1 of 10
Pfizer/Wyeth
What: Acquisition
When: January 2009
Worth: $68 billion
The cash-stock transaction that valued each of Wyeth’s shares at $50.19 was the beginning of some major consolidation for the industry. The acquisition gave Pfizer, the world’s largest drug company by sales, a much larger presence in areas where it was notably weak: vaccines and biotech drugs. Pfizer was expected to lose about half of its revenue stream by 2015 when it loses patent protection for its cholesterol blockbuster Lipitor, its erectile-dysfunction drug Viagra, as well as several others. At the time of the acquisition, Pfizer said it would save $4 billion from the takeover and would cut approximately 19,000 employees, or 15% of its combined workforce.
When: January 2009
Worth: $68 billion
The cash-stock transaction that valued each of Wyeth’s shares at $50.19 was the beginning of some major consolidation for the industry. The acquisition gave Pfizer, the world’s largest drug company by sales, a much larger presence in areas where it was notably weak: vaccines and biotech drugs. Pfizer was expected to lose about half of its revenue stream by 2015 when it loses patent protection for its cholesterol blockbuster Lipitor, its erectile-dysfunction drug Viagra, as well as several others. At the time of the acquisition, Pfizer said it would save $4 billion from the takeover and would cut approximately 19,000 employees, or 15% of its combined workforce.
2 of 10
Roche/Genentech
What: Acquisition
When: March 2009
Worth: $48 billion
After a long series of negotiations, Roche finally got its hands on the remaining 44% stake of the biotech that it hadn’t already owned with a deal that gave Genentech shareholders $95 per share. Unlike some of the other major mergers of the year, Genentech drugs had already accounted for 66% of Roche’s top-selling drugs in 2008. The companies have had a relationship since 1990 and the acquisition enabled the Swiss-based company to better integrate Genentech scientists into its infrastructure. Roche also got further access to the biotech’s cancer drugs: Avastin and Herceptin.
When: March 2009
Worth: $48 billion
After a long series of negotiations, Roche finally got its hands on the remaining 44% stake of the biotech that it hadn’t already owned with a deal that gave Genentech shareholders $95 per share. Unlike some of the other major mergers of the year, Genentech drugs had already accounted for 66% of Roche’s top-selling drugs in 2008. The companies have had a relationship since 1990 and the acquisition enabled the Swiss-based company to better integrate Genentech scientists into its infrastructure. Roche also got further access to the biotech’s cancer drugs: Avastin and Herceptin.
3 of 10
Merck/Schering-Plough
What: Merger
When: March 2009
Worth: $41 billion
This wasn’t the first go-around for these two Big Pharmas; the companies jointly market the blockbuster cholesterol drugs Zetia and Vytorin (bringing in $4 billion in annual sales). The cash-stock transaction gave Schering investors 0.5767 Merck shares and $10.50 in cash per share. Merck said it would have savings of $3.5 billion annually after 2011 due to the takeover. The deal was structured as a reverse merger where Schering would absorb Merck, but retain its name, in an effort to hold onto the rights of the rheumatoid arthritis drug Remicade, which was co-marketed with Johnson & Johnson.
When: March 2009
Worth: $41 billion
This wasn’t the first go-around for these two Big Pharmas; the companies jointly market the blockbuster cholesterol drugs Zetia and Vytorin (bringing in $4 billion in annual sales). The cash-stock transaction gave Schering investors 0.5767 Merck shares and $10.50 in cash per share. Merck said it would have savings of $3.5 billion annually after 2011 due to the takeover. The deal was structured as a reverse merger where Schering would absorb Merck, but retain its name, in an effort to hold onto the rights of the rheumatoid arthritis drug Remicade, which was co-marketed with Johnson & Johnson.
