醫藥和生物技術領域的併購（2021-2026）

醫藥和生物技術領域的併購（2021-2026）

透過 2,106 個真實案例的交易數據，深入了解生命科學公司如何利用併購來確保創新、重組其產品組合併加速策略成長。

《醫藥和生物技術領域的併購交易》提供了全球生命科學產業 2106 起併購的全面資訊。

併購與傳統的合作關係有著本質上的差異。併購不是在獨立公司之間共享權利和責任，而是將整個公司、其業務或其策略能力的所有權轉移給收購者。

對於製藥、生技和診斷公司而言，併購能夠幫助其快速取得研發管線、市場產品、技術、人才、基礎設施和新市場。對於投資者、經營團隊以及考慮出售的公司而言，過往交易能夠提供關鍵訊息，幫助其了解買方的意圖、策略重點和交易價值。

本報告檢視了誰在進行收購、收購了什麼、交易集中在哪些地區、交易結構是什麼，以及可以從揭露的財務條款和公開的交易文件中檢驗什麼。

本報告為企業發展、併購、業務發展、企業策略、投資、競爭情報分析、法律和高階主管團隊提供了一個實用的資訊和基準來源，幫助他們評估生命科學領域的收購資訊來源並監控產業重組趨勢。

了解生命科學領域的併購趨勢

本報告分析了2021年至2026年的併購趨勢，內容包括：

• 併購交易的年度趨勢
• 按行業分類的活動狀況
• 按治療區域分類的趨勢
• 最活躍的收購公司和併購交易商
• 根據已揭露的交易金額，主要交易金額
• 影響生命科學領域併購的關鍵趨勢
• 透過併購獲取創新
• 大型製藥企業收購中小企業
• 中小型生物製藥公司的併購趨勢
• 生物技術公司併購的興起
• 私募股權角色的轉變
• 收購前的合作關係與資本聯盟
• 併購作為其他策略選擇的替代方案
• 本文從更廣泛的策略觀點探討了收購活動如何改變製藥、生技和診斷產業的競爭格局。
• 了解併購交易的結構
• 併購交易可以採取多種形式，取決於收購目標、所有權結構、策略理由和協商的經濟條款。

本報告檢驗了併購的結構，包括以下內容：

• 企業收購結構
• 合併結構
• 現金、股票或二者結合作為對價。
• 純粹的收購交易
• 作為更廣泛的合作協議的一部分進行的收購
• 收購定價結構
• 附條件對價和盈餘支付
• 智慧財產權轉讓
• 已承擔和已保留的負債
• 陳述與保證
• 結項條件
• 合約終止條款
• 交易完成後的義務
• 已揭露的財務狀況
• 這將使用戶能夠更好地了解類似的生命科學交易的結構，以及可能影響最終交易結構的挑戰。
• 基準交易價值和收購經濟學
• 本報告根據已揭露的交易價值識別重大併購交易，並提供有關每筆交易的可用財務資訊。

使用者可以調查以下要素：

• 公開宣布的收購價格
• 現金支付
• 以股份為基礎的對價
• 預付款或成交時付款
• 有條件價值權
• 賺取
• 里程碑式補償
• 其他已披露的條款和條件
• 這為評估收購活動或比較涉及具有策略意義的公司、技術或治療領域的交易提供了一個現實的基準。
• 雖然交易價值應始終在每家公司和每筆交易的具體背景下進行解讀，但過去的交易案例為了解買家過去如何評估類似機會提供了寶貴的證據。
• 辨識最活躍的收購公司
• 本報告分析了併購領域最活躍的參與者，使用戶能夠研究那些不斷進行收購以實現成長和創新策略的公司。

以往的收購活動揭示了以下幾點：

• 積極尋求外部成長的公司
• 吸引收購興趣的治療領域
• 技術和能力正變得越來越融合
• 各個收購公司如何建構和重組其投資組合。
• 重複收購策略
• 公司和資產的潛在策略收購目標
• 競爭對手的投資重點
• 對於考慮進行策略交易的公司而言，了解先前收購過類似業務或技術的公司是進行市場估值的關鍵起點。
• 了解合作關係與收購之間的關係
• 併購交易並非總是以宣布收購為開端。
• 本報告檢驗了在全面收購之前，合作關係、選擇權協議和股權投資是如何發展的。這包括一些案例，在這些案例中，已建立的關係最終促成了對合作夥伴或目標公司的所有權收購。
• 我們也會研究公司選擇合作、授權、合資企業或其他形式的夥伴關係而不是併購的情況。
• 這為理解收購作為獲取外部創新的幾種可能途徑之一提供了寶貴的策略背景。
• 從實際併購交易中學習
• 本報告提供了公開可取得的併購協議文件本身。

