[Hui Cong Pharmaceutical Industry Network] Fosun Pharma and Shanghai Pharmaceuticals have recently confirmed their participation in the bidding for US pharmaceutical company Arbor. The transaction is currently in a non-exclusive competitive stage. The bidding terms including the bid amount and the operation and financial status of the target company have not yet been reported. Disclosure. This kind of news has a certain time every time, big fish eat small fish (sometimes there are small fish eating big fish), it seems that it has become a large pharmaceutical company to deal with its own product patent cliffs, acquire new products, and continue to grow. The best way. The BDers of the pharmaceutical giants, with their keen sense of industry, are looking for "delicious" prey. Once they are shot, the atmosphere is vast and unstoppable. Ten years of medical mergers and acquisitions TOP15 Let us first look at the top ten mergers and acquisitions in the past ten years.
The transaction volume of these large-scale mergers and acquisitions was more than 10 billion US dollars, and more than half of them reached 30 billion US dollars. Having said that, I have to mention Pfizer, which has always had a big appetite. Pfizer spent more than $90 billion to acquire Warner Lambert and acquired Pharmacia for more than $60 billion, securing the position of the world's number one pharmaceutical company.
However, in 2007, Pfizer's multiple product patents expired one after another. The patent protection of the star product Lipu is also limited. In addition, the R&D failed to break new products. Pfizer had to consider mergers and acquisitions again, and Wyeth's biotechnology and vaccine business. It is exactly what Pfizer is optimistic about, and it will be reached after two years of shackles. In this case, the amount of money has become the most sensational merger in the past decade. Wyeth was ranked 9th in the list of global pharmaceutical companies.
Looking back from 2007 to 2009, I was experiencing a global economic crisis. The rumors spread all over the world. It was said that Pfizer had to annex Sanofi, and then the news of Novartis’s coveted Bayer. Under the exhaustion of the wolf, Pfizer finally succeeded in acquiring Wyeth. The news attracted a lot of excitement in the industry. In the same year, Roche acquired Genentech, Merck's acquisition of Schering-Plough, and in 2009, it became a medical merger and acquisition, and the industrial landscape was reshaped. In the past ten years, it is worth mentioning that in 2015, Pfizer officially negotiated the new Aijian for tax avoidance, and almost set a historical record for the price of 160 billion US dollars. Finally, the case was severely cracked down by the US government. The policy fell through. It is hard to imagine how great Pfizer will be if the case is successful.
The high-severity and most unsuccessful mergers and acquisitions in the past ten years are not good. The big fish eat small fish, whether the small fish itself meets the nutritional needs, whether the cost is too high, and whether the big fish itself adjusts the digestive system. Are the criteria for measuring the success of mergers and acquisitions. Recently, a small survey was conducted on the FiercePharma website. The netizens nominated the most successful and failed mergers and acquisitions in the past ten years, and then selected the most nominated cases to vote. Xiao Bian here presents the wonderful nomination comments of the external network medical people, to understand the gains and losses in the eyes of others.
The most successful medical mergers and acquisitions
Actavis-Allergan: The $66 billion acquisition has brought Ateves to an all-time high. The new group uses the name of Ail, a glimpse of the original generic company of Atvis; The headquarters chose Ireland, where Atvis is located, to reduce the tax rate of the new company from 26% to 15%. The best brand, the lowest tax rate, simply don't be great!
BMS-Medarex: Where does BMS's famous PD-1 inhibitor Opdivo and immunotherapy Yervoy come from? They came from this $2.5 billion acquisition, which is the most valuable acquisition in history. It's hard to imagine what BMS would look like without these two products.
EliLilly-ImClone: ​​In 2008, Lilly spent $6.5 billion to get a ticket for ImClone, which later brought a rich spree to Lilly: star product Erbitux (cetuximab), followed by three listed companies The new drug, the new gastric cancer drug Cyramza (remolizumab), the new lung cancer drug Portrazza (necitumumab), the new drug Lartruvo (olaratumab) for the treatment of adult soft tissue sarcoma, and other potential factors.