4 of 10
Abbott Laboratories/Solvay
What: Asset Sale
When: September 2009
Worth: $6.6 billion
Prior to the agreement, Abbott Laboratories had the US marketing rights to the TriCor cholesterol franchise. In the deal, Abbott bought the Belgian company’s pharmaceutical portfolio as well as the worldwide rights to TriCor, adding a total of $3 billion in sales to Abbott’s top line. By buying the European chemical company’s pharmaceutical unit, Abbott was able to rid itself of some pesky royalty payments, as well as gain a more substantial presence in the cardiovascular and vaccine arenas. This deal also reduced the company’s dependence on the arthritis drug Humira, which brought in sales of $4.5 billion in 2008.
When: September 2009
Worth: $6.6 billion
Prior to the agreement, Abbott Laboratories had the US marketing rights to the TriCor cholesterol franchise. In the deal, Abbott bought the Belgian company’s pharmaceutical portfolio as well as the worldwide rights to TriCor, adding a total of $3 billion in sales to Abbott’s top line. By buying the European chemical company’s pharmaceutical unit, Abbott was able to rid itself of some pesky royalty payments, as well as gain a more substantial presence in the cardiovascular and vaccine arenas. This deal also reduced the company’s dependence on the arthritis drug Humira, which brought in sales of $4.5 billion in 2008.
5 of 10
Sanofi-Aventis/Merck
What: Asset Sale
When: July 2009
Worth: $4 billion
The French company acquired the other half of its animal-health joint venture with Merck, Merial Limited, for $4 billion in cash. Merial was started by the two companies in 1997. Merck decided to divest its stake in Merial to avoid any regulatory problems due to overlap it had with Schering-Plough’s animal-health unit. The deal also allowed for m to exercise the option to create another joint venture with Merck through the combination of Merial with the Schering-Plough animal-health branch. Merial had sales of $2.6 billion in 2008.
When: July 2009
Worth: $4 billion
The French company acquired the other half of its animal-health joint venture with Merck, Merial Limited, for $4 billion in cash. Merial was started by the two companies in 1997. Merck decided to divest its stake in Merial to avoid any regulatory problems due to overlap it had with Schering-Plough’s animal-health unit. The deal also allowed for m to exercise the option to create another joint venture with Merck through the combination of Merial with the Schering-Plough animal-health branch. Merial had sales of $2.6 billion in 2008.
6 of 10
GlaxoSmithKline/
Stiefel Laboratories
Stiefel Laboratories
What: Acquisition
When: April 2009
Worth: $3.6 billion
GlaxoSmithKline is dealing with its eventual patent cliff through diversification and development in emerging markets, opting for smaller deals in specialty markets instead of a mega-merger like some of its competitors. The British drugmaker purchased the Stiefel dermatology business, which commanded 8% of the dermatology prescription-treatment market at the time, for $2.9 billion as well as assuming $400 million in debt. The deal included a $300 million potential payment contingent upon performance. The transaction added to Glaxo’s skincare business, which had sales of $550 million in 2008.
When: April 2009
Worth: $3.6 billion
GlaxoSmithKline is dealing with its eventual patent cliff through diversification and development in emerging markets, opting for smaller deals in specialty markets instead of a mega-merger like some of its competitors. The British drugmaker purchased the Stiefel dermatology business, which commanded 8% of the dermatology prescription-treatment market at the time, for $2.9 billion as well as assuming $400 million in debt. The deal included a $300 million potential payment contingent upon performance. The transaction added to Glaxo’s skincare business, which had sales of $550 million in 2008.
7 of 10
Warner Chilcott/P&G
What: Asset Sale
When: August 2009
Worth: $3.1 billion
The Northern Ireland-based pharmaceutical company Warner Chilcott acquired the consumer-products giant’s drug arm several months after P&G put the branch, which had $2.3 billion in revenues for the year ended June 30, on the block. Warner Chilcott expanded its women's health care, urology, and gastroenterology businesses through the transaction, and it doubled its market cap to $7 billion. In the agreement, Warner Chilcott got the rights to Asacol Delayed-Release Tablets for ulcerative colitis, Actonel for osteoporosis, and the co-promotion rights to Enablex for the treatment of overactive bladder.
