學術產出-學位論文
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題名 企業連續併購案例研究－以保瑞藥業為例
Serial Acquisitions Case Study - Bora Pharmaceuticals作者 黃筠婷
Huang, Yun-Ting貢獻者 吳啟銘
Wu,Chi-Ming
黃筠婷
Huang,Yun-Ting關鍵詞 連續併購
保瑞藥業
生技產業
併購
Serial Acquisitions
Bora Pharmaceutical
Biotechnology Industry
Mergers and Acquisitions日期 2024 上傳時間 5-八月-2024 12:08:59 (UTC+8) 摘要 在全球生技製藥產業中，製藥公司面臨高昂的研發成本和激烈的競爭壓力。連續併購作為一種策略，能夠幫助企業迅速擴展市場佔有率和技術能力。保瑞藥業自2013年起進行多次併購，成為台灣生技製藥產業中營收成長最快的公司之一。本研究旨在探討保瑞藥業的連續併購歷程，以理解連續併購對企業競爭力和財務績效的影響，並為其他製藥企業提供寶貴的參考。 本研究選取保瑞藥業作為研究對象，通過個案研究方法深入分析包括衛采製藥、益邦製藥及安成製藥三個具代表性的併購案例，以了解連續併購的動機及影響併購成敗的因素。研究中說明雙方事前的併購動機、併購過程中支付方式與融資手段，以及併購後的整合行動。最後，將保瑞藥業與其他未進行併購的同業公司之財務表現進行橫向比較，以評估連續併購策略的有效性。 研究結果顯示，保瑞藥業的連續併購有效提升其競爭力和市場地位，並顯著改善財務表現。保瑞藥業的成功經驗展示了有效的連續併購策略需要搭配人力資源整合計畫、豐富的併購經驗和靈活的融資手段，並且需要避免管理者的過度自信。本研究展示了一間本土小藥廠如何在高風險、高投入的生技製藥產業中實現高成長，這些因素對其他企業在進行連續併購時將能形成重要參考價值。
In the global biotechnology and pharmaceutical industry, companies face high R&D costs and intense competitive pressure. Serial acquisitions, as a strategy, can help firms rapidly expand market share and technological capabilities. Since 2013, Bora Pharmaceuticals has engaged in multiple acquisitions, becoming one of the fastest-growing companies in Taiwan's biotech and pharmaceutical sector. This study aims to explore the serial acquisition process of Bora Pharmaceuticals to understand the impact of serial acquisitions on corporate competitiveness and financial performance, providing valuable insights for other pharmaceutical companies. This research focuses on Bora Pharmaceuticals, employing a case study approach to analyze three representative acquisitions: Eisai Pharmaceuticals, Impax Pharmaceuticals, and Twi Pharmaceuticals. The study delves into the acquisition motives of both parties, payment methods and financing strategies during the acquisition process, and post-acquisition integration actions. Finally, a comparative financial performance analysis between Bora Pharmaceuticals and its non-acquiring peers is conducted to assess the effectiveness of serial acquisition strategies. The results indicate that Bora Pharmaceuticals' serial acquisitions have significantly enhanced its competitiveness and market position, while also improving its financial performance. The success of Bora Pharmaceuticals demonstrates that effective serial acquisition strategies require a well-executed human resource integration plan, extensive acquisition experience, and flexible financing methods, while avoiding managerial overconfidence. 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國立政治大學
企業管理研究所(MBA學位學程)
107363112資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107363112 資料類型 thesis dc.contributor.advisor 吳啟銘 zh_TW dc.contributor.advisor Wu,Chi-Ming en_US dc.contributor.author (作者) 黃筠婷 zh_TW dc.contributor.author (作者) Huang,Yun-Ting en_US dc.creator (作者) 黃筠婷 zh_TW dc.creator (作者) Huang, Yun-Ting en_US dc.date (日期) 2024 en_US dc.date.accessioned 5-八月-2024 12:08:59 (UTC+8) - dc.date.available 5-八月-2024 12:08:59 (UTC+8) - dc.date.issued (上傳時間) 5-八月-2024 12:08:59 (UTC+8) - dc.identifier (其他 識別碼) G0107363112 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152420 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 107363112 zh_TW dc.description.abstract (摘要) 在全球生技製藥產業中，製藥公司面臨高昂的研發成本和激烈的競爭壓力。