製药、生物技术和诊断领域的併购（M&A）交易（2020-2024年）

本报告探讨了製药、生物技术和诊断领域最新宣布的併购交易的详细资讯。这份经过全面修订和更新的报告包含2020年 1月至2024年 6月期间 2,269 笔併购交易的详细资讯。

本报告详细理解并分析了公司如何以及为何进行併购交易。在大多数併购交易中，收购方以现金和股票交易的方式收购目标公司。

生物製药产业的併购总是在发生。过去，生物製药公司一直寻求合併和收购竞争对手，以在研发、销售和行销方面达到临界规模，并确保在竞争激烈的全球市场中的持续成长和主导地位。

1987年，最大的 10 家公司约占全球药品销售额的 12%。2002年，这个数字几乎达到了50%。这种集中主要是由于大型製药公司的重大合併。

凭藉着成功行销和销售重磅药物带来的巨大回报，大型製药公司寻找最大化回报的方法也就不足为奇了。许可通常是实现全球影响力的手段，但大型製药公司越来越希望渗透到更主要的药品市场。直到最近，大规模合併还是扩大全球影响力的常见方式，但近年来，人们开始关注规模较小的收购，以加强研发管道。

本报告重点关注大型製药公司之间、大型製药公司与中小企业之间、大型生物技术公司之间、大型生物技术公司与中小企业之间以及中小企业之间的併购。类交易的详细见解。

本报告包​​含2020年以来併购交易记录的链接，以便获取生物製药公司及其合作伙伴向美国证券交易委员会提交的实际併购合约文件的线上副本。

主要优点

本报告为读者提供了以下主要优势：

• 了解2020年后的併购趋势
• 2,232 笔併购交易可供查看
• 基准分析：决定交易金额的市场价值
• 了解商定的财务条款
• 交易清单：依公司名称（A-Z）、依治疗领域
• 重大併购交易（基于价值）
• 最活跃的併购交易撮合者
• 每笔交易的资产识别和交易条款
• 取得合约文件：深入了解併购交易的结构
• 实质审查：评估拟议交易条款的适当性
• 节省数百小时的研究时间
• 本报告目的是深入了解全球领先生物製药公司的併购趋势和资本交易结构。

本报告包括：

• 生物製药产业併购交易的趋势
• 併购交易架构：概览
• 製药、生物技术和诊断领域的併购交易记录列表
• 重大併购交易
• 最活跃的併购交易撮合者

本报告列出了以下交易：

• 公司名称（A-Z）
• 行业
• 治疗区域
• 每个交易标题都透过网路连结连结到实际交易记录的线上版本，以便轻鬆存取每个合约文件（如果有）。
• 合约文件回答了许多有关潜在合作伙伴在各种重要事项上的灵活性的问题，其中许多问题对各方从交易中获取价值的能力具有重大影响。

例如，透过分析实际的公司合约，可以进行以下评估：

• 双方同意的合併/收购的具体条款是什么？
• 合併计画是什么？
• 收购公司实际收购了什么？
• 此次收购的付款结构是怎么样的？
• 合併/收购的条款是什么？
• 股东和反对者有哪些权利？
• 合约的主要条款是如何定义的？
• 智慧财产权的处理和所有权如何？
• 谁负责此次收购？
• 如何管理保密和发布？
• 什么情况下可以取消合约？
• 公司坚持哪些标准条款？
• 每次收购的哪些标准条款有所不同？
• 公司对契约法主张什么管辖权？

目录

执行摘要

第1章 简介

第2章 併购交易趋势

• 简介
• 併购交易之间的差异
• 2020年后併购交易趋势
  • 2020年以来的併购交易数量（按年份）
  • 2020年后的併购交易：依产业分类
  • 2020年后的併购交易：依治疗领域划分
  • 2020年以来最活跃的企业併购交易
• 主要併购趋势
• 是否可以选择取得新的公司收购资讯？
• 併购何时有用
• 併购交易的特点
  • 併购作为 IPO 的替代方案
• 包含併购要素的合作伙伴交易
  • 合作是併购的第一步
  • 作为合伙协议一部分的股权交易
  • 从业务联盟到企业收购的转变
  • 但是，併购并不总是正确的选择。
• 大药厂合併：已经走到路的尽头了吗？
  • Johnson & Johnson透过併购实现成长
  • Novartis透过併购实现成长
• 透过併购获得创新
  • 大药厂收购中小企业
  • 中小型生物製药公司：利用併购
  • 透过併购设立公司
  • 生技公司之间出现合併
• 私募股权在併购中的新角色
• 併购交易的实施
• 合资企业作为併购的替代方案
• 生物製药领域併购的未来

第3章 併购交易的架构：概述

• 简介
• 纯/多成分收购交易
• 纯併购合约结构
• 收购是更广泛合作协议的一部分
• 合併协议

第4章 重大併购交易

• 简介
• 重大併购交易（金额基础）

第5章 25 位最活跃的併购交易撮合者

• 简介
• 25 位最活跃的併购交易撮合者

第6章 2020年后併购合约清单

• 简介
• 有合约的併购交易（2020年后）
• 交易列表
• 交易清单：併购交易，依公司名称（A-Z）
• 交易清单：併购交易，依治疗领域
• 交易类型的定义
• 关于生物製药研究股份有限公司
• 目前的合作关係
• 当前合约
• 目前合作伙伴的最新报告标题

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