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全球最大藥廠葛蘭素史克（GSK）20日宣布，將以最高36億美元的價格，買下專精於製造皮膚科用藥的史帝富藥廠（Stiefel Labotories）。這顯示現金滿滿的製藥產業仍未停下整併的腳步。 總部在美國的史帝富有部分股權是私募資本公司黑石集團擁有，上個月公開求售。有意標購的藥廠眾多，知情人士透露，其中包括賽諾菲安萬特（Sanofi-Aventis）、諾華（Novartis）與嬌生公司（J&J）。 葛蘭素史克將以29億美元現金買下史帝富，另承接史帝富約4億美元債務。視未來史帝富的業績表現，葛蘭素史克還有可能再付3億美元現金，使總計收購價格最高達到36億美元。 葛蘭素史克預估，併購後將可在2012年以前省下2.4億美元費用，未來三年的合併費用約為3.25億美元。 由於舊藥專利紛紛到期，將面臨廉價學名藥的激烈競爭，各大藥廠紛紛積極尋求併購，以拓展獲利來源。 史帝富公司160多年前在德國創立，當初是一家藥皂製造公司，主要股權都牢牢掌握在史帝富家族手中。該公司最近也展開一連串併購，包括2006年以約6億美元買下Connetics公司。2007年，黑石集團投資史帝富5億美元，成為主要的少數股東。 史帝富如今總部位於佛羅里達州珊瑚牆市，現在生產一系列的皮膚醫療用品，像是DUAC面皰治療霜，以及治療頭皮乾癬的OLUX。該公司目前有員工4,000人，年營收達10億美元，號稱是全球最大的皮膚用藥獨立藥廠。 併購史蒂富將使葛蘭素史克的護膚產品事業擴增為原來的三倍，在全球皮膚處方用藥的市占率將達8%。 相較於今年輝瑞（Pfizer）以680億美元收購惠氏藥廠（Wyeth），默克（Merck）同意以410億美元買下先靈葆雅（Schering-Plough），葛蘭素史克的執行長韋提（Andrew Witty）這次的手筆顯得相當保守。但這不表示韋提沒有積極整併合作的意願。 葛蘭素史克與輝瑞上周才敲定協議，合併雙方的HIV藥物研發單位。此舉讓葛蘭素史克可以獲得輝瑞潛力較大的愛滋病治療藥物，也得以減少成本。葛蘭素史克初期將擁有這項投資的85%，總值可能達40億英鎊（59.2億美元）。 【2009/04/21 經濟日報】 |
GSK agrees $3.6bn Stiefel purchase
By Andrew Jack in London
Published: April 20 2009 01:47 | Last updated: April 21 2009 00:06
GlaxoSmithKline, the pharmaceutical group, has agreed to pay up to $3.6bn (£2.5bn) for Stiefel Laboratories of the US, significantly boosting its presence in dermatology as part of a growing portfolio of consumer healthcare businesses.
The deal represents the largest acquisition so far undertaken by GSK under Andrew Witty, the chief executive appointed last June.
It marks a confirmation of his strategy to diversify the group away from its historical focus on high-risk patented medicines through niche bolt-on deals, while refusing to participate in the intensifying consolidation of the sector through larger scale “mega-mergers”.
The combination will lead to the creation of a dermatology operation with pro-forma sales of $1.5bn, accounting for an estimated 8 per cent of global skincare prescriptions.
Charles Stiefel, chairman and chief executive of the privately-owned US group, said: “The combination of Stiefel with GSK will create a leading company in global dermatology with a strong presence in the prescription, consumer and aesthetic skin health markets.”
Mr Witty said: “We are continuing to make new investments through targeted acquisitions.”
GSK already has prescription dermatology products generating sales of $550m a year, including the brands Bactroban, Cutivate and Altabax, while Stiefel has products such as Duac for acne, Olux-E for dermatitis and Soriatane for psoriasis.
The acquisition will generate annual pre-tax cost savings of up to $240m by 2012 after one-off charges of $325m. GSK said it would result in “minor” dilution of earnings per share ahead of integration costs for 2009 of less than 1 per cent, and would be accretive by 1-2 per cent in 2010.
It will pay $2.9bn in cash for Stiefel, with a further $300m contingent on future performance, along with $400m in net debt.
The deal comes amidrenewed interest by a number of large pharmaceutical groups in healthcare products – a less risky, though lower-margin, business than drug development. Novartis of Switzerland has expanded into eyecare through its purchase of Alcon, and Pfizer of the US has shifted back into consumer healthcare following its acquisition of Wyeth.
These acquisitions are helping generate more sustainable sales for companies to offset the risks from the uncertain process of patented drug development, even though the margins have traditionally been lower.
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