這些合約披露了僅憑交易公告無法獲得的詳細信息，使用戶能夠檢驗公司如何記錄有關以下事項的條款：

• 交易價格
• 交易結構
• 陳述與保證
• 智慧財產
• 結項條件
• 獲利支付及附條件對價
• 合約條款和義務
• 取消權和費用
• 負債
• 交易的其他條款透過協商確定。
• 對於企業發展、法律和交易團隊而言，取得實際合約措辭可以提供寶貴的見解，了解類似的收購交易在實務上是如何記錄和談判的。
• 綜合併購交易目錄
• 本報告包含 2,106 項併購交易的綜合目錄，使用戶能夠研究與其策略需求相關的公司和交易。

交易記錄可依以下類別查看：

• 公司
• 治療區域
• 合約的可用性
• 每筆交易都與其底層交易記錄相關聯，如果可用，您可以存取更多交易資訊和相關交易文件。
• 誰該使用這份報告？
• 企業發展與併購團隊
• 找出過去的收購案例、目前正在進行收購活動的公司、類似交易以及相關的交易結構。
• 企業策略團隊
• 我們將了解競爭對手如何透過收購進入新市場、強化產品線、取得技術以及重組產品組合。
• 業務拓展及專案搜尋與評估團隊
• 除了併購之外，我們還會評估授權、合作以及其他利用外部創新的方式。
• 正在考慮策略交易的公司和投資者
• 本研究調查了在生命科學市場相關領域積極尋求收購的公司、類似交易案例以及過去的收購意圖。
• 投資和諮詢團隊
• 我們分析過去的交易案例、收購趨勢、策略理由和已揭露的交易價值。
• 法律及交易團隊
• 我們會仔細檢視實際的併購協議，並協助進行交易準備、談判和實質審查。
• 競爭情報團隊
• 我們追蹤收購交易，並將它們作為訊號進行分析，以了解競爭對手的優先事項、對新興技術的興趣以及產業結構的變化。
• 經營團隊和董事會
• 本報告將涵蓋主要的收購趨勢以及領先的製藥、生物技術和診斷公司正在做出的策略選擇。
• 我們將來自整個市場的併購資訊轉化為針對貴公司的專業知識。
• 對於符合資格的客戶，Current Partnering 除了提供報告外，還將為經營團隊提供客製化的併購簡報。
• 本次簡報將說明與您自身策略狀況相關的基本交易資訊。
• 如有需要，我們可以提供相關的過往收購案例、當前和未來的收購目標、競爭對手的併購活動、交易價值基準、收購結構、合約見解以及對特定治療領域、技術領域或公司部門的策略活動的分析。
• 對於正在考慮資產剝離、收購或更廣泛的策略交易的公司而言，本簡報將幫助您從龐大的市場資料集中專注於最相關的交易和組織。
• 請索取樣本或聯絡 Current Partnering 討論本報告的內容以及我們是否可以為貴公司提供客製化分析。

目錄

執行摘要

第1章：引言

第2章：併購交易趨勢

• 介紹
• 合併與收購的區別
• 併購交易趨勢
• 併購主要趨勢
• 收購新交易的選擇
• 併購何時有用
• 併購交易的特點
• 包含併購要素的夥伴關係交易
• 大型製藥公司大規模合併－這是否意味著製藥業的終結？
• 透過併購獲得創新機會
• 私募股權在併購中不斷演變的角色
• 併購交易的實施
• 合資企業作為併購的替代方案
• 生物製藥產業併購的未來

