
Irregular Bowel Movements  
Opioid Receptor Antagonists
Therapeutics that treat constipation by blocking the mu opioid receptors in the intestines.

Buyer Products:

  • Entereg (Alvimopan)
  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Cyclooxygenase Inhibitors (COX Inhibitors)/Lipoxygenase Inhibitors
Therapeutics that treat ulcerative colitis by inhibiting the actions of the two enzymes, cyclooxygenase and lipoxygenase.

Target Products:

  • Canasa Rectal Gel (Mesalamine)
  
Irritable Bowel Syndrome (IBS)  
Anticholinergic Agents
Therapeutics that treat irritable bowel syndrome by decreasing the liver's cholesterol synthesis and secretion.

Target Products:

  • Bentyl (Dicyclomine Hydrochloride)
  
Rectal Disorders  
Proctitis  
Cyclooxygenase Inhibitors (COX Inhibitors)/Lipoxygenase Inhibitors
Therapeutics that treat proctitis by inhibiting the actions of the two enzymes, cyclooxygenase and lipoxygenase.

Target Products:

  • Canasa 1 g Suppositories (Mesalamine)
  • MAX-002 (1g Mesalamine Suppository)
  • Canasa (Mesalamine) Suppositories
  
Liver Disorders  
Cirrhosis  
Bile Acids
Therapeutics that treat cirrhosis by protecting liver cells from the damaging activity of toxic bile acids.

Target Products:

  • URSO Forte (Ursodiol)
  • URSO 250 (Ursodiol)
  
Pancreatic Disorders  
Chronic Pancreatitis  
Enzyme Replacement Therapy
Therapeutics that treat long term problems of pancreas inflammation that lead to decreases in pancreatic enzymes by supplying exogenous pancreatic enzymes.

Target Products:

  • Ultrase (Pancrelipase)/Ultrase MT (Pancrelipase)
  • Viokase (Pancrelipase)
  
Obstructed Ducts  
Enzyme Replacement Therapy
Therapeutics that treat obstructed pancreatic ducts by providing pacreatic enzymes, which help dissolve any substances in the ducts.

Target Products:

  • Viokase (Pancrelipase)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of digestive disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Entereg (Alvimopan)

Target Products:

  • AGI-010 (Delayed/Controlled Release Omeprazole)
  • NMK 150 (Pancreatic Enzyme)
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of digestive disorders in very early stages of research where no human subject is involved.

Target Products:

  • Cx401 (Mesenchymal Stem Cell Therapeutic)
  
Immunology
Autoimmune Disorders  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Cyclooxygenase Inhibitors (COX Inhibitors)/Lipoxygenase Inhibitors
Therapeutics that treat inflammation of the colon and rectum by blocking the action of cyclooxygenase and lipoxygenase.

Target Products:

  • Canasa Rectal Gel (Mesalamine)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • ADL5859 (Delta Opioid Receptor Agonist)
  
Infectious Diseases  
Bacterial  
Antibacterial Agents  
Narrow Spectrum  
Digestive System  
Heliobacter pylori  
Antisecretory Agents/Nitroimidazoles/Tetracyclines
Therapeutics treat digestive infections caused by Helicobacter pylori bacteria by inhibiting the action of the membrane protein involved in the final steps of triggering acid release into the stomach.

Target Products:

  • Pylera (Bismuth Salicylate/Metronidazole/Tetracycline)/Formerly Helizide
  
Musculoskeletal System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • ADL5859 (Delta Opioid Receptor Agonist)
  
Oncology  
Digestive System  
Esophageal Cancer  
Palliative Agents  
Photodynamic Therapy (PDT)
Therapeutics that treat and manage esophageal cancer by having therapeutic agents accumulate preferentially in cancer cells. The therapeutic is then activated using an energy source like UV light.

Target Products:

  • Photofrin (Porfimer Sodium)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer in early stages of clinical research where human subject is involved.

Target Products:

  • Ursodiol Disulfate
  
Respiratory System/Thoracic  
Lung Cancer  
Non Small Cell Lung Cancer (NSCLC)  
Palliative Agents  
Photodynamic Therapy (PDT)
Therapeutics that treat and manage lung cancer by having therapeutic agents accumulate preferentially in cancer cells. The therapeutic are then activated using an energy source, such as UV light.

Target Products:

  • Photofrin (Porfimer Sodium)
  
Photodynamic Therapy (PDT)
Therapeutics that treat and manage lung cancer by having therapeutic agents accumulate preferentially in cancer cells. The therapeutic are then activated using an energy source, such as UV light.

Target Products:

  • Photofrin (Porfimer Sodium)
  
Pain Management  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of pain in early stages of clinical research where human subject is involved.

Buyer Products:

  • ADL5859 (Delta Opioid Receptor Agonist)
  • Alvimopan/Hydrocodone Combination Product
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of pain in very early stages of research where no human subject is involved.

