From a capital market perspective, the author analyzes Merger and Acquisitions transactions (M&A) and in-licensings in the pharmaceutical industry between 1998 and 2012. Utilizing the event study methodology, the volume shows that M&A experiences significant, negative cumulative average abnormal returns whereas in-licensings are able to create value. But what are the underlying value drivers which make a deal a success or a failure story ? The author derives significant innovative determinants of success for both strategies.
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Heiko Schön studied international business administration at Wiesbaden Business School. He was scholar of the German National Merit Foundation (sdw), he owns an Executive MBA from the University of Münster and earned his PhD at the University of Darmstadt. He brings in 10 years of experience in the pharmaceutical and chemical industry.
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Pp. Etat : Wie neu. 201 S. : graph. Darst. ; 22 cm, 360 g Tadellos. - Content -- Table Index 9 -- Graph Index 11 -- A. Introduction 15 -- I. The Pharmaceutical Industry and Its Paradigm Shift 19 -- 1.1 History 19 -- 1.2 Market Analysis 20 -- 1.2.1 Market Definition 20 -- 1.2.2 Market Size and Market Growth 21 -- 1.2.3 BigPharma 21 -- 1.2.4 Geographic Segmentation 22 -- 1.2.5 Therapeutic Segmentation 24 -- 1.2.6 Blockbusters 25 -- 1.3 Innovation and Innovation Crisis 26 -- 1.3.1 R&D Productivity 27 -- 1.3.2 R&D Process 28 -- 1.3.3 R&D Pipeline 30 -- 1.4 Patent Protection and Patent Cliff 32 -- 1.5 Generics 34 -- 1.6 Biotechnology 37 -- 1.7 Pricing, Funding and Governmental Austerity Measures 41 -- 1.8 Restructuring Programs 43 -- 1.9 Summary 44 -- II. The Pharmaceutical Industry and Mergers & Acquisitions 47 -- II.1 M&A Deal Rationales 47 -- II.1.1 Scale & Synergy Deals 48 -- II.1.2 Innovation Deals 50 -- II.1.3 Pharmerging Market Deals 51 -- II.1.4 Diversification Deals 52 -- 11.2 Status of Consolidation 53 -- 11.3 M&A Activity Development 54 -- 11.4 Top Pharmaceutical M&A Transactions 56 -- 11.5 Summary 59 -- III. Value Creation in Pharmaceutical M&A and its -- underlying Value Drivers 61 -- III.1 Literature Review and Literature Contribution 61 -- 111.2 Data Sample 62 -- 111.3 Deal Statistics 65 -- 111.4 Research Methodology. 66 -- 111.5 Acquirers'Wealth Effects 73 -- 111.6 Univariate Subsample Analyses of M&A Value Drivers 74 -- III.6.1 Target's Business Nature 74 -- 111.6.2 Geographical Focus 80 -- 111.6.3 Pharmaceutical Merger Waves 87 -- 111.6.4 Relative Transaction Size 89 -- 111.6.5 Method of Payment 92 -- 111.6.6 Target's R&D Intensity 94 -- 111.6.7 Strategic Alliances Pre-Merger 96 -- 111.6.8 M&A Experience 100 -- 111.6.9 Relative Price Level 102 -- 111.6.10 Target's Financials 106 -- 111.7 Multivariate Analysis of M&A Value Drivers 113 -- 111.8 Conclusions and Recommendations 117 -- IV. The Pharmaceutical Industry and Alliances 119 -- IV.1 Strategic Alliances 119 ISBN 9783631663813 Sprache: Englisch Gewicht in Gramm: 315. N° de réf. du vendeur 1076637
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Hardback. Etat : New. From a capital market perspective, the author analyzes Merger and Acquisitions transactions (MandA) and in-licensings in the pharmaceutical industry between 1998 and 2012. Utilizing the event study methodology, the volume shows that MandA experiences significant, negative cumulative average abnormal returns whereas in-licensings are able to create value. But what are the underlying value drivers which make a deal a success or a failure story? The author derives significant innovative determinants of success for both strategies. N° de réf. du vendeur LU-9783631663813
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Etat : New. This study analyzes 229 M&A and 120 in-licensing deals in the pharmaceutical industry. The author shows from a capital market perspective that M&A experiences significant, negative cumulative average abnormal returns whereas in-licensings are able to create value. Significant determinants of success for both strategies are derived. Series: Corporate Finance and Governance. Num Pages: 201 pages. BIC Classification: KCA; KJM; KJU; KJVG; MB. Category: (P) Professional & Vocational. Dimension: 154 x 215 x 17. Weight in Grams: 362. . 2015. New. hardcover. . . . . N° de réf. du vendeur V9783631663813
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