UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
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Filed by a Party other than the Registrant |X|
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[ ] Preliminary Proxy Statement
[ ] Confidential, For Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
|X| Soliciting Material Under Rule 14a-12
THERASENSE, INC.
(Name of Registrant as Specified in its Charter)
ABBOTT LABORATORIES
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of Filing Fee (Check appropriate box):
|X| No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
______________________________________________________________________________
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______________________________________________________________________________
(3) Per unit price of other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing
fee is calculated and state how it was determined):
______________________________________________________________________________
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______________________________________________________________________________
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Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.
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(4) Date Filed:
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The following are presentation slides shown to employees of
TheraSense, Inc. on January 20, 2004:
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MediSense (R)
Update
-----------------------------
| |
| Presentation to: |
| Alameda Management Forum |
| |
| January 20, 2004 |
| |
| Ed Fiorentino |
-----------------------------
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MediSense(R) ABBOTT 1
===============================================================================
In connection with the proposed merger, TheraSense will file a proxy statement
and other relevant documents with the Securities and Exchange Commission (SEC).
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT WHEN IT
BECOMES AVAILABLE AS IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND
RELATED MATTERS. INVESTORS AND SECURITY HOLDERS WILL HAVE ACCESS TO FREE COPIES
OF THE PROXY STATEMENT (WHEN AVAILABLE) AND OTHER DOCUMENTS FILED WITH THE SEC
BY THERASENSE AND ABBOTT THROUGH THE SEC WEB SITE AT WWW.SEC.GOV. THE PROXY
STATEMENT AND RELATED MATERIALS MAY ALSO BE OBTAINED FOR FREE (WHEN AVAILABLE)
FROM THERASENSE BY DIRECTING A REQUEST TO: INVESTOR RELATIONS, THERASENSE,
INC., 1360 SOUTH LOOP ROAD, ALAMEDA, CA 94502; PHONE (510) 749-5400. DOCUMENTS
FILED WITH THE SEC BY ABBOTT MAY ALSO BE OBTAINED FOR FREE (WHEN AVAILABLE)
FROM ABBOTT BY DIRECTING A REQUEST TO: INVESTOR RELATIONS, ABBOTT LABORATORIES,
100 ABBOTT PARK, ROAD, ABBOTT PARK, IL 60064; PHONE (847) 937-7300.
TheraSense, Abbott and their respective directors, executive officers, certain
members of management and employees, may be deemed to be participants in the
solicitation of proxies in connection with the proposed merger. Information
regarding the persons who may, under the rules of the SEC, be considered to be
participants in the solicitation of TheraSense's stockholders and their
interests in in the solicitation will be set forth in the proxy statement when
it is filed with the SEC.
===============================================================================
MediSense(R) ABBOTT 2
Forward-Looking Statements
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Some statements in this presentation may be forward-looking statements for
purposes of the Private Securities Litigation Reform Act of 1995. Abbott and
TheraSense caution that these forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ materially from those
indicated in the forward-looking statements including that the conditions
precedent to the completion of the acquisition may not be satisfied or
necessary regulatory approval will not be obtained. Economic, competitive,
governmental, technological and other factors that may affect Abbott's
operations are discussed in Exhibit 99.1 of its Securities and Exchange
Commission Form 10-Q for the period ended Sept. 30, 2003, and are incorporated
by reference. For a description of factors that may affect TheraSense's future
results, see discussion under "Risk Factors Affecting Operations and Future
Results" in TheraSense's Form 10-Q for the quarter ended Sept. 30, 2003, and
periodic reports filed with the Securities and Exchange Commission. Abbott and
TheraSense undertake no obligation to release publicly any revisions to
forward-looking statements as the result of subsequent events or developments.
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MediSense(R) ABBOTT 3
Diabetes - a significant, growing global health care problem.
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o WHO estimates 185MM people with diabetes
worldwide, with only 40% diagnosed.
o Projected to grow to 500MM by 2025, due to aging
population, sedentary lifestyle, and increasing obesity.
o Daily monitoring of blood glucose is required to avoid
both the short and long-term complications of diabetes.