第3章：併購交易結構概述

• 介紹
• 純粹的收購交易和涉及多個要素的收購交易
• 純粹的併購合約結構
• 作為更廣泛的合作協議的一部分進行的收購
• 合併協議

第4章 重大併購交易

• 介紹
• 按價值排名的頂級併購交易

第5章：併購交易最活躍的25家主要交易商

• 介紹
• 前 25 名最活躍的併購交易商

第6章：併購協議清單

• 介紹
• 併購合約
• 交易目錄
• 交易目錄 - 按公司列出的併購交易清單 (AZ)
• 交易目錄 - 按治療領域分類的併購交易
• 交易類型的定義
• 關於 Biopharma Research Ltd.
• Current Partnering
• 目前合約
• 最新報告標題

Merger and Acquisition (M&A) Deals in Pharmaceuticals, Biotechnology and Diagnostics 2021-2026

Understand how life science companies are using mergers and acquisitions to access innovation, reshape portfolios and accelerate strategic growth through intelligence from 2,106 real-world transactions.

Merger and Acquisition (M&A) Deals in Pharmaceuticals, Biotechnology and Diagnostics provides comprehensive intelligence on 2,106 merger and acquisition transactions across the global life sciences industry.

M&A plays a fundamentally different role from conventional partnering. Rather than sharing rights and responsibilities between independent companies, an acquisition can transfer ownership of an entire company, business or strategic capability to the acquirer.

For pharmaceutical, biotechnology and diagnostics companies, M&A can provide rapid access to pipelines, marketed products, technologies, talent, infrastructure and new markets. For investors, management teams and potential sellers, precedent transactions can also provide important context for understanding buyer appetite, strategic priorities and transaction values.

The report examines who is acquiring, what is being acquired, where activity is concentrated, how transactions are structured and what can be learned from disclosed financial terms and publicly available transaction documents.

It provides a practical intelligence and benchmarking resource for corporate development, M&A, business development, corporate strategy, investment, competitive intelligence, legal and senior management teams evaluating acquisition opportunities or monitoring consolidation across the life sciences sector.

Understand the life sciences M&A landscape

The report analyzes merger and acquisition activity from 2021 to 2026, including:

• M&A dealmaking trends by year
• Activity by industry sector
• Activity by therapy area
• Most active acquirers and M&A dealmakers
• Leading transactions by disclosed value
• Key trends influencing life sciences M&A
• Acquisition of innovation through M&A
• Big pharma acquisitions of smaller companies
• M&A activity among mid-sized and smaller biopharma companies
• The emergence of biotech-biotech combinations
• The evolving role of private equity
• Partnering and equity relationships that precede acquisition
• M&A as an alternative to other strategic routes
• This provides a broader strategic view of how acquisition activity is changing the competitive structure of the pharmaceutical, biotechnology and diagnostics industries.
• Understand how M&A transactions are structured
• M&A transactions can take a variety of forms depending on the target, ownership structure, strategic rationale and negotiated economics.

The report examines the structure of both merger and acquisition transactions, including:

• Company acquisition structures
• Merger structures
• Cash, equity and combined consideration
• Pure acquisition transactions
• Acquisitions forming part of wider alliance arrangements
• Purchase price mechanisms
• Contingent consideration and earn-outs
• Intellectual property transfer
• Assumed and retained liabilities
• Representations and warranties
• Closing conditions
• Termination provisions
• Post-transaction obligations
• Financial terms where disclosed
• This helps users understand how comparable life science transactions have been constructed and the issues that can influence the final transaction structure.
• Benchmark transaction values and acquisition economics
• The report identifies leading M&A transactions by disclosed deal value and provides access to available financial information for individual deals.

Users can investigate elements including:

• Announced acquisition value
• Cash consideration
• Equity consideration
• Upfront or closing payments
• Contingent value rights
• Earn-outs
• Milestone-linked consideration
• Other disclosed transaction economics
• This provides real-world reference points when assessing acquisition activity and comparing transactions involving companies, technologies or therapeutic areas of strategic interest.
• Transaction values should always be interpreted in the context of the individual target and transaction, but precedent deals provide valuable evidence for understanding how buyers have valued comparable opportunities.
• Identify the most active acquirers
• The report profiles the most active M&A dealmakers, enabling users to investigate companies repeatedly deploying acquisition as part of their growth and innovation strategies.