When: August 2009
Worth: $3.1 billion
The Northern Ireland-based pharmaceutical company Warner Chilcott acquired the consumer-products giant’s drug arm several months after P&G put the branch, which had $2.3 billion in revenues for the year ended June 30, on the block. Warner Chilcott expanded its women's health care, urology, and gastroenterology businesses through the transaction, and it doubled its market cap to $7 billion. In the agreement, Warner Chilcott got the rights to Asacol Delayed-Release Tablets for ulcerative colitis, Actonel for osteoporosis, and the co-promotion rights to Enablex for the treatment of overactive bladder.
8 of 10
Genzyme/Bayer Healthcare
What: Partnership
When: March 2009
Worth: $2.9 billion
Genzyme stepped up its presence in the increasingly hot oncology world by striking a licensing deal with Bayer for Campath, Flurdara, and Leukine. Genzyme assumes all responsibility for development and marketing. The biotech will pay Bayer royalties based on revenues earned. The companies agreed to co-promote Campath as a multiple sclerosis treatment with Bayer receiving royalties up to $1.25 billion, while Genzyme will be the sole marketer of the drug for the treatment of B-cell chronic lymphocytic leukemia. The drugs contribute to Genzyme’s hematologic oncology revenues; the segment pulled in $176 million in the first nine months of 2009.
When: March 2009
Worth: $2.9 billion
Genzyme stepped up its presence in the increasingly hot oncology world by striking a licensing deal with Bayer for Campath, Flurdara, and Leukine. Genzyme assumes all responsibility for development and marketing. The biotech will pay Bayer royalties based on revenues earned. The companies agreed to co-promote Campath as a multiple sclerosis treatment with Bayer receiving royalties up to $1.25 billion, while Genzyme will be the sole marketer of the drug for the treatment of B-cell chronic lymphocytic leukemia. The drugs contribute to Genzyme’s hematologic oncology revenues; the segment pulled in $176 million in the first nine months of 2009.
9 of 10
Dainippon Sumitomo Pharma/Sepracor
What: Acquisition
When: September 2009
Worth: $2.6 billion
The recession may have been pretty terrible for most US companies, but it allowed many foreign drug makers to enter the US pharmaceutical market on the cheap. Japan’s Dainippon Sumitomo Pharma was no different. The Japanese company managed to gain a US presence, infrastructure, and sales force (all things it was lacking) through Sepracor, which primarily developed treatments for the central nervous system and respiratory conditions. The company plans to seek regulatory approval for its schizophrenia treatment from the FDA in 2010.
When: September 2009
Worth: $2.6 billion
The recession may have been pretty terrible for most US companies, but it allowed many foreign drug makers to enter the US pharmaceutical market on the cheap. Japan’s Dainippon Sumitomo Pharma was no different. The Japanese company managed to gain a US presence, infrastructure, and sales force (all things it was lacking) through Sepracor, which primarily developed treatments for the central nervous system and respiratory conditions. The company plans to seek regulatory approval for its schizophrenia treatment from the FDA in 2010.
10 of 10Bristol-Myers Squibb/Medarex
What: Acquisition
When: July 2009
Worth: $2.4 billion
Bristol-Myers Squibb Chief Executive James Cornelius has spoken about a “string of pearls” process for acquiring and strengthening the company’s product offerings, as the company looks for ways to broaden its pipeline as the Plavix patent expiration approaches. The pharma giant paid $16 per share in cash for Medarex as part of a diversification strategy. Through the acquisition, Bristol-Myers Squibb gained $300 million in cash and securities, a late-stage skin-cancer drug, and Medarex technology that finds new ways to treat cancer and immunological disorders.
When: July 2009
Worth: $2.4 billion
Bristol-Myers Squibb Chief Executive James Cornelius has spoken about a “string of pearls” process for acquiring and strengthening the company’s product offerings, as the company looks for ways to broaden its pipeline as the Plavix patent expiration approaches. The pharma giant paid $16 per share in cash for Medarex as part of a diversification strategy. Through the acquisition, Bristol-Myers Squibb gained $300 million in cash and securities, a late-stage skin-cancer drug, and Medarex technology that finds new ways to treat cancer and immunological disorders.
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