List of largest pharmaceutical mergers and acquisitions

The following table lists the largest mergers and acquisitions in the pharmaceutical and biotechnology industry (those over $10 billion). Transactions are recorded by the highest transaction dollar value (rather than using the inflation adjusted values).

Largest mergers and acquisitions

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R Year Purchaser Target Transaction type[1] Value — with debt
(in billions USD) 		Value — with debt
(adjusted for inflation) 		Ref
1 1999 Pfizer Warner-Lambert Acquisition 111.8 216 [2]
2 2000 Glaxo Wellcome plc SmithKline Beecham Merger (formed GlaxoSmithKline) 76.0 142
3 2019 Bristol-Myers Squibb Celgene Acquisition 74.0 — 95.0 93 — 120 [3]
3 2004 Sanofi Aventis Acquisition 73.5 110
4 2015 Actavis Allergan, Inc Acquisition 70.5 96 [4][5][6]
5 2009 Pfizer Wyeth Acquisition 68.0 102
6 2002 Pfizer Pharmacia Acquisition 64.3 115 [7]
7 2018 Takeda Pharmaceutical Shire Acquisition 62.0 79 [8]
8 2016 Bayer Monsanto Acquisition 54.5 — 63.5 73 — 85
9 2009 Merck & Co. Schering-Plough Acquisition 47.1 71 [9]
10 2009 Roche Genentech Acquisition 44.0 66
11 2014 Medtronic Covidien Acquisition 42.3 58
12 2015 Teva Pharmaceutical Industries Actavis Business Unit 40.5 55
13 2010 Novartis Alcon Acquisition 39.3 58
14 2016 Shire Baxalta Acquisition Unit 32.0 — 35.0 43 — 47
15 2016 Abbott Laboratories St Jude Medical Acquisition 30.5 41
16 1998 Astra AB Zeneca Merger (formed AstraZeneca) 30.4 60
17 2017 Johnson & Johnson Actelion Acquisition 30.0 39
18 1996 Ciba-Geigy Sandoz Merger (formed Novartis) 29.0 60
19 2006 Boston Scientific
Abbott Laboratories		 Guidant Acquisition 27.2 43
20 1999 Pharmacia & Upjohn Monsanto Merger 25.2 49
21 2016 Abbott Laboratories St Jude Medical Acquisition 25.0 — 30.5 34 — 41
22 2015 AbbVie Pharmacyclics Acquisition 21.0 29
23 2014 Actavis Forest Laboratories Acquisition 20.7 28
24 2011 Sanofi Genzyme Corporation Acquisition 20.1 29
25 2012 Johnson & Johnson Synthes Acquisition 19.7 28
26 2006 Bayer Schering Acquisition 18.4 29
27 2016 Quintiles IMS Health Merger (formed QuintilesIMS) 17.6 24
28 2015 Pfizer Hospira Acquisition 17.0 23
29 2014 Merck Group Sigma-Aldrich Acquisition 17.0 23
30 2001 Amgen Immunex Acquisition 16.8 31
31 2006 Johnson & Johnson Pfizer Consumer Health Business Unit 16.6 27
32 2014 Novartis GlaxoSmithKline Oncology Business Unit 16.0 22
33 2015 Valeant Salix Pharmaceuticals Acquisition 15.8 21
34 2007 AstraZeneca MedImmune Acquisition 14.7 23
35 2007 Schering Plough Organon International Acquisition 14.5 23
36 1995 Glaxo Wellcome Acquisition 14.2 30
37 2014 Bayer Merck & Co Consumer Health Business Unit 14.2 19
38 2014 Zimmer Inc. Biomet Inc. Acquisition 13.4 18
39 2019 Amgen Otezla (drug programme) Acquisition 13.4 17
40 2006 Merck Group Serono Acquisition 13.2 21
41 2018 GlaxoSmithKline GlaxoSmithKline–Novartis Consumer Healthcare Acquisition 13.0 17
42 2016 Boehringer Ingelheim Sanofi Animal Health (Merial) Business Unit 12.4 17
43 2017 Gilead Sciences Kite Pharma Acquisition 11.9 16
44 2018 Sanofi Bioverativ Acquisition 11.6 15
45 2011 Gilead Sciences Pharmasset Acquisition 11.2 16
46 2013 Amgen Onyx Pharmaceuticals Acquisition 10.4 14
47 2020 AbbVie Allergan Acquisition 63.0 78
48 2024 Novo Holdings A/S Catalent Acquisition 16.5 17 [10][11]

