實質選擇權觀點於策略聯盟後之併購行為探討: 生技醫藥產業之個案分析

Abstract

在醫藥產業當中，「藥品研發」和「知識資產」是非常重要的能力與資產。藥廠為了快速由外部累積這些資源，通常會選擇透過併購達成。此方法雖然能降低時間成本，但由於企業短期內不易瞭解其合作夥伴，故可能會面臨不確定性以及訊息不對稱的風險。為了降低風險，企業可選擇採取實質選擇權方式，與不同標的（生技公司）進行策略聯盟，而非只投資於一家公司，在合作的過程中逐漸了解對方，等待合適機會再採行併購計劃。本研究以實質選擇權的概念，探討藥廠採行策略聯盟後，在何種因素之下，會由策略聯盟關係走向併購。 本研究選取五組生技醫藥先策略聯盟後併購的個案進行多重個案分析，發現企業由策略聯盟走向併購的過程可劃分成四個階段，並且以實質選擇權觀點來看，在這過程當中有六個因素會促進個案公司決定由策略聯盟關係走向併購：（1）提供多個併購標的選擇、（2）影響並控制標的公司、（3）讓雙方建立互信、（4）確認併購目標是否具備互補能力、（5）可選擇適當時機進行併購，例如當併購標的的研發計劃達到雙放訂定的目標、（6）或當外部環境變化時仍有機會進行併購。

Drug discovery pipeline and knowledge asset can be considered as important factors in pharmaceutical industry. In order to gain access to external knowledge and other asset that could support the discovery process, pharmaceutical firms usually adopt acquisition activity since it allows firms to acquire the assets immediately. However firms also have to face with risks from the uncertainty. By considering alliance activities as real options reasoning it could help firms solve the uncertainly and lead to complete acquisition activities. In order to support the use of alliances as options, this research aims to investigate the conditions of “how engaging in alliance (as options) helps facilitate the acquisition of alliance partner subsequently”. This research applies case study method (Multiple cases) to explain the circumstance, by selecting 5 pair of bio-pharmaceutical firms which have pre-acquisition alliances experiences as study samples. By investigating this issue through real options reasoning lens, this research finds that the situation between sequences of alliances and acquisition could be separated into four steps, in each step contain different conditions that could facilitate firm s’ decision to acquire there alliances partner. The study propose that alliance as option could (1) provides firm opportunities to enjoy variety of choices (2) allows firm to influence & control target, (3) develops mutual understanding between both side, (4) confirms target firm complementary abilities, (5) helps firm to identify the right time to acquire, (6) provides rights to acquire when external factors change. Therefore real options reasoning concept could be consider as a concept that bridge alliance and acquisition together.