全球製藥產業之發展—Pfizer & Celgene各自合併之綜效研究

Abstract

近年來全球製藥(Pharma)產業的發展都面臨了成長趨緩的趨勢。自2000年起，因為研發新藥越來越困難，專利保護到期對於藥廠的影響力也愈發重大，造成製藥產業面臨有史以來最大的專利保護到期的浪潮，被稱之為「專利懸崖」（Patent Cliff），加上各國法規審核日趨嚴謹，全球藥廠都需要面對新藥推出劇減，以及營收逐年衰退的難題。各大生技製藥廠為了能夠拓展自身的研發產能與營銷獲利，國際間產生了一連串的併購案，透過合併來彌補營收短缺部分，以及累積專業領域的產品線。 本研究主要透過目前全球第一大製藥廠Pfizer，以及專注於癌症與炎症專業領域的Celgene藥廠進行個案研究，利用Higgins, M. and Rodriguez, D. (2006)中，提出的類別變數絕望指數（Desperation Index）來探討，其兩家不同類別的生技製藥廠是否能夠有效的透過收購他廠來提升自己的內部研發動能，進而促進營運獲利。 研究發現，本研究之個案的確經由併購能夠提升公司內部的研發動能。雖然Pfizer與Hospira併購案，無法立即為併購方帶來實質的經濟效益，需經由收購方再投入時間與成本，才能使其研發的動能於未來產生效益。但不可否認，此併購案的確借助Hospira於學名藥市場的專業上增強Pfizer在仿製注射藥和生物科技之領域的版圖。Celgene則是屬於專業領域的併購案，透過同類專業領域的合併，更加深及鞏固其癌症與炎症治療的專業，並使其研發能力進一步延展至最新的免疫系統治療的領域，未來將快速填補目前未被滿足（unmet）的醫療需求。

Recently, the development of the global pharmaceutical industry has faced a trend of slowing growth. Since 2000, as research and development of new drugs has become more and more difficult, the impact of patent expired has become a critical issue for pharmaceutical companies. It causes the pharmaceutical industry facing the severe consequence of patent expiration in history, it also called the “Patent Cliff”. The global pharmaceutical companies are confronted that dramatically decline in new drugs development and revenue depress year after year, since regulation and examination be increasingly stringent nowadays. In order to expand their R&D capacity and marketing profit, those pharmaceutical companies are active on mergers and acquisitions (M&A) in the international market, they make up for the shortage of revenue via M&A, and to create product pipelines in its filed. This study is based on the cases of Pfizer, the largest pharmaceutical company in the world, and Celgene Pharma, who is specialized in the field of cancer and inflammation. The study will be analyzed by Desperation Index which is researched by Higgins, M. and Rodriguez, D. (2006). It is going to be examined by Desperation Index whether the two different categories of pharmaceutical companies can effectively increase its capacity of research and development through the acquisition, thereby enhancing operating profitability. It found that the two cases of this study did improve the company's internal research and development through mergers and acquisitions. Although the case of Pfizer and Hospira acquisitions cannot immediately create economic benefits to the company. It is going to gain far more value back after the acquirer invest more time and resources in. However, it is undeniable that this acquisition has indeed enhanced Pfizer's territory in the field of generic injection drugs and biotechnology with Hospira's expertise in the generic drug market. The M&A case of Celgene is more focus on the domain of cancer and inflammation treatment, and the merger synergy improves and consolidates the spheres of its expertise. Moreover, it has expanded Celgene’s R&D capabilities to the latest areas of immune system therapy, which will quickly fulfill an unmet medical need.