List of largest pharmaceutical mergers and acquisitions
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The following table lists the largest mergers and acquisitions in the pharmaceutical and biotechnology industry (those over $10 billion). Transactions are recorded by the highest transaction dollar value (rather than using the inflation adjusted values).
Largest mergers and acquisitions[edit]
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| R | Year | Purchaser | Target | Transaction type[1] | Value — with debt (in billions USD) | Value — with debt (adjusted for inflation) | Ref |
|---|---|---|---|---|---|---|---|
| 1 | 1999 |  Pfizer | Warner-Lambert | Acquisition | 111.8 | 204 | [2] |
| 2 | 2000 |  Glaxo Wellcome plc | SmithKline Beecham | Merger (formed GlaxoSmithKline) | 76.0 | 134 | |
| 3 | 2019 | Bristol-Myers Squibb | Celgene | Acquisition | 74.0 — 95.0 | 88 — 113 | [3] |
| 3 | 2004 |  Sanofi | Aventis | Acquisition | 73.5 | 104 | |
| 4 | 2015 |  Actavis | Allergan, Inc | Acquisition | 70.5 | 91 | [4][5][6] |
| 5 | 2009 | Pfizer | Wyeth | Acquisition | 68.0 | 97 | |
| 6 | 2002 | Pfizer | Pharmacia | Acquisition | 64.3 | 109 | [7] |
| 7 | 2018 |  Takeda Pharmaceutical | Shire | Acquisition | 62.0 | 75 | [8] |
| 8 | 2016 |  Bayer | Monsanto | Acquisition | 54.5 — 63.5 | 69 — 81 | |
| 9 | 2009 | Merck & Co. | Schering-Plough | Acquisition | 47.1 | 67 | [9] |
| 10 | 2009 |  Roche | Genentech | Acquisition | 44.0 | 62 | |
| 11 | 2014 | Medtronic | Covidien | Acquisition | 42.3 | 54 | |
| 12 | 2015 |  Teva Pharmaceutical Industries | Actavis | Business Unit | 40.5 | 52 | |
| 13 | 2010 | Novartis | Alcon | Acquisition | 39.3 | 55 | |
| 14 | 2016 | Shire | Baxalta | Acquisition Unit | 32.0 — 35.0 | 41 — 44 | |
| 15 | 2016 | Abbott Laboratories | St Jude Medical | Acquisition | 30.5 | 39 | |
| 16 | 1998 |  Astra AB | Zeneca | Merger (formed AstraZeneca) | 30.4 | 57 | |
| 17 | 2017 | Johnson & Johnson | Actelion | Acquisition | 30.0 | 37 | |
| 18 | 1996 | Ciba-Geigy | Sandoz | Merger (formed Novartis) | 29.0 | 56 | |
| 19 | 2006 | Boston Scientific Abbott Laboratories | Guidant | Acquisition | 27.2 | 41 | |
| 20 | 1999 | Pharmacia & Upjohn | Monsanto | Merger | 25.2 | 46 | |
| 21 | 2016 | Abbott Laboratories | St Jude Medical | Acquisition | 25.0 — 30.5 | 32 — 39 | |
| 22 | 2015 | AbbVie | Pharmacyclics | Acquisition | 21.0 | 27 | |
| 23 | 2014 | Actavis | Forest Laboratories | Acquisition | 20.7 | 27 | |
| 24 | 2011 | Sanofi | Genzyme Corporation | Acquisition | 20.1 | 27 | |
| 25 | 2012 | Johnson & Johnson | Synthes | Acquisition | 19.7 | 26 | |
| 26 | 2006 | Bayer | Schering | Acquisition | 18.4 | 28 | |
| 27 | 2016 | Quintiles | IMS Health | Merger (formed QuintilesIMS) | 17.6 | 22 | |
| 28 | 2015 | Pfizer | Hospira | Acquisition | 17.0 | 22 | |
| 29 | 2014 | Merck Group | Sigma-Aldrich | Acquisition | 17.0 | 22 | |
| 30 | 2001 | Amgen | Immunex | Acquisition | 16.8 | 29 | |
| 31 | 2006 | Johnson & Johnson | Pfizer Consumer Health | Business Unit | 16.6 | 25 | |
| 32 | 2014 | Novartis | GlaxoSmithKline Oncology | Business Unit | 16.0 | 21 | |
| 33 | 2015 | Valeant | Salix Pharmaceuticals | Acquisition | 15.8 | 20 | |
| 34 | 2007 | AstraZeneca | MedImmune | Acquisition | 14.7 | 22 | |
