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List of largest pharmaceutical mergers and acquisitions

Summary

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

This list is incomplete, you can help by expanding it

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

  1. ^ "FirstWord Lists The 20 largest pharma M&A deals".
  2. ^ "Pfizer, W-L strike deal". CNN. 7 February 2000. Retrieved 6 January 2019.
  3. ^ Bristol-Myers set $2.2 billion termination fee for their mega deal[dead link]
  4. ^ "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.
  5. ^ Koons, Cynthia (27 July 2015). "Teva CEO: $40.5 Billion Allergan Deal is Just the Beginning". Bloomberg. Retrieved 27 November 2015.
  6. ^ Somayaji, Chitra (27 July 2015). "Teva Snaps Up Allergan's Generics Arm, Dumping Mylan". Bloomberg. Retrieved 27 November 2015.
  7. ^ Antoine Gara. "Pfizer And Allergan Merger Ranks As Biggest-Ever Pharmaceutical Deal". Forbes.
  8. ^ "Japan's Takeda clinches £45.3 billion Shire deal as pharma M&A rolls on". May 9, 2018 – via uk.reuters.com.
  9. ^ "FirstWord Lists – The 20 largest pharma M&Adeals".
  10. ^ Gilbert, Daniel (2024-02-05). "Novo Nordisk buys manufacturing power as it seeks to ramp up Wegovy". The Washington Post.
  11. ^ Constantino, Annika Kim (2024-02-05). "Novo Nordisk parent to buy Catalent for $16.5 billion to expand Wegovy supply". CNBC.
  12. ^ "Pfizer Ends $160B Acquisition of Allergan after U.S. Crackdown on Inversions". GEN.
  13. ^ "Pfizer, Allergan Agree to End $160 Billion Deal". Bloomberg.com. 6 April 2016.
  14. ^ "M&A Boom Implodes, US Deal Failures in 2016 Worst Ever". 7 April 2016.
  15. ^ Farrell, Sean; Mason, Rowena (19 May 2014). "AstraZeneca rejects Pfizer's final £69bn takeover bid" – via The Guardian.
  16. ^ "Pfizer chases AstraZeneca for potential $100 billion deal". 28 April 2017 – via Reuters.
  17. ^ a b "Warner-Lambert rejects Pfizer's bid - Nov. 4, 1999".
  18. ^ a b "Pfizer Makes Bid for Warner-Lambert (washingtonpost.com)". The Washington Post.
  19. ^ a b "WARNER-LAMBERT GETS PFIZER OFFER FOR $82.4 BILLION". The New York Times. 5 November 1999.
  20. ^ "Warner Lambert. - Pfizer: One of the world's premier biopharmaceutical companies".
  21. ^ Langreth, Robert; Lipin, Steven (3 November 1999). "American Home Products Discusses A Merger With Warner-Lambert" – via www.wsj.com.
  22. ^ a b "Bayer sweetens Monsanto bid as talks enter final stretch". September 6, 2016 – via www.reuters.com.
  23. ^ "Bayer confirms $66bn Monsanto takeover". September 14, 2016 – via www.bbc.co.uk.
  24. ^ a b c "Statement re Proposal from Takeda Pharmaceutical Company Limited". www.shire.com.
  25. ^ "Allergan agrees to $66 billion Actavis offer; Valeant walks". 17 November 2016 – via Reuters.
  26. ^ "Valeant Raises Takeover Offer for Allergan a Second Time". 31 May 2014 – via www.bloomberg.com.
  27. ^ "Valeant Raises Takeover Offer for Allergan With More Cash". 28 May 2014 – via www.bloomberg.com.
  28. ^ Gara, Antoine. "Monsanto Drops $46.5B Bid For Syngenta, Paving Way For Stock Buyback Amid Market Rout". Forbes.
  29. ^ Minkoff, Yoel (May 8, 2015). "Syngenta rejects Monsanto's takeover approach". Seeking Alpha.
  30. ^ Surran, Carl (May 7, 2015). "Reuters: Monsanto, Syngenta hire U.S. banks to advise on possible takeover". Seeking Alpha.
  31. ^ "Valeant, Bill Ackman bid $45B for Botox-maker Allergan".
  32. ^ "Monsanto Said to Have Weighed $40 Billion Syngenta Deal". www.bloomberg.com. 24 June 2014. Retrieved 6 January 2019.
  33. ^ "Teva Offers to Buy Mylan for $40B". GEN News Highlights. Genetic Engineering & Biotechnology News. April 21, 2015. Retrieved April 21, 2015.
  34. ^ "Mylan Offers $28.9B for Perrigo". GEN News Highlights. Genetic Engineering & Biotechnology News. April 8, 2015. Retrieved April 21, 2015.
  35. ^ "Teva Offers to Buy Mylan in $40.1B Cash-And-Stock Deal". Pharmaceutical Processing. Associated Press. April 21, 2015. Retrieved April 21, 2015.
  36. ^ "Mylan's Hostile Bid for Perrigo Fails".
  37. ^ "Endo Ends Effort to Wrest Merger-Bound Salix from Valeant - GEN Genetic Engineering & Biotechnology News - Biotech from Bench to Business - GEN".

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