Goldman Sachs 2003 Annual Report Download - page 27

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GOLDMAN SACHS 2003 ANNUAL REPORT 24
BIOGEN, INC.
As sole financial advisor to Biogen, Goldman
Sachs helped execute the largest-ever merger
between independent biotech firms, creating
Biogen Idec Inc., the world’s third-largest
biotechnology company.
Biogen and IDEC, each of which had a critical
“blockbuster” drug fueling its future growth,
saw a merger as an opportunity to create a
biotechnology company with a broader product
portfolio and a deeper pipeline. The new com-
pany expects to benefit from its significant clinical
development and global marketing capabilities
in both oncology and immunology.
The companies combined in a carefully crafted
merger of equals that capitalized on their
complementary strengths and preserved strong
relationships with their licensing partners.
HM TREASURY
(HER MAJESTY’S TREASURY)
Goldman Sachs jointly led a $3 billion debt
offering that enabled the British government to
refinance its reserve position and created a
benchmark for the United Kingdom in the U.S.
dollar market.
The offering was met with outstanding demand,
enabling the U.K. to price the bonds at a level
more attractive than U.S. Treasuries of comparable
maturities. HM Treasury’s first U.S. financing
in nearly seven years, this groundbreaking trans-
action exceeded the client’s pricing expectations
and achieved a high-quality investor distribution.
from left to right:
Carlos Cordeiro, Clark Anderson, Mark Giancola, Haitao Zhai, John McGarry, Michael Sherwood, Christopher Egerton-Warburton,
Sofia Maroudia, Jack Levy, David Woodhouse, Robert King, Claire Levy, Christiana Stamoulis, Lorence Kim