Last year was important for pharmaceutical mergers and acquisitions, with total deal values in 2009 reaching almost $150bn. Driving this activity were three ‘mega-mergers’ at the heart of the industry, as Pfizer took over Wyeth, Roche bought the remaining shares in Genentech, and Merck & Co acquired Schering-Plough. Those historic deals signal the continued importance of mergers and acquisitions (M&A) as a strategy among pharma companies, with associated benefits and challenges. The importance of consolidation and alliances will increase from 2010 onwards, as companies adapt to changing conditions within the industry and market. Companies will turn to M&A to consolidate their businesses and to diversify into other developmental areas, our new study discusses. How will recent M&A activity work out for the companies involved? Also, where will important M&A activities be most likely to occur during the remainder of this decade, and what will their prospects be? Our new report tackles questions such as those, providing analysis to aid your decision making and save you time.

Our report – Prospects for Pharma Mergers, Acquisitions and Alliances 2010-2020 – reviews the recent M&A history of the industry and determines which companies will be most likely to perform M&A, and which companies are most likely to be targeted. Our research shows that M&A activity will be important to the pharmaceutical industry from 2010 to 2020, with opportunities and challenges arising. Many companies will turn to mergers, acquisitions or alliances. But which deals will leave companies well placed to survive the patent cliff, consolidate operations and expand revenues? Our latest study tackles those questions.

Our study also reviews prominent companies operating in the pharma biotech sector, where big pharma companies will seek to expand their operations this decade. We assess R&D pipelines and existing products that have the potential to make a significant market impact. Our study covers the incentives to seek M&A deals and the difficulties that can arise from those transactions. In particular, our new report provides an overview of the options for companies seeking to increase R&D and commercial presence in the industry’s growth areas.

Comprehensive analysis of M&A for the pharmaceutical sector

Prospects for Pharma Mergers, Acquisitions and Alliances 2010-2020 critically examines that aspect of the pharmaceutical industry through a review of primary and secondary information sources. Our study provides revenue forecasts, market share analyses, discussions of products and strategies, as well as analyses of commercial drivers and restraints. There are 70 tables and figures included, as well as an expert interview. The result is a comprehensive market- and industry-centred study, with analyses and opinion to benefit your work.