Historical acquisition activity can help reveal:

• Companies actively pursuing external growth
• Therapeutic areas attracting acquisition interest
• Technologies and capabilities being consolidated
• How individual acquirers are building or reshaping portfolios
• Repeat acquisition strategies
• Potential strategic buyers for companies and assets
• Competitor investment priorities
• For companies considering a strategic transaction, understanding who has previously acquired comparable businesses or technologies can provide an important starting point for market assessment.
• Understand the relationship between partnering and acquisition
• M&A does not always begin with an acquisition announcement.
• The report examines how partnering relationships, option arrangements and equity investments can precede a full acquisition, including examples where an established relationship ultimately resulted in ownership of the partner or target.
• It also considers situations where companies choose collaboration, licensing, joint ventures or other partnering structures instead of M&A.
• This provides valuable strategic context for understanding acquisition as one of several possible routes to accessing external innovation.
• Learn from real-world M&A agreements
• Where publicly available, the report provides access to underlying merger and acquisition contract documents.

These agreements can reveal substantially more detail than transaction announcements alone, allowing users to examine how companies have documented provisions relating to:

• Transaction consideration
• Deal structure
• Representations and warranties
• Intellectual property
• Closing conditions
• Earn-outs and contingent consideration
• Covenants and obligations
• Termination rights and fees
• Liabilities
• Other negotiated transaction provisions
• For corporate development, legal and transaction teams, access to real-world agreement language provides valuable insight into how comparable acquisitions have been documented and negotiated in practice.
• Comprehensive M&A deal directory
• The report includes a comprehensive directory of 2,106 merger and acquisition transactions, enabling users to investigate companies and transactions relevant to their own strategic requirements.

Deals can be reviewed by:

• Company
• Therapy area
• Contract availability
• Individual transactions are linked to their underlying deal records, providing a route to further deal information and associated transaction documents where available.
• Who should use this report?
• Corporate Development and M&A teams
• Identify precedent acquisitions, active buyers, comparable transactions and relevant transaction structures.
• Corporate Strategy teams
• Understand how competitors are using acquisition to enter new markets, strengthen pipelines, acquire technologies and reshape portfolios.
• Business Development and Search & Evaluation teams
• Assess M&A alongside licensing, collaboration and other routes to accessing external innovation.
• Companies and Investors Considering Strategic Transactions
• Investigate active acquirers, comparable transactions and historical buyer appetite across relevant areas of the life sciences market.
• Investment and Advisory teams
• Analyze precedent transactions, acquisition activity, strategic rationale and disclosed transaction values.
• Legal and Transaction teams
• Review real-world merger and acquisition agreements to support transaction preparation, negotiation and due diligence.
• Competitive Intelligence teams
• Track acquisitions as signals of competitor priorities, emerging technology interest and changing industry structure.
• Senior Management and Boards
• Understand major acquisition trends and the strategic choices being made by leading pharmaceutical, biotechnology and diagnostics companies.
• Turn market-wide M&A intelligence into company-specific insight
• For qualifying customers, Current Partnering can also provide a Customized Executive M&A Briefing alongside the report.
• The briefing applies the underlying transaction intelligence to the customer's own strategic situation.
• Depending on requirements, this can include relevant precedent acquisitions, active and prospective acquirers, competitor M&A activity, transaction value benchmarks, acquisition structures, contract insights and analysis of strategic activity within specific therapeutic, technology or company segments.
• For companies considering a potential sale, acquisition or wider strategic transaction, the briefing can focus the extensive market-wide dataset on the transactions and organizations most relevant to that particular situation.
• Request a sample or contact Current Partnering to discuss the report and whether a customized analysis can be provided for your organization.

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
  • 2.3.1. M&A dealmaking by year
  • 2.3.2. M&A dealmaking by industry sector
  • 2.3.3. M&A dealmaking by therapy area
  • 2.3.4. M&A dealmaking by most active company
• 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

• 6.1. Introduction
• 6.2. M&A deals with contracts
• 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
• Figure 3: M&A deals by industry sector
• Figure 4: M&A deals by therapy area
• Figure 5: Top 50 most active M&A dealmakers
• Figure 6: Key recent M&A trends
• 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
• Figure 15: Most active M&A dealmakers