製藥、生物技術和診斷領域的併購（M&A）交易（2020-2024年）

本報告探討了製藥、生物技術和診斷領域最新宣布的併購交易的詳細資訊。這份經過全面修訂和更新的報告包含2020年 1月至2024年 6月期間 2,269 筆併購交易的詳細資訊。

本報告詳細理解並分析了公司如何以及為何進行併購交易。在大多數併購交易中，收購方以現金和股票交易的方式收購目標公司。

生物製藥產業的併購總是在發生。過去，生物製藥公司一直尋求合併和收購競爭對手，以在研發、銷售和行銷方面達到臨界規模，並確保在競爭激烈的全球市場中的持續成長和主導地位。

1987年，最大的 10 家公司約佔全球藥品銷售額的 12%。2002年，這個數字幾乎達到了50%。這種集中主要是由於大型製藥公司的重大合併。

憑藉著成功行銷和銷售重磅藥物帶來的巨大回報，大型製藥公司尋找最大化回報的方法也就不足為奇了。許可通常是實現全球影響力的手段，但大型製藥公司越來越希望滲透到更主要的藥品市場。直到最近，大規模合併還是擴大全球影響力的常見方式，但近年來，人們開始關注規模較小的收購，以加強研發管道。

本報告重點關注大型製藥公司之間、大型製藥公司與中小企業之間、大型生物技術公司之間、大型生物技術公司與中小企業之間以及中小企業之間的併購。類交易的詳細見解。

本報告包​​含2020年以來併購交易記錄的鏈接，以便獲取生物製藥公司及其合作夥伴向美國證券交易委員會提交的實際併購合約文件的線上副本。

主要優點

本報告為讀者提供了以下主要優勢：

• 了解2020年後的併購趨勢
• 2,232 筆併購交易可供查看
• 基準分析：決定交易金額的市場價值
• 了解商定的財務條款
• 交易清單：依公司名稱（A-Z）、依治療領域
• 重大併購交易（基於價值）
• 最活躍的併購交易撮合者
• 每筆交易的資產識別和交易條款
• 取得合約文件：深入了解併購交易的結構
• 實質審查：評估擬議交易條款的適當性
• 節省數百小時的研究時間
• 本報告目的是深入了解全球領先生物製藥公司的併購趨勢和資本交易結構。

本報告包括：

• 生物製藥產業併購交易的趨勢
• 併購交易架構：概覽
• 製藥、生物技術和診斷領域的併購交易記錄列表
• 重大併購交易
• 最活躍的併購交易撮合者

本報告列出了以下交易：

• 公司名稱（A-Z）
• 行業
• 治療區域
• 每個交易標題都透過網路連結連結到實際交易記錄的線上版本，以便輕鬆存取每個合約文件（如果有）。
• 合約文件回答了許多有關潛在合作夥伴在各種重要事項上的靈活性的問題，其中許多問題對各方從交易中獲取價值的能力具有重大影響。

例如，透過分析實際的公司合約，可以進行以下評估：

• 雙方同意的合併/收購的具體條款是什麼？
• 合併計畫是什麼？
• 收購公司實際收購了什麼？
• 此次收購的付款結構是怎麼樣的？
• 合併/收購的條款是什麼？
• 股東和反對者有哪些權利？
• 合約的主要條款是如何定義的？
• 智慧財產權的處理和所有權如何？
• 誰負責此次收購？
• 如何管理保密和發布？
• 什麼情況下可以取消合約？
• 公司堅持哪些標準條款？
• 每次收購的哪些標準條款有所不同？
• 公司對契約法主張什麼管轄權？

目錄

執行摘要

第1章 簡介

第2章 併購交易趨勢

• 簡介
• 併購交易之間的差異
• 2020年後併購交易趨勢
  • 2020年以來的併購交易數量（按年份）
  • 2020年後的併購交易：依產業分類
  • 2020年後的併購交易：依治療領域劃分
  • 2020年以來最活躍的企業併購交易
• 主要併購趨勢
• 是否可以選擇取得新的公司收購資訊？
• 併購何時有用
• 併購交易的特點
  • 併購作為 IPO 的替代方案
• 包含併購要素的合作夥伴交易
  • 合作是併購的第一步
  • 作為合夥協議一部分的股權交易
  • 從業務聯盟到企業收購的轉變
  • 但是，併購並不總是正確的選擇。
• 大藥廠合併：已經走到路的盡頭了嗎？
  • Johnson & Johnson透過併購實現成長
  • Novartis透過併購實現成長
• 透過併購獲得創新
  • 大藥廠收購中小企業
  • 中小型生物製藥公司：利用併購
  • 透過併購設立公司
  • 生技公司之間出現合併
• 私募股權在併購中的新角色
• 併購交易的實施
• 合資企業作為併購的替代方案
• 生物製藥領域併購的未來