Report Highlights
Companies Listed
Abbott Knoll
Abbott Laboratories
Abgenix
Ablynx
Acceleron
Actavis
Actelion
Advanced Medical Optics
Agilent
AkaRx
Alcon
Alexion Pharmaceuticals
Allen & Hanburys
Allergan
Allos Therapeutics
Alza
Amersham
Amgen
Amylin Pharmaceuticals
Andrx Corporation
Archemix
Ariad Pharmaceuticals
Arrow Pharma
Aspen Pharmacare
Astellas Pharma
Astra
AstraZeneca
Aurobindo Pharma
Auxilium Pharmaceuticals
Aventis
Barr Pharmaceuticals
BASF
Baxter International
Bayer
Bayer HealthCare
Bayer Schering Pharma
Ben Venue Laboratories
Biogen
Biogen Idec
BioMarin Pharmaceutical
Biomira
Boehringer Ingelheim
Boston Scientific
Bristol-Myers Squibb (BMS)
Cardiome
Celera Genomics
Celgene
Celldex Therapeutics
Cellzome
Centocor
Cephalon
Charles River Laboratories
Chattem
ChemoCentryx
Chugai Pharmaceutical
Ciba-Geigy
Cipla
Claris Lifesciences
Consilient Health
Cordis
Cougar Biotech
Covidien
Crucell
CSL
CV Therapeutics
Daiichi Sankyo
Dainippon Sumitomo
Depomed
Diamyd
DM Pharma
Dow
Dr. Reddy's Laboratories
EBEWE Pharma
Eisai
Elan
Eli Lilly
Endo Pharmaceuticals
European Medicines Agency (EMA, EMEA)
ev3
Exelixis
Express Script
Facet Biotech
Fisher Scientific
Fisons
Food and Drugs Administration (FDA)
Forest
Fovea Pharmaceuticals
Galapagos NV
Genentech
General Electric
Genmab
Genzyme
Gilead Sciences
Glaxo
GlaxoSmithKline (GSK)
GlaxoWellcome
Gloucester Pharmaceuticals
Grifols
Hexal
Hisamitsu Pharma
Hoechst
Hospira
Human Genome Sciences
Hypermarcas
ID Biomedical Corporation
Idec Pharmaceuticals
IG Farbenindustrie
ImClone Systems
Immunex
Immunogen
Indevus Pharmaceuticals
Insight Strategy Advisors
Intercell
Interpharma Praha
Inventiv
Ipsen
Isis
IVAX
Johnson & Johnson
Knoll
Kos Pharmaceuticals
Laboratorios Kendrick
Ligand Pharmaceuticals
Lundbeck
Marion Merrell
Mayne Pharma
Medarex
MedImmune
Medivation
Medley Pharmaceuticals
Mepha
Merck & Co.
Merck KGaA
Merck Serono
Merial
MGI Pharma
Millennium Pharmaceuticals
Millipore
Monsanto
Mpex
Mylan
Neo Química Genéricos
Nichi-Iko Pharmaceutical
Nordisk Gentofte
Novartis
Noven Pharmaceuticals
Novexel
Novo Industri
Novo Nordisk
Onco Therapies
OncoMed
Onyx Pharmaceuticals
Oracle
Orexo
Organon
OSI Pharmaceuticals
Osiris Therapeutics
Otsuka
Ovation Pharma
Panacea Biotech
PBM Holdings
Perrigo Company
Pfizer
Pharmacia & Upjohn
Phase Forward
Pierre Fabre
Piramal Healthcare
Plexxikon
PLIVA
Procter & Gamble
Protalix Biotherapeutics
Ranbaxy Laboratories
ratiopharm
Regulus
Rhone-Poulenc
Rigel Pharmaceuticals
Roche
Rohm & Haas
Roussel Laboratories
Sandoz
Sanofi-Aventis
Sanofi-Synthelabo
Schering
Schering-Plough
Seattle Genetics
Sepracor
Serono
Shantha Biotechnics
Sicor Pharmaceuticals
Sigma
Sirna Therapeutics
SmithKline Beecham
Solvay Pharmaceuticals
SSP Co.
Stada Arzneimittel
Stiefel Laboratories
Strides Arcolab
Sucampo Pharmaceuticals
Synergen
Syntex
Takeda Pharmaceuticals
Talecris Biotherapeutics
Targacept
Teva Pharmaceutical Industries
Thermo Electric
Thermo Fisher Scientific
Thomas H Lee
Transgene
Transtech
UCB
UNICEF
United Therapeutics
Varian
Vertex Pharmaceuticals
Visiogen
Warner Chilcott
Warner-Lambert
Watson Pharmaceuticals
Wellcome
Wellpoint
Wockhardt
World Health Organization (WHO)
World Trade Organization (WTO)
WuXi PharmaTech
Wyeth
XOMA
Zepharma
Zeneca
Zentiva
Zydus Cadila
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1. Executive Summary
1.1 M&A in the Pharmaceutical Industry: Market Review
1.2 Areas Covered in this Report
1.3 Research & Analysis Methods

2. Pharma M&A: Introduction
2.1 Big M&A Deals are a Feature of the Pharma Industry
2.2 A Brief History of Pharma Industry M&A
2.3 ‘Big Pharma’: A Product of M&A
2.4 M&A Activity Reached New Heights in 2009
2.5 M&A Activity in 2010 is Driven by the Threat to Pharma’s ‘Blockbuster Model’
2.6 Is M&A the Answer?
2.7 More Informal Alliances: The Long-Term Future for the Industry?

3. Pharma M&A 2009-2010: Anatomy of the Biggest Deals
3.1 Pfizer and Wyeth
3.1.1 Pfizer Has Acquired Some of its Bestselling Drugs from Wyeth
3.1.2 Pfizer's M&A Activity will Succeed in Buying Growth
3.2 Roche and Genentech
3.2.1 Genentech is Central to Roche's Commercial Development
3.3 Merck & Co. and Schering-Plough
3.3.1 The Augmented Merck Pipeline
3.3.2 Merck's Commercial Future After Merger
3.4 Merck KGaA and Millipore
3.4.1 Merck KGaA, Serono and Millipore
3.4.2 Merck KGaA's Commercial Prospects
3.5 Abbott and Solvay
3.5.1 Abbott and Piramal
3.5.2 Abbott's Overall M&A Strategy
3.6 Teva and Ratiopharm
3.6.1 Teva Dominates M&A Activity in the Generic Market
3.6.2 Daiichi Sankyo and Ranbaxy
3.6.3 Other M&A in the Generics Sector
3.6.4 Sanofi-Aventis' Penetration of the Generics Sector
3.7 Astellas and OSI Pharmaceuticals
3.8 GlaxoSmithKline and Stiefel Laboratories
3.8.1 GSK's Broader Strategy
3.8.2 What About Competitors?
3.9 Grifols and Talecris
3.10 Pharma M&A 2009-2010: Which of These Deals is Most Significant?