| 35 | 2007 | Schering Plough | Organon International | Acquisition | 14.5 | 21 | |
| 36 | 1995 | Glaxo | Wellcome | Acquisition | 14.2 | 28 | |
| 37 | 2014 | Bayer | Merck & Co Consumer Health | Business Unit | 14.2 | 18 | |
| 38 | 2014 | Zimmer Inc. | Biomet Inc. | Acquisition | 13.4 | 17 | |
| 39 | 2019 | Amgen | Otezla (drug programme) | Acquisition | 13.4 | 16 | |
| 40 | 2006 | Merck Group | Serono | Acquisition | 13.2 | 20 | |
| 41 | 2018 | GlaxoSmithKline | GlaxoSmithKline–Novartis Consumer Healthcare | Acquisition | 13.0 | 16 | |
| 42 | 2016 | Boehringer Ingelheim | Sanofi Animal Health (Merial) | Business Unit | 12.4 | 16 | |
| 43 | 2017 | Gilead Sciences | Kite Pharma | Acquisition | 11.9 | 15 | |
| 44 | 2018 | Sanofi | Bioverativ | Acquisition | 11.6 | 14 | |
| 45 | 2011 | Gilead Sciences | Pharmasset | Acquisition | 11.2 | 15 | |
| 46 | 2013 | Amgen | Onyx Pharmaceuticals | Acquisition | 10.4 | 14 | |
| 47 | 2020 | AbbVie | Allergan | Acquisition | 63.0 | 74 | |
| 48 | 2024 |  Novo Holdings A/S | Catalent | Acquisition | 16.5 | 17 | [10][11] |
Failed mergers and acquisitions[edit]
| Rank | Year | Purchaser | Target | Value (in billions USD) | Value (adjusted for inflation) | |
|---|---|---|---|---|---|---|
| 1 | 2015 | Pfizer | Allergan, plc | 160 | 206 | In November 2015 Pfizer announced it would acquire Allergan, plc for $160 billion ($206 billion, adjusted for inflation). However, this deal was cancelled in April 2016 due to new US tax inversion rules.[12][13] Had this transaction been completed, this would have been the largest within this industry. |
| 2 | 2014 | Pfizer | Astra Zeneca | 123 | 158 | Significant concerns were raised by the UK Government over job security, in the end leading to a deal being abandoned due to resistance from the AstraZeneca Board.[14] |
| 3 | 2014 | Pfizer | Astra Zeneca | 106 | 137 | AstraZeneca claimed the deal undervalued the company.[15] |
| 4 | 2014 | Pfizer | Astra Zeneca | 99 | 127 | AstraZeneca claimed the deal undervalued the company.[16] |
| 5 | 1999 | Pfizer | Warner–Lambert | 82.4 | 151 | Pfizer made a hostile bid, just after the announcement of a $72 billion deal with Wyeth, the eventual purchase price would be in excess of $90 billion.[17][18][19] |
| 6 | 1999 | Wyeth | Warner–Lambert | 72 | 132 | Wyeth confirmed it has agreed a $200 billion deal with Warner–Lambert, causing Pfizer to make a hostile bid, just after the announcement.[17][18][19] |
| 7 | 1999 | Wyeth | Warner–Lambert | 65 | 119 | The two companies discussed a potential merger, uniting two of the largest pharmaceutical companies. This was eventually thwarted by Pfizer, in order to maintain control of the blockbuster drug - Lipitor.[20][21] |
| 8 | 2016 | Bayer AG | Monsanto Company Inc. | 65 | 83 | Bayer advanced talks with Monsanto's management and subsequently raised its off by $3 billion, to more than $65 billion - which represented a 2 percent increase on its previous offer. The eventual purchase price would be more than $66 billion.[22][23] |
| 9 | 2018 | Takeda Pharmaceutical | Shire | 62.5 | 76 | Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the company, its growth prospects as well as pipeline.[24] |
