제약 및 바이오테크놀러지 분야 합병 및 인수(M&A) 계약(2021-2026년)

Merger and Acquisition (M&A) Deals in Pharmaceuticals, Biotechnology and Diagnostics 2021-2026

Understand how life science companies are using mergers and acquisitions to access innovation, reshape portfolios and accelerate strategic growth through intelligence from 2,106 real-world transactions.

Merger and Acquisition (M&A) Deals in Pharmaceuticals, Biotechnology and Diagnostics provides comprehensive intelligence on 2,106 merger and acquisition transactions across the global life sciences industry.

M&A plays a fundamentally different role from conventional partnering. Rather than sharing rights and responsibilities between independent companies, an acquisition can transfer ownership of an entire company, business or strategic capability to the acquirer.

For pharmaceutical, biotechnology and diagnostics companies, M&A can provide rapid access to pipelines, marketed products, technologies, talent, infrastructure and new markets. For investors, management teams and potential sellers, precedent transactions can also provide important context for understanding buyer appetite, strategic priorities and transaction values.

The report examines who is acquiring, what is being acquired, where activity is concentrated, how transactions are structured and what can be learned from disclosed financial terms and publicly available transaction documents.

It provides a practical intelligence and benchmarking resource for corporate development, M&A, business development, corporate strategy, investment, competitive intelligence, legal and senior management teams evaluating acquisition opportunities or monitoring consolidation across the life sciences sector.

Understand the life sciences M&A landscape

The report analyzes merger and acquisition activity from 2021 to 2026, including:

• M&A dealmaking trends by year
• Activity by industry sector
• Activity by therapy area
• Most active acquirers and M&A dealmakers
• Leading transactions by disclosed value
• Key trends influencing life sciences M&A
• Acquisition of innovation through M&A
• Big pharma acquisitions of smaller companies
• M&A activity among mid-sized and smaller biopharma companies
• The emergence of biotech-biotech combinations
• The evolving role of private equity
• Partnering and equity relationships that precede acquisition
• M&A as an alternative to other strategic routes
• This provides a broader strategic view of how acquisition activity is changing the competitive structure of the pharmaceutical, biotechnology and diagnostics industries.
• Understand how M&A transactions are structured
• M&A transactions can take a variety of forms depending on the target, ownership structure, strategic rationale and negotiated economics.

The report examines the structure of both merger and acquisition transactions, including:

• Company acquisition structures
• Merger structures
• Cash, equity and combined consideration
• Pure acquisition transactions
• Acquisitions forming part of wider alliance arrangements
• Purchase price mechanisms
• Contingent consideration and earn-outs
• Intellectual property transfer
• Assumed and retained liabilities
• Representations and warranties
• Closing conditions
• Termination provisions
• Post-transaction obligations
• Financial terms where disclosed
• This helps users understand how comparable life science transactions have been constructed and the issues that can influence the final transaction structure.
• Benchmark transaction values and acquisition economics
• The report identifies leading M&A transactions by disclosed deal value and provides access to available financial information for individual deals.

Users can investigate elements including:

• Announced acquisition value
• Cash consideration
• Equity consideration
• Upfront or closing payments
• Contingent value rights
• Earn-outs
• Milestone-linked consideration
• Other disclosed transaction economics
• This provides real-world reference points when assessing acquisition activity and comparing transactions involving companies, technologies or therapeutic areas of strategic interest.
• Transaction values should always be interpreted in the context of the individual target and transaction, but precedent deals provide valuable evidence for understanding how buyers have valued comparable opportunities.
• Identify the most active acquirers
• The report profiles the most active M&A dealmakers, enabling users to investigate companies repeatedly deploying acquisition as part of their growth and innovation strategies.

Historical acquisition activity can help reveal:

• Companies actively pursuing external growth
• Therapeutic areas attracting acquisition interest
• Technologies and capabilities being consolidated
• How individual acquirers are building or reshaping portfolios
• Repeat acquisition strategies
• Potential strategic buyers for companies and assets
• Competitor investment priorities
• For companies considering a strategic transaction, understanding who has previously acquired comparable businesses or technologies can provide an important starting point for market assessment.
• Understand the relationship between partnering and acquisition
• M&A does not always begin with an acquisition announcement.
• The report examines how partnering relationships, option arrangements and equity investments can precede a full acquisition, including examples where an established relationship ultimately resulted in ownership of the partner or target.
• It also considers situations where companies choose collaboration, licensing, joint ventures or other partnering structures instead of M&A.
• This provides valuable strategic context for understanding acquisition as one of several possible routes to accessing external innovation.
• Learn from real-world M&A agreements
• Where publicly available, the report provides access to underlying merger and acquisition contract documents.

These agreements can reveal substantially more detail than transaction announcements alone, allowing users to examine how companies have documented provisions relating to:

• Transaction consideration
• Deal structure
• Representations and warranties
• Intellectual property
• Closing conditions
• Earn-outs and contingent consideration
• Covenants and obligations
• Termination rights and fees
• Liabilities
• Other negotiated transaction provisions
• For corporate development, legal and transaction teams, access to real-world agreement language provides valuable insight into how comparable acquisitions have been documented and negotiated in practice.
• Comprehensive M&A deal directory
• The report includes a comprehensive directory of 2,106 merger and acquisition transactions, enabling users to investigate companies and transactions relevant to their own strategic requirements.