4. Potential Candidates for Pharma M&A: 2010-2020
4.1 More ‘Mega-Mergers’ by 2020?
4.2 Bristol-Myers Squibb: Perennial M&A Target
4.3 Overall Trends for M&A in the Forecast Period
4.4 Biotechnology Companies and Pharma: a Symbiotic Relationship
4.5 Future Biotechnology M&A
4.6 The Biggest Potential Biotech M&A Deals
4.7 Biogen Idec
4.7.1 Biogen Idec: Portfolio and Pipeline
4.7.2 Will Biogen Idec be Acquired?
4.8 Genzyme
4.9 Celgene
4.10 Vertex Pharmaceuticals
4.10.1 Vertex to be Acquired in 2010-11?
4.11 Human Genome Sciences
4.12 Crucell
4.13 Intercell
4.14 Seattle Genetics
4.15 Alexion Pharmaceuticals
4.16 Immunogen
4.17 United Therapeutics
4.18 Onyx Pharmaceuticals
4.19 Auxilium Pharmaceuticals
4.20 Allos Therapeutics
4.21 Amylin Pharmaceuticals
4.22 BioMarin Pharmaceutical
4.23 Rigel Pharmaceuticals
4.24 Emerging Markets: M&A Activity
4.25 Dr. Reddy's Laboratories
4.26 Cipla
4.27 Other Areas for M&A

5. M&A in the Pharma Industry 2010-2020: SWOT Analysis
5.1 M&A Allows Companies to Become Stronger Through Consolidation and Diversification
5.2 Bigger is Not Always Better: Company Size Can Be a Weakness
5.3 The Opportunity for a New, Globalised Business Model
5.4 Size Can Threaten Investor Confidence, Public Goodwill, Company Morale and Drug Development Prospects

6. Expert Opinion
6.1 Interview with Dr Cyrus Chowdhury, Vice President of Global Market Access, Insight Strategy Advisors, New York
6.1.1 Why is M&A in the Emerging Geographical Markets Likely to be a Major Focus for the Pharmaceutical Industry over the Next Ten Years?
6.1.2 Which Emerging Markets Have the Greatest Potential for M&A?
6.1.3 Which Therapeutic Areas Have Most Potential in the Emerging Markets?
6.1.4 Strategies of the Larger Companies
6.1.5 What Sectors and Types of Companies Will Be Targeted for M&A Activities?
6.1.6 Prospects from 2010 Onwards
6.1.7 Difficulties Facing M&A Strategies in the Emerging Markets

