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谁会是2015年医药兼并收购的香饽饽?

  1. IPO
  2. 兼并
  3. 生物医药

来源:生物谷 2015-01-21 11:28

毋庸置疑,最近两年生物医药产业成为世界各个行业中最具活力的一个市场,其市场活力甚至吸引了众多华尔街的投资者。

谁会是2015年医药兼并收购的香饽饽?

2015年1月21日讯 /生物谷BIOON/ --毋庸置疑,最近两年生物医药产业成为世界各个行业中最具活力的一个市场,其市场活力甚至吸引了众多华尔街的投资者。2013年、2014年生物医药公司进行IPO的数额连创新高。

据统计,2014年生物医药产业进行IPO总额已经成为近十年之最。总管这些IPO投资案,许多投资者都将目光和资金集中在了一些新兴生物技术公司上,以支持包括肿瘤免疫疗法在内的各种新型治疗技术。

2015年,分析人士普遍认为生物医药产业金融活动将进一步保持如今的热度。不同的是,IPO将为今后生物医药产业领域企业兼并提供充足的资金支持。事实上,2014年生物医药企业兼并案总金额已经达到了惊人的2200亿美元。而为了进一步进行相应的收购兼并计划,各个生物医药巨头也需要充足的资金支持。

2015年刚开始,生物医药产业兼并就已经初见端倪。在本月初,著名生物医药公司Shire公司就宣布以52亿美元的价格收购NPS医药公司,以增强自己在罕见病领域的研发实力。(相关阅读:2015年收购第一案!Shire52亿美元收购NPS) 而视线投回到2014年,艾伯维公司曾经与Shire公司接近达成一项价值上百亿美元的兼并协议,最终因为奥巴马政府相关财政干预最终胎死腹中。

而这也是当今生物医药产业发展的必然趋势。首先,随着专利悬崖的到来,许多生物医药巨头手中的王牌药物纷纷过期,并收到来自仿制药物的强烈挑战;其次,随着各国医药审批部门审批门槛的一再提高,新药物的研发变得更加困难;最后,随着医药市场的全球化,生物医药公司进行都需要进行更大规模的临床试验,甚至一项临床试验要在世界各地进行。这些都增大了生物医药公司进行药物研发的成本。此时,通过收购兼并,进行资源优化,获得相应的新技术也就成为了各大生物医药巨头的首选。因此,可以预见,未来数年里,兼并收购将是生物医药公司的主旋律。

而有分析人士也列举了投资者眼中的宠儿。例如一些肿瘤免疫疗法的开拓者--Juno公司率先提出了CAR-T疗法。去年IPO以来,Juno公司的市场价值不断飙升,截止到2015年公司的总值达到了51亿美元之多。此外,随着FDA支持力度的加大,罕见病药物研发者也成为众多投资者眼中的香饽饽。这些领域中的企业如Sage Therapeutics Inc. (SAGE)的市场总额已经升至11亿美元,市值增长近一倍之多。此外,在罕见病药物研发领域中有出色表现的BioMarin Pharmaceutical Inc. (BMRN)市值也达到了140亿美元之巨,这家公司也很可能在许多生物医药巨头的收购名单之列。

不过另外一种观点认为,生物医药市场IPO的风行无疑推高了生物公司的估值,这对于所有潜在的收购者来说都是一个不利因素,或将反而抑制生物技术公司的兼并重组进程。

而联想到中国生物医药公司,近年来随着技术的发展和政策的倾斜,中国生物医药企业已经开始迅速成长,诞生了一批如药明康德为代表的生物医药研发公司。如果我们能够抓住这一个机遇,或许中国的生物医药产业也将随之迎来一个爆炸期!(生物谷Bioon.com)

详细英文报道:

Buyers are scrambling for products making technological advances, such as immunotherapy, a new form of cancer treatment that harnesses the body's immune system to fight the disease.

