跨國生技公司併購策略分析 – 以Thermo Fisher Scientific併購PPD為例

Abstract

近年來，全球生命科學服務市場在新冠疫情催化下迎來爆發式增長。然而製藥企業同時面臨著研發效率低、成本高等挑戰。CDMO（合同開發與生產組織）行業應運而生，通過靈活商業模式、先進技術平台，幫助客戶加速新藥開發，控制成本，成為最具潛力的細分賽道。 Thermo Fisher Scientific（賽默飛世爾科技）作為生命科學服務巨頭，積極布局CDMO領域。2021年，以175億美元天價收購臨床CRO（合同研究組織）龍頭PPD（Pharmaceutical Product Development），引發業界廣泛關注。 本案例研究採用次級資料，分析CDMO行業總體環境、競爭格局，盤點賽默飛發展歷程與競爭策略，重點剖析收購PPD的策略意圖、綜效及整合策略。研究結果顯示，此次收購是賽默飛順應CDMO行業高速發展趨勢的必然選擇，將補齊其在臨床開發環節的短板，提升綜合服務能力。交易完成後，賽默飛將充分發揮與PPD業務的綜效，完善CDMO產業價值鏈。技術、市場、成本等方面的資源整合，也將帶來顯著的規模經濟效益，助力賽默飛鞏固行業領導地位。 本案例啟示我們，併購是企業實現外延式發展的重要手段，但關鍵在於能否準確選擇進入新興行業的時機，提前布局產業鏈關鍵環節，並在併購後充分發揮綜效。數字化轉型驅動創新發展，是企業在新一輪產業革命浪潮中立於不敗之地的制勝法寶。

In recent years, the global life sciences services market has experienced explosive growth, catalyzed by the COVID-19 pandemic. However, pharmaceutical companies simultaneously face challenges such as low R&D efficiency and high costs. The CDMO (Contract Development and Manufacturing Organization) industry has emerged to address these issues by providing flexible business models and advanced technology platforms, helping clients accelerate new drug development and control costs, making it the most promising sub-sector. Thermo Fisher Scientific, a giant in the life sciences services industry, has been actively expanding into the CDMO field. In 2021, it acquired PPD (Pharmaceutical Product Development), a leading clinical CRO (Contract Research Organization), for a staggering $17.5 billion, attracting wide attention in the industry. This case study utilizes secondary data to analyze the overall environment and competitive landscape of the CDMO industry, reviews Thermo Fisher Scientific's development history and competitive strategies, and focuses on examining the strategic intent, synergies, and integration challenges of the PPD acquisition. The research indicates that this acquisition was an inevitable choice for Thermo Fisher Scientific to align with the rapid development trend of the CDMO industry, as it will fill the gap in its clinical development capabilities and enhance its comprehensive service capacity. After the transaction, Thermo Fisher Scientific will fully leverage the synergies with PPD's business to jointly explore emerging markets such as cell therapy. The integration of resources in technology, marketing, and cost will also bring significant economies of scale, helping Thermo Fisher Scientific consolidate its industry leadership position. This case study enlightens us that acquisition is an important means for enterprises to achieve external development, but the key lies in whether they can accurately choose the timing to enter emerging industries, lay out key links in the industry chain in advance, and fully unleash synergies after the acquisition. Driving innovative development through digital transformation is the winning strategy for enterprises to stay invincible in the new wave of industrial revolution.