Big Drugmakers That May Tread the M&A Path After Pfizer

分析称安进、吉利德、强生这三家公司最有可能继辉瑞之后展开大手笔并购

2019-06-20 20:11:00 Zacks

本文共3124个字,阅读需8分钟

In a surprising move, on Monday, drug giant, Pfizer PFE announced a definitive agreement to buy small cancer drugmaker, Array BioPharma ARRY for $48 per share in cash for a total enterprise value of approximately $11.4 billion. The offer price represents an impressive premium of 62% over Array BioPharma’s closing price of $29.59 on Friday. The deal, if successful, will strengthen and diversify Pfizer's oncology lineup into melanoma and CRC from its existing strong portfolio of breast and prostate cancer drugs. Array’s new commercial medicine, Braftovi plus Mektovi is a treatment for BRAF-mutant melanoma, the deadliest form of skin cancer and was launched last year. The combination medicine is also being evaluated in label expansion studies for other cancer types including metastatic colorectal cancer (mCRC) with BRAF mutation. The acquisition will also bring to Pfizer a large portfolio of royalty-generating out-licensed medicines. However, some analysts were not too happy with the deal, which they believe is expensive and will not add any significant near-term value. Array BioPharma may, however, prove to be a strategic fit for Pfizer over the long term. Flurry of M&A Deals As expected, there has been a flurry of M&A deal announcements this year in the pharmaceuticals/biotech industry. Oncology and immuno-oncology, particularly, are key areas of focus. Bristol-Myers Squibb BMY, one of the largest pharma giants, is on track to close its previously announced acquisition of leading biotech company, Celgene CELG for a whopping $74 billion. This will be one of the largest acquisitions in recent times. Other important acquisition announcements include Lilly’s purchase of small cancer biotech, Loxo Oncology, and Merck’s acquisition of Immune Design and pending acquisitions of small private cancer biotechs, Peloton Therapeutics and Tilos Therapeutics. Glaxo also closed its previously announced acquisition of small cancer biotech, TESARO for $5.1 billion in January. In non-oncology deals, Roche is due to acquire Spark Therapeutics for $4.8 billion per a deal announced in February. Speculations Increase Every time an M&A news surfaces, speculations are rife about which big drug/biotech company will tread on the inorganic growth path next. Big pharma companies are cash rich, especially after the tax overhaul in 2017, which reduced tax rate. Given that it takes several years and millions of dollars to develop new therapeutics from scratch, large pharmaceutical companies sitting on huge piles of cash may prefer to buy innovative small/mid cap biotech companies to build out their pipelines. Other than that, sloppy sales of mature drugs due to pricing pressure and generic/biosimilar competition, government scrutiny of drug prices and dwindling in-house pipelines are some other factors that fuel the M&A appetite of large drugmakers. The spate of M&A activity is expected to continue as drug/biotech companies look to use huge cash reserve and combat rivalry woes. However, with Lilly, Glaxo, Roche and now Pfizer already announcing decent size buyout deals, the chances of them making another buyout soon are low. Bristol-Myers’ buyout of Celgene is one of the largest pharma mergers. Merck has been making smaller but regular acquisitions of small cancer biotechs this year. Here we discuss three big drug/biotech companies, which are most likely to announce the next M&A deal. Meanwhile, significant innovations in cancer and gene therapies suggest that the acquisitions could mostly be in these areas. Amgen, Inc. AMGN