After being overshadowed last year by the boom in big pharmaceutical mergers, biotechnology deals are kicking off 2015.

The first large drug transaction of the year was Shire Plc (SHP)'s agreement Sunday to buy rare-disease treatment developer NPS Pharmaceuticals Inc. (NPSP) for $5.2 billion. Biogen Idec Inc. also struck a deal of up to $675 million for a company with an experimental pain medicine. More takeovers of young companies with promising new remedies may follow as drugmakers look for ways to stoke growth.

Last year's record amount of biotech initial public offerings is giving acquirers an even bigger pool of candidates to choose from, with innovative therapies in profitable treatment areas such as liver disease and cancer. It adds to a list of potential targets that were already on analysts' radar, including Achillion Pharmaceuticals Inc. (ACHN) and Tetraphase Pharmaceuticals Inc.

"The IPO mill keeps on turning out new companies, and then sure enough somewhere down the line you get some other company looking" to buy them, Asthika Goonewardene, an analyst for Bloomberg Intelligence in New York, said in a phone interview.

As industry leaders shed lower-margin, non-drug businesses such as consumer health and diagnostics, they're wanting "to be more innovative and have more drug revenue," he said. "There are also companies still looking to plug their pipeline."

Pharma Buzz

The more than $220 billion of drug-company acquisitions announced in 2014 was an industry record, according to data compiled by Bloomberg. While Pfizer Inc.'s pursuit of AstraZeneca Plc, AbbVie Inc.'s dropped transaction with Shire and the battle over Allergan Inc. dominated the news, large biotech deals quietly came back into the picture toward the second half of the year.

Merck & Co. (MRK) announced in June a $3.6 billion takeover of Idenix Pharmaceuticals Inc., which makes a treatment for hepatitis C. Two months later, Roche Holding AG agreed to buy InterMune Inc. for $8.3 billion to gain access to one of the first drugs in the U.S. for a fatal lung disease. Merck struck again in December with a $9.5 billion deal for Cubist Pharmaceuticals Inc. to add new antibiotics that help fight the growing threat of drug-resistant bacteria.

New Treatments

Buyers are scrambling for products making technological advances, such as immunotherapy, a new form of cancer treatment that harnesses the body's immune system to fight the disease. Juno Therapeutics Inc. (JUNO) is one such developer that went public last year and now has a $5.1 billion market value.

There's also a growing interest in rare illnesses that affect a small population and have an unmet medical need. Drugmakers can often charge high prices for those treatments and face little -- if any -- competition.

Sage Therapeutics Inc. (SAGE), which also listed last year, is making drugs for rare, life-threatening disorders of the central nervous system. It was valued at $1.1 billion yesterday after the stock more than doubled since its IPO.

BioMarin Pharmaceutical Inc. (BMRN), a much larger company at $14 billion, could appeal to suitors because of its stable of pending rare-disease medicines, according to Christopher Raymond, a Chicago-based analyst for Robert W. Baird & Co. While BioMarin has been considered a takeover candidate for years, it still hasn't gotten bought.

"It's so obvious that nobody thinks it will happen," Raymond said in a phone interview. But BioMarin's pipeline "coming up over the next 12 to 18 months is pretty huge."

At this week's annual JPMorgan Chase & Co. health-care conference in San Francisco, investors are listening for industry executives to drop hints about potential acquisitions.

High Valuations

Surging valuations could be a hurdle for some buyers. And with interest rates still so low, potential sellers may be finding it easier to raise money and remain independent, Baird's Raymond said.

The Nasdaq Biotech Index closed at a record last month and its price-sales ratio is at a decade high, data compiled by Bloomberg show. Perennial target Achillion is among the index leaders with a 12-month gain of almost 300 percent.

"A key determinant in M&A is the bid-ask," Raymond said. "The ask is always going to be higher than the bid, but the ask is especially big" when financing is readily available.

Even so, deal activity "is still pretty healthy," he said.

 

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