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 & 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 United States Pfizer United States Warner-Lambert Acquisition 111.8 168 [2]
2 2000 United Kingdom Glaxo Wellcome Plc United Kingdom SmithKline Beecham Merger (formed GlaxoSmithKline) 76.0 111
3 2019 United States Bristol-Myers Squibb United States Celgene Acquisition 74.0 — 95.0 74 — 95 [3]
3 2004 France Sanofi France Aventis Acquisition 73.5 86
4 2015 Republic of Ireland Actavis United States Allergan, Inc Acquisition 70.5 75 [4][5][6]
5 2009 United States Pfizer United States Wyeth Acquisition 68.0 79
6 2002 United States Pfizer United Kingdom Pharmacia Acquisition 64.3 90 [7]
7 2018 Japan Takeda Pharmaceutical Republic of Ireland Shire Acquisition 62.0 62 [8]
8 2016 Germany Bayer United States Monsanto Acquisition 54.5 — 63.5 57 — 66
9 2009 United States Merck & Co. United States Schering-Plough Acquisition 47.1 55 [9]
10 2009 Switzerland Roche United States Genentech Acquisition 44.0 51
11 2014 Republic of IrelandMedtronic Republic of Ireland Covidien Acquisition 42.3 45
12 2015 Israel Teva Pharmaceutical Industries United States Actavis Business Unit 40.5 43
13 2010 Switzerland Novartis United States Alcon Acquisition 39.3 45
14 2016 Republic of Ireland Shire United States Baxalta Acquisition Unit 32.0 — 35.0 33 — 37
15 2016 United States Abbott Laboratories United States St Jude Medical Acquisition 30.5 32
16 1998 Sweden Astra AB United Kingdom Zeneca Merger (formed AstraZeneca) 30.4 47
17 2017 United States Johnson & Johnson Switzerland Actelion Acquisition 30.0 31
18 1996 Switzerland Ciba-Geigy Switzerland Sandoz Merger (formed Novartis) 29.0 46
19 2006 United States Boston Scientific
United States Abbott Laboratories
United States Guidant Acquisition 27.2 34
20 1999 United Kingdom Pharmacia & Upjohn United States Monsanto Merger 25.2 38
21 2016 United States Abbott Laboratories United States St Jude Medical Acquisition 25.0 — 30.5 26 — 32
22 2015 United States AbbVie United States Pharmacyclics Acquisition 21.0 22
23 2014 Republic of Ireland Actavis United States Forest Laboratories Acquisition 20.7 22
24 2011 France Sanofi United States Genzyme Corporation Acquisition 20.1 22
25 2012 United States Johnson & Johnson Switzerland Synthes Acquisition 19.7 21
26 2006 Germany Bayer Germany Schering Acquisition 18.4 23
27 2016 United States Quintiles United States IMS Health Merger (formed QuintilesIMS) 17.6 18
28 2015 United States Pfizer United States Hospira Acquisition 17.0 18
29 2014 Germany Merck Group United States Sigma-Aldrich Acquisition 17.0 18
30 2001 United States Amgen United States Immunex Acquisition 16.8 24
31 2006 United States Johnson & Johnson United States Pfizer Consumer Health Business Unit 16.6 21
32 2014 Switzerland Novartis United Kingdom GlaxoSmithKline Oncology Business Unit 16.0 17
33 2015 United States Valeant United States Salix Pharmaceuticals Acquisition 15.8 17
34 2007 United Kingdom AstraZeneca United States MedImmune Acquisition 14.7 18
35 2007 United States Schering Plough United States Organon International Acquisition 14.5 18
36 1995 United Kingdom Glaxo United Kingdom Wellcome Acquisition 14.2 23
37 2014 Germany Bayer United States Merck & Co Consumer Health Business Unit 14.2 15
38 2014 United States Zimmer Inc. United States Biomet Inc. Acquisition 13.4 14
39 2019 United States Amgen United States Otezla (drug programme) Acquisition 13.4 13
40 2006 Germany Merck Group Switzerland Serono Acquisition 13.2 16
41 2018 United Kingdom GlaxoSmithKline United KingdomSwitzerland GlaxoSmithKline–Novartis Consumer Healthcare Acquisition 13.0 13
42 2016 Germany Boehringer Ingelheim France Sanofi Animal Health (Merial) Business Unit 12.4 13
43 2017 United States Gilead Sciences United States Kite Pharma Acquisition 11.9 12
44 2018 France Sanofi United States Bioverativ Acquisition 11.6 12
45 2011 United States Gilead Sciences United States Pharmasset Acquisition 11.2 12
46 2013 United States Amgen United States Onyx Pharmaceuticals Acquisition 10.4 11

