Time to Mergers...(M&A)

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Mergers and acquisitions have been a core feature of the pharmaceutical industry for many years. While the 1990s and early 2000s were characterized by giant megadeals, heavyweight acquisitions in recent years – such as Teva’s purchase of Allergan’s generics division in 2015, Shire’s acquisition of Baxalta in 2016 and Johnson & Johnson’s USD 30 million takeover of Actelion in 2017 – prove that pharma has an enduring enthusiasm for M&A.

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Excluding the J&J-Actelion deal, 2017 was a comparatively quiet year for pharma M&A. However, conditions remain ripe for companies to engage in more deal making in 2018 as this special report shows. 
Big Pharma is divesting its non-core assets and doubling down on core business lines, with consumer healthcare portfolios, among others, obvious casualties. Furthermore, generics portfolios are increasingly being seen as underperforming assets that distract from the bread and butter of developing high-margin innovative drugs – making them ripe for divestment and consolidation. Pure generics companies too are also merging with each other to combat their industry’s razor-fine margins.

Other emerging trends covered in this report include major asset swaps between Big Pharma, the changing nature of deals, the success of companies which have indulged in serial M&A such as Allergan and Valeant and the future of ‘Growth Pharma’, how pharma companies are increasingly looking to acquire digital assets, and how contract manufacturing organizations (CMOs) are fast catching up with contract research organizations (CROs) in terms of both volume and value of consolidation deals. (Descargar)