According to people familiar with the matter, in order to pursue growth, Pfizer is expanding its network, including efforts to acquire Teva at the end of 2014.

However, this proposal was immediately rejected by Teva, so the summary of the transaction did not form. According to the person who did not want to be named, this was a private transaction.

Pfizer's attempt to acquire Teva shows how extensive the company's search for the next prey is after the company's $120 billion acquisition of the British pharmaceutical company AstraZeneca.

In October last year, Pfizer CEO Ian Read said he was under pressure to innovate some of his businesses through a number of transactions. The loss caused by Pfizer’s loss of patent protection for blockbuster drugs has caused the company’s revenue to appear to be filled. “Really, I think it’s imperative to use our balance sheet and our funds to carry out incremental trading, increase incremental value and indeed increase revenue for innovation,” Ian Read told analysts in a conference call in October 2014. We said. “We will actively look for all the prey to choose from.”

However, representatives of Teva and Pfizer declined to comment, according to the trading conditions of January 24, 2015, the market value of Teva is about 50 billion US dollars.

On January 24th, Teva's American Depositary Receipts Index rose 2.4%, New York Stock Market closed at 59.98 US dollars, and once rose 5.8%, while Pfizer fell 1.1% to 32.45.

Reinforce

However, Pfizer's full acquisition of Teva will face some important obstacles. As a generic drug giant Teva with annual revenue of US$9.2 billion, Pfizer will provide Pfizer with a product portfolio and infrastructure to strengthen its patent-expired drugs, thus ultimately Split into an independent company, three of the above said.

For example, Pfizer, which has lost its patent protection but still well-known brand drugs such as lipitor (atorvastatin), can bring in a lot of cash with a little extra investment. Teva is mainly a generic manufacturer of antihypertensive drugs (Diovan, valsartan), anticoagulant Plavix (clopidogrel) and antibiotic amoxicillin.

AstraZeneca's attraction to Pfizer is partly due to the company's anti-cancer drug research and development pipeline. In addition, the intentional agreement will allow Pfizer, based in New York, to legally move its registered address overseas, resulting in a lower tax rate than the United States. A few months after Pfizer gave up the deal, the US Treasury also introduced regulations restricting so-called “tax reversal” transactions. But after Pfizer’s management realized these changes, it did not rule out the idea of ​​a tax reversal transaction.

German partner

In November 2014, Pfizer announced a partnership with Merck in Germany to enhance Pfizer's position in the field of cancer by gaining the right to be an experimental drug in an emerging anti-tumor treatment.

After the failure to acquire AstraZeneca, Pfizer is still searching for the next prey, according to people familiar with the matter. Pfizer has explored a number of ideas, including a deal with Atvis, before the latter agreed to acquire Elkin, one of them said.

For its part, Teva is also looking for deals. Teva CEO Erez Vigodman said at the investor conference this month that the company’s cash balance provides “rich resources” for mergers and acquisitions.

As the world's largest US pharmaceutical company, Pfizer has the genes to become a strong M&A. In 2000, Pfizer, based in New York, acquired Warner Lambert for $116 billion; in 1973, Famasia was awarded for $60 billion; in 2009, Wyeth was included in more than $60 billion. Through the above merger, Pfizer obtained Heavy bomb drugs such as Lipitor (liptoror, atorvastatin) and pneumococcal vaccine Prevnar.

Pfizer will continue to trade, in part because executives must spend money, said Damien Conover, an analyst at Morningstar in Chicago, which is one of the leading investment research institutions in the US and an authority on international fund ratings. . He also said that because Pfizer's profit expansion is relatively slow, it has forced Pfizer executives to do something.

There are many things to do

“Although Pfizer has carried out a large number of stock repurchases, there is still a lot of work to be done on mergers and acquisitions,” Conover said. “They are really motivated to achieve some growth through some external cooperation.”

But Pfizer needs to be cautious when it comes to trading, said David Heupel, a senior health care analyst at Schlever Financial, who owns Pfizer. “I think many positive factors in the operation process have been ignored,” he said. “I would rather Pfizer executives implement a strategy of going global, rather than really going to big deals.”

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