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MediSense(R) ABBOTT 4
Worldwide Glucose Testing Market
--------------------------------------------------------------------------------------------
Sales ($B)
9.0 _| 1998 - 2003 CGR +11.8% 8.3
2003 - 2008 CGR +10.0% __
8.0 _| 7.6 | |
-- | |
7.0 _| 6.9 | | | |
6.3 -- | | | |
6.0 _| 5.7 -- | | | | | |
5.2 -- | | | | | | | |
5.0 _| 4.7 __ | | | | | | | | | |
3.6 4.0 -- | | | | | | | | | | | |
4.0 _| 3.3 __ -- | | | | | | | | | | | | | |
3.0 __ | | | | | | | | | | | | | | | | | |
3.0 _| __ | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
2.0 _| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
1.0 _| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
0.0 _| | | | | | | | | | | | | | | | | | | | | | |
----------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
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MediSense(R) ABBOTT 5
Glucose Testing Market - Sales/Market Share
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[PIE CHART GRAPHIC OMITTED] ------------
2003 Market Share (Est.) ($MM) | 2003 Sales |
| Est. |
Roche 36% -----------
J&J 27% Roche 1870
Bayer 13% -------------------------------------
MediSense 10.5% J&J 1400
TheraSense 4% -------------------------------------
Other 9.5% Bayer 670
$ 5.2 Billion -------------------------------------
MediSense 542
-------------------------------------
TheraSense 210
-------------------------------------
Other (B-D, HDI,
Menarini) Regional Players 475
-------------------------------------
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MediSense(R) ABBOTT 6
Glucose Monitoring Technology Trends
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1980 - 2005 2005 - 2015
o Smaller meters o Additional improvements
in fingerstick systems
o Smaller sample
requirements o Continuous monitoring systems
(10 ul to < 1 ul)
o Integrated testing systems
o Shorter assay time
(45 seconds to 5 seconds) o Open/closed-loop systems
o Time/date features o Non-invasive systems?
o Expanded memory
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MediSense(R) ABBOTT 7
MediSense Situation Analysis
-------------------------------------------------------------------------------------------------------------
o Double digit sales growth
Sales ($MM)
o MediSense key successes
o First Biosensor product [GRAPHIC OMITTED]
o Ketone testing
o Point of care systems ($ Millions)
1998 1999 2000 2001 2002 2003
o Strong global presence -------------------------------------------------------------
o $542MM sales US 124 142 189 190 205 205
(60%+ international) International 202 232 246 265 289 337
o 10.5% overall market share -------------------------------------------------------------
Total 326 374 435 455 494 542
98-03 CGR = 10.7%
============================================================================================================
MediSense(R) ABBOTT 8
TheraSense Overview
-----------------------------------------------------------------------------------------------------
o Highly attractive start-up Sales ($MM)
with excellent IP
[GRAPHIC OMITTED]
o Low volume/rapid assay products
o Less pain/high AST success $MM
o Only .3 ul blood sample 2000 2001 2002 2003 Est
o 7-second assay time --------------------------------------
o Freestyle, Flash/Mini US 6 72 154 170
platforms International 0 0 24 40
--------------------------------------
o Strong Pipeline Total 6 72 178 210
o Navigator (continuous
monitoring)
o Deltec Cozmore partnership
o Integrated Systems
o Significant, sustained
penetration of the US market.
o 2003 projected sales of $210MM.
-----------------------------------------------------------------------------------------------------
MediSense(R) ABBOTT 9
TheraSense Product Portfolio
-------------------------------------------------------------------------------
FreeStyle | FreeStyle Flash
|
o Foundation product | o 4Q '03 launch
o 0.3ul sample [GRAPHIC | o Smallest meter [GRAPHIC
o 15 second assay OMITTED] | o 7 second assay OMITTED]
o High AST success | o Lighting features
|
|
-------------------------------------------------------------------------------
FreeStyle Tracker Deltec Cozmore Navigator
[GRAPHIC [GRAPHIC [GRAPHIC 3 day CGMS
OMITTED] OMITTED] OMITTED] patch in
development
Insulin Pump
===============================================================================
MediSense(R) ABBOTT 10
MediSense & TheraSense
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o Leading technology o Strong pipeline
o Navigator CGMS
o Current products o Next generation Freestyle
o Freestyle (less pain, AST) o Integrated systems
o Flash (Type I, children) o Precision Xceed
o Precision Xtra (ketones) o G3b, G3c
o Precision PCx (point of care) o Next generation PCx
o Critical mass/global presence
===============================================================================
MediSense(R) ABBOTT 11
Integration Plan Process
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o Maintain operational and competitive independence pending deal close.
