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| Title: | 生技製藥產業併購策略─羅氏集團與基因科技公司個案研究
Strategic merger & acquisition in bio-pharmaceutical industry-Roche and genentech case study |
| Authors: | 陳潔萱
Chen, Sarah |
| Contributors: | 何小台
Ho, Chester
陳潔萱
Chen, Sarah |
| Keywords: | 生技製藥 |
| Date: | 2009 |
| Issue Date: | 2010-06-15 16:24:56 (UTC+8) |
| Abstract: | 生技製藥產業併購策略
The biotechnology companies started with the development of genetic engineering and antibody production in the U.S. and until today U.S. is still the leader in this industry. In recent years, they are becoming particular interest to established pharmaceutical companies. This thesis will first introduce the characteristic of pharmaceutical industry and its current situations, Next to explain pharmaceutical company’s unique relationship with biotechnology by studying the merger and acquisition case of Roche and Genentech. With the results, we will have better understanding of the business challenge and strategy for the industry.
International MBA Program i
College of Commerce i
National Chengchi University i
A Thesis i
1. Introduction 1
1.1. Research Background and Motive 1
1.2. Research Objective 2
2. Motivation for Merger and Acquisition 3
2.1. Value Creation Theory 3
2.2. The Synergy Creation Theory 3
2.3. The Disciplinary Takeover Theory 4
3. Company Background 5
3.1. The Roche Group 5
3.1.1. History and Background 5
3.1.2. Company Structure 6
3.1.3. Financial Result 8
3.1.4. Product and Services 9
3.1.5. Corporate Strategy 10
3.2. The Genentech Group 11
3.2.1. History and Background 11
3.2.2. Company Structure 11
3.2.3. Financial Result 12
3.2.4. Product and Services 13
3.2.5. Corporate Strategy 14
4. Industry Analysis 16
4.1. Industry Overview 16
4.2. Industry Risk 17
4.2.1. Research & Development Risk 18
4.2.2. Risk of Substitute Products 22
4.2.3. Regulation Risk 25
4.2.4. Product Promotion Risk 26
4.3. Industry Trend 27
4.3.1. Cost Saving 27
4.3.2. More Mergers and Acquisition to Come 28
4.3.3. Personalized HealthCare 31
5. Merger Transaction Case Analysis 32
5.1. Brief History of the First Acquisition in 1990 32
5.2. Roche Offer to Acquire all Outstanding Shares of Genentech 34
5.3. The Challenge Ahead 37
5.3.1. Keeping the Genentech Culture 37
5.3.2. The New Structure 38
5.3.3. Why Now 39
5.3.4. Financial Value Drivers 40
6. Summary and Conclusion 42 |
| Reference: | 1. Decker, Susan. "Pfizer Wins New Lipitor Patent Expiring in June 2011 (Update2) ". Bloomberg.com. January 6, 2010 <http://www.bloomberg.com>
2. Gassmann, Oliver, Gerrit Reepmeyer, and Maximilian von Zedtwitz. Leading Pharmaceutical Innovation. Berlin Heidelberg: Springer-Verlag, 2008.
3. Grabowski, H.; Vernon, J.; DiMasi, J. “Returns on Research and Development for 1990s New Drug Introductions.” Pharmacoeconomics 20, Dec. 2002: 11-29.
4. Saftlas, Herman. "Industry Surveys Healthcare: Pharmaceuticals". Standard & Poor`s November 27, 2008: 1-38.
5. Roche Financial Report 2008. Basel, Switzerland: F. Hoffmann-La Roche Ltd., 2009.
6. We are Genentech 2008 Annual Report. South San Francisco, CA: Genentech Inc., 2009.
7. "Company Portrait". Roche Global Web Site. December 24, 2009 <http://www.roche.com/about_roche/at_a_glance/company_portrait.htm>.
8. "Company Structure". Roche Global Web Site. December 24, 2009 <http://www.roche.com/about_roche/at_a_glance/company_structure.htm>.
9. "Pharmaceutical R&D". Roche Global Web Site. December 24, 2009 <http://www.roche.com/research_and_development/r_d_overview/pharmaceuticals.htm>.
10. "Corporate Overview Home". Genentech official website. December 24, 2009 <http://www.gene.com/gene/about/corporate/>.
11. "Research Focus Areas". Genentech official website. December 24, 2009 <http://www.gene.com/gene/research/focusareas/>.
12. Huckman, Mike. "Roche-Genentech: As The Deal Turns ". CNBC. January 9, 2010 <http://www.cnbc.com>.
13. Morrill, David. "Roche, Genentech now one". ContraCostaTimes. January 6, 2009 <http://www.contracostatimes.com/business>
14. “Pharmaceutical Research and Manufacturers of America (PhRMA)”, 2007 R&D Report: The pursuit of High Performance through Research and Development, Dec. 26 2009, http://www.phrma.org
15. Pollack, Andrew. "Genentech-Roche Deal May Spur Similar Ties". The New York Times. January 6, 2010 <http://www.nytimes.com/pages/business/index.html>.
16. "Roche Initiates Hostile Takeover Bid for Genentech at US$86.5 per Share". Global Insight. January 9, 2010 <http://www.ihsglobalinsight.com/>
17. Schmit, Julie. "Genentech shares surge on Roche`s $44 billion offer". USA Today. January 6, 2010 <http://www.usatoday.com/money/industries/health>. |
| Description: | 碩士
國立政治大學
國際經營管理碩士班(IMBA)
95933007
98 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0959330071 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營管理英語碩士學程IMBA] 學位論文
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