Move Over Late-Stage Alliances; Enter Acquisitions
Executive Summary
The higher the cost of late-stage alliances, the likelier acquisitions are. And that's just what our statistical view of significant acquisitions is showing--the number of $100mm-plus biotech acquisitions has increased dramatically over the last half-decade, including an increasing percentage from Big Pharma.
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In this issue, we present another installment of our quarterly review of dealmaking for July-September 2005. Our data comes from Windhover's Strategic Intelligence Systems, which covers deal activity within the pharmaceutical/biotechnology, medical device, and in vitro diagnostics industries
Deal Statistics Quarterly, Q3 2005
In this issue, we present another installment of our quarterly review of dealmaking for July-September 2005. Our data comes from Windhover's Strategic Intelligence Systems, which covers deal activity within the pharmaceutical/biotechnology, medical device, and in vitro diagnostics industries
Pfizer-Vicuron: Fill Pipeline, Minimize R&D Expense
The Vicuron acquisition auction, won by Pfizer, starkly revealed the fact that the biggest Big Pharmas have now got a striking advantage in their ability to access new products. Not only do they have more cash than anyone else, they can spend it without hurting the "adjusted" profits they highlight to Wall Street. As importantly, investors don't punish them on the basis of the expected returns from these investments. Indeed, the market expects them to spend the money-for now.