Merger and Acquisition Agreements in Pharma, Biotech and Diagnostics, 2nd edition

Table of Contents

Executive Summary

Chapter 1 - Introduction

Chapter 2 - Trends in M&A dealmaking

• 2.1. Introduction
• 2.2. Difference between merger and acquisition deals
• 2.3. Trends in M&A deals since 2000
  • 2.3.1. Japanese M&A accelerates
  • 2.3.2. Option to acquire the new acquisition?
  • 2.3.3. Case study 1: Cephalon - Ception
  • 2.3.4. Case study 2: Endo - Indevus
• 2.4. When M&A can be useful
• 2.5. Attributes of M&A deals
• 2.6. Partnering deals with M&A component
  • 2.6.1. Partnering as a precursor to M&A
  • 2.6.1.a. Case study 3: Shire - New River
  • 2.6.2. Equity as part of partnering deal
  • 2.6.2.a. Case study 4: Merck - Gtx
  • 2.6.2.b. Case study 5: Pfizer - Icagen
  • 2.6.2.c. Case study 6: Genentech - Tercica
  • 2.6.3. Conversion of partnership to acquisition
  • 2.6.4. But M&A is not always the route followed
• 2.7. Bigpharma mega mergers - are we at the end of the road?
  • 2.7.1. Growth of Pfizer through M&A
  • 2.7.2. Growth of GlaxoSmithKline through M&A
• 2.8. Accessing innovation through M&A
  • 2.8.1. Bigpharma acquisitions of small companies
    • 2.8.1a. Case study 7: Abbott - Kos Pharmaceuticals
    • 2.8.1.b. Case study 8: Merck - Sirna Therapeutics
  • 2.8.2. Medium and small biopharma - use of M&A
    • 2.8.2.a. Case study 9: Merck KgaA - Serono
    • 2.8.2.b. Case study 10: Nycomed - Altana
  • 2.8.3. Using M&A to build a company
    • 2.8.3.a. Case study 11: Shire - built from M&A
    • 2.8.3.b. Case study 12: Zeneus - acquiring a ready-made European capability
    • 2.8.3.c. Case study 13: Novartis - from pure pharma to half generic
  • 2.8.4. Emergence of biotech-biotech mergers
    • 2.8.4.a. Case study 14: Merger between Biogen and Idec
    • 2.8.4.b. Case study 15: Amgen acquisition activity
• 2.9. The emerging role of private equity in M&A
• 2.10. Implementing M&A transactions
• 2.11. Joint ventures as alternative to M&A
• 2.12. The future of M&A in biopharma

Chapter 3 - Overview of M&A deal structure

• 3.1. Introduction
• 3.2. Pure versus multi-component acquisition deals
• 3.3. Pure M&A agreement structure
  • 3.3.1. Example acquisition agreements
    • 3.3.1.a. Case study 16: Novartis - Eon Labs - February 2005
• 3.4. Acquisition as part of a wider alliance agreement
  • 3.4.1. Example acquisition option clauses
    • 3.4.1.a. Case study 17: MGI Pharma - AkaRx - October 2007
• 3.5. Merger agreements
  • 3.5.1. Example merger agreements
    • 3.5.1.a. Case study 18: Corgentech - AlgoRx - September 2005

Chapter 4 - Leading M&A deals

• 4.1. Introduction
• 4.2. Top M&A deals by value
• 4.3. Top merger deals
• 4.4. Top M&A deals signed by bigpharma
• 4.5. Most active M&A dealmakers
  • 4.5.1 Inverness Medical Innovations
  • 4.5.2. Johnson & Johnson
  • 4.5.3. Novartis
• 4.6. Bigpharma M&A deal activity
• 4.7. Bigpharma created through M&A
  • 4.7.1. Forcing Japanese pharma into the M&A game

Chapter 5 - Bigpharma M&A agreements

• 5.1. Introduction
• 5.2. How to use M&A agreements
• 5.3. Company M&A agreement listings
  • Abbott
  • Actavis
  • Alcon Labs
  • Allergan
  • Amgen
  • Astellas
  • AstraZeneca
  • Barr
  • Baxter International
  • Bayer
  • Biogen Idec
  • Boehringer Ingelheim
  • Bristol-Myers Squibb
  • Chugai
  • CSL
  • Daiichi Sankyo
  • Eisai
  • Eli Lilly
  • Forest Laboratories
  • Genentech
  • Genzyme
  • Gilead Sciences
  • GlaxoSmithKline
  • Johnson & Johnson
  • King
  • Lundbeck
  • Menarini
  • Merck & Co
  • Merck KGaA
  • Mitsubishi Tanabe
  • Mundipharma
  • Novartis AG
  • Novo Nordisk
  • Nycomed Pharma
  • Otsuka
  • Pfizer
  • Procter & Gamble
  • Ratiopharma
  • Roche
  • Sanofi-Aventis
  • Schering Plough
  • Servier
  • Shire
  • Solvay
  • Stada
  • Takeda
  • Teva
  • UCB
  • Watson
  • Wyeth

Chapter 6 - M&A agreement directory 2003-8

• 6.1. Introduction
• 6.2. Company A-Z

Appendices

• Appendix 1 - M&A references
• Appendix 2 - Resources
• Appendix 3 - Deal type definitions
• Appendix 4 - Example M&A contract document - mega acquisition
• Appendix 5 - Example M&A contract document - acquisition
• About CurrentPartnering

Figures

• Figure 1: Definition of merger and acquisition
• Figure 2: Trends in M&A deal announcements, 2000-2008
• Figure 3: Merger specific deals 2000-2008
• Figure 4: Key recent M&A trends - 2005 to present
• Figure 5: Recent Japanese M&A
• Figure 6: Recent ' option to acquire' deals
• Figure 7: Situations where M&A can prove useful
• Figure 8: Recent private biotech acquisitions
• Figure 9: Partnering deals including equity stake - 2000 to 2008
• Figure 10: Recent partnering deals involving equity participation in the licensor
• Figure 11: Equity investments converting to acquisitions
• Figure 12: Pfizer' s growth through M&A since 2000
• Figure 13: GSK' s growth through M&A
• Figure 14: Shire' s M&A history
• Figure 15: Amgen' s biotech-biotech acquisition trail
• Figure 16: Private equity M&A activity, 2007-2008
• Figure 17: Issues in implementing M&A agreements
• Figure 18: Joint venture agreements, 2000-2008
• Figure 19: Example joint ventures in the biopharma sector
• Figure 20: Future trends in M&A in biopharma
• Figure 21: Components of the acquisition deal structure
• Figure 22: Components of the merger deal structure
• Figure 23: Top 50 M&A deals by value since 2000
• Figure 24: Top merger deals by value since 2000
• Figure 25: Top 50 M&A deals signed by bigpharma value since 2000
• Figure 26: Growing by acquisition - most active M&A dealmakers 2003-8
• Figure 27: Building through M&A - Inverness Medical Innovations
• Figure 28: Building through M&A - Johnson & Johnson
• Figure 29: Building through M&A - Novartis
• Figure 30: Bigpharma - top 50 - M&A deals since 2003
• Figure 31: New companies out of old - the role of M&A in bigpharma league promotion
• Figure 32: Japanese pharma plays the M&A game
• Figure 33: Online partnering resources
• Figure 34: Deal type definitions
• Figure 35: M&A agreement between Procter and Gamble and Gillette - January 2005
• Figure 36: M&A agreement between Evotec and Renovis dated September 2007