2012年第二季度全球医药兼并市场报告.pdfVIP

Diagnosis of a steady pharma deal flow Pharma MA Insights Q2 2012 Executive summary The pharma MA deal market continues to be a difficult place. In Q2 2012, we see deal volumes at a consistent level with Q1 and deal values increasing. Increased deal values in Q2 2012 primarily resulted from large pharma becoming more active in the US and Europe. Motivations for recent deals appears to be either seeking to increase pipeline and innovation or increase product ranges and presence in markets in order to address the pending revenue decline from the upcoming patent cliff. The broader economic climate remains uncertain. Difficult conditions will continue to impact the deal market in the near to medium term. For the second half of 2012, we anticipate activity levels will be broadly consistent with or better than the first half. Pharma companies will continue to chase growth (especially as government influenced pricing will continue to be challenging). Financial investors will continue to focus on high quality assets in this sector, likely in the pharma services (outsourcing by large pharma for manufacturing and support functions), medical devices and speciality drug areas. 2012 Q2 MA pharma summary Deal volumes in Q2 2012 are still below 2011 levels although deal values are recovering The number of MA deals in the pharma sector declined slightly in Q2 2012 compared to Q1 levels although the total value of deals increased. Increased deal value was driven by large pharma companies making significant acquisitions (such as Watson Pharmaceutical’s acquisition of Actavis Group, Novartis AG’s pending acquisition of Fougera Pharmaceuticals Inc and the transactions between Bristol-Meyers Squibb, Amylin Pharmaceuticals Inc and AstraZeneca plc). The strategies vary widely between these large companies. Some are seeking