It’s been difficult to keep up with all the deals this month!
We won’t review them all here, as that’s best done by others. But here are a few recent ones which caught our eye:
Other companies that have been active recently include Actavis, Forest, and AstraZeneca.
Well, we don’t think it ever really left. As long as there are pipelines to be filled, assets will be transactable, so long as the price, fit, structure, and timing make sense for both parties.
The more interesting issue is whether or not revenue-generating assets will become increasingly scarce. If so, then what? Could a company like Valeant, with no interest in R&D, make a gradual shift towards acquiring product development opportunities (cf., Forest)? Certainly their shareholders wouldn’t like that extra risk.
Or, will we see more International transactions? Will a Valeant or an Elan find growth in India? Eastern Asia? China even?
This is always the challenge with the growth via acquisition model. At some point, the price/fit/structure/timing variables have to be adjusted to expand the pool of opportunities.
Can shareholders accept that?
Can management teams execute?