| 10 | 2016 | Bayer AG | Monsanto Company Inc. | 62 | 79 | Bayer initially opened negotiations with an offer of $125 per Monsanto share, however management felt this undervalued the company.[22] |
| 11 | 2018 | Takeda Pharmaceutical | Shire | 61 | 74 | Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the company, its growth prospects as well as pipeline.[24] |
| 12 | 2018 | Takeda Pharmaceutical | Shire | 58.2 | 71 | First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the company, its growth prospects as well as pipeline.[24] |
| 13 | 2014 |  Valeant Pharmaceuticals | Allergan, Inc | 54 | 70 | Valeant had pursued Botox-maker Allergan for six months. After a protracted court battle with Valeant, Bill Ackman and his Pershing Square Capital Management hedgefund on one side (which then owned 10% of Allergan) and Allergan on the other, Actavis entered the fray with a $66 billion white knight bid.[25] |
| 14 | 2014 | AbbVie | Shire Pharmaceuticals | 54 | 70 | The two companies had agreed to a $54 billion deal that would allow AbbVie to move its headquarters overseas to Europe, reducing their corporate tax rate. However, the U.S. Treasury passed laws, tightening down on tax inversion deals just before the merger was completed, making the agreement much less profitable for AbbVie.[citation needed] |
| 15 | 2014 | Valeant Pharmaceuticals | Allergan, Inc | 53.3 | 69 | Valeant raised its unsolicited offer for Allergan a second time, to $53.3 billion, increasing the cash portion of the bid in an effort to win the backing of the company, with the cash-and-stock portion of the bid valuing each Allergan share at $179.25.[26] |
| 16 | 2014 | Valeant Pharmaceuticals | Allergan, Inc | 49.4 | 64 | Valeant raised its unsolicited offer for Allergan Inc. to $49.4 billion, adding more cash to the bid in an effort to win backing from Allergan and its investors, with the value of each share rising to $166.16 per Allergan share.[27] |
| 17 | 2015 | Monsanto Company Inc. | Syngenta AG | 47 | 60 | Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders.[28] Subsequently, Bayer offered to purchase Monsanto, with ChemChina offering to acquire Syngenta. |
| 18 | 2014 | Monsanto Company Inc. | Syngenta AG | 45 | 58 | Syngenta rejecteded another unsolicited offer from Monsanto, worth $45 billion, with management saying it undervalued the company and a merger would carry significant risks. Monsanto offered to acquire the company at a price of 449 Swiss francs per Syngenta share, with approximately 45% of the price paid in cash.[29][30] |
| 19 | 2014 | Valeant Pharmaceuticals | Allergan, Inc | 45 | 58 | Valeant Pharmaceuticals and activist investor Bill Ackman offered to buy Botox maker Allergan, proposing a cash-and-stock deal worth about $152.89.[31] |
| 20 | 2014 | Monsanto Company Inc. | Syngenta AG | 40 | 51 | Monsanto weighed $40 billion unsolicited bid for Swiss rival, Syngenta aiming to avoid US corporation taxes. Monsanto and Syngenta held preliminary talks with both sets of advisers in the preceding few months, with talks centered on a combination. However, Syngenta's management decided against negotiations.[32] |