Failed mergers & acquisitions[edit]

Rank Year Purchaser Target Value
(in billions USD)
Value
(adjusted for inflation)
1 2015 United States Pfizer Republic of Ireland Allergan, Plc 160 169 In November 2015 Pfizer announced it would acquire Allergan, Plc for $160 billion ($169 billion, adjusted for inflation). However, this deal was cancelled in April 2016 due to new US tax inversion rules.[10][11] Had this transaction been completed, this would have been the largest within this industry.
2 2014 United States Pfizer United Kingdom Sweden Astra Zeneca 123 130 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.[12]
3 2014 United States Pfizer United Kingdom Sweden Astra Zeneca 106 113 AstraZenca claimed the deal undervalued the company.[13]
4 2014 United States Pfizer United Kingdom Sweden Astra Zeneca 99 105 AstraZenca claimed the deal undervalued the company.[14]
5 1999 United States Pfizer United States Warner–Lambert 82.4 124 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.[15][16][17]
6 1999 United States Wyeth United States Warner–Lambert 72 108 Wyeth confirmed it has agreed a $200 billion deal with Warner–Lambert, causing Pfizer to make a hostile bid, just after the announcement.[15][16][17]
7 1999 United States Wyeth United States Warner–Lambert 65 98 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.[18][19]
8 2016 Germany Bayer AG United States Monsanto Company Inc. 65 68 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.[20][21]
9 2018 Japan Takeda Pharmaceutical Republic of Ireland Shire 62.5 63 Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the Company, its growth prospects as well as pipeline.[22]
10 2016 Germany Bayer AG United States Monsanto Company Inc. 62 65 Bayer initially opened negotiations with an offer of $125 per Monsanto share, however management felt this undervalued the company.[23]
11 2018 Japan Takeda Pharmaceutical Republic of Ireland Shire 61 61 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 Japan Takeda Pharmaceutical Republic of Ireland Shire 58.2 58 First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the Company, its growth prospects as well as pipeline.[25]
13 2014 Canada Valeant Pharmaceuticals Republic of Ireland Allergan, Inc 54 57 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.[26]
14 2014 United States AbbVie Republic of Ireland Shire Pharmaceuticals 54 57 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 Canada Valeant Pharmaceuticals Republic of Ireland Allergan, Inc 53.3 56 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.[27]
16 2014 Canada Valeant Pharmaceuticals Republic of Ireland Allergan, Inc 49.4 52 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.[28]
17 2015 United States Monsanto Company Inc. Switzerland Syngenta AG 47 49 Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders.[29] Subsequently, Bayer offered to purchase Monsanto, with ChemChina offering to acquire Syngenta.
18 2014 United States Monsanto Company Inc. Switzerland Syngenta AG 45 48 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.[30][31]
19 2014 Canada Valeant Pharmaceuticals Republic of Ireland Allergan, Inc 45 48 Valeant Pharmaceuticals and activist investor Bill Ackman offered to buy Botox maker Allergan, proposing a cash-and-stock deal worth about $152.89.[32]
20 2014 United States Monsanto Company Inc. Switzerland Syngenta AG 40 42 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.[33]
21 2015 Israel Teva Pharmaceutical Industries Netherlands Mylan 40 42 In April, Teva offered to acquire Mylan for $40 billion,[34] only a fortnight after Mylan offered to acquire Perrigo for $29 billion.[35] Teva's offer for Mylan is contingent on Mylan abandoning its acquisition of Perrigo.[36] 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 Netherlands Mylan Republic of Ireland Perrigo 26 27 In order for the hostile takeover to go through successfully, Mylan needd 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.[37]
23 2004 United States Johnson & Johnson United States Guidant 25.4 34 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 United States Boston Scientific United States Guidant 25.0 31 A day after Johnson & Johnson raised their price for Guidant to $23.2 billion, Boston Scientific announced a further increased offer.
25 2005 United States Boston Scientific United States Guidant 24.6 32 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 United States Johnson & Johnson United States Guidant 24.2 30 After Boston Scientific increased their offer to $25 billion, Johnson & Johnson further increased their offer to $24.2 billion.
27 2006 United States Johnson & Johnson United States Guidant 23.2 29 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 Republic of Ireland Endo International plc United States Salix Pharmaceuticals 11.2 12 Endo withdrew its $11.2 billion cash & stock offer for Salix, ending its plans to outbid Valeant Pharmaceuticals International for the company.[38]