連續併購作為一種策略，能夠幫助企業迅速擴展市場佔有率和技術能力。保瑞藥業自2013年起進行多次併購，成為台灣生技製藥產業中營收成長最快的公司之一。本研究旨在探討保瑞藥業的連續併購歷程，以理解連續併購對企業競爭力和財務績效的影響，並為其他製藥企業提供寶貴的參考。 本研究選取保瑞藥業作為研究對象，通過個案研究方法深入分析包括衛采製藥、益邦製藥及安成製藥三個具代表性的併購案例，以了解連續併購的動機及影響併購成敗的因素。研究中說明雙方事前的併購動機、併購過程中支付方式與融資手段，以及併購後的整合行動。最後，將保瑞藥業與其他未進行併購的同業公司之財務表現進行橫向比較，以評估連續併購策略的有效性。 研究結果顯示，保瑞藥業的連續併購有效提升其競爭力和市場地位，並顯著改善財務表現。保瑞藥業的成功經驗展示了有效的連續併購策略需要搭配人力資源整合計畫、豐富的併購經驗和靈活的融資手段，並且需要避免管理者的過度自信。本研究展示了一間本土小藥廠如何在高風險、高投入的生技製藥產業中實現高成長，這些因素對其他企業在進行連續併購時將能形成重要參考價值。 zh_TW dc.description.abstract (摘要) In the global biotechnology and pharmaceutical industry, companies face high R&D costs and intense competitive pressure. Serial acquisitions, as a strategy, can help firms rapidly expand market share and technological capabilities. Since 2013, Bora Pharmaceuticals has engaged in multiple acquisitions, becoming one of the fastest-growing companies in Taiwan's biotech and pharmaceutical sector. This study aims to explore the serial acquisition process of Bora Pharmaceuticals to understand the impact of serial acquisitions on corporate competitiveness and financial performance, providing valuable insights for other pharmaceutical companies. This research focuses on Bora Pharmaceuticals, employing a case study approach to analyze three representative acquisitions: Eisai Pharmaceuticals, Impax Pharmaceuticals, and Twi Pharmaceuticals. The study delves into the acquisition motives of both parties, payment methods and financing strategies during the acquisition process, and post-acquisition integration actions. Finally, a comparative financial performance analysis between Bora Pharmaceuticals and its non-acquiring peers is conducted to assess the effectiveness of serial acquisition strategies. The results indicate that Bora Pharmaceuticals' serial acquisitions have significantly enhanced its competitiveness and market position, while also improving its financial performance. The success of Bora Pharmaceuticals demonstrates that effective serial acquisition strategies require a well-executed human resource integration plan, extensive acquisition experience, and flexible financing methods, while avoiding managerial overconfidence. This study illustrates how a local pharmaceutical company can achieve substantial growth in the high-risk, high-investment biotech and pharmaceutical industry, offering critical reference points for other companies pursuing serial acquisitions. en_US dc.description.tableofcontents 第一章 緒論 1 第一節 研究目的 1 一、 研究背景 1 二、 研究動機 2 第二節 研究問題 3 第三節 研究方法 4 第二章 文獻回顧 5 第一節 連續併購 5 一、 連續併購的定義 5 二、 連續併購者的績效表現 6 三、 連續併購績效的影響因素 8 第二節 生技醫藥產業的併購 12 一、 產業特色 12 二、 併購趨勢 14 三、 併購動機 15 四、 成功因素 17 第三章 產業環境與個案公司 20 第一節 產業環境 20 一、 生技製藥產業鏈 20 二、 CDMO 商業模式 23 第二節 公司介紹 30 一、 價值宣稱 30 二、 營運模式 30 三、 市場地位 32 四、 競爭優勢 32 第三節 公司五力分析 36 一、 產業內競爭者的競爭強度-高 36 二、 潛在進入者的威脅-低 36 三、 替代品的威脅-中 37 四、 供應商的議價能力-低 37 五、 買方的議價能力-中 38 六、 五力分析總結 38 第四章 個案公司併購發展 40 第一節 個案公司併購歷程 40 第二節 併購衛采製藥 45 一、 併購交易概述 45 二、 事前-併購動機分析 48 三、 事中-併購融資安排 52 四、 併購後措施 58 五、 併購後績效 64 第三節 併購益邦製藥 67 一、 併購交易概述 67 二、 事前-併購動機分析 69 三、 併購價值 73 四、 併購資金來源 76 五、 併購後措施 82 六、 併購績效 89 第四節 併購安成製藥 93 一、 併購交易概述 93 二、 併購誘因分析 96 三、 支付方式 