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Does M&A create value in the pharmaceutical sector?

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Figure

Figure	
  1	
  Main	
  players	
  in	
  the	
  pharmaceutical	
  sector	
  (Source:	
  ESADE	
  MBA,	
  BCG) 	
  
Figure	
  5	
  shows	
  the	
  seven	
  M&A	
  waves	
  that	
  have	
  taken	
  place	
  from	
  1895	
  until	
  2015,	
  a	
  behaviour	
   that	
   goes	
   in	
   line	
   with	
   the	
   results	
   found	
   in	
   a	
   report	
   by	
   The	
   Boston	
   Consulting	
   Group	
   (BCG):	
   M&A	
  value	
  creation	
  or	
  destruction	
  varies	
  widely	
  depending	
  on	
  the	
  time	
  the	
  deal	
  takes	
  place	
   (bcg.perspectives.com,	
  2007).	
  BCG’s	
  report	
  analysed	
  M&A	
  transactions	
  within	
  ten	
  sectors	
  and	
   demonstrated	
   that	
   both	
   the	
   timeframe	
   taken	
   for	
   the	
   analysis	
   and	
   the	
   sector	
   influenced	
   the	
   results	
  obtained:	
  
Figure	
  7	
  Value	
  and	
  volume	
  of	
  M&A	
  transactions	
  in	
  Eurozone	
  (1995-­‐2015e)	
  (Sources:	
  Thompson	
  
Table	
  1	
  Top-­‐20	
  2003	
  pharmaceutical	
  companies	
  by	
  revenue	
  	
  (Source:	
  Contract	
  Pharma)	
  
+7

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