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艾伯維斥資630億美元收購(gòu)艾爾建,道出了醫(yī)藥行業(yè)的哪些現(xiàn)實(shí)?

艾伯維斥資630億美元收購(gòu)艾爾建,道出了醫(yī)藥行業(yè)的哪些現(xiàn)實(shí)?

Sy Mukherjee 2019-07-01
艾伯維和艾爾建的交易不單單是一次醫(yī)療行業(yè)的兼并。

艾伯維(Abbvie)在6月23日宣布,將以630億美元的估值收購(gòu)艾爾建(Allergan)。相比艾爾建最新的收盤價(jià),這份出價(jià)有45%的溢價(jià)。此次收購(gòu)將成為今年醫(yī)療行業(yè)內(nèi)最大規(guī)模的兼并之一,新公司將坐擁艾伯維的全球藥品銷量冠軍修美樂(Humira)與艾爾建的旗艦美容保養(yǎng)藥品保妥適(Botox)

投資者反應(yīng)各異。艾爾建的股民歡欣鼓舞,股價(jià)在6月23日早盤漲幅超過26%。而艾伯維的股價(jià)卻下跌了15%以上。

不過,艾伯維和艾爾建的交易不單單是一次醫(yī)療行業(yè)的兼并——它關(guān)乎那些匆忙在收入流中尋找未來增長(zhǎng)點(diǎn)的傳統(tǒng)大型生物制藥公司的創(chuàng)新態(tài)勢(shì)。過去幾年里,兩家公司的市值都在縮水。艾伯維被投資者質(zhì)疑無法彌補(bǔ)治療牛皮癬和關(guān)節(jié)炎的明星藥品修美樂的銷量下滑(這款藥物光2018年就產(chǎn)生了近200億美元的收入),而艾爾建的產(chǎn)品線表現(xiàn)掙扎,被投資者要求拆分。

艾伯維的首席執(zhí)行官理查德·A·岡薩雷斯稱此次交易“充滿變革意義”。

他在聲明中表示:“對(duì)兩家公司而言,這是一次充滿變革意義的交易,能夠?qū)崿F(xiàn)獨(dú)特而互補(bǔ)的戰(zhàn)略目標(biāo)。這一戰(zhàn)略讓我們得以在拓寬艾伯維業(yè)務(wù)范圍的同時(shí)繼續(xù)專注于創(chuàng)新科技,并讓我們行業(yè)領(lǐng)先的產(chǎn)品線優(yōu)勢(shì)延續(xù)到未來?!?/p>

如果交易達(dá)成,艾爾建的首席執(zhí)行官布倫特·桑德斯將進(jìn)入艾伯維的董事會(huì),而岡薩雷斯將繼續(xù)擔(dān)任合并后新公司的董事長(zhǎng)和首席執(zhí)行官。盡管桑德斯享有交易能手的聲譽(yù),善于補(bǔ)強(qiáng)收購(gòu),但最近加入的醫(yī)藥產(chǎn)品線卻沒有帶來什么業(yè)績(jī)?cè)鲩L(zhǎng)。

對(duì)艾伯維而言,收購(gòu)的理由很明確——擴(kuò)大產(chǎn)品類別,在修美樂的美國(guó)專利權(quán)于2023年到期之前保持盈利。去年,艾伯維的幾款被寄予厚望的試驗(yàn)性藥物都遭遇了一些麻煩,修美樂也在歐洲等市場(chǎng)面臨著日益激烈的競(jìng)爭(zhēng)。

換句話說,按照Raymond James公司的分析師艾利奧特·威爾伯在研究紀(jì)要中的說法:“艾伯維近期還有增長(zhǎng),但卻面臨著懸崖,或更像是峽谷。從2023年中期起,修美樂在美國(guó)的市場(chǎng)份額將會(huì)被類似的生物仿制藥侵占,而艾爾建盡管增長(zhǎng)乏力,短期內(nèi)卻不會(huì)有關(guān)鍵的專利權(quán)損失。”

威爾伯繼續(xù)指出,艾伯維的預(yù)期角色是“關(guān)鍵研發(fā)決策者”,這可以帶來幾大優(yōu)勢(shì),包括“加速對(duì)保妥適療法的投資,改善艾爾建管理層過去羸弱的產(chǎn)品線決策能力?!?/p>

修美樂和保妥適就是對(duì)應(yīng)公司產(chǎn)品中的核心元素,兩家公司使勁渾身解數(shù)維護(hù)它們的專利,阻止任何潛在對(duì)手進(jìn)入市場(chǎng)。岡薩雷斯很快就指出,保妥適不會(huì)遭遇競(jìng)爭(zhēng),就是這筆交易的根本原因之一。