See also[edit]

References[edit]

  1. ^ "FirstWord Lists The 20 largest pharma M&A deals".
  2. ^ "Archived copy". Archived from the original on 2014-02-02. Retrieved 2017-11-22.CS1 maint: archived copy as title (link)
  3. ^ https://uk.reuters.com/article/uk-celgene-m-a-bristol-myers/celgene-bristol-myers-set-2-2-billion-termination-fee-for-their-mega-deal-idUKKCN1OY1CA
  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. ^ https://uk.reuters.com/article/uk-shire-m-a-takeda/japans-takeda-clinches-45-3-billion-shire-deal-as-pharma-ma-rolls-on-idUKKBN1I90IA
  9. ^ "FirstWord Lists – The 20 largest pharma M&Adeals".
  10. ^ "Pfizer Ends $160B Acquisition of Allergan after U.S. Crackdown on Inversions". GEN.
  11. ^ "Pfizer, Allergan Agree to End $160 Billion Deal". Bloomberg.com. 6 April 2016.
  12. ^ "M&A Boom Implodes, US Deal Failures in 2016 Worst Ever". 7 April 2016.
  13. ^ Farrell, Sean; Mason, Rowena (19 May 2014). "AstraZeneca rejects Pfizer's final £69bn takeover bid" – via The Guardian.
  14. ^ "Pfizer chases AstraZeneca for potential $100 billion deal". 28 April 2017 – via Reuters.
  15. ^ a b "Warner-Lambert rejects Pfizer's bid - Nov. 4, 1999".
  16. ^ a b "Pfizer Makes Bid for Warner-Lambert (washingtonpost.com)".
  17. ^ a b "WARNER-LAMBERT GETS PFIZER OFFER FOR $82.4 BILLION". The New York Times. 5 November 1999.
  18. ^ "Warner Lambert. - Pfizer: One of the world's premier biopharmaceutical companies".
  19. ^ Langreth, Robert; Lipin, Steven (3 November 1999). "American Home Products Discusses A Merger With Warner-Lambert" – via www.wsj.com.
  20. ^ https://www.reuters.com/article/us-monsanto-m-a-bayer-idUSKCN11B2G9
  21. ^ https://www.bbc.co.uk/news/business-37361556
  22. ^ https://www.shire.com/en/newsroom/2018/april/mdt9go
  23. ^ https://www.reuters.com/article/us-monsanto-m-a-bayer-idUSKCN11B2G9
  24. ^ https://www.shire.com/en/newsroom/2018/april/mdt9go
  25. ^ https://www.shire.com/en/newsroom/2018/april/mdt9go
  26. ^ "Allergan agrees to $66 billion Actavis offer; Valeant walks". 17 November 2016 – via Reuters.
  27. ^ "Valeant Raises Takeover Offer for Allergan a Second Time". 31 May 2014 – via www.bloomberg.com.
  28. ^ "Valeant Raises Takeover Offer for Allergan With More Cash". 28 May 2014 – via www.bloomberg.com.
  29. ^ Gara, Antoine. "Monsanto Drops $46.5B Bid For Syngenta, Paving Way For Stock Buyback Amid Market Rout".
  30. ^ https://seekingalpha.com/news/2505826-syngenta-rejects-monsantos-takeover-approach
  31. ^ https://seekingalpha.com/news/2503196-reuters-monsanto-syngenta-hire-u-s-banks-to-advise-on-possible-takeover
  32. ^ "Valeant, Bill Ackman bid $45B for Botox-maker Allergan".
  33. ^ https://www.bloomberg.com/news/articles/2014-06-23/monsanto-said-to-have-weighed-40-billion-syngenta-deal
  34. ^ Staff (April 21, 2015). "Teva Offers to Buy Mylan for $40B". GEN News Highlights. Genetic Engineering & Biotechnology News. Retrieved April 21, 2015.
  35. ^ Staff (April 8, 2015). "Mylan Offers $28.9B for Perrigo". GEN News Highlights. Genetic Engineering & Biotechnology News. Retrieved April 21, 2015.
  36. ^ Associated Press (April 21, 2015). "Teva Offers to Buy Mylan in $40.1B Cash-And-Stock Deal". Pharmaceutical Processing. Retrieved April 21, 2015.
  37. ^ "Mylan's Hostile Bid for Perrigo Fails".
  38. ^ "Endo Ends Effort to Wrest Merger-Bound Salix from Valeant - GEN Genetic Engineering & Biotechnology News - Biotech from Bench to Business - GEN".