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題名 國際製藥業併購案之策略研究: 以Pfizer併購Seagen案為例
Analysis of Merger and Acquisition Strategies in the Global Pharmaceutical Industry: A Case Study of Pfizer’s Acquisition of Seagen作者 薛雅倩
Shiue, Ya-Chian貢獻者 陳明進
薛雅倩
Shiue, Ya-Chian關鍵詞 輝瑞
抗體藥物複合體
平台型併購
策略分析
Pfizer
Antibody-Drug Conjugate (ADC)
Platform-based M&A
Strategy Analysis日期 2025 上傳時間 1-Sep-2025 14:44:49 (UTC+8) 摘要 本研究係以Pfizer於2023年高溢價併購Seagen為案例分析，探討國際製藥業者面臨疫後營收衰退與專利懸崖壓力，如何透過技術平台型併購因應挑戰並維持創新成長動能。研究方法採質性個案研究與次級資料分析，結合資源基礎理論（RBV）、VRIO模型、Porter五力分析、SWOT、Ansoff 與BCG矩陣等策略工具，並輔以風險調整後淨現值（rNPV）與實質選擇權（Real Options）分析，以提升交易評估之判斷力與敏感度。 研究結果顯示，此併購案具高度策略綜效潛力，惟整合成效仍仰賴雙方能否有效完成技術協作、文化融合與組織學習等關鍵整合條件，故亦屬高風險之併購類型。本研究並指出VRIO與BCG矩陣等傳統策略分析工具多基於靜態假設，對於高度不確定性環境之動態變化反映有限，建議應輔以動態策略工具以提升評估精確性與實務可用性。 綜上，本研究不僅對Pfizer–Seagen併購案之策略評估提供深入分析，亦對製藥業平台型併購之規劃及科技業跨域投資提出建議，強調強化整合治理、能力內化與多元策略分析及估值方法之重要性。
This study uses Pfizer’s 2023 high-premium acquisition of Seagen as a case study to analyze how global pharmaceutical companies, facing post-pandemic revenue declines and impending patent cliffs, leverage technology platform–based M&A to address these challenges and sustain innovation-driven growth. This study employs a qualitative case study design with secondary data analysis, integrating strategic frameworks—RBV, VRIO, Porter’s Five Forces, SWOT, Ansoff Matrix, and BCG Matrix—and supplementing them with financial tools such as risk-adjusted net present value (rNPV) and real options analysis to enhance the rigor and sensitivity of the evaluation. The findings indicate that while the transaction demonstrates significant potential for strategic synergies, its ultimate success depends on the realization of critical post-merger integration conditions, including technological collaboration, cultural alignment, and organizational learning. Accordingly, the deal is characterized as a high-risk type of M&A. Moreover, the study highlights the limitations of traditional strategy tools such as the VRIO framework and BCG Matrix, which rely on static assumptions and inadequately capture dynamic changes in highly uncertain environments. To address this gap, the incorporation of dynamic strategy models is recommended to improve the accuracy and practical relevance of M&A evaluations. In sum, this research provides an in-depth strategic assessment of the Pfizer–Seagen case and offers insights for platform-based M&A in the pharmaceutical sector as well as cross-sector investments by technology companies. It underscores the importance of strengthening integration governance, building absorptive capacity, and employing diversified strategy frameworks and valuation methodologies to ensure long-term value creation.參考文獻 一、中文文獻: 1.安永聯合會計師事務所 (EY, Taiwan) (2023），2023年生物科技產業趨勢報告：穿越邊界 Beyond Borders 2023》。EY全球觀點與趨勢。取自 https://www.ey.com/zh_tw/insights/life-sciences/beyond-borders-2023 2.資誠聯合會計師事務所（PwC Taiwan）（2024），2024年生技醫療產業併購趨勢與展望。取自 https://www.pwc.tw/zh/publications/bio-insights/pdf/bio-insights-2402.pdf 二、英文文獻: 1.Amram, M., & Kulatilaka, N. (1999). Real options: Managing strategic investment in an uncertain world. Harvard Business School Press. 2.Ansoff, H. I. (1957). Strategies for diversification. Harvard Business Review, 35(5), 113–124. Retrieved from: https://ia903104.us.archive.org/32/items/strategiesfordiversificationansoff1957hbr/Strategies%20for%20Diversification-Ansoff1957-HBR.pdf 3.Aitken, M. (2016). Understanding the pharmaceutical value chain. 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Retrieved from https://www.sec.gov/Archives/edgar/data/1060736/000119312523102294/d484035dprem14a.htm 42.The Editors of Encyclopaedia Britannica. (2025). Alexander Fleming. In Encyclopaedia Britannica. Retrieved from https://www.britannica.com/biography/Alexander-Fleming 43.Towards Healthcare. (2025). Antibody drug conjugate market size and growth outlook (2024–2032). Retrieved from Antibody Drug Conjugate Market to Reach USD 29.9 Bn by 2034 44.Vision Research Reports（2024）. Generic Drugs Market Size 2023 to 2033. Retrieved from https://www.visionresearchreports.com/generic-drugs- market/41283? 45.World Health Organization. (2023). Global Observatory on Health R&D. Retrieved from https://www.who.int/observatories/global-observatory-on-health-research-and-development 描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