Buyer Products:

  • ADL 5747 (Delta Opioid Receptor Agonist)
  
Respiratory System  
Lower Respiratory Tract Disorders (Lung Disorders)  
Cystic Fibrosis (CF)  
Complications  
Pancreatic Deficiency  
Enzyme Replacement Therapy
Therapeutics that treat a deficiency of pancreatic enzymes caused by cystic fibrosis by providing exogenous pancreatic enzymes.

Target Products:

  • Viokase (Pancrelipase)
  • Ultrase (Pancrelipase)/Ultrase MT (Pancrelipase)
  
Surgery  
Digestive System  
Post-Operative Ileus/Constipation  
Opioid Receptor Antagonists
Therapeutics that treat constipation by blocking the mu opioid receptors in the intestines.

Buyer Products:

  • Entereg (Alvimopan)
  
Medical Devices  
Respiratory  
Treatment  
Positive Expiratory Pressure (PEP)
Device designed in bronchial hygiene therapy and exercising the lungs and by generating pressure during expiration.

Target Products:

  • Flutter Hands-Free CPT
  
Nutritional Health  
Dietary/Naturopathic Supplements  
Children`s Health
Products consisting of dietary/naturopathic supplements that are intended to support infants and children's health.

Target Products:

  • Axcan Pharma Inc.
  
General Health
Products consisting of dietary/naturopathic supplements that are intended to support general health.

Target Products:

  • Axcan Pharma Inc.
  
Weight Management
Products consisting of dietary/naturopathic supplements that are intended to manage obesity, overweight and underweight.

Target Products:

  • Axcan Pharma Inc.
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Sucampo Pharmaceuticals, Inc. n/a 406.446 30.81 15.22 4.42 2.94 4.70
Progenics Pharmaceuticals, Inc. n/a 165.948 0.00 -6.04 2.19 1.86 1.13
Isolagen, Inc. n/a 13.927 0.00 n/a 9.95 n/a n/a
Target
  The Procter & Gamble Company n/a 213,486.043 19.40 19.88 2.68 2.58 n/a
Johnson & Johnson n/a 185,010.946 17.49 14.76 3.03 2.91 12.71
Sanofi-Aventis SA (ADR) n/a 98,111.111 12.03 8.93 2.17 2.35 n/a
Solvay S.A. (ADR) n/a 10,439.415 9.10 n/a 0.74 n/a n/a
Watson Pharmaceuticals, Inc. n/a 2,979.119 21.12 14.74 1.19 1.16 8.07
Eurand N.V. n/a 662.135 0.00 71.86 5.08 3.74 n/a
Impax Laboratories Inc. n/a 528.117 452.09 9.12 4.69 n/a 9.00
Salix Pharmaceuticals, Ltd. n/a 315.489 38.35 -5.85 1.34 1.75 3.14
Santarus, Inc. n/a 125.723 0.00 -5.44 1.33 1.00 8.19
Altus Pharmaceuticals Inc. n/a 118.778 0.00 -1.65 0.00 17.54 n/a
DUSA Pharmaceuticals, Inc. n/a 58.270 0.00 -15.13 2.11 1.60 2.64
Pipex Pharmaceuticals, Inc. n/a 16.814 0.00 -0.72 n/a 14.01 2.22
Miravant Medical Technologies n/a 0.026 0.00 n/a n/a n/a n/a
UCB S.A. n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Eli Lilly & Co. n/a 56,667.333 19.19 12.65 3.04 2.80 5.06
Sharp Corporation (ADR) n/a 18,572.509 21.06 20.77 0.63 0.56 1.72
Torcan Chemical Ltd. n/a n/a n/a n/a n/a n/a n/a
Girindus AG n/a n/a n/a n/a n/a n/a n/a
Pharmaceutics International, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  Eurand N.V. n/a 662.135 0.00 71.86 5.08 3.74 n/a

