Biotechnology

GE’s merger machine in full tilt

10 Oct 2003

With the Amersham deal, the US conglomerate is on track to book its most active year of M&A ever. The reason for the binge is obvious GE is buying growth and diversifying away from financial services. But the deals are not coming cheap.

Amersham shares have further to go

9 Oct 2003

The shares currently trade at breakup value, but no takeover premium has been added. Any acquirer is likely to split up the UK medical services company.

Amersham receives mystery bid approach

8 Oct 2003

Broadlybased health groups such as Roche and Johnson & Johnson look the most likely acquirers for the £4.6bn UK medical group. Amersham could be attractive because it is market leader in two of its businesses, enjoys high barriers to entry and isn t that expensive.

Bayer re-jiggers and starts rummage sale

7 Oct 2003

Bayer is taking a small step in reorganising its divisions. The German conglomerate is also selling its plasma business. But Bayer needs to stop fiddling around the edges and address its problems.

Investors should fear Schering-Plough shearing

22 Aug 2003

The world s eighthlargest pharmaceutical company has cut its dividend by twothirds. The US company is the first major pharmaceutical company to cut its dividend in 20 years. Others may well follow.

Bayer’s and Glaxo’s Viagra rival gets approval

20 Aug 2003

The US has approved Levitra, a rival to blockbuster Viagra. The companies are relying on it to replace sales lost to generics competition. With nothing else in the pipeline, Bayer needs the drug to succeed.

Celltech advances potential blockbuster drug

19 Aug 2003

UK investors are still sceptical of the cashburning biotech industry. Profitable Celltech plans to take advantage and pick up more of its moneylosing cousins on the cheap.

Don’t count on Crestor to rescue AstraZeneca

13 Aug 2003

It is good news that the important cholesterol drug has finally received US approval. But not a panacea. Crestor won t clean up in the cholesterol market. Nor will its sales fill the gap left by other Astra drugs going off patent.

Poor drugs pipelines lead to dodgy practices

11 Aug 2003

That, at least, seems to be the conclusion from the latest in a string of investigations into BristolMyers. There is a strong correlation between poor pipelines Astra, Roche and ScheringPlough as well as Bristol and legal trouble.

Animal spirits soar among executives

18 Jul 2003

Following the return of the hostile bid, these deals show executives wanting assets are prepared to go the distance to acquire them. BAT outbid its rivals by more than 50% for Italy's ETI. Barr appears ready to pay a massive premium for Galen.

Bayer bolstered by Baycol ruling

19 Mar 2003

While still hard to quantify, liabilities relating to the drug look increasingly unlikely to swamp the value of Bayer s healthcare unit. Baycol may be delaying the restructuring of the German conglomerate. But with luck it will shock Bayer into action.

Novartis discloses stakebuilding in Roche

23 Jan 2003

The Swiss pharmaceuticals group has gone as far as it can without being forced to make a formal offer for its rival s voting shares. Roche s management no longer have any margin for error.

Nycomed sold by one private equity group to another

30 Oct 2002

The E1.1bn transaction driven by the dearth of trade buyers and the inability to launch an IPO may look like a game of pass the parcel. To the ultimate investors, the transaction may look odd. But from the perspective of the private equity firms, it is entirely logical.

Nycomed sold by one private equity group to another

30 Oct 2002

Heard in Europe: AstraZeneca Patent Ruling Critical

11 Sep 2002

Chemically treated

3 Sep 2002

Mergermarket: Sugar-coated pill

16 Jul 2002

Addicted to the deal drug

15 Jul 2002

Cold turkey

12 Jun 2002

Damp Squibb

5 Jun 2002