Schwarz Pharma's Middle Way

Executive Summary

When the branded generics that long sustained Schwarz Pharma began losing value, and former Big Pharma partners took on their own distribution, the firm realized it must change. The mid-sized European company determined to aggressively in-license products and also began looking for companies to acquire. To fuel its aspirations, Schwarz made an unusual move for a family-owned European company; it issued public stock as a way to get cash and acquisition currency.