Amgen has not made any significant M&A announcement for quite some time now. Though it has an intriguing line-up of early and mid-stage programs, its late-state pipeline is not that strong after approval of Aimovig for migraine and Evenity/romosozumab for osteoporosis in postmenopausal women. Amgen is mostly dependent on label expansion of its growth products – Prolia, Xgeva, Vectibix, Nplate and Kyprolis and Blincyto. Most of its mature and highly successful drugs like Enbrel, Aranesp, Epogen, Neupogen and Neulasta are facing an array of branded and generic competitors. It thus looks in great need to buy mid- and late-stage assets to strengthen its pipeline. Moreover, the company’s strong balance sheet and a moderate debt burden should allow it to expand its portfolio by acquiring or in-licensing attractive innovation. It had $26.3 billion in cash, cash equivalents and marketable securities at the end of March 2019. Amgen could buy BioMarin or Alexion to diversify into the rare-disease market or Incyte to strengthen its cancer portfolio. Gilead, Inc GILD Gilead last bought Kite Pharma and Cell Design Labs in 2017 and has enough capacity to absorb an acquisition or two to bolster the company’s value. Gilead had $30.1 billion in cash, cash equivalents, and marketable securities at the end of March. Though its HIV franchise is doing well, it is struggling with sales of its HCV products. The company has long been looking to expand beyond antivirals into other therapeutic areas. It has regularly made collaborations to build a pipeline in newer areas like CAR-T therapy and NASH. Acquisition of a small biotech with a great oncology or NASH candidate or maybe even a large M&A deal could be in the offing. Gilead could also buy BioMarin or Incyte or other smaller companies like Exelixis or Clovis Oncology. Interestingly, Gilead is also widely speculated to be a takeover target. Johnson & Johnson JNJ The last big acquisition for J&J was that of Swiss biotech Actelion for $30 billion in June 2017, which diversified its revenues in the pulmonary arterial hypertension (PAH) category. In February of the same year, J&J bought Abbott’s vision care business, Abbott Medical Optics for $4.325 billion, which has strengthened its Medical Device segment. Since then, it has bought only small companies like Auris Healthand BeneVir Biopharmor rights to innovative drug/medical device pipeline products. Moreover, J&J has gained regulatory approvals for 18 new products since 2011 in HIV, cancer and cardiovascular areas. This year itself, it has already gained FDA approval for two new drugs, Balversa and Spravato. With most of its pipeline products getting approved in the past few years, J&J looks dependent on potential line extensions of its successfully marketed products like Simponi, Stelara, Zytiga, Darzalex, Xarelto and Imbruvica for sales growth opportunities. It hardly has any impressive candidate in the pipeline and could do well to build its pipeline through acquisition of a company with innovative technologies and pipelines. We believe the company also has sufficient funds to pursue small bolt-on acquisitions to boost its portfolio. Its cash and cash equivalents totaled $14.7 billion at the end of March 2019. Others Not Far Behind Among the other bigshots, last year, Novartis bought gene therapy company Avexis while Sanofi scooped up two companies, Ablynx and Bioverativ, to strengthen its rare blood disorders portfolio. Biogen is due to close its previously announced (March 2019) acquisition of London based clinical-stage gene-therapy company, Nightstar Therapeutics soon. Despite the recent M&A deals, Novartis, Sanofi and Biogen still have enough capacity to make more such announcements in the near term. Conclusion Undoubtedly, the string of announcements in the first half sets the tone for the rest of the year. However, it should be kept in mind that 2018 had also begun with expectations of record-breaking M&A activity. However, the number of mergers and acquisitions dwindled after the first few months, probably because the potential acquisition targets demanded a premium. So, it remains to be seen if the momentum lasts through 2019.
