Mergers and acquisitions as strategies of business expansion in the pharmaceutical industry

Introduction: The present paper deals with the issue of the increasing usage of corporation mergers and acquisitions strategies within pharmaceutical industry environment. The aim is to identify the triggers of such business phenomenon and the immediate impact on the financial outcome of two powerful biopharmaceutical corporations: Pfizer and GlaxoSmithKline, which have been sampled due to their successful approach of the tactics in question. Materials and Methods: In order to create an overview of the development steps through mergers and acquisitions, the historical data of the two corporations has been consulted, from their official websites. The most relevant events were then associated with adequate information from the financial reports and statements of the two corporations indulged by web-based financial data providers. Results and Discussions: In the past few decades Pfizer and GlaxoSmithKline have purchased or merged with various companies in order to monopolize new markets, diversify products and services portfolios, survive and surpass competitors. The consequences proved to be positive although this approach implies certain capital availability. Conclusions: Results reveal the fact that, as far as the two sampled companies are concerned, acquisitions and mergers are reactions at the pressure of the highly competitive environment. Moreover, the continuous diversification of the market’s needs is also a consistent motive. However, the prevalence and the eminence of mergers and acquisition strategies are conditioned by the tender offer, the announcer’s caliber, research and development status and further other factors determined by the internal and external actors of the market.

Opa e fusão

Control of a public company can be obtained through several ways, of which the tender offer and the merger are only two. We attempt to understand what are the risks involved in the appearance of a control position. Such underlying risks justify the rationality of the mandatory bid rule, as well as the consequences of said rule. Finally, we attempt to understand if the interests of the minority shareholders are duly defended in the case of control being acquired through merger, since that is the understanding of the legislator.

Omien osakkeiden hankinta Suomessa

Tämän tutkielman päätavoitteena on ollut selvittää omien osakkeiden hankintaa ja hankintatarkoituksien järkevyyttä Suomessa, sekä tutkia aikaisempien empiiristen tutkimusten avulla, onko omien osakkeiden hankinta perusteltua myös osakkeenomistajien kannalta. Lisäksi tutkielman tavoitteena on nostaa esille sellaisia näkökohtia ja säännöksiä, joita osakkeenomistajien ja yritysjohdon tulisi painottaa ja ottaa huomioon tehdessään omien osakkeiden hankintapäätöksiä. Tämän tutkimuksen tutkimusmetodologia mukailee hyvin pitkälti käsiteanalyyttista tutkimusotetta. Tutkimuksen johtopäätökset ovat lähinnä toteavia ja suosittelevia. Empiria tulee mukaan käsiteanalyyttiselle tutkimusotteelle tyypilliseen tapaan eli aikaisempien jo olemassa olevien empiiristen tutkimusten muodossa.Suomessa omien osakkeiden hankinnasta saavutetut hyödyt eivät ole osakkeenomistajien kannalta aivan yhtä helposti saavutettavissa kuin Yhdysvalloissa. Suomessa omien osakkeiden käyttö vaihtoehtoisena voitonjaon keinona on osakkeenomistajien kannalta verotuksessa huonompi vaihtoehto kuin osingot. Tällä hetkellä omien osakkeiden hankinta on pikemminkin yhtiön keino rahoittaa yrityskauppoja, henkilökunnan optiojärjestelyjä, siistiä tasetta, jakaa ylimääräisiä kassavaroja osakkeenomistajille ja yritys vaikuttaa osakekurssiin. Omien osakkeiden hankinta on mahdollista toteuttaa Suomessa osakkeenomistajia hyödyntävällä tavalla, mutta omien osakkeiden hankintamenettelyä on kehitettävä mm. tekemällä todellisia omien osakkeiden hankintoja ja esittämällä hankintatarkoitukset luotettavammin. Empiiristen evidenssien mukaan omien osakkeiden hankinta esimerkiksi julkisella ostotarjouksella markkinahintaa korkeampaan hintaan voisi edesauttaa johdon välittämän ”sisäpiiritiedon” ymmärtämistä myös Suomessa.

A utilização da incorporação de ações como meio para promover o fechamento de capital sem a realização de OPA

Este trabalho tem como objetivo analisar a operação de incorporação de ações, prevista no artigo 252 da Lei nº 6.404/76 (Lei das Sociedades por Ações) e sua utilização como meio para promover o fechamento de capital. A incorporação de ações é operação societária mediante a qual a totalidade de ações de determinada companhia é incorporada ao patrimônio de outra companhia, obrigatoriamente constituída de acordo com as leis brasileiras. Eventualmente, a operação de incorporação de ações pode levar ao fechamento de capital da companhia “alvo”. Diante desta possível consequência, controladores e minoritários têm discutido acerca da legitimidade do fechamento de capital mediante a incorporação de ações, e da necessidade de realização de oferta pública para aquisição de ações como condição à operação. São analisadas as diferentes posições doutrinárias e principais precedentes julgados pela Comissão de Valores Mobiliários sobre essa questão, a fim de concluir acerca da legitimidade da operação e da necessidade ou não de realização de oferta pública para aquisição de ações como condição para promover o fechamento de capital.

Determinants of ownership concentration in the Chilean stock market

Includes bibliography.

Different legislations regarding OPA's

An analysis was made of then effectof the Tender Offer Law in Chile, andof the related situation of five countrieswith a more developed marketthan the Chilean one, reaching theconclusion that in order to successfullyimplement a Tender Offer Lawit is necessary to bear in mind thatthe problem is not solved by establishingstandards that regulate transactions,but by creating instancesthat contribute to a more dynamicand efficient market. In addition,there should exist a balance betweenprotection of the minority stockholderand competition for corporate control.Finally, we can conclude that thereis evidence that the Tender Offer Lawhas depressed the Stock Exchange.

