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 & Acquisitions

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RYearPurchaserTargetTransaction type[1] Value — with debt
(in billions USD)		 Value — with debt
(adjusted for inflation)		 Ref
11999 Pfizer Warner-LambertAcquisition111.8172[2]
22000 Glaxo Wellcome plc SmithKline BeechamMerger (formed GlaxoSmithKline)76.0113
32019 Bristol-Myers Squibb CelgeneAcquisition74.0 — 95.074 — 95[3]
32004 Sanofi AventisAcquisition73.587
42015 Actavis Allergan, IncAcquisition70.576[4][5][6]
52009 Pfizer WyethAcquisition68.081
62002 Pfizer PharmaciaAcquisition64.391[7]
72018 Takeda Pharmaceutical ShireAcquisition62.063[8]
82016 Bayer MonsantoAcquisition54.5 — 63.558 — 68
92009 Merck & Co. Schering-PloughAcquisition47.156[9]
102009 Roche GenentechAcquisition44.052
112014Medtronic CovidienAcquisition42.346
122015 Teva Pharmaceutical Industries ActavisBusiness Unit40.544
132010 Novartis AlconAcquisition39.346
142016 Shire BaxaltaAcquisition Unit32.0 — 35.034 — 37
152016 Abbott Laboratories St Jude MedicalAcquisition30.532
161998 Astra AB ZenecaMerger (formed AstraZeneca)30.448
172017 Johnson & Johnson ActelionAcquisition30.031
181996 Ciba-Geigy SandozMerger (formed Novartis)29.047
192006 Boston Scientific
Abbott Laboratories		 GuidantAcquisition27.234
201999 Pharmacia & Upjohn MonsantoMerger25.239
212016 Abbott Laboratories St Jude MedicalAcquisition25.0 — 30.527 — 32
222015 AbbVie PharmacyclicsAcquisition21.023
232014 Actavis Forest LaboratoriesAcquisition20.722
242011 Sanofi Genzyme CorporationAcquisition20.123
252012 Johnson & Johnson SynthesAcquisition19.722
262006 Bayer ScheringAcquisition18.423
272016 Quintiles IMS HealthMerger (formed QuintilesIMS)17.619
282015 Pfizer HospiraAcquisition17.018
292014 Merck Group Sigma-AldrichAcquisition17.018
302001 Amgen ImmunexAcquisition16.824
312006 Johnson & Johnson Pfizer Consumer HealthBusiness Unit16.621
322014 Novartis GlaxoSmithKline OncologyBusiness Unit16.017
332015 Valeant Salix PharmaceuticalsAcquisition15.817
342007 AstraZeneca MedImmuneAcquisition14.718
352007 Schering Plough Organon InternationalAcquisition14.518
361995 Glaxo WellcomeAcquisition14.224
372014 Bayer Merck & Co Consumer HealthBusiness Unit14.215
382014 Zimmer Inc. Biomet Inc.Acquisition13.414
392019 Amgen Otezla (drug programme)Acquisition13.413
402006 Merck Group SeronoAcquisition13.217
412018 GlaxoSmithKline GlaxoSmithKline–Novartis Consumer HealthcareAcquisition13.013
422016 Boehringer Ingelheim Sanofi Animal Health (Merial)Business Unit12.413
432017 Gilead Sciences Kite PharmaAcquisition11.912
442018 Sanofi BioverativAcquisition11.612
452011 Gilead Sciences PharmassetAcquisition11.213
462013 Amgen Onyx PharmaceuticalsAcquisition10.411