| 21 | 2015 | Teva Pharmaceutical Industries |  Mylan | 40 | 51 | In April, Teva offered to acquire Mylan for $40 billion,[33] only a fortnight after Mylan offered to acquire Perrigo for $29 billion.[34] Teva's offer for Mylan is contingent on Mylan abandoning its acquisition of Perrigo.[35] Mylan stated in June 2015 that Teva's disclosure that it had a 1.35 percent stake in Mylan violated US anti-trust rules. |
| 22 | 2015 | Mylan | Perrigo | 26 | 33 | In order for the hostile takeover to go through successfully, Mylan needed 50% of Perrigos shares to be tendered under the deal. However, only 40% or 58 million shares were tendered and the hostile takeover fell through.[36] |
| 23 | 2004 | Johnson & Johnson | Guidant | 25.4 | 41 | Johnson & Johnson announced that it was acquiring Guidant on December 15, 2004, for $76 a share, with the deal being approved later approved on April 27, 2005, by Guidant shareholders. However, on May 25 of the same year, Guidant reported 26 cases of implantable defibrillator failure, including a death. Johnson & Johnson announced the possibility of them pulling out from the deal, Guidant then sued Johnson & Johnson in an attempt to enforce the acquisition. However they later re-negotiated a lower price of $21.5 billion. |
| 24 | 2006 | Boston Scientific | Guidant | 25.0 | 38 | A day after Johnson & Johnson raised their price for Guidant to $23.2 billion, Boston Scientific announced a further increased offer. |
| 25 | 2005 | Boston Scientific | Guidant | 24.6 | 38 | With the lower re-negotiated a lower price of $21.5 billion between Johnson & Johnson and Guidant, Boston Scientific announced an unsolicited offer of $24.6 billion for Guidant (an offer of $72 per share of Guidant, $36 in cash and a fixed number of Boston Scientific shares valued at $36 a share). |
| 26 | 2006 | Johnson & Johnson | Guidant | 24.2 | 37 | After Boston Scientific increased their offer to $25 billion, Johnson & Johnson further increased their offer to $24.2 billion. |
| 27 | 2006 | Johnson & Johnson | Guidant | 23.2 | 35 | After the re-negotiated a lower price of $21.5 billion was trumped by Boston Scientifics offer of $24.6 billion, Johnson & Johnson raised their offer to $23.2 billion. |
| 28 | 2015 | Endo International | Salix Pharmaceuticals | 11.2 | 14 | Endo withdrew its $11.2 billion cash & stock offer for Salix, ending its plans to outbid Valeant Pharmaceuticals International for the company.[37] |
See also[edit]
References[edit]
- ^ "FirstWord Lists The 20 largest pharma M&A deals".
- ^ "Pfizer, W-L strike deal". CNN. 7 February 2000. Retrieved 6 January 2019.
- ^ Bristol-Myers set $2.2 billion termination fee for their mega deal[dead link]
- ^ "Allergan Accelerates Transformation to Branded Growth Pharma Leader by Divesting Global Generics Business to Teva for $40.5 Billion". Allergan. 27 July 2015. Retrieved 27 November 2015.
- ^ Koons, Cynthia (27 July 2015). "Teva CEO: $40.5 Billion Allergan Deal is Just the Beginning". Bloomberg. Retrieved 27 November 2015.
- ^ Somayaji, Chitra (27 July 2015). "Teva Snaps Up Allergan's Generics Arm, Dumping Mylan". Bloomberg. Retrieved 27 November 2015.
- ^ Antoine Gara. "Pfizer And Allergan Merger Ranks As Biggest-Ever Pharmaceutical Deal". Forbes.
- ^ "Japan's Takeda clinches £45.3 billion Shire deal as pharma M&A rolls on". May 9, 2018 – via uk.reuters.com.
- ^ "FirstWord Lists – The 20 largest pharma M&Adeals".
