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摘要

The Merger and Acquisition Agreements in Biopharma report provides comprehensive understanding and unprecedented access to the merger and acquisition (M&A) agreements entered into by the worlds leading biopharma companies.

Publisher: CurrentPartnering

目录及图表

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
2.4. When M&A can be useful
2.5. Attributes of M&A deals
2.5.1. M&A as an alternative to IPO
2.6. Partnering deals with M&A component
2.6.1. Partnering as a precursor to M&A
2.6.1.a. Case study 1:Shire – New River
2.6.2. Equity as part of partnering deal
2.6.2.a. Case study 2: Merck – Gtx
2.6.2.b. Case study 3: Pfizer – Icagen
2.6.2.c. Case study 4: 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 5: Abbott – Kos Pharmaceuticals
2.8.1.b. Case study 6: Merck – Sirna Therapeutics
2.8.2. Medium and small biopharma – use of M&A
2.8.2.a. Case study 7: Merck KgaA – Serono
2.8.2.b. Case study 8: Nycomed – Altana
2.8.3. Using M&A to build a company
2.8.3.a. Case study 9: Shire – built from M&A
2.8.3.b. Case study 10: Zeneus - acquiring a ready-made European capability
2.8.3.c. Case study 11: Novartis – from pure pharma to half generic
2.8.4. Emergence of biotech-biotech mergers
2.8.4.a. Case study 12: Merger between Biogen and Idec
2.8.4.b. Case study 13: 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 14: 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 15: MGI Pharma – AkaRx – October 2007
3.5. Merger agreements
3.5.1. Example merger agreements
3.5.1.a. Case study 16: 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
Akzo Nobel (Organon)
Allergan
Altana
Amgen
Astellas
AstraZeneca
Baxter International
Bayer
Bayer Schering Pharma AG
Biogen Idec
Boehringer Ingelheim
Bristol-Myers Squibb
Cephalon
Chugai
CSL
Dainippon Sumitomo
Eisai
Eli Lilly
Forest Laboratories
Genentech
Genzyme
Gilead Sciences
GlaxoSmithKline
Johnson & Johnson
King
Lundbeck
Menarini
Merck & Co
Merck – Serono KGaA
Mitsubishi
Novartis AG
Novo Nordisk
Nycomed Pharma
Otsuka
Pfizer
Procter & Gamble
Roche
Sanofi-Aventis
Schering Plough
Serono
Shionogi Seiyaku
Shire
Solvay
Takeda
Tanabe Seiyaku
TAP Pharmaceuticals
Teva
UCB
Watson
Wyeth

Chapter 6 – M&A agreement directory 2003-7

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

Figures

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