辉瑞制药巨头辉瑞(Pfizer)制药周一宣布,以每股48美元的现金收购小型癌症制药公司 ArrayBioPharma ARRY 的最终协议,总价值约114亿美元。收购价格较 Array BioPharma 上周五29.59美元的收盘价溢价62%。 该交易如果成功,将加强和多样化辉瑞(Pfizer)的肿瘤阵容,从其现有的强大的组合乳腺癌和前列腺癌药物。Array 的新商业药物 Braftovi 和 Mektovi 是治疗 BRAF 突变的黑色素瘤的药物,这是去年最致命的皮肤癌。联合药物也在其他癌症类型的标签扩展研究中被评估,包括转移性结直肠癌( mCRC )与 BRAF 突变。 此次收购还将为辉瑞(Pfizer)带来一大批专利药。然而,一些分析师对这笔交易并不太满意,他们认为这笔交易成本高昂,不会增加任何重大的近期价值。然而, ArrayBioPharma 可能被证明是辉瑞(Pfizer)长期的战略合适人选。 一系列并购交易 正如预期的那样,今年医药/生物技术行业出现了一系列并购交易公告。 肿瘤学和免疫肿瘤学是重点领域。百时美施贵宝( Bristol-Myers SquibbBMY )是全球最大的制药巨头之一,它正准备以740亿美元的价格完成之前宣布的对领先生物技术公司 CelgeneCELG 的收购。这将是近期规模最大的收购之一。 其他重要的收购公告包括礼来(Lilly)公司收购小癌症生物技术、 Loxo Oncology 、默克(Merck)公司收购 Immune Design 以及正在进行的对小型私人癌症生物技术、 Pelooton Therapeutics 和 Tilos Therapeutics 的收购。葛兰素史克还在1月份以51亿美元的价格完成了之前宣布的对小型癌症生物技术公司 TESARO 的收购。在非肿瘤学交易中,罗氏(Roche)将以48亿美元的价格收购 Spark Therapeutics 。 投机活动增加 每当一家并购新闻浮出水面时,人们都在猜测,哪家大型制药/生物技术公司下一步将踏上无机增长之路。 大制药企业现金充裕,尤其是2017年进行税制改革后,降低了税率。考虑到从头开始开发新疗法需要几年时间和数百万美元,坐拥巨额现金的大型制药公司可能更愿意购买创新的中小型生物技术公司,以建立他们的管道。除此之外,由于定价压力和仿制药/生物仿制药竞争、政府对药品价格的严格审查以及内部管道的减少,成熟药品销售疲软也是推动大型制药企业并购意愿的其他因素。 随着制药/生物技术公司寻求利用巨额现金储备和应对竞争困境,大量并购活动预计将继续。 然而,随着礼来(Lilly)公司、葛兰素公司、罗氏(Roche)公司和辉瑞(Pfizer)公司已经宣布了规模可观的收购交易,它们很快又进行收购的可能性很低。百时美施贵宝( Bristol-Myers )收购新基(Celgene)是最大的制药企业合并之一。默克公司( Merck )今年对小癌症生物技术进行了规模较小但定期的收购。 在这里,我们讨论了三家大型制药/生物技术公司,它们最有可能宣布下一笔并购交易。同时,癌症和基因治疗的重大创新表明,收购可能主要在这些领域。 安进(Amgen), Inc . AMGN 安进(Amgen)公司在相当长的一段时间内没有做出任何重大的并购公告。虽然它有一个有趣的路线,早期和中期计划,其后期的国家管道是不是那么强大的批准 Aimovieg 为偏头痛和 Evenicity / romoszumab 骨质疏松症后妇女。 安进(Amgen)主要依赖于其增长产品的标签扩展—— Prolia 、 Xgeva 、 Vectibix 、 Nplate 和 Kyprolis 和 Blincyto 。它的大多数成熟和高度成功的药物,如 Enbrel , Aranesp , Epogen , Neupogen 和 Neulasta 都面临着一系列品牌和通用的竞争对手。因此,它似乎非常需要购买中期和后期资产,以加强其管道。 此外,该公司强劲的资产负债表和适度的债务负担,应使其能够通过收购或授权进行有吸引力的创新来扩大其投资组合。截至2019年3月底,该公司拥有263亿美元现金、现金等价物和有价证券。 安进(Amgen)可以收购 BioMarin 或亚力兄(Alexion),以分散进入罕见疾病市场或因塞特(Incyte),以加强其癌症投资组合。 吉利德(Gilead), Inc GILD 吉利德(Gilead)上一次在2017年收购了 Kite Pharma 和 Cell Design Labs ,并有足够的能力吸收一两笔收购来提升公司价值。截至3月底,吉利德(Gilead)拥有301亿美元的现金、现金等价物和有价证券。尽管它的艾滋病毒业务表现良好,但它在销售 HCV 产品方面遇到困难。该公司一直在寻求将抗病毒药物扩展到其他治疗领域。它定期合作在 CAR-T 疗法和 NASH 等新领域建立管道。收购一家规模较小、肿瘤学或 NASH 候选者较多的生物技术公司,甚至可能是一笔大的并购交易即将进行。 吉利德(Gilead)还可以收购 BioMarin 或因塞特(Incyte)或 Exelixis 或 Clovis 肿瘤学等其他规模较小的公司。有趣的是,吉利德(Gilead)也被广泛认为是收购目标。 强生 JNJ 强生(J&J)最近一次大规模收购是在2017年6月以300亿美元收购瑞士生物技术公司爱可泰隆(Actelion),使其在肺动脉高压( PAH )类别的收入多样化。同年2月,强生(J&J)以43.25亿美元收购了雅培的视觉护理业务雅培(Abbott)医用光学,这增强了其医疗器械细分市场。此后,仅收购 Auris HealthandBenVir Biopharmo 等小公司对创新药/医疗器械管道产品的权利。 此外,自2011年以来,强生(J&J)在艾滋病、癌症和心血管领域的18种新产品获得了监管机构的批准。今年,它已经获得了 FDA 批准的两种新药, Bal反之亦然和 Spravo 。过去几年,随着大部分管道产品获得批准,强生(J&J)似乎依赖于其成功销售的产品(如 Simponi 、 Stelara 、 Zytiaga 、 Darzalex 、 Xarelto 和 Imbruvica )的潜在线扩展来实现销售增长机会。该公司几乎没有任何令人印象深刻的候选公司,通过收购一家拥有创新技术和管道的公司,它可以很好地建立自己的管道。 我们相信,该公司也有足够的资金进行小规模的补强收购,以扩大其投资组合。截至2019年3月底,其现金及现金等价物总额为147亿美元。 其他不远的 去年,诺华(Novartis)收购了基因治疗公司 Avexis ,而赛诺菲(Sanofi)则收购了 Ablynx 和 Biovertiv 两家公司,以加强其罕见的血液疾病产品组合。百健(Biogen)公司即将完成之前宣布的(2019年3月)收购总部位于伦敦的临床阶段基因治疗公司 Nightstar Therapeutics 。尽管最近达成了并购交易,诺华(Novartis)、赛诺菲(Sanofi)和百健(Biogen)仍有足够的能力在短期内发布更多此类公告。 结论 毫无疑问,上半年的一系列声明为今年剩下的时间定下了基调。然而,应该记住的是,2018年也开始时,人们预期并购活动将达到创纪录水平。然而,在头几个月之后,并购数量有所减少,可能是因为潜在的收购目标要求更高的溢价。 因此,这一势头能否持续到2019年,仍有待观察。

以上中文文本为机器翻译,存在不同程度偏差和错误;偶尔因源网页结构局限,内容无法一次完整呈现。请理解并参考原站原文阅读。

阅读原文