Pharma m&a versus alliances and its underlying value drivers: are m&a or alliances the right therapy for an ailing pharmaceutical industry?- a capital market perspective
Auteur :
Schön, Heiko
Éditeur :
Peter Lang AG
ISBN :
9783631663813
Date de publication :
28 sept. 2015
Dimensions :
21,0 x 14,8 cm
Poids :
360 g
Langue :
Anglais
Pays d'origine :
Suisse
This study analyzes 229 M&A and 120 in-licensing deals in the pharmaceutical industry. The author shows from a capital market perspective that M&A experiences significant, negative cumulative average abnormal returns whereas in-licensings are able to create value. Significant determinants of success for both strategies are derived.