Pharmaceutical/Biotechnology Deal Statistics Quarterly, Q4 2007
We present another installment of our quarterly review of pharmaceutical/biotechnology dealmaking-for October-December 2007. Our data comes from Windhover's Strategic Transactions Database, which covers deal activity within the pharmaceutical/biotechnology, medical device, and in vitro diagnostics and research industries.
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Start-Up analyzes fundraising and alliances among start-ups in the biopharmaceutical, medical device and in vitro diagnostics segments from October through December 2007. Data is derived from Windhover’s Strategic Transactions Database.
Everyone knew that MGI Pharma was up for sale, but few expected mid-cap Japanese firm Eisai to emerge victorious. Eisai pushed its offer up to $41-per-share, all cash, even though there was only one other, non-definitive, offer on the table. The $3.3 billion deal nabs Eisai two records: the largest foreign acquisition by any Japanese pharma, and the year's largest specialty pharma purchase.
Over the past three years, acquisitions have outperformed IPOs in terms of step-ups and total value. Here we take a look at the average valuations each year for the two exit categories. The figures suggest that although IPO is the logical exit, in most cases investors will advocate exploring M&A almost all of the time as well.