Gilead-Pharmasset: The $11 billion transaction price is a big surprise, but Pharmasset's series of hepatitis C drugs, including the god drug Sovaldi Sophie, have made Glidard full of gold foil, and the return on investment is huge. This is definitely the most successful in the past decade. One of the mergers and acquisitions, which started to look crazy, was finally proven to be so bright.
Merck - Schering-Plough: This $43 billion merger hides a big pearl, Keytruda, which is currently the tumor immunotherapy. There is nothing else to say about this deal, just a word "Keytruda".
Pfizer-Wyeth: Although criticized as a value destroyer, Pfizer's profit in this merger is not affected by the criticism. The world's leading biopharmaceutical enaeccept Enbrel, the world's largest selling pneumonia vaccine Prevnar still can't explain the problem?
Roche-Genentech: Genentech is a rush to buy from Roche and has won the world's best-selling oncology drugs. Genentech is a printing machine and a leader in oncology companies. Roche suddenly changed from an old tooth to a new generation of innovative companies.
Sanofi-Genzyme: Without this deal, Sanofi really has no current situation. The $19 billion makes Sanofi-Health a strong group. Sanofi not only received the rare disease and sclerosis-related drugs of Gianzan, but also took the venture capital.
The most failed medical merger, Alexion-Synageva: Kanuma, a drug for the treatment of lysosomal acid lipase (LAL-D) acquired after the acquisition of Synageva, grew very slowly. The acquisition itself also led to a dilution of profits. 20 billion dollars, it is a bit crazy.
AstraZeneca-MedImmune: For the product line of MedImmune, the price of $15 billion was a big controversy. And what new drugs did MedImmune produce in the past decade? The intranasal live flu vaccine FluMist is not recommended by the US Centers for Disease Control and Prevention!
BMS-Inhibitex: BMS initially optimistic about Inhibitex's hepatitis C medicine, but did not want to spend $ 2.5 billion to obtain INX-189 (BMS-986094) because of severe adverse reactions, serious damage, lost $ 1.8 billion. In general, I spent a lot of money to buy a few insignificant listed products and some high-definition R&D bubbles.
DaiichiSankyo-Ranbaxy: After the Japanese pharmaceutical company included the Indian generics company, the Indian company entered a difficult position due to problems such as production defects and falsification of data. The first three had to sell it to SunPharma, the Indian solar medicine company. ($4.6 billion in purchases, $4 billion in sales)
Johnson & Johnson - Actelion: It's too expensive! This is a summary of the $30 billion deal. Ai Ke Tailong gave Johnson & Johnson the pulmonary hypertension products Bosentan and Masitengtan, which is a brand new field for Johnson & Johnson. But what about growth? Can Johnson and Johnson really return to this?
Merck-Cubist: bought this anti-infective pharmaceutical company for Datomycin, but immediately ushered in a patent for daptomycin (almost all patents were ruthlessly denied by the court, leaving only one 2016 Expired patent). Another new product, the anti-clostridium-infected monoclonal antibody Zinplava, not only faces competition from other drugs, but also directly faces the impact of potential stock vaccines. The overall lack of expressiveness.
Novartis-Alcon: Anyone who is concerned about Novartis knows that Alcon's eye business is far from the expected return of the former CEODaniel Vasella, which he contributed to. Too complicated, combined with nightmares, did not create value. Novartis is dragging its anchors, and its total income and net profit are not ideal.
Pfizer-Medivation: The deal, which led to the prostate cancer drug Xtandi and the ongoing PARP inhibitor talazoparib, was reached in a fierce bidding station for $14 billion. However, Xtandi suffered setbacks and the new indications failed clinically. The deal was overpriced.
I have to feel that sometimes mergers and acquisitions are really like a gamble. So, in the above nominations for mergers and acquisitions, who do you think are the most successful and the most failed cases? If you have other options, you can leave a message to tell everyone.
Editor in charge: Wang Shijie
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