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    The future of M&A in the pharmaceutical industry: Promoting or stifling innovation?

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    Publication type
    Journal article
    Author
    Van Dyck, Walter
    Neels, Leo
    Publication Year
    2014
    Journal
    Finance Monthly
    Publication Issue
    June
    Publication Begin page
    26
    Publication End page
    27
    
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    Abstract
    In the research-intensive pharmaceutical industry, two rationales for M&A prevail. First, deals may be intended to provide access to target companies’ markets or innovative treatments R&D programs and, second, economies of scale could boost cost-efficiency. Both rationales lead to increased valuation of the merged company. The $119 billion takeover approach by Pfizer, the largest drug maker in the world, was resisted by AstraZeneca, another pharmaceutical giant and crown jewel of the UK-based life sciences industry at an offer representing a 45% premium over its share price before Pfizer made its move public. What went wrong and do we see a fundamental trend towards more or maybe different M&A activity in the pharmaceutical industry?
    Keyword
    Healthcare, Pharmaceutical Industry
    Knowledge Domain/Industry
    Operations & Supply Chain Management
    Special Industries : Healthcare Management
    URI
    http://hdl.handle.net/20.500.12127/4997
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