7. Conclusions
7.1 M&A is One of the Pharma Industry's Best Hopes for Managing the Patent Cliff
7.2 Will ‘Mega-Mergers’ Be Superseded by Strategies Based on Small- and Medium- Sized Acquisitions?
7.3 Biotechnology and Emerging Markets will be Important Targets for M&A
7.4 Concluding Remarks
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Table 2.1 Top Ten M&A Deals in all Industries Worldwide, 2000-2009
Table 2.2 The Biggest Pharma M&A Deals of All Time ($bn)
Table 2.3 The Biggest Pharma M&A Deals ($bn), 2000-2009
Table 2.4 The 20 Biggest Pharma Companies Sales ($bn), Global Market Share (%), Historical M&A Activity, 2009
Table 2.5 M&A Activity: Number of Deals and Overall Deal Value ($bn), 2000-2009
Table 2.6 The Top 10 Drugs: Revenues ($bn) and Forecast Patent Expiry Date, 2009
Table 2.7 Some Pharma Industry Strategies for Minimising Revenue Loss, 2010
Table 2.8 The 15 Largest Pharma Partnership Deals ($bn), 2005-2009
Table 3.1 Pharma M&A deals over $0.5bn, 2009 and (up to Q2) 2010
Table 3.2 Pharma Industry Exposure to the Patent Cliff by 2012, Revenues ($bn), Proportion of Total Revenues ($bn)
Table 3.3 Pfizer's Top Products, 2009
Table 3.4 Pfizer Products Approaching Patent Expiry, 2010
Table 3.5 Pfizer's Pipeline, Phase III and Later, 2010
Table 3.6 Pfizer's Revenues ($bn), Growth (%), CAGR (%), 2005-2010
Table 3.7 Pfizer's Revenues ($bn), Growth (%), CAGR (%), 2010-2020
Table 3.8 Roche's Bestselling Products, Revenue ($bn), 2009
Table 3.9 Roche's Pipeline, Phase III and Later, 2010
Table 3.10 Roche's Revenues ($bn), Growth (%), CAGR (%), 2010-2020
Table 3.11 Merck & Co’s Pipeline, Phase III and Beyond, 2010
Table 3.12 Merck & Co’s Bestselling Products, Revenue ($bn), 2009
Table 3.13 Merck & Co’s Products Approaching Patent Expiry, 2010
Table 3.14 Merck & Co’s Revenues ($bn), Growth (%), CAGR (%), 2010-2020
Table 3.15 Merck KGaA's Pipeline, Phase III and Beyond, 2010
Table 3.16 Merck KGaA's Revenues ($bn), Growth (%), CAGR (%), 2010-2020
Table 3.17 Abbott's Pipeline, Phase III and Beyond, 2010
Table 3.18 Abbott's Revenues ($bn), Growth (%), CAGR (%), 2010-2020
Table 3.19 The Top 10 Generic Market M&A Deals 2000-2010 (up to Q2)
Table 3.20 The Top Generic Companies: Revenues ($bn), Annual Growth (%), 2009
Table 3.21 Teva's Revenues ($bn), Growth (%), CAGR (%), 2010-2020
Table 3.22 Important M&A and Alliance Activity in the Generics Sector, 2000-2010
Table 3.23 Japan-US M&A deals, 2009-2010 (up to Q2)
Table 3.24 Dermatology Products of GSK and Stiefel Laboratories, 2010
Table 4.1 Biotechnology M&A Activity: Number of Deals and Overall Deal Value ($bn), 2000-2009
Table 4.2 The Largest Biotech Companies by Revenues ($bn), 2009
Table 4.3 Biotech M&A Target Companies and Possible Acquirers, 2010
Table 4.4 Biogen Idec: Products and Pipeline, 2010
Table 4.5 Genzyme: Products and Pipeline, 2010
Table 4.6 Celgene: Products and Pipeline, 2010
Table 4.7 Vertex: Products and Pipeline, 2010
Table 4.8 Human Genome Sciences: Pipeline, 2010
Table 4.9 Crucell: Products and Pipeline, 2010
Table 4.10 Intercell: Products and Pipeline, 2010
Table 4.11 Seattle Genetics: Pipeline, 2010
Table 4.12 Alexion: Products, 2010
Table 4.13 Immunogen: Pipeline, 2010
Table 4.14 United Therapeutics: Products and Pipeline, 2010
Table 4.15 Onyx Pharmaceuticals: Products, 2010
Table 4.16 Auxilium Pharmaceuticals: Products, 2010
Table 4.17 Allos Therapeutics: Products, 2010
Table 4.18 Amylin Pharmaceuticals: Products and Pipeline, 2010
Table 4.19 BioMarin Pharmaceutical: Products and Pipeline, 2010
Table 4.20 Rigel Pharmaceuticals: Pipeline, 2010
Table 5.1 SWOT Analysis for Pharma Industry M&A, 2010-2020

Figure 2.1 Companies' Shares of the Global Pharma Market (%), 2009
Figure 2.2 Company Revenue Growth (%) for the Top 20 Pharma Companies, 2009
Figure 2.3 Number of M&A Deals, 2000-2009
Figure 2.4 Value of M&A Deals ($bn), 2000-2009
Figure 2.5 Number and Value of M&A Deals ($bn), 2000-2009
Figure 2.6 NCEs Receiving FDA Approval, 2002-2009
Figure 2.7 Revenue Lost to Patent Expiry 2009 ($m) and Predicted Revenue Loss After Patent Expiry ($m), 2010-2014
Figure 3.1 Pharma Industry Exposure to the Patent Cliff by 2012, Revenues ($bn)
Figure 3.2 Pfizer’s Revenues ($bn), 2005-2010
Figure 3.3 Pfizer’s Revenues ($bn), 2010-2020
Figure 3.4 Pfizer’s Revenues ($bn), with and Without the Effects of the Wyeth Merger, 2010-2020
Figure 3.5 Roche’s Revenues ($bn), 2010-2020
Figure 3.6 Merck & Co's Revenues ($bn), 2010-2020
Figure 3.7 Merck KGaA’s Revenues ($bn), 2010-2020
Figure 3.8 Abbott’s Revenues ($bn), 2010-2020
Figure 3.9 Teva’s Revenues ($bn), 2010-2020
Figure 4.1 Number of Biotechnology M&A Deals Compared to Traditional Pharmaceutical M&A Deals, 2000-2009
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