Pharma M&A versus alliances and its underlying value drivers

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.

Acest studiu analizeaza 229 de fuziuni si achizitii si 120 de tranzactii de licentiere in industria farmaceutica. Autorul arata, dintr-o perspectiva a pietei de capital, ca fuziunile si achizitiile se confrunta cu randamente anormale medii cumulate semnificative, negative, in timp ce licentele sunt capabile sa creeze valoare.