從國際生技製藥業併購趨勢看台灣生技公司被併購價值

Abstract

在國際上對生技公司的股東而言，有二個主要獲利出場的退場機制，一是IPO上市，藉由資本市場，處分股票，另一個是被併購，將公司整個賣給生技或製藥公司。生技製藥產業具跨領域而複雜的產業分工與結構、產品的醫療衛生法規要求多、漫長依靠階段研發成果、成本高、風險高、報酬高的特質，對於專長研發的生技公司，即使走過藥物成功開發出來的階段，銷售、通路又是另一個門檻，因此，在歐美併購成為生技公司很重要的出路，造就歐美併購的熱潮。 反觀台灣的生技公司，多數是走向資本市場IPO的方式，著重在發展被併購價值的公司不多。由國際併購案例的實證分析，顯示生技製藥的併購活動，對被併購方之股東的財富創造有積極的正面效果，尤其以被併購公司的發展階段來看，尚在臨床試驗階段的公司比產品已被批准或上市的公司享有較高的併購溢價率。同時VC(Venture Capital)或PE(Private Equity)資金投資生技公司時，多半也是評估標的公司是否具有被併購價值，故為吸引此類大型資金投資，使生技公司研發藥物能更快速進展，許多生技公司自設立即開始規劃被併購的方向及可能性，甚至IPO也僅是為了成就最終被併購的一個過程，其實台灣的生技公司可考慮朝此方向發展。 本論文藉由分析國際上生技製藥產業被併購公司的產品研發方向及階段，探討被併購的價值及關鍵因素，接著分類台灣生技公司的發展方式及技術門檻，試圖找出具被併購價值發展之公司，同時是否為國際製藥生技公司併購目標對象，以做為經營者及投資者參考。

There are two major exit strategies for biotech company shareholders in the global market. The first one is IPO; which allows investors to sell their shares in the open market. The other is via merger/acquisition, selling the whole company to a larger biotech and/or pharmaceutical company. Pharmaceutical industry is a high risk-high reward industry. It typically involves complicated multi-disciplinary infrastructure and integration, strict regulatory monitoring from health authorities, long periods of research and development, high capital investment, and high risk of project failure. For companies that focused on research, sales and marketing represents another huge challenge after a product is successfully developed. This is one of the main reasons why merger/acquisition has become a popular exit for smaller biotech companies. In Taiwan, most of the biotech companies appear to prefer IPO over merger/acquisition. However, case studies of global M&A deals suggest merger/acquisition can often significantly increase value for shareholders. In many cases, products still under clinical development can create even higher valuations than approved products or public companies. Additionally, Venture Capital firms and Private Equity Fund routinely access the probability of M&A prior to making an investment into the targeted company. In light of this, many biotech companies plan for M&A from the very beginning in order to enhance their chances of securing large investments from major institutional investors. This is a direction Taiwanese biotech companies can consider in the future. This thesis attempts to identify potential M&A targets among Taiwanese biotech companies by reviewing the development stages of companies that were acquired in global M&A deals, analyzing the valuation models and key factors in these deals, and then categorizing the technology, product and business model of Taiwanese biotech companies.