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The Evolving Pharma M&a Landscape: Emerging Trends And Predicted Post-Blockbuster Targets-Aarkstore Enterprise
At the same time, new drug approval rates have slowed. With costs continuing to rise, the industry's margins are already being squeezed, but will come under growing pressure as payers adopt more stringent pharmaceutical cost-containment policies and as patents on a slew of blockbusting brands expire.
Multinationals are scrambling to adjust to this new, more austere market environment. All of the sector's leading players are pursuing major cost-cutting programs, but these alone will not be sufficient to paper over cracks in the traditional big pharma model. More radical restructuring - often through merger or acquisition deals - will be required to solve the industry's underlying problems.
Pfizer and Merck have each announced mega-mergers designed to breathe new life into their respective businesses. Few of the global-scale deals concluded since the mid-1990s have delivered major long-term benefits, however, and a growing number of big pharma CEOs have begun to pursue more nuanced M&A strategies. Key trends include the pursuit of biotech/ biopharma targets to bolster multinational pipelines; expansion into developing countries; the establishment of a presence in the generics sector; and the purchase of assets in lower-risk segments of the healthcare market.
The world's ten biggest pharmaceutical companies have committed almost $230bn to M&A deals since the beginning of 2007. The size of their assets and the cash-generating capabilities of their existing businesses have rendered them largely immune from the effects of the global economic downturn, during which big pharma M&A spending has actually accelerated. Key M&A announcements will continue to be made on a regular basis into 2010 and beyond.
Key issues addressed in this report
Pharmaceutical industry pressure points: Pharmaceutical industry revenues and margins will come under growing pressure as payers impose more stringent cost-containment policies, and as patent expiries erode sales generated by existing major brands.
M&A drivers: Multinational M&A activity will be driven by efforts to bolster pipelines, expand businesses beyond traditional core geographic boundaries, cash in on the generics boom and broaden the scope of existing activities.
M&A funding capabilities: Big pharma's huge financial assets and the cash-generating capabilities of multinational prescription drug businesses will allow companies to continue accessing funds to support M&A investment at substantial levels.
Mega-mergers: While history shows that few mega-mergers have delivered real long-term benefits for buyers or their shareholders, the ‘quick fix' that such transactions offer is clearly still difficult for some to resist. The deals unveiled by Pfizer and Merck in 2009 will not be the last global-scale transactions witnessed in the sector, but a more strategic approach to M&A activity will begin to prevail.
The rush into biotech: Multinationals will continue to raise their stakes in the biotech industry as they attempt to shore up in-house pipelines. Competition for the most attractive biotech targets is increasingly fierce, however, and buyers will be forced to pay substantial premiums in order to secure quality biotech assets.
Cashing in on the generics boom: More multinationals will invest in the acquisition of generic businesses. Targets will include global commodity-type manufacturers, emerging biosimilar specialists and national or regional producers of the branded generics that dominate drug sales in many developing markets.
Key findings of this report
The pharmaceutical industry's ten biggest players face the expiry of patents on brands that generate annual revenues of more than $130bn within the next five years. This ‘patent cliff' is driving the acquisition of biotech assets designed to strengthen big pharma pipelines.
Biotech/biopharma companies were the subject of nearly half the M&A transactions completed or announced by leading pharmaceutical companies between January 2007 and July 2009, and accounted for four of the ten biggest M&A deals witnessed in that period.
The world's ten biggest pharmaceutical companies generated prescription drug sales totaling $308bn in 2008. Their operations generated aggregate net cash of more than $106bn and pre-tax profits of $81bn. At the end of 2008 they were sitting on collective net assets worth $354bn.
The ten leading companies have completed or reached definitive agreements on 64 M&A deals since January 2007. Together, they have committed almost $230bn to healthcare M&A transactions in the past two-and-a-half years.
Biotech companies aside, consumer healthcare and generic businesses are among the most popular acquisition targets, reflecting a desire on the part of big pharma to reduce levels of exposure to conditions in the global market for prescription drugs.
Two of the world's five biggest generics businesses are active candidates for disposal. Sandoz and Teva aside, all of the world's other leading generic companies are potential acquisition targets.
This report provides
Analysis of key pressure points affecting the global pharmaceutical industry and of the sector's efforts to adjust to these unprecedented challenges.
