| In recent years,the pharmaceutical industry has maintained a high degree of popularity in the world.Mergers and acquisitions between the same industries are increasingly popular.Whether it is the cutting-edge research and development technology or the terminal sales area,mergers and acquisitions between the pharmaceutical industries are showing a diversified trend.All pharmaceutical enterprises are facing a huge test in the new market environment.At the 19 th National Congress of the Party,"Healthy China" was established as a national strategy,and China’s pharmaceutical and biological industry has become an industry that the state focuses on and supports,and is in a stage of prosperity and development.During the Spring Festival in 2020,the outbreak of the COVID-19 epidemic drew the pharmaceutical manufacturing industry into the public eye and showed a good development trend.However,there are still large gaps in market development,degree of biotechnology and new product research and development capabilities.In order to expand its own scale and enhance its market competitiveness,pharmaceutical enterprises have embarked on the road of mergers and acquisitions.At present,there are few studies on pharmaceutical mergers and acquisitions in China.In order to further explore the causes of mergers and acquisitions and the impact on corporate performance,a representative pharmaceutical industry merger and acquisition case,CR Pharmaceuticals Merger and Acquisition of Boya Biological,is selected for analysis,hoping to enrich the theoretical system of pharmaceutical industry mergers and acquisitions.Based on the research of relevant literature on M&A,this paper makes a comparative analysis of relevant data indicators before and after M&A of CR Pharmaceuticals from the perspectives of event research method,financial indicator analysis method and non-financial indicator analysis method,and evaluates whether M&A activities bring positive benefits to CR Pharmaceuticals.In the selection of non-financial indicators,this paper combines the actual situation of CR Pharmaceuticals’ development,selects indicators such as market share,new customer acquisition,innovation ability and humanistic integration to measure the comprehensive performance after the merger,hoping to analyze the real situation of the merger more objectively.According to the research,the main motivation of CR Pharmaceuticals’ acquisition of Boya Biological is to expand the business scope,realize diversified operation and conform to the requirements of the times.Through the event research method,it is found that CR Pharmaceuticals’ acquisition of Boya Biological brings new opportunities and growth points,and the market reaction is positive;In terms of financial performance,the short-term solvency and growth capacity increased significantly in the vertical and horizontal comparison,but the profit and operating capacity did not increase significantly and did not change in the horizontal comparison with the same industry;In terms of non-financial performance,CR Pharmaceuticals’ various indicators reflected well,basically achieving the strategic objectives and having a positive impact on corporate performance.It is concluded from this that the acquisition has indeed significantly improved the short-term performance of CR Pharmaceuticals and improved the market competitiveness of its products,which is a relatively successful acquisition case.However,no effect has been achieved in improving its position in the pharmaceutical industry,and further observation is required for a long time.In the future merger and acquisition of pharmaceutical enterprises,attention should be paid to strategic fit,business integration,management coordination,appropriate policies,no waste of resources and blind follow,in order to maximize the benefits of the enterprise. |
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