生技醫藥產業併購之策略探討

前人研究指出大藥廠應用開放式創新來增加研發的能量和強度，提高資源的共享和知識的對接，漸而成為資源整合者的角色。而藥廠面臨專利懸崖、社會高齡化導致醫療支出攀升，許多生技醫藥產業企業的研發投入和產出逐漸不成比例，生技醫藥產業已面臨許多瓶頸，近幾年持續不斷的併購議題逐漸浮出檯面討論。本研究根據全球和台灣生技醫藥產業長達20年資料的收集與分析，觀察生技醫療產業間併購的變化和發展趨勢，結合企業策略規劃的理論，分析生醫產業在併購具有價值之階段與策略方向，以期能帶給台灣政府策略方針與生技醫藥產業企業策略經營規劃時的參考。研究結果從全球角度分析的併購資料發現全球廠商間以聯盟的方式為主，創投、私募的比例隨時間增加，生技醫藥產業的投資者偏向於以私募做投資行為，相較於台灣資金投資者較為集中。近年以大型生技醫藥企業為主要併購者，併購行為已逐漸轉為跨國際性，相對其他國家，美國仍為主要的併購國（併購總數最多），但生技併購行為越傾向保守，除了併購數量下降之外，併購標的以確認藥效及快進入市場（Stage II/Market）之藥物為主。而台灣的併購行為生技醫藥產業傾向水平式併購，但複合式併購於近年逐漸增加，以生技醫藥產業為主併方的併購方式以收購股份（原股東收購）為主，被併購地區多為本國（78.24%）；私募於近年比例提高，相對於公開市場活躍，但絕大部分以個人名義投資，政府與其他投資公司資金挹注比例較低，資金投資者分散且多非策略性引資或生技醫藥相關產業。根據以上的分析結果，建議生技藥產業在藥物的研發至少進入人體臨床二期才有其合作效益，國際上的發展模式與策略經驗中，以收購權掌握關鍵智慧財產權、專利和研發績效為主，藉著不同的合作模式可以增加藥物在研發過程中的價值，加速新藥上市、分攤研發風險進而增加新藥產值，而台灣目前需要加強對海外及國際間接軌的機會，除了吸引國際資金投資，也能夠促進企業增加合作之契機。

關鍵字

生技醫藥產業；策略規劃；併購；社會網絡分析

並列摘要

Existing literature indicates that giant pharmaceutical firms which increase the research energy and share knowledges based on open innovation has gradually become the network integrators. The M&A issues have gradually emerged in recent years. Around the world, pharmaceutical firms facing the patent cliff, aging society and soaring of the medical expense. The input and output of R&D is out of proportion on many life science companies. Life sciences have encountered lots of dilemma in the recent decade. This thesis attempts to conduct longitudinal study based on the 20 years of data collected from various data resources to study the changes and development trend of M&A in life science sector. The finding shows that the M&A activities of global life sciences industry is mainly based on the strategic alliance. Venture financing, private placement and acquisition are increase as the time goes. The investors of global life sciences industry prefer to private placement. Compared with investors in Taiwan, the global investors are more centered. In recent years, mainly acquirers were big pharma. M&A behavior become more international gradually. Compared with the other countries, United State is still the main acquirer (the most quantity of M&A). Furthermore, M&A of life sciences tends to be conservative. The quantity of M&A is decreased, and the targets are dominated in the ensuring of Pharmacodynamic(Stage II) and market stage. In Taiwan, the M&A activities of industries tends to horizontal mergers. But conglomerate mergers are gradually increase in recent years. Besides, the M&A of life sciences mainly focuses on the acquisition of shares (original shareholder acquisition), and the target area is mostly domestic (78.24%). The proportion of private placements has increased in recent years, and it is more active than the open market. However, most of them are individual investment. Government and other investment companies have low capital ratios, and the capital investors are scattered and most of them are neither strategic investments nor biotechnology-related industries. This thesis therefore suggested life science will have its cooperation benefits in the development of drugs at least in the Phase II of clinical trial. The major development trend in global is acquisition of the right which master intellectual property rights, patents and R&D performance. The value of medicine in R&D process can be increased, the NDA can be accelerated and the risk of R&D can be shared to increase the market value through different collaboration mode. Taiwan currently needs to reinforce the opportunities to connect with international market. In addition to attracting international capital investment, it can also promote the enterprise to increase the chances of building international collaboration networks.