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市場調査レポート
大型合併：医薬品業界における変化
Mega-Mergers: Executing Change in the Pharma Industry
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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
Table of Contents
- Executive Summary
- Strategic Considerations
- Stakeholder Implications
- Taking Action Via Acquisition and Merger
- Mega-Mergers: Restructuring the Corporate Landscape, 2000-2009
- Pfizer Chooses Wyeth for a 2009 Mega-Merger
- Financial Considerations
- Product Portfolios and Prospects
- Advantages of a Pfizer/Wyeth Merger
- Lessons Learned from Previous Acquisitions
- Pfizer' s Enhanced Interest in Generics/Biosimilars
- Healthcare Reform in the United States
- Can Roche Prevent Itself from Stifling Genentech?
- Financial Considerations
- Product Portfolios and Prospects
- Differing Views of the Merger
- Will Roche Be Able to Manage the Acquisition Effectively?
- Merck & Co. Covets Schering-Plough
- Reengineering Merck & Co.
- Proposed Acquisition of Schering-Plough
- Short-Term Fix
- GlaxoSmithKline' s Prodigious Number of Smaller-Scale Deals
- Mega-Mergers: Captor or Prey - Who Is Next?
- Outlook - The Herd Mentality
Tables
- 1. Mergers and Acquisitions Valued at More Than $2 Billion, 2007-2009
- 2. Patent Expiry Years for Pfizer' s Top-Selling Products, 2008
- 3. Roche' s Critical Dependence on Genentech for Product Revenues, 2008
- 4. Genentech' s Five Highest-Selling Products: No Near-Term U.S. Patent
Expiries
- 5. Merck & Co.' s New Commercial Business Model: Deliver More for Less
- 6. Merck & Co.' s Late-Stage Pipeline, December 2008
- 7. Nine Additional Phase III Candidates from Schering-Plough
- 8. GlaxoSmithKline' s Emerging Market and OTC Acquisitions, 2008 and 2009
- 9. GlaxoSmithKline' s Therapy-Area Licenses and Acquisitions, 2008 and 2009
Figures
- 1. Merger and Acquisition Size Distribution, 2007-2009
- 2. Consolidation in the Pharma Industry, 2000-2009
- 3. Pfizer' s Total Revenues by Business Segment and Geography, 2006-2008
- 4. Wyeth' s Financials, 2006-2008
- 5. Worldwide Sales of Wyeth' s Top-Selling Products, 2008
- 6. Roche Group' s Worldwide Sales, 2007 and 2008
- 7. Merck & Co. and Schering-Plough: Combined Therapy-Area Sales, 2008
- 8. Market Capitalization of the Largest Pharma, Specialty Pharma, and
Biotech Companies
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