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Pfizer Inc. n/a 139,263.918 17.11 8.72 2.88 2.88 6.02
GlaxoSmithKline plc (ADR) n/a 113,975.427 11.01 10.77 2.53 2.51 15.20
Eli Lilly & Co. n/a 56,667.333 19.19 12.65 3.04 2.80 5.06
Sharp Corporation (ADR) n/a 18,572.509 21.06 20.77 0.63 0.56 1.72
Pharmaceutics International, Inc. n/a n/a n/a n/a n/a n/a n/a
Torcan Chemical Ltd. n/a n/a n/a n/a n/a n/a n/a
Girindus AG n/a n/a n/a n/a n/a n/a n/a
Target
  Sanofi-Aventis SA (ADR) n/a 98,111.111 12.03 8.93 2.17 2.35 n/a
Abbott Laboratories n/a 86,035.775 23.86 17.34 3.32 3.04 44.60
Wyeth n/a 55,578.178 12.04 12.18 2.48 2.48 4.06
Eurand N.V. n/a 662.135 0.00 71.86 5.08 3.74 n/a
QLT Inc. (USA) n/a 256.694 0.00 24.57 2.01 2.23 2.05
Gentium S.p.A. (ADR) n/a 100.673 0.00 -1.87 13.92 n/a 2.58
Nordmark Arzneimittel GmbH & CO KG n/a n/a n/a n/a n/a n/a n/a
AGI Therapeutics plc n/a n/a n/a n/a n/a n/a n/a
NicOx S.A. n/a n/a n/a n/a n/a n/a n/a
Dr. Falk Pharma GmbH n/a n/a n/a n/a n/a n/a n/a
Merz + Co. n/a n/a n/a n/a n/a n/a n/a
Children's Hospital, Columbus, Ohio n/a n/a n/a n/a n/a n/a n/a
Genetrix SL n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 9.1 363.0 372.1
Other Revenue 0.0 0.0 0.0
Total Revenue 9.1 363.0 372.1
Cost of Revenue 0.0 86.9 86.9
SG&A Expense 24.0 111.7 135.7
Depreciation & Amortization 0.0 23.0 23.0
Research & Development 41.6 27.9 69.5
Interest Expense 0.0 -7.3 -7.3
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 0.0 10.0 10.0
Total Expenses 65.6 252.3 317.9
Operating Income -56.5 110.7 54.3
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 7.9 0.0 7.9
Other, Net 0.1 0.0 0.1
Income Before Taxes -48.4 110.7 62.3
Income Taxes 0.0 34.4 34.4
Income After Taxes -48.4 76.3 27.8
Net Income - Excl. Xord. Items -48.4 76.3 27.8
Net Income - Incl. Xord. Items -48.4 76.3 27.8
Income Avail. to Common -48.4 76.3 27.8
Share Items
Basic Avg. Shares Outstanding 45.9 56.0 101.9
Basic EPS - Excl. Xord. Items n/a 1.36 0.27
Basic EPS - Incl. Xord. Items n/a 1.36 0.27
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 45.9 56.8 102.8
F.D. EPS - Excl. Xord. Items n/a 1.34 0.27
F.D. EPS - Incl. Xord. Items n/a 1.34 0.27
Balance Sheet
Assets
Cash and Equivalents 15.6 310.9 326.5
ST Investments 151.6 6.2 157.8
Accounts Receivable 1.6 55.8 57.4
Inventory 0.0 30.4 30.4
Prepayments and Advances 4.0 4.0 7.9
Other Current Assets 0.0 17.0 17.0
Current Assets 172.7 424.2 597.0
Accum D&A 0.0 0.0 0.0
PPE, Net 5.8 32.3 38.0
Goodwill & Intangibles 0.0 394.1 394.1
Other Assets 0.0 0.0 0.0
Other LT Assets 0.2 5.6 5.7
Total Assets 178.7 856.1 1,034.8
Liabilities
Accounts Payable 0.9 0.0 0.9
Payable/Accrued 0.0 79.1 79.1
Accrued Expenses 6.7 0.0 6.7
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.0 0.4 0.4
Other (Current) Liabilities 17.6 19.4 37.0
Current Liab. 25.2 99.0 124.2
LT Debt 0.0 0.1 0.1
Total LT Debt 0.0 0.1 0.1
Deferred Taxes 0.0 38.4 38.4
Other LT Liab. 41.1 0.0 41.1
Total Liabilities 66.3 137.4 203.7
Shareholders Equity
Common Stock 0.0 396.1 396.1
Additional Paid in Capital 536.9 10.1 547.0
Retained Earnings -424.9 271.7 -153.2
Unrealized Gain (Loss) 0.4 0.0 0.4
Other Equity 0.0 40.8 40.8
Total Equity 112.4 718.7 831.1
Total Liab. & Equity 178.7 856.1 1,034.8
Shares Outstanding 46.0 55.4 101.4
Cash Flow
Operating Cash Flow
CF Net Income -48.4 76.3 27.8
CF Depreciation 2.4 23.0 25.4
CF Deferred Taxes 0.0 -12.9 -12.9
Other Non-Cash Items 7.1 10.0 17.1
Change in Working Capital 20.9 20.8 41.7
Total Cash From Operating Activities -18.1 117.1 99.1
Investing Cash Flow (not calculated)
Capital Expenditures -0.8 -8.6 -9.4
Other Investing Cash Flows 31.1 40.9 72.0
Total Cash From Investing Activities 30.3 32.3 62.6
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 0.0 6.7 6.7
Purchase and Retirement of Debt 0.0 -0.7 -0.7
Other Financing Cash Flow 0.0 0.0 0.0
Total Cash From Financing Activities 0.1 6.0 6.1
Exchange Rate Effects 0.0 0.9 0.9
Net Change in Cash 12.3 156.3 168.6
Cash Taxes Paid 0.0 39.6 39.6
Cash Interest Paid 0.0 2.9 2.9