Failed mergers and acquisitions

Rank Year Purchaser Target Value
(in billions USD)		 Value
(adjusted for inflation)
1 2015 Pfizer Allergan, plc 160 217 In November 2015 Pfizer announced it would acquire Allergan, plc for $160 billion ($217 billion, adjusted for inflation). However, this deal was cancelled in April 2016 due to new US tax inversion rules.[12][13] Had this transaction been completed, this would have been the largest within this industry.
2 2014 Pfizer Astra Zeneca 123 167 Significant concerns were raised by the UK Government over job security, in the end leading to a deal being abandoned due to resistance from the AstraZeneca Board.[14]
3 2014 Pfizer Astra Zeneca 106 145 AstraZeneca claimed the deal undervalued the company.[15]
4 2014 Pfizer Astra Zeneca 99 135 AstraZeneca claimed the deal undervalued the company.[16]
5 1999 Pfizer Warner–Lambert 82.4 159 Pfizer made a hostile bid, just after the announcement of a $72 billion deal with Wyeth, the eventual purchase price would be in excess of $90 billion.[17][18][19]
6 1999 Wyeth Warner–Lambert 72 139 Wyeth confirmed it has agreed a $200 billion deal with Warner–Lambert, causing Pfizer to make a hostile bid, just after the announcement.[17][18][19]
7 1999 Wyeth Warner–Lambert 65 126 The two companies discussed a potential merger, uniting two of the largest pharmaceutical companies. This was eventually thwarted by Pfizer, in order to maintain control of the blockbuster drug - Lipitor.[20][21]
8 2016 Bayer AG Monsanto Company Inc. 65 87 Bayer advanced talks with Monsanto's management and subsequently raised its off by $3 billion, to more than $65 billion - which represented a 2 percent increase on its previous offer. The eventual purchase price would be more than $66 billion.[22][23]
9 2018 Takeda Pharmaceutical Shire 62.5 80 Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the company, its growth prospects as well as pipeline.[24]
10 2016 Bayer AG Monsanto Company Inc. 62 83 Bayer initially opened negotiations with an offer of $125 per Monsanto share, however management felt this undervalued the company.[22]
11 2018 Takeda Pharmaceutical Shire 61 78 Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the company, its growth prospects as well as pipeline.[24]
12 2018 Takeda Pharmaceutical Shire 58.2 75 First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the company, its growth prospects as well as pipeline.[24]
13 2014 Valeant Pharmaceuticals Allergan, Inc 54 73 Valeant had pursued Botox-maker Allergan for six months. After a protracted court battle with Valeant, Bill Ackman and his Pershing Square Capital Management hedgefund on one side (which then owned 10% of Allergan) and Allergan on the other, Actavis entered the fray with a $66 billion white knight bid.[25]
14 2014 AbbVie Shire Pharmaceuticals 54 73 The two companies had agreed to a $54 billion deal that would allow AbbVie to move its headquarters overseas to Europe, reducing their corporate tax rate. However, the U.S. Treasury passed laws, tightening down on tax inversion deals just before the merger was completed, making the agreement much less profitable for AbbVie.
15 2014 Valeant Pharmaceuticals Allergan, Inc 53.3 72 Valeant raised its unsolicited offer for Allergan a second time, to $53.3 billion, increasing the cash portion of the bid in an effort to win the backing of the company, with the cash-and-stock portion of the bid valuing each Allergan share at $179.25.[26]
