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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

Series:

Heiko Schön

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.
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Bibliographic Information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data is available in the internet at http://dnb.d-nb.de.

Zugl.: Darmstadt, Techn. Univ., Diss., 2015

Library of Congress Cataloging-in-Publication Data Schön, Heiko, 1978- author. 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 / Heiko Schön. p. ; cm. — (Corporate finance and governance ; Volume 15) Includes bibliographical references. ISBN 978-3-631-66381-3 I. Title. II. Title: Are M&A or alliances the right therapy for an ailing pharmaceutical industry? A capital market perspective. III. Series: Corporate finance and governance ; Bd. 15. [DNLM: 1. Drug Industry—economics. 2. Drug Industry—organization & administration. QV 736.1] HD9665.5 338.4'76151—dc23

2015030931

D 17 ISSN 1869-537X ISBN 978-3-631-66381-3 (Print) E-ISBN 978-3-653-05845-1 (E-Book) DOI 10.3726/978-3-653-05845-1

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