Mergers and acquisitions: A consideration of the drivers and hurdles

2001 ◽  
Vol 8 (2) ◽  
Author(s):  
Ian McBeath ◽  
Jeffrey Bacha
Keyword(s):  
Mergers And Acquisitions ◽  
Technology Development ◽  
Shareholder Value ◽  
Pharmaceutical Companies ◽  
Successful Implementation ◽  
Cross Border ◽  
International Transactions

Mergers and acquisitions (M&A) are increasingly being included by biopharmaceutical companies within earlier stage strategies as a means of accelerating technology development and thus quickening the path to shareholder value. These drivers are generally different from those of the larger established pharmaceutical companies that are more earnings focused. The authors consider some of the drivers of and hurdles to the successful implementation of M&A from both a national and cross-border perspective. In 2000 the number of cross-border transactions increased to 41 per cent of all M&A deals; however, generally, returns from international transactions are much lower. The authors also consider the important issues of determination of the price to be paid and the use of stock as 'currency'.

Relationship between Cross-Border Mergers and Acquisitions and International Trade: The Case of Russian Pharmaceutical Industry

2020 ◽  
pp. 81-94
Author(s):  
Alexandra V. Chugunova ◽  
Olga A. Klochko
Keyword(s):  
International Trade ◽  
Mergers And Acquisitions ◽  
Volume Growth ◽  
Pharmaceutical Products ◽  
Pharmaceutical Companies ◽  
Cross Border ◽  
Export Volume ◽  
Relationship Of ◽  
Geographical Diversification ◽  
The Relationship

This research studies the relationship of cross-border mergers and acquisitions to international trade through the lens of Russian pharmaceutical market. To this aim, the study analyses the woks of foreign economists dedicated to evaluating the link between foreign direct investment and international trade, and the influence of mergers and acquisitions on countries’ export and import flows. The research also presents a correlation analysis between the volume of Russian pharmaceutical exports and imports and cross-border deals performed by foreign pharmaceutical companies in Russia. We characterize these deals and conduct a comparative analysis of the regional structure of Russian pharmaceutical exports and imports as well as of the countries of origin of buyers in cross-border mergers and acquisitions. The results of the analysis indicate a positive relationship between cross-border mergers and acquisitions and Russian pharmaceutical exports, which is reflected in the export volume growth and its geographical diversification. However, it is outlined that particular problems of the industry hinder the amelioration of Russian positions in international exports. Similarly, the relationship between cross-border deals and Russian imports is positive: the major pharmaceutical products supply flow occurs from the countries of origin of buyers in cross-border mergers and acquisitions conducted in the Russian pharmaceutical sector.

scholarly journals Impact of Cross-border Mergers and Acquisitions on the Development of Chinese Pharmaceutical Exports and Imports

2019 ◽  
Vol 12 (6) ◽  
pp. 170-187
Author(s):  
O. A. Klochko ◽  
A. V. Chugunova
Keyword(s):  
Mergers And Acquisitions ◽  
Foreign Trade ◽  
Growth Rates ◽  
Industrial Development ◽  
Pharmaceutical Products ◽  
Pharmaceutical Companies ◽  
Foreign Markets ◽  
Cross Border ◽  
Pharmaceutical Trade ◽  
The Impact

The article is devoted to the research into the impact of cross-border mergers and acquisitions, conducted by international pharmaceutical companies in China, on Chinese participation in international pharmaceutical trade. Relevance of the study resides in the importance of mergers and acquisitions as instruments that are widely used in a foreign markets penetration process and that lead to the enhancement of intercorporate trade, thus significantly influencing country’s foreign trade. International pharmaceutical companies expanded their operations in Chinese market during the last two decades as a result of the market liberalization. Mergers and acquisitions, conducted by international players, have directly or indirectly led to higher growth rates of Chinese foreign trade in pharmaceutical products, to geographic diversification of pharmaceutical exports and to an increase in deliveries from developed countries. China more than doubled its share in global exports of pharmaceutical products and almost quadrupled its share as an importer of pharmaceuticals. The specific features of Chinese pharmaceutical trade are high growth rates in imports and imports’ significant excess over exports. Substantial proportion of Chinese imports is constituent by pharmaceutical components, that are needed to ensure production of high quality pharmaceuticals in China. Mergers and acquisitions play important role in this process and cause changes in geographical structure of imports. Seven biggest suppling countries, which hold more than two thirds of imports to China, represent the countries of origin of companies that are actively involved into mergers and acquisitions in Chinese pharmaceutical market. The research results can be used by public regulatory authorities for the elaboration of industrial development policies through stimulating or deterring foreign direct investments. Research can be of use to pharmaceutical companies in formulating competition strategies for domestic and foreign markets. 

Some applications of electron beam microanalysis techniques in VLSI process evaluation

1983 ◽  
Vol 41 ◽  
pp. 160-161
Author(s):  
Simon Thomas
Keyword(s):  
Integrated Circuits ◽  
Process Evaluation ◽  
Large Scale ◽  
Technology Development ◽  
Analytical Techniques ◽  
Successful Implementation ◽  
Analysis Of Failures ◽  
Characterization Of Materials ◽  
Circuits Vlsi

Trends in the technology development of very large scale integrated circuits (VLSI) have been in the direction of higher density of components with smaller dimensions. The scaling down of device dimensions has been not only laterally but also in depth. Such efforts in miniaturization bring with them new developments in materials and processing. Successful implementation of these efforts is, to a large extent, dependent on the proper understanding of the material properties, process technologies and reliability issues, through adequate analytical studies. The analytical instrumentation technology has, fortunately, kept pace with the basic requirements of devices with lateral dimensions in the micron/ submicron range and depths of the order of nonometers. Often, newer analytical techniques have emerged or the more conventional techniques have been adapted to meet the more stringent requirements. As such, a variety of analytical techniques are available today to aid an analyst in the efforts of VLSI process evaluation. Generally such analytical efforts are divided into the characterization of materials, evaluation of processing steps and the analysis of failures.

Foreign Direct Investment

2017 ◽  
Author(s):  
Yilmaz Akyüz
Keyword(s):  
Foreign Direct Investment ◽  
Mergers And Acquisitions ◽  
Financial Markets ◽  
Foreign Exchange ◽  
Direct Investment ◽  
Balance Of Payments ◽  
Productive Capacity ◽  
Cross Border ◽  
Direct Contribution ◽  
High Profit

Recent years have also seen increased openness of EDEs to foreign direct investment (FDI) in search for faster growth and greater stability. However, FDI is one of the most ambiguous and least understood concepts in international economics. Common debate is confounded by several myths regarding its nature and impact. It is often portrayed as a stable, cross-border flow of capital that adds to productive capacity and meets foreign exchange shortfalls. However, the reality is far more complex. FDI does not always involve inflows of financial or real capital. Greenfield investment, unlike mergers and acquisitions, makes a direct contribution to productive capacity, but can crowd out domestic investors. FDI can induce significant instability in currency and financial markets. Its immediate contribution to balance-of-payments may be positive, but its longer-term impact is often negative because of high-profit remittances and import contents.

Cross-border mergers and acquisitions for innovation

2021 ◽  
Vol 112 ◽  
pp. 102320
Author(s):  
Po-Hsuan Hsu ◽  
Peng Huang ◽  
Mark Humphery-Jenner ◽  
Ronan Powell
Keyword(s):  
Mergers And Acquisitions ◽  
Cross Border
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