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三个月砸下750亿美元!生物医药产业强势整合还是人傻钱多?

  1. 2015
  2. 兼并收购
  3. 梯瓦
  4. 生物医药

来源:生物谷 2015-04-02 12:36

随着生物医药领域发展的不断加快,兼并已经成为了摆在所有公司面前的重要课题。而仿制药市场的方兴未艾又对世界各大生物医药巨头提出了严峻的挑战。在这一背景下,CEO们不约而同的将视线放在兼并收购上。

2015年4月1日讯 /生物谷BIOON/ --随着生物医药领域发展的不断加快,兼并已经成为了摆在所有公司面前的重要课题。而仿制药市场的方兴未艾又对世界各大生物医药巨头提出了严峻的挑战。在这一背景下,CEO们不约而同的将视线放在兼并收购上。

事实上,兼并对于医药产业公司来说,早已经不是一个陌生的词语。这已经成为医药公司获取优质药物项目,扩充医药研发实力最快捷的途径之一。本周,默沙东、辉瑞和梯瓦等生物医药巨头毫不吝惜自己的钱袋子,在2015年的收购市场上又贡献出了170亿美元之多。这也使得整个生物医药产业在今年第一季度收购业务总额达到了750亿美元之多!!!换句话说,这一成绩已经超过了2010年和2011年全年的收购业务总额!这一数字也仅比2009年的同期数字略低。分析人士估计,如果2015年生物医药产业再这么火爆下去,那么2014年达到的2200亿美元的记录将再次被刷新。

不过,在感叹生物医药产业领域"金主"的财大气粗,许多分析人士担心是否生物医药产业会在不远的将来产生泡沫?

一方面,泡沫论者认为目前对于上市前药物的股价存在着虚高现象,许多药物或是在临床中后期研究阶段遭遇滑铁卢,或是上市后市场反响平平或迅速被新品药物取代。这些导致华尔街投资者的投资被"打水漂"。

另一方面,生物医药产业并购支持者认为目前生物医药产业并购绝大多数都是三思而后行。如以色列的梯瓦公司近日以32亿美元的价格收购Auspex医药公司(相关阅读:梯瓦32亿美元收购Auspex布局CNS疾病研究领域)就被认为是资源整合的一笔好交易。因此,在未来相当长的时间内,良性整合将仍然是生物医药产业兼并的主题。(生物谷Bioon.com)

详细英文报道:

Thanks to deals signed on Monday alone, another $17 billion is set to change hands in the hyperacquisitive drug business, a single-day record that closes out a bracing quarter for buyouts. But with industry titans paying ever-higher prices for a shrinking number of assets, how long can the good times roll?

Monday's four deals mark the busiest buyout day in healthcare history, according to Bloomberg, pushing Q1's combined announced and completed acquisitions to more than $75 billion in sum. That means 2015's biopharma deal total has already outpaced 2010 and 2011,according to Reuters, and the first quarter's explosion of acquisitions is dwarfed only by that of 2009, which was inflated by megamergers from Merck ($MRK) and Pfizer ($PFE). And if 2015 keeps this pace, it'll top 2014's record $220 billion in industry deals and mark the biggest year of all time, per Bloomberg.

Such superlatives only underscore the conversation taking place in every corner of biopharma: Is this a bubble? On the one hand, an active M&A market affirms one of the major pillars of the bull case, which is that Big Pharma has both the cash and the compulsion to pay top dollar for pipeline assets. One of Monday's deals, Teva's ($TEVA) $3.2 billion acquisition of Auspex Pharmaceuticals ($ASPX), illustrates that principle quite well. Major drugmakers still have big gaps in their pipelines and need biotech's help, the thinking goes, and the wide-open IPO window has provided both a near-term liquidity option for investors and a lever for boosting the valuations of startups and their assets. And when those startups either go public or get bought, their backers are rewarded with cash to go out and find the next ones, creating what some believe is a self-sustaining system.

But, on the other hand, escalating valuations point to unrealistic expectations for in-development drugs, many analysts warn. No matter Wall Street's opinion, it remains true that the majority of investigational treatments fail to hit the market, and few among even those recoup the cost of development. A handful of major bumps--whether clinical, regulatory or commercial--could lead the whole industry to look down at the canyon below, swallowing billions in value. And the current arms race of valuations risks both accelerating the eventual decline and worsening its potential effects, bearish observers contend.

In the meantime, more deals mean more deal speculation. Last week, an unsourced blog post wondered whether Shire ($SHPG) might be taking a look at BioMarin ($BMRN), a shaky rumor that still managed to send the latter company's shares to an all-time high. In the days since, there has been no independent confirmation of the story, let alone an actual bid, but BioMarin is still trading more than 10% higher than before the Shire rumors took flight.

To this point, simply betting on biopharma to deliver more and more M&A has been lucrative for many investors, but what happens when market chatter starts amounting to just that?

"I'm not saying this is the end of it," Wall Street Access' Tom Burnett toldBloomberg, "but we must be in the 7th inning by now."

 

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