Failed mergers & acquisitions
RankYearPurchaserTargetValue
(in billions USD)		Value
(adjusted for inflation)
1 2015 Pfizer Allergan, plc 160 173 In November 2015 Pfizer announced it would acquire Allergan, plc for $160 billion ($173 billion, adjusted for inflation). However, this deal was cancelled in April 2016 due to new US tax inversion rules.[10][11] Had this transaction been completed, this would have been the largest within this industry.
2 2014 Pfizer Astra Zeneca 123 133 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.[12]
3 2014 Pfizer Astra Zeneca 106 115 AstraZenca claimed the deal undervalued the company.[13]
4 2014 Pfizer Astra Zeneca 99 107 AstraZenca claimed the deal undervalued the company.[14]
5 1999 Pfizer Warner–Lambert 82.4 126 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.[15][16][17]
6 1999 Wyeth Warner–Lambert 72 111 Wyeth confirmed it has agreed a $200 billion deal with Warner–Lambert, causing Pfizer to make a hostile bid, just after the announcement.[15][16][17]
7 1999 Wyeth Warner–Lambert 65 100 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.[18][19]
8 2016 Bayer AG Monsanto Company Inc. 65 69 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.[20][21]
9 2018 Takeda Pharmaceutical Shire 62.5 64 Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the Company, its growth prospects as well as pipeline.[22]
10 2016 Bayer AG Monsanto Company Inc. 62 66 Bayer initially opened negotiations with an offer of $125 per Monsanto share, however management felt this undervalued the company.[20]
11 2018 Takeda Pharmaceutical Shire 61 62 Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the Company, its growth prospects as well as pipeline.[22]
12 2018 Takeda Pharmaceutical Shire 58.2 59 First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the Company, its growth prospects as well as pipeline.[22]
13 2014 Valeant Pharmaceuticals Allergan, Inc 54 58 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.[23]
14 2014 AbbVie Shire Pharmaceuticals 54 58 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 58 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.[24]
16 2014 Valeant Pharmaceuticals Allergan, Inc 49.4 53 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.[25]
17 2015 Monsanto Company Inc. Syngenta AG 47 50 Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders.[26] Subsequently, Bayer offered to purchase Monsanto, with ChemChina offering to acquire Syngenta.
18 2014 Monsanto Company Inc. Syngenta AG 45 49 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.[27][28]
19 2014 Valeant Pharmaceuticals Allergan, Inc 45 49 Valeant Pharmaceuticals and activist investor Bill Ackman offered to buy Botox maker Allergan, proposing a cash-and-stock deal worth about $152.89.[29]
20 2014 Monsanto Company Inc. Syngenta AG 40 43 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.[30]
21 2015 Teva Pharmaceutical Industries Mylan 40 43 In April, Teva offered to acquire Mylan for $40 billion,[31] only a fortnight after Mylan offered to acquire Perrigo for $29 billion.[32] Teva's offer for Mylan is contingent on Mylan abandoning its acquisition of Perrigo.[33] 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 28 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.[34]
23 2004 Johnson & Johnson Guidant 25.4 34 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 32 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 32 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 31 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 29 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 12 Endo withdrew its $11.2 billion cash & stock offer for Salix, ending its plans to outbid Valeant Pharmaceuticals International for the company.[35]

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 – via uk.reuters.com.
  9. "FirstWord Lists – The 20 largest pharma M&Adeals".
  10. "Pfizer Ends $160B Acquisition of Allergan after U.S. Crackdown on Inversions". GEN.
  11. "Pfizer, Allergan Agree to End $160 Billion Deal". Bloomberg.com. 6 April 2016.
  12. "M&A Boom Implodes, US Deal Failures in 2016 Worst Ever". 7 April 2016.
  13. Farrell, Sean; Mason, Rowena (19 May 2014). "AstraZeneca rejects Pfizer's final £69bn takeover bid" – via The Guardian.
  14. "Pfizer chases AstraZeneca for potential $100 billion deal". 28 April 2017 – via Reuters.
  15. "Warner-Lambert rejects Pfizer's bid - Nov. 4, 1999".
  16. "Pfizer Makes Bid for Warner-Lambert (washingtonpost.com)".
  17. "WARNER-LAMBERT GETS PFIZER OFFER FOR $82.4 BILLION". The New York Times. 5 November 1999.
  18. "Warner Lambert. - Pfizer: One of the world's premier biopharmaceutical companies".
  19. Langreth, Robert; Lipin, Steven (3 November 1999). "American Home Products Discusses A Merger With Warner-Lambert" – via www.wsj.com.
  20. "Bayer sweetens Monsanto bid as talks enter final stretch". September 6, 2016 – via www.reuters.com.
  21. "Bayer confirms $66bn Monsanto takeover". September 14, 2016 – via www.bbc.co.uk.
  22. "Statement re Proposal from Takeda Pharmaceutical Company Limited". www.shire.com.
  23. "Allergan agrees to $66 billion Actavis offer; Valeant walks". 17 November 2016 – via Reuters.
  24. "Valeant Raises Takeover Offer for Allergan a Second Time". 31 May 2014 – via www.bloomberg.com.
  25. "Valeant Raises Takeover Offer for Allergan With More Cash". 28 May 2014 – via www.bloomberg.com.
  26. Gara, Antoine. "Monsanto Drops $46.5B Bid For Syngenta, Paving Way For Stock Buyback Amid Market Rout".
  27. Minkoff, Yoel (May 8, 2015). "Syngenta rejects Monsanto's takeover approach". Seeking Alpha.
  28. Surran, Carl (May 7, 2015). "Reuters: Monsanto, Syngenta hire U.S. banks to advise on possible takeover". Seeking Alpha.
  29. "Valeant, Bill Ackman bid $45B for Botox-maker Allergan".
  30. "Monsanto Said to Have Weighed $40 Billion Syngenta Deal". www.bloomberg.com. 24 June 2014. Retrieved 6 January 2019.
  31. "Teva Offers to Buy Mylan for $40B". GEN News Highlights. Genetic Engineering & Biotechnology News. April 21, 2015. Retrieved April 21, 2015.
  32. "Mylan Offers $28.9B for Perrigo". GEN News Highlights. Genetic Engineering & Biotechnology News. April 8, 2015. Retrieved April 21, 2015.
  33. "Teva Offers to Buy Mylan in $40.1B Cash-And-Stock Deal". Pharmaceutical Processing. Associated Press. April 21, 2015. Retrieved April 21, 2015.
  34. "Mylan's Hostile Bid for Perrigo Fails".
  35. "Endo Ends Effort to Wrest Merger-Bound Salix from Valeant - GEN Genetic Engineering & Biotechnology News - Biotech from Bench to Business - GEN".
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