私募收購在台灣生技產業扮演角色之探討

Abstract

過去私募基金在台灣活動多以投資項目為主，進行收購活動非常稀少，根據彭博(Bloomberg)收錄，自2007年以來至2019年，台灣私募基金槓桿收購活動僅有24件，然近幾年隨著公與私部門對私募基金認識加深而態度轉好、台灣擁有特殊產業定位且估值相對合理之隱形冠軍，以及台灣企業在國際競爭下面臨轉型及接班問題，使得近年私募併購案在台灣有興起之勢。

本篇論文企求在此趨勢下，藉由分析(一)國際知名的生技產業收購案(TPG Capital收購Par Pharmaceutical)；以及(二)臺灣成功的管理層收購案(CVC Capital Partners收購億豐工業) ，來分析私募基金如何在理論及實務上為被投資企業創造價值。並以此應推論2018年的百略醫學由滿得投資收購一案，進行百略醫學私有化後的發展探討，分析其企業價值方面會如何提升，以及企業未來可能的發展方向，藉此探討私募收購在台灣生技產業能扮演的角色與功能。 總結來說，具有強勁增長、抗衰退和卓越的歷史回報三大特性的生技醫療產業應會廣受私募基金歡迎，而在臺灣私募收購活動逐漸復甦的情況下，私募基金能在：(一)加速生技產業整合提升競爭力、(二)發揮生技產業潛能，以及(三)解決永續經營之議題，三方面上提供其價值。

Private equity funds in Taiwan were mostly based on investment projects, and buyout activities were very rare. According to the Bloomberg data, since 2007, there are only 24 private equity fund buyout invstments in Taiwan. Although numerous comanpies in Taiwan have internationally competitive products or services and are considered as hidden chaimpions with relatively reasonal valuation, many of them are facing transformation as well as succession problems. Given the public and private sector's deepening understanding of private equity funds and their potential benefits, private equity buyout activities have become more and more active in Taiwan. This thesis conducted analyses of TPG Capital’s acquisition of Par Pharmaceutical and CVC Capital Partners' acquisition of Nien Made Enterprise Co. as two examples to examine how private equity funds could creat value for their targeted firms in theory and practice. The former case was a highly successful international private equity acquisition of the biotechnology industry, whereas the latter was one of a few successful private equity acquisitions in Taiwan. Based on the lessons learned from the above two examples, this thesis then investigated the acquisition of Microlife by Midas Investment Company Limited in 2018 to discuss the development of Microlife after privatization, to probe how its corporate value would improve, and to explore the role of private equity buyouts in Taiwan's biotechnology industry. In conclusion, biotechnology industry with the holy trinity of strong growth, recession resistance and superior historical returns should be widely welcomed by private equity firms. As private equity buyouts increase in Taiwan, private equity firms could: (1) accelerate the integration of biotechnology industry to enhance firm competitiveness, (2) unlock the potential of biotechnology enterprises, and (3) solve succession problems within family enterprises.