Abstract
Introduction
If consolidation is so advantageous for boosting a pharma company to a new
level of productivity, why has Pfizer engaged in not just one but three
mega-mergers in the past ten years: $92.3 billion for Warner-Lambert in 2000,
$60 billion for Pharmacia in 2002, and $68 billion for Wyeth in 2009? And why
would Roche chairman Franz B. Humer have stated: “I' m against
mega-mergers and mega-acquisitions because they have a tendency to destroy
value rather than to unlock value”? Will post-millennium M&As, including
the recent spate of megamergers, yield the desired returns? What companies
might be the next to engage - as captors or prey - in largescale M&As? Most
importantly, is this the right way to execute lasting change for success, or
even survival?
Questions Answered in This Report
- Nearly 600 pharmaceutical industry M&As took place between the beginning
of 2007 and the end of the first quarter of 2009. What are the trends in
deal size? What are the motivations for these deals?
- All eyes are on Pfizer, which is the leader of the pack and a serial
consolidator. What lessons can be learned from the industry leader' s
pipeline positioning and M&A history? What is the outlook for the company
following its latest mega-deal, the acquisition of Wyeth? What has Pfizer
itself learned from prior consolidations?
- But perhaps the industry would be better off watching, and emulating,
GlaxoSmithKline. What tack is GSK taking? What are the potential rewards of
a strategy that does not involve mega-mergers?
- M&As have been a pharma industry strategy since the industry began.
What will happen next in the M&A world? How can companies begin to
successfully manage the fruits of their consolidation deals?
Scope
- Case studies: deconstructing the Pfizer/Wyeth, Roche/Genentech, and
Merck & Co./Schering- Plough mergers - Why? How? How successful are these
companies likely to be?
- History of the mega-merger: 14 big M&As between 2000 and the
present that have shaped today' s industry.
- Future of the mega-merger: potential candidates for future
consolidation, herd mentality in the industry, wisdom of the M&A strategy.
- Diversification strategies in mega-merged and other big companies:
specialty pharma, biologics, biosimilars, vaccines, animal health, OTC drugs.
- CEOs speak out: statements from leading pharma companies reveal
strategies - and changes in visions.
Mentioned in This Report
- A.H. Robins
- Abbott Laboratories
- Actavis
- Actelion
- Adams Respiratory
- Therapeutics
- Affiris
- Akzo Nobel
- Alcon
- Alza
- American Home Products
- American Pharmaceutical
- Partners
- AmeriPath
- Amgen
- Amira Pharmaceuticals
- Applied Biosystems
- Archemix
- Aspen
- Astellas Pharma
- AstraZeneca
- Aurobindo Pharma
- Aventis
- Barr Pharmaceuticals
- Bausch & Lomb
- Bayer
- Biogen Idec
- Biotica Technology
- Boehringer Mannheim
- Bristol-Myers Squibb
- Bristol-Myers Squibb Pakistan
- Cambridge Antibody
- Technology
- Celgene
- Cellzome
- Cephalon
- Chugai Pharmaceutical
- Claris Life Sciences
- ConvaTec
- Crucell
- CSL
- Cyanamid
- Cytyc
- Dade Behring
- Daiichi Sankyo
- Dynavax
- Eisai
- Elan
- Eli Lilly
- Essilor
- Forest Laboratories
- Fresenius
- Genelabs Technologies
- Genentech
- Genetics Institute
- Genzyme
- Gerber Products
- Gilead Sciences
- Glaxo Wellcome
- GlaxoSmithKline
- GlycoFi
- Greenstone
- Hologic
- Idenix Pharmaceuticals
- ImClone Systems
- Immunex
- Insmed
- Invitrogen
- Johnson & Johnson
- Kirin Brewery
- Kyowa Hakko Kogyo
- Laclede
- Life Technologies
- Ligand Pharmaceuticals
- MedImmune
- Merck & Co.
- Merck BioVentures
- Merck KGaA
- Merck Research Labs
- Merck Serono
- MGI Pharma
- Millennium Pharmaceuticals
- Mitsubishi Pharma
- Monsanto
- Mpex Pharmaceuticals
- Mylan Laboratories
- Nestle
- New River Pharmaceuticals
- Nordic Capital
- Novartis
- Novo Nordisk
- Organon BioSciences
- Pentraxin Therapeutics
- Pfizer
- Pharmacia
- Pharmion
- Quest Diagnostics
- Ranbaxy Laboratories
- Ratiopharm
- Reckitt Benckiser
- Regulus Therapeutics
- Roche
- Sanofi-Aventis
- Sanofi-Synthelabo
- Schering AG
- Schering-Plough
- Schwarz Pharma
- Serono
- Shenzhen Neptunus Interlong
- Bio-Technique
- Shionogi & Co.
- Shire Pharmaceuticals
- Siemens
- Sirtris Pharmaceuticals
- Smith & Nephew
- SmithKline Beecham
- Stiefel
- Sun Pharmaceutical Industries
- Syntex
- Taisho Pharmaceutical
- Takeda Pharmaceutical
- Talecris Biotherapeutics
- Tanabe Seiyaku
- Teva Pharmaceutical Industries
- UCB
- Valeant Pharmaceuticals
- Ventana Medical
- Vertex Pharmaceuticals
- Warburg Pincus
- Warner-Lambert
- Wyeth
- Zentiva
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