第3章 併購交易的架構：概述

• 簡介
• 純/多成分收購交易
• 純併購合約結構
• 收購是更廣泛合作協議的一部分
• 合併協議

第4章 重大併購交易

• 簡介
• 重大併購交易（金額基礎）

第5章 25 位最活躍的併購交易撮合者

• 簡介
• 25 位最活躍的併購交易撮合者

第6章 2020年後併購合約清單

• 簡介
• 有合約的併購交易（2020年後）
• 交易列表
• 交易清單：併購交易，依公司名稱（A-Z）
• 交易清單：併購交易，依治療領域
• 交易類型的定義
• 關於生物製藥研究股份有限公司
• 目前的合作關係
• 當前合約
• 目前合作夥伴的最新報告標題

Merger and Acquisition (M&A) Deals in Pharmaceuticals, Biotechnology and Diagnostics provides details of the latest merger and acquisition (M&A) agreements announced in the pharmaceutical, biotechnology and diagnostics sectors. Fully revised and updated, the report provides details of 2,269 M&A agreements from January 2020 to June 2024.

The report provides a detailed understanding and analysis of how and why companies enter M&A deals. The majority of deals are acquisitions whereby the acquirer acquires the target company in a cash and/or equity transaction.

Merger and acquisition is a constant activity within the biopharma sector. In the past, biopharma companies have sought to merge or acquire competitor companies in order to achieve critical mass both in R&D and sales and marketing, thus ensuring continued growth and dominance in a highly competitive and global marketplace.

In 1987, the largest ten companies were responsible for approximately twelve percent of global pharmaceutical sales. By 2002, this figure had become nearly fifty percent. This concentration was principally due to big pharma mega mergers.

The rewards offered for the successful marketing and sale of a blockbuster drug are enormous, therefore it is not surprising to see big pharma seeking ways of maximizing returns. Licensing has often been a means of achieving such global presence, but increasingly big pharma has sought to acquire its way into the major pharmaceutical markets. Until recently the mega merger was a popular means of growing presence globally; however the last few years have seen a concentration on smaller acquisitions to bolster R&D pipelines.

This report focuses on M&A between big pharma-big pharma, big pharma - smaller company, big biotech-big biotech, big biotech - smaller company, and smaller company-smaller company, providing a detailed insight into all such deals.

This report contains links to M&A deal records since 2020, including where available online copies of actual merger and acquisition contract documents as submitted to the Securities Exchange Commission by biopharma companies and their partners.

The initial chapters of this report provide an orientation of M&A dealmaking and business activities. Chapter 1 provides an introduction to the report, whilst chapter 2 provides an analysis of the trends in M&A as well as a discussion on the merits of the type of deal.

Chapter 3 provides an overview of the structure of M&A deals. The chapter includes numerous case studies to enable understanding of M&A deals.

Chapter 4 provides a review of the leading M&A deals since 2020. Deals are listed by headline value. Where the deal has an agreement contract published at the SEC a link provides online access to the contract via the Current Agreements deals and alliances database.

Chapter 5 provides a review of the top 50 most active biopharma companies in M&A. Where the deal has an agreement contract published at the SEC a link provides online access to the contract via the Current Agreements deals and alliances database.

Chapter 6 provides a comprehensive review of M&A financials for deals announced since 2020, including headline value, providing both benchmark data and access to individual deal financials.

Chapter 7 provides a comprehensive and detailed review of M&A deals signed and announced since 2020 where a contract document is available. Each deal title links via Weblink to an online version of the actual contract document, providing easy access to each contract document on demand.

The report also includes numerous table and figures that illustrate the trends and activities in M&A deal making since 2020.

In addition, a comprehensive deal directory is provided organized by M&A company A-Z, and therapeutic target. Each deal title links via weblink to an online version of the deal record and where available, the contract document, providing easy access to each contract document on demand.

In conclusion, this report provides everything a prospective dealmaker needs to know about M&A partnering in the research, development and commercialization of technologies and products.

Key benefits

M&A Deals in Pharmaceuticals, Biotechnology and Diagnostics provides the reader with the following key benefits:

• Understand M&A deal trends since 2020
• Browse 2,232 M&A deals
• Benchmark analysis - identify market value of transactions
• Understand agreed financial terms
• Directory of deals by company A-Z, therapy focus
• Leading M&A deals by value
• Most active M&A dealmakers
• Identify assets and deal terms for each transaction
• Access contract documents - insights into M&A deal structures
• Due diligence - assess suitability of your proposed deal terms
• Save hundreds of hours of research time
• M&A Deals in Pharmaceuticals, Biotechnology and Diagnostics is intended to provide the reader with an in-depth understanding of M&A trends and structure of deals entered into by leading biopharma companies worldwide.