Deals can be reviewed by:

• Company
• Therapy area
• Contract availability
• Individual transactions are linked to their underlying deal records, providing a route to further deal information and associated transaction documents where available.
• Who should use this report?
• Corporate Development and M&A teams
• Identify precedent acquisitions, active buyers, comparable transactions and relevant transaction structures.
• Corporate Strategy teams
• Understand how competitors are using acquisition to enter new markets, strengthen pipelines, acquire technologies and reshape portfolios.
• Business Development and Search & Evaluation teams
• Assess M&A alongside licensing, collaboration and other routes to accessing external innovation.
• Companies and Investors Considering Strategic Transactions
• Investigate active acquirers, comparable transactions and historical buyer appetite across relevant areas of the life sciences market.
• Investment and Advisory teams
• Analyze precedent transactions, acquisition activity, strategic rationale and disclosed transaction values.
• Legal and Transaction teams
• Review real-world merger and acquisition agreements to support transaction preparation, negotiation and due diligence.
• Competitive Intelligence teams
• Track acquisitions as signals of competitor priorities, emerging technology interest and changing industry structure.
• Senior Management and Boards
• Understand major acquisition trends and the strategic choices being made by leading pharmaceutical, biotechnology and diagnostics companies.
• Turn market-wide M&A intelligence into company-specific insight
• For qualifying customers, Current Partnering can also provide a Customized Executive M&A Briefing alongside the report.
• The briefing applies the underlying transaction intelligence to the customer's own strategic situation.
• Depending on requirements, this can include relevant precedent acquisitions, active and prospective acquirers, competitor M&A activity, transaction value benchmarks, acquisition structures, contract insights and analysis of strategic activity within specific therapeutic, technology or company segments.
• For companies considering a potential sale, acquisition or wider strategic transaction, the briefing can focus the extensive market-wide dataset on the transactions and organizations most relevant to that particular situation.
• Request a sample or contact Current Partnering to discuss the report and whether a customized analysis can be provided for your organization.

Table of Contents

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
  • 2.3.1. M&A dealmaking by year
  • 2.3.2. M&A dealmaking by industry sector
  • 2.3.3. M&A dealmaking by therapy area
  • 2.3.4. M&A dealmaking by most active company
• 2.4. Key M&A trends
• 2.5. Option to acquire the new acquisition?
• 2.6. When M&A can be useful
• 2.7. Attributes of M&A deals
  • 2.7.1. M&A as an alternative to IPO
• 2.8. Partnering deals with M&A component
  • 2.8.1. Partnering as a precursor to M&A
  • 2.8.2. Equity as part of partnering deal
  • 2.8.3. Conversion of partnership to acquisition
  • 2.8.4. But M&A is not always the route followed
• 2.9. Big pharma mega mergers - are we at the end of the road?
  • 2.9.1. Growth of Johnson & Johnson through M&A
  • 2.9.2. Growth of Novartis through M&A
• 2.10. Accessing innovation through M&A
  • 2.10.1. Big pharma acquisitions of small companies
  • 2.10.2. Medium and small biopharma - use of M&A
  • 2.10.3. Using M&A to build a company
  • 2.10.4. Emergence of biotech-biotech mergers
• 2.11. The emerging role of private equity in M&A
• 2.12. Implementing M&A transactions
• 2.13. Joint ventures as alternative to M&A
• 2.14. 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
• 3.4. Acquisition as part of a wider alliance agreement
• 3.5. Merger agreements

Chapter 4 - Leading M&A deals

• 4.1. Introduction
• 4.2. Top M&A deals by value

Chapter 5 - Top 25 most active M&A dealmakers

• 5.1. Introduction
• 5.2. Top 25 most active M&A dealmakers

Chapter 6 - M&A contract directory

• 6.1. Introduction
• 6.2. M&A deals with contracts
• Deal Directory
• Deal Directory - M&A deals by company A-Z
• Deal Directory - M&A deals by therapy area
• Deal type definitions
• About Biopharma Research Ltd
• Current Partnering
• Current Agreements
• Recent report titles from Current Partnering

TABLE OF FIGURES

• Figure 1: Definition of merger and acquisition
• Figure 2: Trends in M&A deal announcements
• Figure 3: M&A deals by industry sector
• Figure 4: M&A deals by therapy area
• Figure 5: Top 50 most active M&A dealmakers
• Figure 6: Key recent M&A trends
• Figure 7: Situations where M&A can prove useful
• Figure 8: Recent partnering deals involving equity participation in the licensor
• Figure 9: Equity investments converting to acquisitions
• Figure 10: Issues in implementing M&A agreements
• Figure 11: Future trends in M&A in biopharma
• Figure 12: Components of the acquisition deal structure
• Figure 13: Components of the merger deal structure
• Figure 14: Top M&A deals by value
• Figure 15: Most active M&A dealmakers