o Transition Team Process
o Staffed with function heads and/or key players
o Establish global objectives, guiding principles, and processes
o Establish timelines and budgets
o Oversee functional objectives, principles, timelines, and budgets
o Manage information flow and communications
o Steering Committee
o Provide direction, mentorship, and guidance to transition team
o Approve key transition team decisions
o Facilitate execution of transition team
===============================================================================
MediSense(R) ABBOTT 12
Goals of the Integration
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o Rapid transition to new structure
o Retention of key talent
o Complete integration with fairness and professionalism
o Rapid launch of new products
o Freestyle
o Flash
o Xceed
o G3b
o PCx G3a
o Successful preparation for Navigator
o Market
o Reimbursement
o FDA
o Ops
===============================================================================
MediSense(R) ABBOTT 13
Our Mission & Core Values
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Together . . . . . we will
o Improve the lives of people with diabetes through research
and innovation
o Ensure quality and integrity in everything we do
o Develop our people and perform at the highest level
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MediSense(R) ABBOTT 14
Our Vision
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Together . . . . we will
build to a Billion and
become a top tier
player!!
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MediSense(R) ABBOTT 15
===============================================================================
Welcome to
Abbott Laboratories
Rick Gonzalez
President and Chief Operating Officer
Medical Products Group
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MediSense(R) ABBOTT 1
Abbott Laboratories
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Abbott Today
o 70,000+
Employees
o Customers in
130+ countries
[PHOTO OMITTED]
o 2003 Sales
$19.7 billion
o Broad-based
diversified
business model
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MediSense(R) ABBOTT 2
Abbott Laboratories
===============================================================================
Broad-based Business Model
[PIE CHART OMITTED]
2003 Sales by Division
Total: $19.7 billion
Pharmaceutical
Products Group
$11.5 billion
International 29%
Pharmaceutical 29%
Medical
Products Group
$8.2 billion
Hospital Products 16%
Ross Products 11%
Diagnostics 15%
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MediSense(R) ABBOTT 3
Abbott Leadership
===============================================================================
Miles White
Chairman and CEO
_______________________
|
|
_____________________________|____________________________
| |
____________|_______________ _____________|_____________
Jeff Leiden, M.D., Ph.D. Rick Gonzalez
President and President and
Chief Operating Officer, Chief Operating Officer,
Pharmaceutical Products Group Medical Products Group
Pharmaceuticals Diagnostics
Abbott International MediSense Diabetes Care
Global Pharma R&D Molecular Diagnostics
Global Pharma Operation Vascular Devices
Spinal Concepts
Ross Nutritionals
Animal Health
===============================================================================
MediSense(R) ABBOTT 4
The Medical Products Business
===============================================================================
Operating Model
Medical
Products Group
_________________
|
|
_____________________________________________________________________________
| | | | | | | |
| | | | | | | |
Abbott
Molecular MediSense/ Vascular Spinal Animal
Ross ADD Diagnostics TheraSense I-Stat Devices Concepts Health
o Flat organizational structure encourages businesses to
be more independent and responsive
o Entrepreneurial operating model improves speed,
innovation and productivity of new product development
===============================================================================
MediSense(R) ABBOTT 5
Medical Products Group
===============================================================================
Vision
Utilize our strengths in Diagnostics, Devices,
Pharmaceuticals and Nutritionals to bring
Innovation Clinical Solutions to patients and
healthcare providers.
