M&A in the pharmaceutical industry
- Shibayama, S., et al. (2008) Effect of Mergers and Acquisitions on Drug Discovery: Perspective from a Case Study of a Japanese Pharmaceutical Company. Drug Discovery Today, 13(1-2), 86-93. [doi]
- Shibayama, S., et al. (2011) New Perspective for the Management of M&A Process: a Merger Case of a Japanese Pharmaceutical Company. Corporate Governance, 11(1), 77-89. [doi]
- Shibayama, S., et al. (2007) Analysis of Pre-M&A Process of Japanese Pharmaceutical Company: A Case Study of Astellas Pharma Merger. Journal of Health Care and Society, 16(3), 249-273.
The pharmaceutical industry has experienced intermittent waves of mergers and acquisitions (M&As) since the late 1980s.Pharmaceutical executives have explained various rationales for M&As: enrichment of pipeline and products, acquisition of novel technologies, economy of scale in R&D and in marketing, and expansion of corporate control. However, M&As and subsequent downsizing could harm competitive capabilities, especially through discouraging R&D personnel.