16 2014 Valeant Pharmaceuticals Allergan, Inc 49.4 67 Valeant raised its unsolicited offer for Allergan Inc. to $49.4 billion, adding more cash to the bid in an effort to win backing from Allergan and its investors, with the value of each share rising to $166.16 per Allergan share.[27]
17 2015 Monsanto Company Inc. Syngenta AG 47 63 Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders.[28] Subsequently, Bayer offered to purchase Monsanto, with ChemChina offering to acquire Syngenta.
18 2014 Monsanto Company Inc. Syngenta AG 45 61 Syngenta rejecteded another unsolicited offer from Monsanto, worth $45 billion, with management saying it undervalued the company and a merger would carry significant risks. Monsanto offered to acquire the company at a price of 449 Swiss francs per Syngenta share, with approximately 45% of the price paid in cash.[29][30]
19 2014 Valeant Pharmaceuticals Allergan, Inc 45 61 Valeant Pharmaceuticals and activist investor Bill Ackman offered to buy Botox maker Allergan, proposing a cash-and-stock deal worth about $152.89.[31]
20 2014 Monsanto Company Inc. Syngenta AG 40 54 Monsanto weighed $40 billion unsolicited bid for Swiss rival, Syngenta aiming to avoid US corporation taxes. Monsanto and Syngenta held preliminary talks with both sets of advisers in the preceding few months, with talks centered on a combination. However, Syngenta's management decided against negotiations.[32]
21 2015 Teva Pharmaceutical Industries Mylan 40 54 In April, Teva offered to acquire Mylan for $40 billion,[33] only a fortnight after Mylan offered to acquire Perrigo for $29 billion.[34] Teva's offer for Mylan is contingent on Mylan abandoning its acquisition of Perrigo.[35] Mylan stated in June 2015 that Teva's disclosure that it had a 1.35 percent stake in Mylan violated US anti-trust rules.
22 2015 Mylan Perrigo 26 35 In order for the hostile takeover to go through successfully, Mylan needed 50% of Perrigos shares to be tendered under the deal. However, only 40% or 58 million shares were tendered and the hostile takeover fell through.[36]
23 2004 Johnson & Johnson Guidant 25.4 43 Johnson & Johnson announced that it was acquiring Guidant on December 15, 2004, for $76 a share, with the deal being approved later approved on April 27, 2005, by Guidant shareholders. However, on May 25 of the same year, Guidant reported 26 cases of implantable defibrillator failure, including a death. Johnson & Johnson announced the possibility of them pulling out from the deal, Guidant then sued Johnson & Johnson in an attempt to enforce the acquisition. However they later re-negotiated a lower price of $21.5 billion.
24 2006 Boston Scientific Guidant 25.0 40 A day after Johnson & Johnson raised their price for Guidant to $23.2 billion, Boston Scientific announced a further increased offer.
25 2005 Boston Scientific Guidant 24.6 41 With the lower re-negotiated a lower price of $21.5 billion between Johnson & Johnson and Guidant, Boston Scientific announced an unsolicited offer of $24.6 billion for Guidant (an offer of $72 per share of Guidant, $36 in cash and a fixed number of Boston Scientific shares valued at $36 a share).
26 2006 Johnson & Johnson Guidant 24.2 39 After Boston Scientific increased their offer to $25 billion, Johnson & Johnson further increased their offer to $24.2 billion.
27 2006 Johnson & Johnson Guidant 23.2 37 After the re-negotiated a lower price of $21.5 billion was trumped by Boston Scientifics offer of $24.6 billion, Johnson & Johnson raised their offer to $23.2 billion.
28 2015 Endo International Salix Pharmaceuticals 11.2 15 Endo withdrew its $11.2 billion cash & stock offer for Salix, ending its plans to outbid Valeant Pharmaceuticals International for the company.[37]