- ^ Gilbert, Daniel (2024-02-05). "Novo Nordisk buys manufacturing power as it seeks to ramp up Wegovy". The Washington Post.
- ^ Constantino, Annika Kim (2024-02-05). "Novo Nordisk parent to buy Catalent for $16.5 billion to expand Wegovy supply". CNBC.
- ^ "Pfizer Ends $160B Acquisition of Allergan after U.S. Crackdown on Inversions". GEN.
- ^ "Pfizer, Allergan Agree to End $160 Billion Deal". Bloomberg.com. 6 April 2016.
- ^ "M&A Boom Implodes, US Deal Failures in 2016 Worst Ever". 7 April 2016.
- ^ Farrell, Sean; Mason, Rowena (19 May 2014). "AstraZeneca rejects Pfizer's final £69bn takeover bid" – via The Guardian.
- ^ "Pfizer chases AstraZeneca for potential $100 billion deal". 28 April 2017 – via Reuters.
- ^ a b "Warner-Lambert rejects Pfizer's bid - Nov. 4, 1999".
- ^ a b "Pfizer Makes Bid for Warner-Lambert (washingtonpost.com)". The Washington Post.
- ^ a b "WARNER-LAMBERT GETS PFIZER OFFER FOR $82.4 BILLION". The New York Times. 5 November 1999.
- ^ "Warner Lambert. - Pfizer: One of the world's premier biopharmaceutical companies".
- ^ Langreth, Robert; Lipin, Steven (3 November 1999). "American Home Products Discusses A Merger With Warner-Lambert" – via www.wsj.com.
- ^ a b "Bayer sweetens Monsanto bid as talks enter final stretch". September 6, 2016 – via www.reuters.com.
- ^ "Bayer confirms $66bn Monsanto takeover". September 14, 2016 – via www.bbc.co.uk.
- ^ a b c "Statement re Proposal from Takeda Pharmaceutical Company Limited". www.shire.com.
- ^ "Allergan agrees to $66 billion Actavis offer; Valeant walks". 17 November 2016 – via Reuters.
- ^ "Valeant Raises Takeover Offer for Allergan a Second Time". 31 May 2014 – via www.bloomberg.com.
- ^ "Valeant Raises Takeover Offer for Allergan With More Cash". 28 May 2014 – via www.bloomberg.com.
- ^ Gara, Antoine. "Monsanto Drops $46.5B Bid For Syngenta, Paving Way For Stock Buyback Amid Market Rout". Forbes.
- ^ Minkoff, Yoel (May 8, 2015). "Syngenta rejects Monsanto's takeover approach". Seeking Alpha.
- ^ Surran, Carl (May 7, 2015). "Reuters: Monsanto, Syngenta hire U.S. banks to advise on possible takeover". Seeking Alpha.
- ^ "Valeant, Bill Ackman bid $45B for Botox-maker Allergan".
- ^ "Monsanto Said to Have Weighed $40 Billion Syngenta Deal". www.bloomberg.com. 24 June 2014. Retrieved 6 January 2019.
- ^ "Teva Offers to Buy Mylan for $40B". GEN News Highlights. Genetic Engineering & Biotechnology News. April 21, 2015. Retrieved April 21, 2015.
- ^ "Mylan Offers $28.9B for Perrigo". GEN News Highlights. Genetic Engineering & Biotechnology News. April 8, 2015. Retrieved April 21, 2015.
- ^ "Teva Offers to Buy Mylan in $40.1B Cash-And-Stock Deal". Pharmaceutical Processing. Associated Press. April 21, 2015. Retrieved April 21, 2015.
- ^ "Mylan's Hostile Bid for Perrigo Fails".
- ^ "Endo Ends Effort to Wrest Merger-Bound Salix from Valeant - GEN Genetic Engineering & Biotechnology News - Biotech from Bench to Business - GEN".