| Generic medicine has always been an important part of the global pharmaceutical market.In 2016,the general office of the State Council issued the opinions on the evaluation of the consistency of quality and efficacy of generic drugs,which requires that generic drugs be consistent with the original drugs in terms of quality and efficacy,otherwise they will be expelled from the market,and whether the consistency evaluation of generic drugs can be the key to the survival of domestic pharmaceutical enterprises.In 2017,domestic pharmaceutical companies suddenly set off a wave of overseas M & A.the amount of overseas M & A of Chinese pharmaceutical companies reached 45.5 billion in that year,with a 10% increase in transaction volume and a 97% increase in transaction amount compared with 2016.However,"what are the reasons for these enterprises to carry out cross-border M & A,how do they successfully complete the M & A,and what is the effect of M & A?" These are not only the problems that need to be solved in the practice of enterprises,but also the scientific problems that need to be solved in the theoretical circles at home and abroad.Shanghai Fosun Pharmaceutical Co.,Ltd.is a leading enterprise in China's generic pharmaceutical industry.In 2017,Fosun Pharmaceutical completed the M & A of India's Gland Pharma with us $1.094 billion,becoming the largest pharmaceutical M & A case in that year,and this M & A also has profound strategic significance for Fosun,so this paper makes a specific study and analysis of the above issues with this case.First of all,it introduces the research background,significance and purpose of this paper,reviews,combs and summarizes the relevant theories and performance theories of M & A;then,it analyzes the development status and trend of the generic industry at home and abroad,and introduces the consistency evaluation policy of generic drugs and its prior approval system,as well as the development process and operation of the enterprises on both sides of M & A Then,the short-term performance of the M & a event is studied by using the event research method,and the long-term performance of the event is studied by using the accounting index method from the profitability,solvency,operating ability and growth ability,and the non-financial performance index is used most to study the post merger performance Whether the purpose of M & A has been achieved;finally,summarize the successful experience of M & A,and summarize the problems of this paper at the end.Based on the above analysis,this paper draws the following conclusions and Enlightenment:1.On the one hand,Fosun Pharmaceutical's M & a motivation for India's gland is toobtain advanced patent technology and talent team;on the other hand,Fosun Pharmaceutical wants to achieve scale efficiency,expand market share at home and abroad,and coordinate operation through M & A.2.In terms of M & a performance,the short-term market reaction is positive;the long-term profitability and growth ability have been improved,the operation ability has been stable,the solvency has been weakened,but the overall situation is good;the market share has been expanded,the R & D ability has been further enhanced,but the scale economic benefit needs to be further expanded.3.The Enlightenment of this M &A activity is that the "consistency evaluation" should be promoted to the consideration of major strategic decision-making of enterprises.Pharmaceutical enterprises should determine the target of merger and acquisition according to their own needs,and the high-quality target of merger and acquisition can guarantee the enterprise performance.The globalization strategy of Fosun innovation is also worth learning from domestic pharmaceutical enterprises. |
PDF Full Text Request