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 2000
2.3.1. Japanese M&A accelerates
2.3.2. Option to acquire the new acquisition?
2.3.3. Case study 1: Cephalon - Ception
2.3.4. Case study 2: Endo - Indevus
2.4. When M&A can be useful
2.5. Attributes of M&A deals
2.6. Partnering deals with M&A component
2.6.1. Partnering as a precursor to M&A
2.6.1.a. Case study 3: Shire - New River
2.6.2. Equity as part of partnering deal
2.6.2.a. Case study 4: Merck - Gtx
2.6.2.b. Case study 5: Pfizer - Icagen
2.6.2.c. Case study 6: Genentech - Tercica
2.6.3. Conversion of partnership to acquisition
2.6.4. But M&A is not always the route followed
2.7. Bigpharma mega mergers - are we at the end of the road?
2.7.1. Growth of Pfizer through M&A
2.7.2. Growth of GlaxoSmithKline through M&A
2.8. Accessing innovation through M&A
2.8.1. Bigpharma acquisitions of small companies
2.8.1a. Case study 7: Abbott - Kos Pharmaceuticals
2.8.1.b. Case study 8: Merck - Sirna Therapeutics
2.8.2. Medium and small biopharma - use of M&A
2.8.2.a. Case study 9: Merck KgaA - Serono
2.8.2.b. Case study 10: Nycomed - Altana
2.8.3. Using M&A to build a company
2.8.3.a. Case study 11: Shire - built from M&A
2.8.3.b. Case study 12: Zeneus - acquiring a ready-made European capability
2.8.3.c. Case study 13: Novartis - from pure pharma to half generic
2.8.4. Emergence of biotech-biotech mergers
2.8.4.a. Case study 14: Merger between Biogen and Idec
2.8.4.b. Case study 15: Amgen acquisition activity
2.9. The emerging role of private equity in M&A
2.10. Implementing M&A transactions
2.11. Joint ventures as alternative to M&A
2.12. 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
3.3.1. Example acquisition agreements
3.3.1.a. Case study 16: Novartis - Eon Labs - February 2005
3.4. Acquisition as part of a wider alliance agreement
3.4.1. Example acquisition option clauses
3.4.1.a. Case study 16: MGI Pharma - AkaRx - October 2007
3.5. Merger agreements
3.5.1. Example merger agreements
3.5.1.a. Case study 18: Corgentech - AlgoRx - September 2005
Chapter 4 - Leading M&A deals
4.1. Introduction
4.2. Top M&A deals by value
4.3. Top merger deals
4.4. Top M&A deals signed by bigpharma
4.5. Most active M&A dealmakers
4.5.1 Inverness Medical Innovations
4.5.2. Johnson & Johnson
4.5.3. Novartis
4.6. Bigpharma M&A deal activity
4.7. Bigpharma created through M&A
4.7.1. Forcing Japanese pharma into the M&A game
Chapter 5 - Bigpharma M&A agreements
5.1. Introduction
5.2. How to use M&A agreements
5.3. Company M&A agreement listings
Abbott
Actavis
Alcon Labs
Allergan
Amgen
Astellas
AstraZeneca
Baxter
Bayer
Biogen Idec
Boehringer Ingelheim
Bristol-Myers Squibb
Cephalon
Chugai
CSL
Daiichi Sankyo
Dainnipon Sumitomo
Eisai
Eli Lilly
Forest Laboratories
Genentech
Genzyme
Gilead Sciences
GlaxoSmithKline
Hospira
Johnson & Johnson
Lundbeck
Menarini
Merck & Co
Merck Serono
Mitsubishi-Tanabe
Mylan
Novartis
Novo Nordisk
Nycomed Pharma
Otsuka
Pfizer
Procter & Gamble
Ratiopharm
Roche
Sanofi-Aventis
Schering Plough
Servier
Shire
Solvay
Takeda
Teva
UCB
Watson
Wyeth
Chapter 6 - M&A agreement directory 2003-2009
6.1. Introduction
6.2. Company A-Z
Appendices
Appendix 1 - M&A references
Appendix 2 - Resources
Appendix 3 - Deal type definitions
Appendix 4 - Example M&A contract document - mega acquisition
Appendix 5 - Example M&A contract document - acquisition
Figures
Figure 1: Definition of merger and acquisition
Figure 2: Trends in M&A deal announcements, 2000-2009
Figure 3: Merger specific deals 2000-2009
Figure 4: Key recent M&A trends - 2005 to present
Figure 5: Recent Japanese M&A
Figure 6: Recent ‘option to acquire' deals
Figure 7: Situations where M&A can prove useful
Figure 8: Recent private biotech acquisitions
Figure 9: Partnering deals including equity stake - 2000 to 2009
Figure 10: Recent partnering deals involving equity participation in the licensor
Figure 11: Equity investments converting to acquisitions
Figure 12: Pfizer's growth through M&A since 2000
Figure 13: GSK's growth through M&A
Figure 14: Shire's M&A history
Figure 15: Amgen's biotech-biotech acquisition trail
Figure 16: Private equity M&A activity, 2007-2009
Figure 17: Issues in implementing M&A agreements
Figure 18: Joint venture agreements, 2000-2009
Figure 19: Example joint ventures in the biopharma sector
Figure 20: Future trends in M&A in biopharma
Figure 21: Components of the acquisition deal structure
Figure 22: Components of the merger deal structure
Figure 23: Top 50 M&A deals by value since 2000
Figure 24: Top merger deals by value since 2000
Figure 25: Top 50 M&A deals signed by bigpharma value since 2000
Figure 26: Growing by acquisition - most active M&A dealmakers 2003-2009
Figure 27: Building through M&A - Inverness Medical Innovations
Figure 28: Building through M&A - Johnson & Johnson
Figure 29: Building through M&A - Novartis
Figure 30: Bigpharma - top 50 - M&A deals since 2003
Figure 31: New companies out of old - the role of M&A in bigpharma league promotion
Figure 32: Japanese pharma plays the M&A game
Figure 33: Online partnering resources
Figure 34: Deal type definitions
Figure 35: M&A agreement between Ligand and Metabasis, October 2009