===============================================================================
MediSense(R) ABBOTT 6
Key Priorities
===============================================================================
Medical Products Group
o Build businesses in high growth, innovative market
segments
o Maintain leadership in Diagnostics and Nutritionals
o Grow leadership positions in Diabetes, Vascular and
Molecular Diagnostics
o Utilize our product diversity to bring breakthrough
products to the market
o Marketing and R&D Driven Business Model
(Investment)
o Achieve #1 or #2 position in every major business
===============================================================================
MediSense(R) ABBOTT 7
Work/life Programs
===============================================================================
[PHOTOS OMITTED]
Work/life program highlights:
Largest on-site child care facility in Illinois
and among top five largest in the country
Adoption assistance and related benefits
Health and wellness programs
Convenience services
Awards and recognition
Top 10 of the "100 Best Companies for Working Mothers," Working Mother
No. 3 for "Best Company Benefits," Money
Top 10 "Companies for Women," Health
"Governor's Family Investment Award," Illinois
Corporate Friend of Children Award, Child Welfare League of America
===============================================================================
MediSense(R) ABBOTT 8
Diversity/Inclusion Program
===============================================================================
[PHOTOS OMITTED}
Diversity/Inclusion program highlights:
Executive Inclusion Council, chaired by CEO
80% increase in women management in last four years
Women Leaders in Action
Awards and recognition
"50 Best Companies for Asians, Blacks
and Hispanics," FORTUNE
Ranked #13 in Black Collegian
magazine's Top 50 Diversity Employers
Survey in 2002 -- and first among all
pharmaceutical companies.
===============================================================================
MediSense(R) ABBOTT 9
Community & Social Initiatives
===============================================================================
[PHOTO OMITTED]
Step Forward...for the world's children
Helps orphans and vulnerable children
affected by HIV/AIDS in Romania,
Tanzania, Burkina Faso and India
Abbott Access
Programs that expand access to Abbott's HIV drugs and rapid
tests in Africa and least developed countries
Determine HIV Donation Program
Aimed at preventing mother-to-child transmission of HIV in
developing world
Tanzania Care
Established to improve public health care infrastructure and
improve services and access to care for people living with HIV in
Tanzania
===============================================================================
MediSense(R) ABBOTT 10
===============================================================================
Welcome to
Abbott Laboratories
Rick Gonzalez
President and Chief Operating Officer
Medical Products Group
===============================================================================
MediSense(R) ABBOTT 11
===============================================================================
In connection with the proposed merger, TheraSense will file a proxy statement
and other relevant documents with the Securities and Exchange Commission
(SEC). INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT
WHEN IT BECOMES AVAILABLE AS IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
MERGER AND RELATED MATTERS. INVESTORS AND SECURITY HOLDERS WILL HAVE ACCESS TO
FREE COPIES OF THE PROXY STATEMENT (WHEN AVAILABLE) AND OTHER DOCUMENTS FILED
WITH THE SEC BY THERASENSE AND ABBOTT THROUGH THE SEC WEB SITE AT WWW.SEC.GOV.
THE PROXY STATEMENT AND RELATED MATERIALS MAY ALSO BE OBTAINED FOR FREE (WHEN
AVAILABLE) FROM THERASENSE BY DIRECTING A REQUEST TO: INVESTOR RELATIONS,
THERASENSE, INC., 1360 SOUTH LOOP ROAD, ALAMEDA, CA 94502; PHONE (510)
749-5400. DOCUMENTS FILED WITH THE SEC BY ABBOTT MAY ALSO BE OBTAINED FOR FREE
(WHEN AVAILABLE) FROM ABBOTT BY DIRECTING A REQUEST TO: INVESTOR RELATIONS,
ABBOTT LABORATORIES, 100 ABBOTT PARK, ROAD, ABBOTT PARK, IL 60064; PHONE (847)
937-7300.
TheraSense, Abbott and their respective directors, executive officers, certain
members of management and employees, may be deemed to be participants in the
solicitation of proxies in connection with the proposed merger. Information
regarding the persons who may, under the rules of the SEC, be considered to be
participants in the solicitation of TheraSense's stockholders and their
interests in in the solicitation will be set forth in the proxy statement when
it is filed with the SEC.
===============================================================================