See also

References

  1. ^ "FirstWord Lists The 20 largest pharma M&A deals".
  2. ^ "Pfizer, W-L strike deal". CNN. 7 February 2000. Retrieved 6 January 2019.
  3. ^ Bristol-Myers set $2.2 billion termination fee for their mega deal
  4. ^ "Allergan Accelerates Transformation to Branded Growth Pharma Leader by Divesting Global Generics Business to Teva for $40.5 Billion". Allergan. 27 July 2015. Retrieved 27 November 2015.
  5. ^ Koons, Cynthia (27 July 2015). "Teva CEO: $40.5 Billion Allergan Deal is Just the Beginning". Bloomberg. Retrieved 27 November 2015.
  6. ^ Somayaji, Chitra (27 July 2015). "Teva Snaps Up Allergan's Generics Arm, Dumping Mylan". Bloomberg. Retrieved 27 November 2015.
  7. ^ Antoine Gara. "Pfizer And Allergan Merger Ranks As Biggest-Ever Pharmaceutical Deal". Forbes.
  8. ^ "Japan's Takeda clinches £45.3 billion Shire deal as pharma M&A rolls on". May 9, 2018. Archived from the original on December 8, 2018 – via uk.reuters.com.
  9. ^ "FirstWord Lists – The 20 largest pharma M&Adeals".
  10. ^ Gilbert, Daniel (2024-02-05). "Novo Nordisk buys manufacturing power as it seeks to ramp up Wegovy". The Washington Post.
  11. ^ Constantino, Annika Kim (2024-02-05). "Novo Nordisk parent to buy Catalent for $16.5 billion to expand Wegovy supply". CNBC.
  12. ^ "Pfizer Ends $160B Acquisition of Allergan after U.S. Crackdown on Inversions". GEN. 6 April 2016.
  13. ^ "Pfizer, Allergan Agree to End $160 Billion Deal". Bloomberg.com. 6 April 2016.
  14. ^ "M&A Boom Implodes, US Deal Failures in 2016 Worst Ever". 7 April 2016.
  15. ^ Farrell, Sean; Mason, Rowena (19 May 2014). "AstraZeneca rejects Pfizer's final £69bn takeover bid". The Guardian.
  16. ^ "Pfizer chases AstraZeneca for potential $100 billion deal". 28 April 2017 – via Reuters.
  17. ^ a b "Warner-Lambert rejects Pfizer's bid - Nov. 4, 1999".
  18. ^ a b "Pfizer Makes Bid for Warner-Lambert (washingtonpost.com)". The Washington Post.
  19. ^ a b "WARNER-LAMBERT GETS PFIZER OFFER FOR $82.4 BILLION". The New York Times. 5 November 1999.
  20. ^ "Warner Lambert. - Pfizer: One of the world's premier biopharmaceutical companies".
  21. ^ Langreth, Robert; Lipin, Steven (3 November 1999). "American Home Products Discusses A Merger With Warner-Lambert". Wall Street Journal – via www.wsj.com.
  22. ^ a b "Bayer sweetens Monsanto bid as talks enter final stretch". September 6, 2016 – via www.reuters.com.
  23. ^ "Bayer confirms $66bn Monsanto takeover". BBC News. September 14, 2016.
  24. ^ a b c "Statement re Proposal from Takeda Pharmaceutical Company Limited". www.shire.com.
  25. ^ "Allergan agrees to $66 billion Actavis offer; Valeant walks". 17 November 2016 – via Reuters.
  26. ^ "Valeant Raises Takeover Offer for Allergan a Second Time". Bloomberg. 31 May 2014 – via www.bloomberg.com.
  27. ^ "Valeant Raises Takeover Offer for Allergan With More Cash". Bloomberg. 28 May 2014 – via www.bloomberg.com.
  28. ^ Gara, Antoine. "Monsanto Drops $46.5B Bid For Syngenta, Paving Way For Stock Buyback Amid Market Rout". Forbes.
  29. ^ Minkoff, Yoel (May 8, 2015). "Syngenta rejects Monsanto's takeover approach". Seeking Alpha.
  30. ^ Surran, Carl (May 7, 2015). "Reuters: Monsanto, Syngenta hire U.S. banks to advise on possible takeover". Seeking Alpha.
  31. ^ "Valeant, Bill Ackman bid $45B for Botox-maker Allergan".
  32. ^ "Monsanto Said to Have Weighed $40 Billion Syngenta Deal". www.bloomberg.com. 24 June 2014. Retrieved 6 January 2019.
  33. ^ "Teva Offers to Buy Mylan for $40B". GEN News Highlights. Genetic Engineering & Biotechnology News. April 21, 2015. Retrieved April 21, 2015.
  34. ^ "Mylan Offers $28.9B for Perrigo". GEN News Highlights. Genetic Engineering & Biotechnology News. April 8, 2015. Retrieved April 21, 2015.
  35. ^ "Teva Offers to Buy Mylan in $40.1B Cash-And-Stock Deal". Pharmaceutical Processing. Associated Press. April 21, 2015. Retrieved April 21, 2015.
  36. ^ "Mylan's Hostile Bid for Perrigo Fails".
  37. ^ "Endo Ends Effort to Wrest Merger-Bound Salix from Valeant - GEN Genetic Engineering & Biotechnology News - Biotech from Bench to Business - GEN". 16 March 2015.
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