製藥業合併與收購評價架構研究

Abstract

過去十年來, 全球跨國的製藥公司常常因為專利藥到期，產生巨大的業績損失。在這個前提之下，併購其他有專利的製藥公司似乎是一個快速的解決方案。透過併購, 製藥公司不僅能透過專利及人才的取得確保業績增長能延續，更能進一步的掌握市場未來的機會。未來十年，醫療產業將會出現很多需要透過併購才能掌握的商機，但是多半的併購研究多集中在高科技或是金融產業，本研究希望能提供製藥業併購評估的架構，以據此篩選出適合的併購標的公司。 本架構將評估標的公司以下幾點以決定是否符合併購需求：標的公司核心能力與其公司長期策略吻合，併購後綜效，財務表現，會計標準，未來成長潛力等等。經過這個架構的評估，可以篩選出較適合進一步展開併購協商的公司。 隨著中國市場的崛起，本研究希望能針對中國市場加入一些額外的評估項目，以因應中國複雜的政經環境。因此被評估公司是否有不法銷售情事, 使否擁有GMP 與GSP執照，政府關係都應列入評估標準，以便對中國內的製藥公司有更全面性的評估。

During the past 10 years, leading pharmaceutical companies are looking for solution for revenue gap because of the expiration of patent and M&A seems to be easy answer for closing the gap for those big players. Through M&A, pharmaceutical companies not only can ensure revenue growth but also can grasp the future market opportunity by leveraging the patent and capability of the target companies. For the coming 10 years, there will be still a lot of medical needs to be met by M&A but the researches have been focused on the M&A on financial or IT industry, so this research aims to provide strategic evaluation framework for the pharmaceutical companies to screen out the most suitable candidates to acquire.

The framework will evaluate the target company in terms of its strategic fit with the acquirer, synergy after acquisition and integration, financial performance, accounting policy and standards, and future growth potential. With the evaluation framework, a company should be able to shortlist the target companies to start to negotiate acquisition terms. With the rising importance of China market in the world, this research also tried to add some extra evaluation criteria for China market because of its complicated political and economic environment. Therefore, compliance issue, GSP and GMP license and government background of the target companies are highlighted among the evaluation criteria to make it more adoptable in China market.