Analysis of recent M&A transactions
“The Constitution imposes no obligation on the States ... to pay any of the medical expenses of indigents” US Supreme Court, 1977 The US is the only industrialized nation with selective healthcare coverage, meaning that basic healthcare services are not provided to everybody and paid for by the government (or government-managed entities), and this has … Continue reading American Beauty: The Healthcare Puzzle
On September 14th, 2016, Bayer has reached a deal, currently pending regulatory approval, to acquire Monsanto in an all cash transaction for $128-a-share ($56bn Equity Value, $66bn EV) COMPANY OVERVIEW – BAYER Bayer AG (ETR:BAYN , Market Cap: €77.57bn, Share Price: €93.90 as of 11/11/2016) is a German multinational chemical and pharmaceutical company traded on the Frankfurt Stock Exchange. … Continue reading Bayer-Monsanto: A Genetically Modified Deal
On February 3rd, 2016 ChemChina announced its acquisition of Syngenta’s 100% outstanding share capital at $465 per ordinary share and a special dividend of CHF 5 to be paid only conditionally on the closing of the transaction. The deal comes after several failed acquisition attempts by Monsanto towards Syngenta, declined due to a reportedly too … Continue reading ChemChina still in the run for its global primacy, this time is the agrochemical giant Syngenta to fall in its arms
Abbott Laboratories (NYSE:ABT) announced on February 1st, 2016 the acquisition of Alere (NYSE:ALR). The deal comes just few days after Abbott reported a drop of 15% in its profits for the final quarter of 2015, mainly linked to the stronger dollar effects on its results in the Emerging Markets where it sells its products. The … Continue reading Abbott’s acquisition of Alere: reshaping the market for rapid medical tests
A new Pharma Mega-Deal making Botox and Viagra join forces. On November 23, 2015, Pfizer announced its $160bn tie-up with Allergan to form the world’s biggest pharmaceutical company by sales. Industry Overview Even though recent M&A activity has started to slow down in the healthcare sector, the announced merger shows that the M&A frenzy is … Continue reading Pfizer – Allergan
In February 2015, Pfizer announced that it wants to acquire its smaller rival Hospira to make Pfizer the leading producer in the biosimilars sector, a high-growth niche sector focusing on lower cost biotech pharmaceuticals. Industry Overview The chart below shows that pharmaceutical stocks significantly outperformed general markets up until Q3 2015. The healthcare M&A market … Continue reading Pfizer’s acquisition of Hospira, the M&A wave in the healthcare sector still far from settling down
Teva Pharmaceutical Industries will pay $40.5bn in cash and stock for Allergan’s generic drug business, sustaining Teva’s position as the world’s number one producer of generics. Industry Overview Teva Pharmaceutical Industries Ltd. is an international pharmaceutical company with its headquarters in Israel. Its main business is producing generic drugs, but it also has business in … Continue reading A NEW OUTBURST OF THE HEALTHCARE M&A FIRE – TEVA TO ACQUIRE ALLERGAN
Shire made a $30bn (£19bn) hostile takeover bid for Baxalta. Industry overview Shire is a London-listed drug company, with tax domicile in Ireland and Jersey. Shire develops and provides healthcare in the areas of behavioral health, gastrointestinal conditions, rare diseases, and regenerative medicine. Its main business lies in the area of Attention Deficit Hyperactive Disorder (ADHD) - … Continue reading A “LOWBALL OPENING” – SHIRE’S TAKEOVER OFFER FOR BAXALTA
Industry Overview During the past weeks we observed a lot of activity in the healthcare sector centering around three companies: Mylan, Perrigo and Teva. Mylan is a Dutch pharmaceutical company headquartered in Amsterdam. It is among the largest generics and specialist pharmaceutical companies in the world, manufacturing and marketing approximately 1,400 pharmaceutical products. Mylan’s business … Continue reading GENERICALLY SPEAKING, HEALTHCARE M&A IS ON FIRE
Bocconi Students M&A Circle 
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