併購活動在近幾年成為藥業及生技產業獲取高價值技術資源的重要策略之ㄧ。本論文以百年藥廠羅氏集團(Roche)併購新興生技巨擘基因科技(Genentech)公司的併購歷程與結果審視藥業與生技產業併購活動中，影響企業創新、產品線及財務表現的併購策略研究。
現今，藥廠面臨的挑戰包括研發費用增加幅度高於銷售成長、新藥開發速度較產業成長需求緩慢、需要從其他公司授權產品與技術及面臨許多藥品將喪失專利變成學名藥的威脅。生技產業藉由其技術蓬勃發展與創新而擅長核酸、蛋白質等利基性藥品，但研發期長、高產品開發風險使得新興生技公司常面臨資金短缺的問題。大藥廠豐沛的資金、擅長開發、製造、市場及行銷的特性，促使藥業與生技業併購風潮四起。
本研究以製藥界歷史逾百年的羅氏集團與全球第一大生技公司的基因科技為例，藉由兩家授權、合併、收購及再公開發行的歷程，探討併購的動機、策略與成效。2006年，羅氏藥品的十大明星產品中來自基因科技藥品的貢獻已逾百分之五十的銷售，基因科技也因羅氏強而有力的行銷能力與品牌價值而躍升美國第一大市值的生技公司。這樣的結合看似完美，但羅氏持股基因科技過半的股權，基因科技將大部分美國以外的海外銷售授權給羅氏的模式，卻也帶來基因科技未來獨立擴大、躍升世界第一藥廠的隱憂。
藥廠的發展有漸趨集中化的趨勢，全球前十大藥廠的銷售額約佔總藥品市場的一半，在全球醫療環境改變、人口老化、新興治療模式等需求下，又面臨全球醫療保險給付、專利藥品過期的威脅，藥廠併購擁有創新技術與不同類型產品的生技公司勢必不會消退。台灣的藥業缺乏創新並以學名藥製造為主，生技產業的發展亦未成熟。在全球併購的潮流下，未來台灣生技或醫藥產業或可透過併購加速發展。藉由本論文對個案公司背景、併購歷程、併購策略、產品組合、研發與財務等面向的探討，期望能提供台灣未來藥業與生技業併購時的參考。

Mergers and acquisitions (M&As) are one of the most important strategies for pharmaceutical and the biotechnology industry to gain access to valuable technological resources in recent years. The M&As activities and outcomes of famous pharmaceutical company – Roche, and biotech leading company – Genentech were investigated in this study. Thus, the innovation, product pipeline and financial performance were examined to elucidate the crucial strategies of M&As.
Nowadays, the challenges of pharmaceutical company includes the growth rate of research and development (R&D) cost were higher than sales’, new drugs development were slower than industry demand, licensing from other company and high profit patent drugs turned into generics. By innovative and vigorous development of biotechnology, biotech companies were devoted into niche products includes nucleic acid or protein drugs. However, large R&D expenditure and high risk product development result in capital shortage problems. The abundant working capital and well-experienced manufacture, marketing and sales characteristics of big pharma enable the M&As of pharma and biotech arise.
This study case describe the M&A of an over a century pharmaceutical company – Roche with a first IPO biotech company – Genentech. To survey the process of licensing, merger, acquisition and public offerings, the motivation, strategies and outcomes were examined. In 2006, over the half of top ten sales of Roche were derived from Genentech; therefore, the global marketing and brand value of Roche contribute Genentech into the top one market value biotech company. The synergistic effect seems the M&A is a perfect integration. However, the majority equity owned by Roche and the oversea sales licensing to Roche were the further underlying problems for Genentech to expand to the top health care company in the world.
The development of pharmaceutical company becoming more concentrated that the top ten pharmaceutics account for half of the global sales. Moreover, with the growing demand from the health care, aging and novel therapeutics and under the threatens of health insurance payment and patent drug expired, the tide of M&As for pharmaceutical and biotech companies will not decline. The weakness of Taiwan pharmaceutics is poor in innovation and generic drugs-oriented manufacture; furthermore, the biotech industry is still beyond maturity. Under the waves of M&As, the Taiwan pharmaceutical and biotech industry may prompt development by M&As. In this case study, the pharmaceutics and biotech background were first introduced and the case history, M&A process and strategies, product portfolio, R&D and financial issues were explored. Therefore, this study may fulfill and provide some suggestions and references for further pharmaceutical and biotech M&A activities in Taiwan.

目錄

論文提要........................................................................................................... i
中文摘要.......................................................................................................... ii
Abstract ........................................................................................................... iii
致謝.................................................................................................................. v
目錄................................................................................................................. vi
表目錄............................................................................................................ vii
圖目錄........................................................................................................... viii

第一章 緒論.................................................................................................. 01
第一節 研究背景與動機......................................................................... 01
第二節 研究目的..................................................................................... 02
第三節 研究流程..................................................................................... 04
第四節 研究限制..................................................................................... 04
第二章 藥業與生技產業分析...................................................................... 05
第一節 藥業現況與內外環境分析......................................................... 05
第二節 生技產業現況與發展趨勢......................................................... 19
第三節 藥業與生技產業的策略聯盟..................................................... 27
第三章 藥業與生技產業併購策略與企業績效.......................................... 32
第一節 併購策略、動機與績效............................................................. 32
第二節 藥業與生技業之交易模式與架構............................................. 42
第三節 藥業與生技產業的併購案例..................................................... 46
第四章 研究個案介紹與併購實務歷程探討.............................................. 51
第一節 羅氏集團 (Roche Holding Ltd.)................................................ 51
第二節 基因科技 (Genentech, Inc.) ...................................................... 63
第三節 個案併購的歷程 ....................................................................... 75
第四節 個案併購的綜效 ....................................................................... 78
第五章 建議與結論 .................................................................................... 96
參考文獻........................................................................................................ 98

參考文獻

一、中文部份
1. 王世晞，2003，製藥產業之演進、現況與趨勢，台灣大學商研所碩士論文。
2. 余尚武、江玉柏，1998，「影響企業併購成敗之因素與策略探討」，經濟情勢暨評論，經濟部研發會，4卷2期，125-144。
3. 巫文玲、湯谷清等，2003，醫藥產業年鑑2003，生物技術開發中心。
4. 李昱慧，2004，智慧資本衡量之研究-以製藥產業為例，大同大學資訊經營研究所碩士論文。
5. 林青青，2006，Roche /Genetech 將持續領導癌症藥物市場，產業觀察。
6. 林建