M&A Deals in Pharmaceuticals, Biotechnology and Diagnostics includes:

• Trends in M&A dealmaking in the biopharma industry
• Overview of M&A deal structures
• Directory of M&A deal records covering pharmaceutical, biotechnology and diagnostics
• The leading M&A deals by value
• Most active M&A dealmakers

In M&A Deals in Pharmaceuticals and Biotechnology, available deals are listed by:

• Company A-Z
• Industry sector
• Therapeutic area
• Each deal title links via weblink to an online version of the actual deal record, providing easy access to each contract document where available.
• Contract documents provide the answers to numerous questions about a prospective partner's flexibility on a wide range of important issues, many of which will have a significant impact on each party's ability to derive value from the deal.

For example, analyzing actual company agreements allows assessment of the following:

• What are the precise merger or acquisition terms agreed between the parties?
• What is the plan of merger and how will it be implemented?
• What is actually being acquired by the acquiring company?
• What is the payment structure for the deal?
• What are conditions of merger or acquisition?
• What are the rights of shareholders and dissenters?
• How are the key terms of the agreement defined?
• How are IPRs handled and owned?
• Who is responsible for what in the acquisition?
• How is confidentiality and publicity managed?
• Under what conditions can the deal be terminated?
• Which boilerplate clauses does the company insist upon?
• Which boilerplate clauses appear to differ from acquisition to acquisition?
• Which jurisdiction does the company insist upon for agreement law?

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 2020
  • 2.3.1. M&A dealmaking by year since 2020
  • 2.3.2. M&A dealmaking by industry sector since 2020
  • 2.3.3. M&A dealmaking by therapy area since 2020
  • 2.3.4. M&A dealmaking by most active company since 2020
• 2.4. Key M&A trends
• 2.5. Option to acquire the new acquisition?
• 2.6. When M&A can be useful
• 2.7. Attributes of M&A deals
  • 2.7.1. M&A as an alternative to IPO
• 2.8. Partnering deals with M&A component
  • 2.8.1. Partnering as a precursor to M&A
  • 2.8.2. Equity as part of partnering deal
  • 2.8.3. Conversion of partnership to acquisition
  • 2.8.4. But M&A is not always the route followed
• 2.9. Big pharma mega mergers - are we at the end of the road?
  • 2.9.1. Growth of Johnson & Johnson through M&A
  • 2.9.2. Growth of Novartis through M&A
• 2.10. Accessing innovation through M&A
  • 2.10.1. Big pharma acquisitions of small companies
  • 2.10.2. Medium and small biopharma - use of M&A
  • 2.10.3. Using M&A to build a company
  • 2.10.4. Emergence of biotech-biotech mergers
• 2.11. The emerging role of private equity in M&A
• 2.12. Implementing M&A transactions
• 2.13. Joint ventures as alternative to M&A
• 2.14. 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
• 3.4. Acquisition as part of a wider alliance agreement
• 3.5. Merger agreements

Chapter 4 - Leading M&A deals

• 4.1. Introduction
• 4.2. Top M&A deals by value

Chapter 5 - Top 25 most active M&A dealmakers

• 5.1. Introduction
• 5.2. Top 25 most active M&A dealmakers

Chapter 6 - M&A contract directory since 2020

• 6.1. Introduction
• 6.2. M&A deals with contracts since 2020
• Deal Directory
• Deal Directory - M&A deals by company A-Z
• Deal Directory - M&A deals by therapy area
• Deal type definitions
• About Biopharma Research Ltd
• Current Partnering
• Current Agreements
• Recent report titles from Current Partnering

TABLE OF FIGURES

• Figure 1: Definition of merger and acquisition
• Figure 2: Trends in M&A deal announcements, 2020-2024
• Figure 3: M&A deals by industry sector, 2020-2024
• Figure 4: M&A deals by therapy area, 2020-2024
• Figure 5: Top 50 most active M&A dealmakers, 2020-2024
• Figure 6: Key recent M&A trends - 2020-2024
• Figure 7: Situations where M&A can prove useful
• Figure 8: Recent partnering deals involving equity participation in the licensor
• Figure 9: Equity investments converting to acquisitions
• Figure 10: Issues in implementing M&A agreements
• Figure 11: Future trends in M&A in biopharma
• Figure 12: Components of the acquisition deal structure
• Figure 13: Components of the merger deal structure
• Figure 14: Top M&A deals by value 2020-2024
• Figure 15: Most active M&A dealmakers 2020-2024