Pharma M&A versus alliances and its underlying value drivers
Are M&A or alliances the right therapy for an ailing pharmaceutical industry?- A capital market perspective
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Beschreibung
This study analyzes 229 M&A and 120 in-licensing deals in the pharmaceutical industry. The author shows from a capital market perspective that M&A experiences significant, negative cumulative average abnormal returns whereas in-licensings are able to create value. Significant determinants of success for both strategies are derived.
From a capital market perspective, the author analyzes Merger and Acquisitions transactions (M&A) and in-licensings in the pharmaceutical industry between 1998 and 2012. Utilizing the event study methodology, the volume shows that M&A experiences significant, negative cumulative average abnormal returns whereas in-licensings are able to create value. But what are the underlying value drivers which make a deal a success or a failure story? The author derives significant innovative determinants of success for both strategies.
Autor*in
Heiko Schön
Themen in »Pharma M&A versus alliances and its underlying value drivers«
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