生物技術的出現縮短了藥物開發所需要的時間，因此傳統製藥公司紛紛選擇與生技公司聯盟來獲取本身所需之技術；而小型的生技公司則希望透過與大型藥廠的聯盟來獲取資金以支持研發活動的進行。因此這種各取所需的關係使得生技製藥業出現一股策略聯盟的風潮。
本研究使用價值活動與股權結構兩個構面來區分策略聯盟的類型，並利用公司個案研討的方式，來探討個別生技製藥公司在不同時期下所進行的策略聯盟有何不同？對公司的財務結構是否有所影響？
在生技公司方面，本研究所選擇的公司為Millennium Pharmaceuticals與Chiron；製藥公司方面則為Merck與Eli Lilly。透過以上幾家公司的個案研討，本研究歸納出以下幾點:
1. 生技與製藥公司的合作方式大約有兩種，一是在協議期間內由製藥大廠來提供大部分資金，另一種則是先給預付費用，之後再給予里程碑費用。
2. 製藥業的價值鏈中，利潤最高的是產銷這個部分，因此許多生技公司發展到某一個程度後，開始進行往下游發展。
3. 生技公司為提高獲利能力，會尋求結盟方式以獲得產銷方面之經驗。
4. 生技公司的研發費用佔營收比率較製藥公司高，因此有較低的營收利潤邊際與股東權益報酬。但投資人對生技公司未來得獲利能力有較高之預期。
5. 生技公司的營收成長的速度卻較製藥公司為高。
6. 製藥公司在聯盟的管理上較有一定的組織與策略。
7. 製藥公司會依照現階段新產品庫的狀況來決定要於哪一階段進行結盟。
8. 生技與製藥公司需將研究資源放在幾個特定領域，以維持公司之獲利能力。
9. 生技公司似乎從聯盟中獲取較多的潛在利益。

With the emergence of biotechnology, the time for drug discovery becomes shorter. In order to obtain the technology they are short of, the pharmaceutical companies choose to forge an alliance with biotech companies. The benefit that the biotech companies get from the alliances is the R&D funds. Therefore the strategic alliaces are formed in the industry very frequently.
This thesis uses value activities and equity structures to divide strategic alliance into several types.Through case studies, the thesis sees if there is any difference in the alliances forged by the biotechpharmaceutical firms during different periods and if the financial structure of those firms changes.
Millennium Pharmaceuticals and Chiron are two biotech companies being discussed. The pharmaceutical companies chosen are Merck and Eli Lilly. Through the case studies of those above-mentioned firms, the conclusions are as following:
1. The methods for biotech and pharmaceutical firms to cooperate can be divided into two types. One is the pharmaceutical firms offer the greater part of the funds needed during the agreement period; the other is the biotech firms pay the pharmaceutical firms the upfront fees and the milestone fees.
2. Companies gain the most profits from the manufacturing and marketing part of the value chain. Many biotech firms move downstream into this area after gaining adequate sizes.
3. In order to improve the profit abilities, the biotech companies using alliances to get the experience of manufacturing and marketing.
4. The R&D / operating revenues ratio of biotech companies is higher than the one of pharmaceutical companies. So the biotech firms have lower profit margins and ROA. However, the investors anticipate that biotech companies have better profit ability in the future.
5. The revenue growth rate of biotech companies is higher.
6. The pharmaceutical companies are better-organized and have strategies to manage alliances.
7. The pharmaceutical firms decide which stage to forge alliances according to the status of companies’ pipeline.
8. The biotech and pharmaceutical firms have to focus their resources on specific areas to maintain the ability to gain profits
9. It seems that the biotech companies gains more potential benefits from alliances.

第一章 緒論 1
第一節 研究背景 1
第二節 研究動機與目的 2
第三節 研究架構 2
第二章 文獻探討 3
第一節 策略聯盟之定義 3
第二節 策略聯盟的類型 5
第三節 規模大小與策略聯盟之潛在利益 8
第四節 行銷聯盟與技術聯盟 9
第五節 股權結構與協議形式 10
第六節 策略聯盟實證文獻 12
第三章 研究設計 16
第一節 個案公司選取 16
第二節 個案研究方法與流程 17
第四章 生技製藥業概況 20
第一節 生技製藥業之價值鏈 20
第二節 生技製藥業產業特性 25
第三節 生技製藥業現況 26
第五章 個案探討 34
第一節 Millennium公司個案 34
第二節 Chiron公司個案 46
第三節 Merck公司個案 59
第四節 Eli Lilly公司個案 68
第六章 結論與研究限制 78
第一節 結論 78
第二節 研究限制 80
文獻探討 81

一、 中文部分

1. 林容瑜，2001，上市公司策略聯盟宣告對公司市值影響之研究-以電子產業為例，中國文化大學會計研究所未出版論文
2. 陳麗敏、羅淑慧，2004，生技製藥公司的策略聯盟佈局，財團法人生物技術開發中心出版
3. 巢佳莉，2001，生物科技事業發展-美國生物科技上市公司策略佈局,工研院 產業經濟與資訊服務中心出版，pp.5-19~5-20
4. 劉懿真，2003，生技製藥產業運用專利聯盟之研究，中央大學產業經濟研究所未出版碩士論文
5. 趙月秀，2001，生物科技事業發展-全球主要生物科技發展及可移轉技術調查，工研院產業經濟與資訊服務中心出版，pp.1-1


二、 英文部分

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20. Killing. J. P.,1988, Understanding Alliance: The Role of Task and Organizational Complexity in Contactor F. J. and P. Lorange(ed.), Cooperative Strategies in International Business, Lexington, MA: Lexington Books, pp.55-67.
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22. Lewis, J.D., 1990, Making Strategic Alliance Work, Research Technology Management,33, pp.12-15
23. Lynch, R.P.1989, The Pratical Guide to Joint Ventures and Corporate Alliances, New York, N.Y.: John Wiley & Sons, pp.7-8
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28. Pharmaceutical Research and Manufacturers of America, 2005, Pharmaceutical Industry Profile 2005, Washington, DC: PhRMA
29. Pisano G., 2002, Discovering the Future: R&D Strategy at Merck, HBS case No. 9-601-086,pp.7
30. Porter, M.E. and M.B. Fuller.,1986, Coalitions and Global Strategy. Boston: Harvard Business School Press, pp.315-344
31. Simonin,B.,1997,The importance of developing collaborative know-how: an empirical test of the learning organization., Academy of Management Journal,40(5),pp.1150-1174
32. Steven C. Wheelwright and Brian Elliott, 1994, Chiron Corporation, HBS case No. 9-639-052, pp.5
33. Straton, R., 1982, Organizational characteristics of consortia in intensive technology industries, Unpublished doctoral dissertation, University of California, California.
34. Thomke S.,2001, Millennium Pharmaceuticals, Inc.(A),HBS case No. 9-600-038
35. Ralph T. King Jr., Mar 24, 1998, Chiron Names Industry Veteran Lance as Its CEO,Wall Street Journal. (Eastern edition),pp .1


三、 參考網站
1. cdnet.stic.gov.tw
2. www.chiron.com
3. www.imshealth.com
4. www.lilly.com
5. www.merck.com
6. www.millennium.com
7. www.recap.com