Can We Predict The Clinical Outcomes Of Genitourinary Trauma Patients And Offer Them An Evidence-based Support? The Case For Telemedicine Network.

32

Lifetime-value creation through a customized offer adressed to diferent lifestyles

This paper purposes a method for marketing segmentation based on customers‟ lifestyle. A quantitative and qualitative segmentation established by the Whitaker Lifestyle™ Method was created in order to define a concrete and clear identification of the customer, by understanding the behavior, style and preferences of each segment. After conducting 18 in-depth interviews, it was concluded that four main personas characterize the customer base of the company. These four personas will be the support for the creation of „quick-wins‟ that address to the expectations of each lifestyle, projecting a significant impact on the lifetime-value of the company‟s customer base

BRISA’S takeover offer

This project is composed by a Case Study regarding Tagus’ takeover offer for Brisa. The case study describes each player involved in the operation: the target company – Brisa, the acquirers – José de Mello and Arcus; as well as the circumstances surrounding the takeover, with a description of the takeover itself and the conflict between the acquirers and Abertis. Associated to the case, there is a group of six question and their respective answers, regarding the motive of the takeover, the price per share, what should be the positions of Brisa’s shareholders regarding the takeover and the reason Brisa’s share price declined after the success of the operation.

Offer and use of complementary and alternative medicine in hospitals of the French-speaking part of Switzerland.

BACKGROUND: In 2004, complementary and alternative medicine (CAM) was offered by physicians in one-third of Swiss hospitals. Since then, CAM health policy has changed considerably. This study aimed to describe the present supply and use of CAM in hospitals in the French-speaking part of Switzerland, and to explore qualitatively the characteristics of this offer. METHODS: Between June 2011 and March 2012, a short questionnaire was sent to the medical directors of hospitals (n = 46), asking them whether CAM was offered, where and by whom. Then, a semi-directive interview was conducted with ten CAM therapists. RESULTS: Among 37 responses (return rate 80%), 19 medical directors indicated that their hospital offered at least one CAM and 18 reported that they did not. Acupuncture was the most frequently available CAM, followed by manual therapies, osteopathy and aromatherapy. The disciplines that offered CAM most frequently were rehabilitation, gynaecology and obstetrics, palliative care, psychiatry, and anaesthetics. In eight out of ten interviews, it appeared that the procedures for introducing a CAM in the hospital were not tightly supervised by the hospital and were mainly based on the goodwill of the therapists, rather than clinical/scientific evidence. CONCLUSION: The number of hospitals offering CAM in the French-speaking part of Switzerland seemed to have risen since 2004. The selection of a CAM to be offered in a hospital should be based on the same procedure of evaluation and validation as conventional therapy, and if the safety and efficiency of the CAM is evidence-based, it should receive the same resources as a conventional therapy.

Increased tender point counts before and after total hip arthroplasty are associated with poorer outcomes but are not individually predictive.

In a prospective study, total hip arthroplasty (THA) patients were assessed preoperatively and postoperatively (n = 95) to determine if tender points (TPs) are associated with poor THA outcomes. Patients with high follow-up TP counts had higher visual analog scale (VAS) for pain and sleep, higher follow-up Western Ontario and McMaster Universities Arthritis Index (pain, stiffness, function), lower Health Assessment Questionnaire, Harris Hip, and Short Form 36 (physical functioning, bodily pain, physical component summary) scores. High follow-up TP were associated with increased pain, pain not relieved by surgery, poor function, and poor sleep. Visual analog scale pain and sleep, Short Form 36 (physical functioning, bodily pain), Western Ontario and McMaster Universities Arthritis Index, Health Assessment Questionnaire, and Harris hip scores improved significantly after THA; TP scores did not. Higher preoperative TP were predictive of higher follow-up TP but were poorly predictive of poor outcome measures after surgery in individual patients, suggesting that preoperative TPs are contraindicative for THA.

Offer and use of complementary and alternative medicine in hospitals of the French-speaking part of Switzerland.

Background: In 2004, complementary and alternative medicine (CAM) was offered by physicians in one third of Swiss hospitals. Since then, CAM health policy has considerably changed. This study aims at describing the present supply and use of CAM in hospitals of the French-speaking part of Switzerland, and qualitatively explores the characteristics of this supply. Methods: Between June 2011 and March 2012, a short questionnaire was sent to the medical directors of hospitals (N=46), asking them whether a CAM was offered, where and by whom. Then, a semi-directive interview was conducted with 10 CAM therapists. Results: Among 37 responses (return rate 80%), 19 medical directors indicated that their hospital offered at least one CAM and 18 reported that they did not. Acupuncture was the most frequently proposed CAM, followed by manual therapies, osteopathy and aromatherapy. The disciplines that offered CAM most frequently were rehabilitation, gynaecology- obstetrics, palliative care, psychiatry and anaesthesiology. In eight out of ten interviews, it appeared that the procedures for introducing a CAM in the hospital were not tightly supervised by the hospital but were mainly based on the goodwill of the therapists, rather than clinical/scientific evidence. Conclusion: Hospitals offering CAM in the French-speaking part of Switzerland seems to have risen since 2004. The selection of CAM to be offered in a hospital should be based on the same procedure of evaluation and validation as conventional care, and if their safety and efficiency is evidence-based, they should receive the same structural resources.