Comparative analysis of leading pharmaceutical finances, development pipelines and exposure to major patent expiries.
Comprehensive tracking of individual company M&A activity since January 2007.
Insights into individual company M&A strategies and the likely nature of future M&A activity.
Critical appraisal of previous pharmaceutical mega-mergers, and of the pending Pfizer/Wyeth and Merck/Schering-Plough transactions.
Analysis of conditions in the global biotech and generics markets, factors driving consolidation and identification fo key M&A targets in each of these two sectors.
Use this report to:
Quantify individual pharmaceutical company exposure to major patent expiries in the next five years.
Compare the strengths and weaknesses of big pharma pipelines and identify the gaps that biotech acquisitions will be used to plug.
Track recent M&A activity by the world's ten biggest pharmaceutical companies in terms of both deal values and strategic intent.
Gain valuable insights into the strategic approaches to M&A activity being pursued by individual big pharma CEOs.
Understand why most previous pharmaceutical mega-mergers failed to deliver long-term benefits, and how Pfizer and Merck hope to avoid repeating the industry's past mistakes.
Identify prime biotech/biopharma acquisition targets and the global, regional or national generic businesses most likely to attract acquisition bids.
Table of Contents :
Executive summary
Pharmaceutical industry pressure points
Can mega-mergers solve the industry's problems?
Big pharma M&A
Generic industry M&A
Biotech industry M&A
Chapter 1 Pharmaceutical industry pressure points
Summary
Introduction
Diminishing returns
Stock market reaction
Key factors behind the squeeze on big pharma
Patent expiries
Pharmaceutical cost-containment
Deteriorating R&D risk/return ratios
Adapting to the new market environment
Cost-cutting and efficiency increases
Enhancing pipelines
Corporate restructuring
Chapter 2 Can mega-mergers solve the industry's problems?
Summary
Introduction
The last wave of mega-mergers
Mega-merger legacies
Pfizer - transformed or transfixed?
The changing face of Pfizer
Measuring Pfizer's financial performance
Stock market judgments
Pfizer tries again
Transaction details
Impact of the Wyeth acquisition
Portfolio
Geographical presence
Pipeline
Exposure to patent expiries
Finances
Verdict on the Pfizer/Wyeth deal
Merck seeks M&A shelter
Transaction details
Impact of the Schering-Plough acquisition
Portfolio
Geographical presence
Pipeline
Exposure to patent expiries
Finances
Verdict on the Merck/Schering-Plough deal
Looking beyond the mega-merger
Chapter 3 Big Pharma M&A
Summary
Introduction
Big Pharma's financial muscle
Recent M&A activity
M&A targets
Future M&A trends
The shrinking pharmaceutical village
Pfizer
Company background
Portfolio and geographical reach
Pipeline status
Exposure to patent expiries
Strategic direction
Recent M&A activity
Bolstering the pipeline
Pfizer's latest mega-merger
Future M&A potential
Merck & Co
Company background
Portfolio and geographical reach
Pipeline status
Exposure to patent expiries
Strategic direction
Recent M&A activity
The move into biosimilars
A mega-merger designed to transform Merck's fortunes
Future M&A potential
Sanofi-Aventis
Company background
Portfolio and geographical reach
Pipeline status
Exposure to patent expiries
Strategic direction
Recent M&A activity
Bolstering the pipeline
Building a generics business
Investing in animal health
Future M&A potential
GlaxoSmithKline
Company background
Portfolio and geographical reach
Pipeline status
Exposure to patent expiries
Strategic direction
Recent M&A activity
Diversification
Supporting a push into emerging markets
Feeding the pipeline
Future M&A potential
Novartis
Company background
Portfolio and geographic reach
Pipeline status
Exposure to patent expiries
Strategic direction
Recent M&A activity
Focused diversification
Strengthening the pharma business
Future M&A potential
Roche
Company background
Portfolio and geographical reach
Pipeline status
Exposure to patent expiries
Strategic direction
Recent M&A activity
Gaining full control of Genentech
Accessing novel products and technologies
Strengthening the diagnostics business
Future M&A potential
AstraZeneca
Company background
Portfolio and geographical reach
Pipeline status
Exposure to patent expiries
Strategic direction
Recent M&A activity
The push into biologics
Future M&A potential
Johnson & Johnson
Company background
Portfolio and geographical reach
Pipeline status
Exposure to patent expiries
Strategic direction
Recent M&A activity
Targeting 'convergence'
Strengthening the pipeline
Future M&A potential
Eli Lilly
Company background
Portfolio and geographical reach
Pipeline status
Exposure to patent expiries
Strategic direction
Recent M&A activity
Strengthening the pipeline
Bringing alliances in-house
Future M&A potential
Bristol-Myers Squibb
Company background
Portfolio and geographical reach
Pipeline status
Exposure to patent expiries
Strategic direction
Recent M&A activity
Future M&A potential
Building a cash pile
Predator or prey?
