Pharma M&A versus alliances and its underlying value drivers : Are M&A or alliances the right therapy for an ailing pharmaceutical industry?- A capital market perspective
New
by
Heiko Schon
Book Details
Format
Hardback or Cased Book
Book Series
Corporate Finance and Governance
ISBN-10
3631663811
ISBN-13
9783631663813
Edition
New
Publisher
Peter Lang AG
Imprint
Peter Lang AG
Country of Manufacture
DE
Country of Publication
GB
Publication Date
Sep 28th, 2015
Print length
201 Pages
Weight
362 grams
Dimensions
15.40 x 21.50 x 1.70 cms
Ksh 9,050.00
Manufactured on Demand
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This study analyzes 229 M&A and 120 in-licensing deals in the pharmaceutical industry. The author shows from a capital market perspective that M&A experiences significant, negative cumulative average abnormal returns whereas in-licensings are able to create value. Significant determinants of success for both strategies are derived.
From a capital market perspective, the author analyzes Merger and Acquisitions transactions (M&A) and in-licensings in the pharmaceutical industry between 1998 and 2012. Utilizing the event study methodology, the volume shows that M&A experiences significant, negative cumulative average abnormal returns whereas in-licensings are able to create value. But what are the underlying value drivers which make a deal a success or a failure story? The author derives significant innovative determinants of success for both strategies.
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