European Biotech M&A: Often Last Resort, but Welcome Nevertheless

Executive Summary

Consolidation among Europe's biotech firms is picking up, but less for strategic reasons than simply to secure the cash to survive. Whatever the drivers, though, and however ruthless the concurrent cost- and program cutting, M&A should help create better adapted, bigger companies-something investors have long been calling for. Indeed for most merging companies, M&A is just the first step towards more strategic business-building moves in the near future.