Chapter 4 Generic industry M&A
Summary
Introduction
The generics market
Consolidation of the generics market
Big pharma involvement in generics
Generic M&A targets
Global targets
Teva
Mylan
Ratiopharm
Watson
Actavis
Stada
National/regional targets
CEE and Russia
India
Japan
Australia
Brazil
Mexico
Chapter 5 Biotech Industry M&A
Summary
Introduction
The biotech market
Leading biotech products
Leading biotech companies
Big pharma's recent biotech buying spree
Competition for biotech purchases
Biotech M&A targets
Leading revenue generators
Amgen
Gilead
UCB
Genzyme
Biogen Idec
CSL
Celgene
Other potential biotech acquisition candidates
Crucell (Netherlands)
Amylin Pharmaceuticals (US)
Vertex (US)
Regeneron Pharmaceuticals (US)
Human Genome Sciences (US)
Onyx Pharmaceuticals (US)
ThromboGenics (Belgium)
Spectrum Pharmaceuticals (US)
Proteolix (US)
Enzon (US)
Appendix
Primary research methodology
Index
List of Figures
Figure 1.1: Global pharmaceutical sales and growth rates, 2001-2008
Figure 1.2: US NME Approvals vs. R&D Spend, 1990 - 2008
Figure 2.3: Performance of Pfizer stock, 2003-2008
Figure 2.4: Structure of the expanded Merck & Co pharma portfolio
Figure 3.5: Cash generated and held by leading pharma companies, 2008
Figure 3.6: M&A spending and volume by company Jan 2007 - H109
Figure 3.7: Pfizer's therapeutic focus, 2008
Figure 3.8: Merck & Co's blockbuster products, 2008
Figure 3.9: Sanofi-Aventis's leading products, 2008
Figure 3.10: Sanofi-Aventis pharmaceutical sales by region, 2008
Figure 3.11: Sanofi-Aventis pro-forma generic sales, 2008, US$m
Figure 3.12: Sanofi-Aventis net debt levels
Figure 3.13: GSK pharmaceutical sales by region
Figure 3.14: Novartis pharma sales by therapy area
Figure 3.15: Novartis pharmaceutical sales by region
Figure 3.16: Roche pharmaceutical sales by therapy area, 2008
Figure 3.17: Roche pharmaceutical sales by region, 2008
Figure 3.18: AstraZeneca pharmaceutical sales by therapy area, 2008
Figure 3.19: AstraZeneca sales by region, 2008
Figure 3.20: Insert figuretitlehere, with date where appropriate
Figure 3.21: BMS pharma sales by therapy area, 2008
Figure 4.22: Top 5 players in the 'core' generics market, 2008
Figure 5.23: Leading biopharmaceutical company product sales, 2008
Figure 5.24: Biotech and pharma industry stock performances
List of Tables
Table 1.1: Global pharmaceutical sales and growth rates, 2001-2008
Table 1.2: Leading brands facing patent expiry by 2014
Table 1.3: Big pharma exposure to patent expiries
Table 1.4: New drug approvals in the US, 1999-2008
Table 1.5: Costs as a percentage of big pharma revenues, 2004 and 2008
Table 2.6: Pfizer financials, 1997-99 and 2006-08
Table 2.7: Performance of Pfizer stock, 2003-2008
Table 2.8: Impact of the Wyeth acquisition on Pfizer's portfolio
Table 2.9: Anticipated change in Pfizer's US/international sales split
Table 2.10: Pfizer/Wyeth financial indicators
Table 2.11: Structure of the expanded Merck & Co pharma portfolio
Table 2.12: Merck & Co's expanded list of blockbuster products
Table 2.13: Change in the geography of the Merck & Co business
Table 2.14: New entities in SP's late-stage development pipeline
Table 2.15: Merck & Co/Schering-Plough financial indicators
Table 3.16: Pharmaceutical company sales rankings
Table 3.17: Cash generated and held by leading pharma companies, 2008
Table 3.18: Net assets of leading pharma companies at Dec 2008
Table 3.19: M&A spending by company since Jan 2007
Table 3.20: M&A deal volumes since Jan 2007
Table 3.21: Biggest M&A deals completed by the pharma top ten since January 2007