6月23日,他在談到艾爾建努力保護(hù)產(chǎn)品時(shí)表示:“我們?cè)诤荛L(zhǎng)一段時(shí)間里基本不會(huì)看到保妥適的生物仿制藥,可能永遠(yuǎn)也不會(huì)看到。”

隨著2018年傳統(tǒng)醫(yī)藥巨頭在新產(chǎn)品研發(fā)上的投資回報(bào)率跌落到十年來的最低水平,它們近年來開始訴諸并購(gòu)和專利保護(hù)。最近的趨勢(shì)之一就是重點(diǎn)關(guān)注高價(jià)位的針對(duì)性療法,依托醫(yī)藥價(jià)格的上漲,并從實(shí)力不濟(jì)的生物技術(shù)公司那里進(jìn)行補(bǔ)強(qiáng)收購(gòu)或引進(jìn)授權(quán)產(chǎn)品。艾伯維和艾爾建的并購(gòu)可能提供了一次價(jià)值630億美元的案例研究,向我們展現(xiàn)出大型醫(yī)藥廠商在如何努力應(yīng)對(duì)創(chuàng)新缺口的現(xiàn)實(shí)。(財(cái)富中文網(wǎng))

譯者:嚴(yán)匡正

AbbVie announced on June 23 that it will buy Allergan in a deal valued at about $63 billion, a 45% premium on Allergan’s most recent closing stock price. The proposed M&A will be one of the largest health care mergers of the year and bring together a portfolio that includes AbbVie’s Humira, the world’s best-selling drug, and Allergan’s flagship beauty treatment Botox.

The reaction from investors was mixed. Allergan shareholders rejoiced as shares shot up more than 26% in early June 23 trading. AbbVie stock, for its part, was down more than 15%.

But the AbbVie Allergan deal isn’t just a story about health care consolidation – it’s one about the state of innovation among big, legacy biopharma companies scurrying to find ways to plug future holes in their revenue streams. Both companies have bled market value in the past year as investors questioned whether AbbVie can make up for falling sales of its blockbuster psoriasis and arthritis treatment Humira, which rang in nearly $20 billion in 2018 revenues alone, and pushed for a breakup of Allergan amid pipeline struggles.

AbbVie CEO Richard A. Gonzalez heralded the deal as “transformative.”

“This is a transformational transaction for both companies and achieves unique and complementary strategic objectives,” he said in a statement. “[T]his strategy allows us to diversify AbbVie’s business while sustaining our focus on innovative science and the advancement of our industry-leading pipeline well into the future.”

Allergan chief Brent Saunders will join AbbVie’s board if and when the deal closes while Gonzalez will remain chairman and CEO of the combined company. While Saunders has a reputation as a prolific deal maker who chases bolt-on acquisitions, growth from recent drug pipeline additions has been hard to come by.

For AbbVie, the rationale for the acquisition is clear – expand the portfolio and preserve the bottom line ahead of Humira’s patent expiration in the U.S. in 2023. Several of AbbVie’s experimental drug hopefuls have hit hitches in the past year, and Humira has already faced increased competition in markets like Europe.

Put another way: “AbbVie has near-term growth but faces a cliff, or more like a canyon, problem with the loss of Humira to [generic] biosimilars in the U.S. beginning mid-2023 while Allergan… has struggled to generate growth but doesn’t face any key near-term exclusivity loss,” wrote Raymond James analyst Elliot Wilbur in a research note.

Wilbur went on to state that AbbVie’s expected role as “the key R&D decision maker” could present several advantages, including “accelerated investment behind Botox therapeutics as well as simply better pipeline decision making than what Allergan management has demonstrated in the past.”

Humira and Botox are such quintessential elements of their respective companies’ portfolios that the firms have done everything possible to safeguard their patents and ward off potential rivals from entering the market. And Gonzalez was quick to note Botox’s immunity from competition as a rationale for the deal.

“It’s very unlikely we’ll see a Botox biosimilar for a long, long time, if ever,” he said on June 23 of Allergan’s efforts to protect the product.

Legacy pharmaceutical giants have resorted to deal-making and preserving patents in recent years as their return on investment in new R&D plummeted to 10-year lows in 2018. One recent trend has been a focus on niche therapies with high price points and a reliance on list price hikes, alongside bolt-on acquisitions and in-licensing products from leaner biotechs. The AbbVie Allergan acquisition may prove a $63 billion case study in how some large drug makers are grappling with the reality of an innovation gap.

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