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| Title: | 企業連續併購案例研究－以保瑞藥業為例
Serial Acquisitions Case Study - Bora Pharmaceuticals |
| Authors: | 黃筠婷
Huang, Yun-Ting |
| Contributors: | 吳啟銘
Wu,Chi-Ming
黃筠婷
Huang,Yun-Ting |
| Keywords: | 連續併購
保瑞藥業
生技產業
併購
Serial Acquisitions
Bora Pharmaceutical
Biotechnology Industry
Mergers and Acquisitions |
| Date: | 2024 |
| Issue Date: | 2024-08-05 12:08:59 (UTC+8) |
| Abstract: | 在全球生技製藥產業中，製藥公司面臨高昂的研發成本和激烈的競爭壓力。連續併購作為一種策略，能夠幫助企業迅速擴展市場佔有率和技術能力。保瑞藥業自2013年起進行多次併購，成為台灣生技製藥產業中營收成長最快的公司之一。本研究旨在探討保瑞藥業的連續併購歷程，以理解連續併購對企業競爭力和財務績效的影響，並為其他製藥企業提供寶貴的參考。
本研究選取保瑞藥業作為研究對象，通過個案研究方法深入分析包括衛采製藥、益邦製藥及安成製藥三個具代表性的併購案例，以了解連續併購的動機及影響併購成敗的因素。研究中說明雙方事前的併購動機、併購過程中支付方式與融資手段，以及併購後的整合行動。最後，將保瑞藥業與其他未進行併購的同業公司之財務表現進行橫向比較，以評估連續併購策略的有效性。
研究結果顯示，保瑞藥業的連續併購有效提升其競爭力和市場地位，並顯著改善財務表現。保瑞藥業的成功經驗展示了有效的連續併購策略需要搭配人力資源整合計畫、豐富的併購經驗和靈活的融資手段，並且需要避免管理者的過度自信。本研究展示了一間本土小藥廠如何在高風險、高投入的生技製藥產業中實現高成長，這些因素對其他企業在進行連續併購時將能形成重要參考價值。
In the global biotechnology and pharmaceutical industry, companies face high R&D costs and intense competitive pressure. Serial acquisitions, as a strategy, can help firms rapidly expand market share and technological capabilities. Since 2013, Bora Pharmaceuticals has engaged in multiple acquisitions, becoming one of the fastest-growing companies in Taiwan's biotech and pharmaceutical sector. This study aims to explore the serial acquisition process of Bora Pharmaceuticals to understand the impact of serial acquisitions on corporate competitiveness and financial performance, providing valuable insights for other pharmaceutical companies.
This research focuses on Bora Pharmaceuticals, employing a case study approach to analyze three representative acquisitions: Eisai Pharmaceuticals, Impax Pharmaceuticals, and Twi Pharmaceuticals. The study delves into the acquisition motives of both parties, payment methods and financing strategies during the acquisition process, and post-acquisition integration actions. Finally, a comparative financial performance analysis between Bora Pharmaceuticals and its non-acquiring peers is conducted to assess the effectiveness of serial acquisition strategies.
The results indicate that Bora Pharmaceuticals' serial acquisitions have significantly enhanced its competitiveness and market position, while also improving its financial performance. The success of Bora Pharmaceuticals demonstrates that effective serial acquisition strategies require a well-executed human resource integration plan, extensive acquisition experience, and flexible financing methods, while avoiding managerial overconfidence. This study illustrates how a local pharmaceutical company can achieve substantial growth in the high-risk, high-investment biotech and pharmaceutical industry, offering critical reference points for other companies pursuing serial acquisitions. |
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1.Bloomberg
2.SDC Platinum |
| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
107363112 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107363112 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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