Table 3.22: Big Pharma M&A targets
Table 3.23: Pfizer company overview
Table 3.24: Pfizer pharmaceutical sales by therapy area
Table 3.25: Novel products in Pfizer's late-stage development pipeline
Table 3.26: Pfizer exposure to major patent expiries
Table 3.27: Pfizer acquisition activity
Table 3.28: Merck & Co company overview
Table 3.29: Merck & Co's blockbuster products
Table 3.30: Novel products in Merck & Co's late-stage pipeline
Table 3.31: Merck & Co's exposure to major patent expiries
Table 3.32: Merck & Co acquisition activity
Table 3.33: Sanofi-Aventis company overview
Table 3.34: Sanofi-Aventis's leading products
Table 3.35: Sanofi-Aventis pharmaceutical sales by region
Table 3.36: Novel products in Sanofi-Aventis's
Table 3.37: Sanofi-Aventis exposure to major patent expiries
Table 3.38: Sanofi-Aventis acquisition activity
Table 3.39: GlaxoSmithKline company overview
Table 3.40: GSK pharma sales by therapy area
Table 3.41: Novel products in GSK's late-stage development pipeline
Table 3.42: GSK's exposure to major patent expiries
Table 3.43: GSK acquisition activity
Table 3.44: Novartis company overview
Table 3.45: Novartis pharma sales by therapy area
Table 3.46: Novel products in Novartis's late-stage development pipeline
Table 3.47: Novartis's exposure to major patent expiries
Table 3.48: Novartis acquisition activity
Table 3.49: Roche company overview
Table 3.50: Roche pharmaceutical sales by therapy area
Table 3.51: Roche pharmaceutical sales by region, 2008
Table 3.52: Novel products in Roche's late-stage development pipeline
Table 3.53: Roche's exposure to major patent expiries
Table 3.54: Genentech's contribution to the Roche pipeline
Table 3.55: Roche acquisition activity
Table 3.56: AstraZeneca company overview
Table 3.57: AstraZeneca pharmaceutical sales by therapy area
Table 3.58: AstraZeneca sales by region
Table 3.59: Novel products in AstraZeneca's late-stage development pipeline
Table 3.60: AstraZeneca's exposure to major patent expiries
Table 3.61: AstraZeneca acquisition activity
Table 3.62: Johnson & Johnson company overview
Table 3.63: J&J's leading pharmaceutical products
Table 3.64: J&J's US/international sales split
Table 3.65: Novel products in J&J's late-stage development pipeline
Table 3.66: J&J's exposure to major patent expiries
Table 3.67: J&J merger and acquisition spending
Table 3.68: Lilly company overview
Table 3.69: Lilly pharma sales by therapy area
Table 3.70: Novel products in Lilly's late-stage development pipeline
Table 3.71: Lilly's exposure to major patent expiries
Table 3.72: Lilly acquisition activity
Table 3.73: ImClone's development pipeline
Table 3.74: BMS company overview
Table 3.75: BMS pharma sales by therapy area
Table 3.76: Novel products in BMS's late-stage development pipeline
Table 3.77: BMS exposure to major patent expiries
Table 3.78: BMS acquisition activity
Table 3.79: BMS proceeds from disposals
Table 4.80: Top 5 players in the 'core' generics market, 2008
Table 4.81: The ten biggest generic acquisitions completed since 2004
Table 4.82: Major CEE pharmaceutical acquisitions
Table 5.83: Development, commercialization and sales of leading biotech brands
Table 5.84: Leading biopharmaceutical company product sales and revenues
Table 5.85: Biotech M&A by top ten pharma majors, 2007 to date
Table 5.86: Biggest recent biotech M&A deals
Table 5.87: Biotech and pharma industry stock performances
For More information please contact :
About the Author
Minal H
SEO
vinod.minal@gmail.com
http://www.aarkstore.com
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