生技產業併購案分析 – 以保瑞為例

Abstract

生技製藥產業近十年隨著高齡化、醫療支出漸增，在國際市場，乃至台灣都逐漸成為受到焦點關注的產業。但也因為其「高風險、高報酬」的特性，國際市場逐漸呈現強者恆強的現象，大廠們為了增加獲利、小廠們則極力在夾縫中求生存，此現象也讓藥物代工的概念，即CDMO（委託開發暨製造服務）出現，並在近年發展成為新的商機及潮流所在，加上2020年Covid-19疫情更是加速了產業發展。在生技醫療上，台灣有一定的實力，國內也出現了CDMO公司如保瑞、台康生技、泰福-KY等，但在產能、技術、資源上跟國際大廠如Lonza、Catalent、藥明康德等有一定差距，如何突破瓶頸及限制為台廠的一大課題。 本論文藉由台灣CDMO龍頭 – 保瑞的個案為例，分析近年能快速成長的關鍵，以其近年的併購案策略對財務如營收、每股盈餘、毛利率的影響；在銷售市場、產品組合及生產線上又有什麼樣的改變，以及併購案除了帶來獲利、營收效益等，是否給予公司財務結構上帶來壓力，造成債務過度膨脹或是有以短支長的風險；市場又是如何看待保瑞連年的併購策略，本文也會針對各併購案發生時的股價反應做分析。此外透過本個案亦可以了解保瑞在併購策略、併購標的上選擇，以及未來可能的發展方向。

Over the past decade, the biotech and pharmaceutical industry has become increasingly prominent in both the international market and Taiwan, driven by the aging population and rising healthcare expenditures. However, due to its "high risk, high reward" nature, the international market is witnessing a trend where the strong become stronger. Large companies seek to increase their profits, while smaller firms struggle to survive in the gaps. This phenomenon has led to the emergence of the concept of Contract Development and Manufacturing Organizations (CDMOs), which has developed into a new business opportunity and trend in recent years. The Covid-19 pandemic in 2020 further accelerated the industry's growth. Taiwan possesses significant capabilities in biotechnology and healthcare, and local CDMO companies such as Bora Pharmaceuticals Co., LTD., EirGenix Inc, and Tanvex BioPharma, Inc. Biotechnology have emerged. Nonetheless, there remains a significant gap in production capacity, technology, and resources compared to international giants like Lonza, Catalent, and WuXi AppTec. Overcoming these bottlenecks and limitations is a major challenge for Taiwanese firms. This thesis uses the case of Bora, the leading CDMO in Taiwan, to analyze the key factors behind its rapid growth in recent years. It examines the impact of its recent merger and acquisition strategies on financial metrics such as revenue, earnings per share, and gross profit margin. Additionally, it explores changes in sales markets, product portfolios, and production lines. The study also considers whether these mergers and acquisitions, aside from generating profit and revenue benefits, have put pressure on the company's financial structure, leading to excessive debt or the risk of funding short-term needs with long-term debt. Furthermore, the thesis analyzes the market's perception of Bora's successive merger strategies, focusing on stock price reactions during each merger event. Through this case, the study also aims to understand Bora's changes in its selection of acquisition targets and potential future development directions.