100 四、 併購後措施 102 五、 併購後績效 105 第五章 連續併購後績效比較 106 第一節 與台灣其他公司成長性比較 107 一、 對比公司介紹 107 二、 獲利能力比較 108 三、 市場反應 115 第二節 與強生製藥成長性比較 120 一、 兩公司可比性 120 二、 綜合比較 124 第六章 研究結論與建議 130 第一節 保瑞的併購動機 130 一、 取得通路進入新市場： 130 二、 擴大其生產與銷售規模 130 三、 獲取暢銷或具潛力藥物 131 四、 強化研發能力 132 第二節 連續併購後績效與成功要素 133 一、 連續併購後績效 133 二、 影響保瑞併購成效的因素 133 三、 總結 136 第三節 研究限制 138 參考文獻 139 一、 英文部分 139 二、 中文部分 148 三、 資料庫 154 zh_TW dc.format.extent 82175685 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107363112 en_US dc.subject (關鍵詞) 連續併購 zh_TW dc.subject (關鍵詞) 保瑞藥業 zh_TW dc.subject (關鍵詞) 生技產業 zh_TW dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) Serial Acquisitions en_US dc.subject (關鍵詞) Bora Pharmaceutical en_US dc.subject (關鍵詞) Biotechnology Industry en_US dc.subject (關鍵詞) Mergers and Acquisitions en_US dc.title (題名) 企業連續併購案例研究－以保瑞藥業為例 zh_TW dc.title (題名) Serial Acquisitions Case Study - Bora Pharmaceuticals en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 1. 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YouTube節目-王牌財經所，2023年8月31日。國巨、保瑞靠併購華麗轉身《王牌財經所 #36》。取自：https://www.youtube.com/watch?v=BnKoBABXTKA&t=513s 。 19. 杜蕙蓉，2022年5月22日。保瑞董事長盛保熙 積極併購 放眼國際。中時新聞網。取自：https://www.chinatimes.com/newspapers/20220522000127-260209?chdtv 。 20. 沈筱禎，2023年。〈亞洲生技大會〉保瑞董座：藥廠併購機會增 有幾個案子洽談中。鉅亨網。取自：https://news.cnyes.com/news/id/5265954 。 21. 杜蕙蓉，2023年7月28日。保瑞併購加速 鎖定美國藥廠和技術。中時新聞網。取自：https://www.chinatimes.com/newspapers/20230728000186-260202?chdtv 。 22. 謝柏宏，2023年7月27日。保瑞CDMO業務擴張。經濟日報。取自：https://money.udn.com/money/story/11074/7329971 。 23. 鉅亨網，2023年08月28日。〈BTC大會〉保瑞董座：台灣生技產業能以六面向迎戰兩大機會。永豐金證券豐雲學堂。取自：https://www.sinotrade.com.tw/richclub/news/64ec7024271c1d59459b83fd 。 24. Genet觀點，2024年5月23日。Genet法人筆記-保瑞。Genet觀點。取自：http://www.genetinfo.com/investment/featured.html 。 25. 沈筱禎，2023年7月27日。〈亞洲生技大會〉保瑞董座：藥廠併購機會增 有幾個案子洽談中。鉅亨網。取自：https://news.cnyes.com/news/id/5265954 。 26. 吳靜芳，2022年7月27日。「南部小藥廠要來併我們？」保瑞9年6併，如何收服兩倍大美商？。天下雜誌。取自：https://www.cw.com.tw/article/5122152?template=transformers 。 27. 許江鎮，2023年4月20日。保瑞藥業併購營收翻倍，市場沒有對手。理財周刊。取自：https://www.moneyweekly.com.tw/Magazine/Info/%E7%90%86%E8%B2%A1%E5%91%A8%E5%88%8A/111354/。 28. 台灣產業創生平台，2022年9月1日。保瑞打造CDMO王國的成功經營心法。台灣產業創生平台。取自：https://www.tw-ren.com/renaissance/721 。 29. 譚偉晟，2022年7月6日。代工要角 最新兩起收購計畫 助攻股價兩個月飆逾七成 從被掛電話到大開併購列車 保瑞董座闖出藥品代工王國。今周刊。取自：https://www.businesstoday.com.tw/article/category/183015/post/202207060030/ 。 30. 劉軒彤，2022年1月4日。郭台銘百億銀彈卡位日立來台設亞洲最大細胞工廠(下)。CRIF中華徵信所。取自： https://www.credit.com.tw/NewCreditOnline/Epaper/PersonalityContent.aspx?sn=314&unit=530 。 31. 經理人月刊授權，2023年12月26日。保瑞9年收購6家廠，衝到生技股王！董座揭「融合」秘技：做好一件事，制度就到位。數位時代。取自：https://www.bnext.com.tw/article/77873/bora-pharmaceuticals-management 32. 食品藥物管理署，2024年3月7日。GMP藥廠名單。取自： https://www.fda.gov.tw/TC/siteListContent.aspx?sid=2067&id=3475&chk=5b6f2ebd-8ed2-46ee-a17b-f7c7517bbaf0 33. 公開資訊觀測站，2022年8月12日。保瑞111年第一次臨時會議事手冊。取自：https://doc.twse.com.tw/pdf/2022_6472_20220830F02_20240611_092921.pdf 34. 呂宗耀，2023年8月9日。景氣循環末期 生技業挑戰與機會。今周刊。取自：https://www.businesstoday.com.tw/article/category/183025/post/202308090052/ 35. 統一證券，2001年11月9日。製藥產業概況與相關上市櫃個股之介紹。MoneyDJ理財網。取自：https://www.moneydj.com/kmdj/report/reportviewer.aspx?a=297f0726-d8b1-4e90-a3a0-5d40a4a63f26 三、 資料庫 1.Bloomberg 2.SDC Platinum zh_TW