111932174資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111932174 資料類型 thesis dc.contributor.advisor 陳明進 zh_TW dc.contributor.author (Authors) 薛雅倩 zh_TW dc.contributor.author (Authors) Shiue, Ya-Chian en_US dc.creator (作者) 薛雅倩 zh_TW dc.creator (作者) Shiue, Ya-Chian en_US dc.date (日期) 2025 en_US dc.date.accessioned 1-Sep-2025 14:44:49 (UTC+8) - dc.date.available 1-Sep-2025 14:44:49 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2025 14:44:49 (UTC+8) - dc.identifier (Other Identifiers) G0111932174 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/159016 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經營管理碩士學程(EMBA) zh_TW dc.description (描述) 111932174 zh_TW dc.description.abstract (摘要) 本研究係以Pfizer於2023年高溢價併購Seagen為案例分析，探討國際製藥業者面臨疫後營收衰退與專利懸崖壓力，如何透過技術平台型併購因應挑戰並維持創新成長動能。研究方法採質性個案研究與次級資料分析，結合資源基礎理論（RBV）、VRIO模型、Porter五力分析、SWOT、Ansoff 與BCG矩陣等策略工具，並輔以風險調整後淨現值（rNPV）與實質選擇權（Real Options）分析，以提升交易評估之判斷力與敏感度。 研究結果顯示，此併購案具高度策略綜效潛力，惟整合成效仍仰賴雙方能否有效完成技術協作、文化融合與組織學習等關鍵整合條件，故亦屬高風險之併購類型。本研究並指出VRIO與BCG矩陣等傳統策略分析工具多基於靜態假設，對於高度不確定性環境之動態變化反映有限，建議應輔以動態策略工具以提升評估精確性與實務可用性。 綜上，本研究不僅對Pfizer–Seagen併購案之策略評估提供深入分析，亦對製藥業平台型併購之規劃及科技業跨域投資提出建議，強調強化整合治理、能力內化與多元策略分析及估值方法之重要性。 zh_TW dc.description.abstract (摘要) This study uses Pfizer’s 2023 high-premium acquisition of Seagen as a case study to analyze how global pharmaceutical companies, facing post-pandemic revenue declines and impending patent cliffs, leverage technology platform–based M&A to address these challenges and sustain innovation-driven growth. This study employs a qualitative case study design with secondary data analysis, integrating strategic frameworks—RBV, VRIO, Porter’s Five Forces, SWOT, Ansoff Matrix, and BCG Matrix—and supplementing them with financial tools such as risk-adjusted net present value (rNPV) and real options analysis to enhance the rigor and sensitivity of the evaluation. The findings indicate that while the transaction demonstrates significant potential for strategic synergies, its ultimate success depends on the realization of critical post-merger integration conditions, including technological collaboration, cultural alignment, and organizational learning. Accordingly, the deal is characterized as a high-risk type of M&A. Moreover, the study highlights the limitations of traditional strategy tools such as the VRIO framework and BCG Matrix, which rely on static assumptions and inadequately capture dynamic changes in highly uncertain environments. To address this gap, the incorporation of dynamic strategy models is recommended to improve the accuracy and practical relevance of M&A evaluations. In sum, this research provides an in-depth strategic assessment of the Pfizer–Seagen case and offers insights for platform-based M&A in the pharmaceutical sector as well as cross-sector investments by technology companies. It underscores the importance of strengthening integration governance, building absorptive capacity, and employing diversified strategy frameworks and valuation methodologies to ensure long-term value creation. en_US dc.description.tableofcontents 摘要 i Abstract ii 第一章 緒論 1 第一節 研究動機與研究目的 1 第二節 研究架構 3 第二章 文獻探討 5 第一節 製藥產業之特性 5 第二節 製藥產業之發展趨勢 12 第三節 製藥業之挑戰與因應策略 22 第三章 研究方法與分析架構 34 第一節 研究方法與架構 34 第二節 理論基礎說明 38 第三節 分析說明與對應架構 38 第四章 Pfizer 併購Seagen案之分析 40 第一節 本個案背景 40 第二節 本案併購之動機與資源盤點分析 46 第三節 外部產業與競爭環境分析 48 第四節 策略整合與成長矩陣分析 50 第五節 估值合理性與綜效分析 52 第六節 小結 55 第五章 研究結論與建議 58 第一節 結論 58 第二節 建議 59 第三節 研究限制與後續建議 61 參考文獻 63 一、 中文文獻 63 二、 英文文獻 63 三、 網路資料 66 zh_TW dc.format.extent 2966593 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111932174 en_US dc.subject (關鍵詞) 輝瑞 zh_TW dc.subject (關鍵詞) 抗體藥物複合體 zh_TW dc.subject (關鍵詞) 平台型併購 zh_TW dc.subject (關鍵詞) 策略分析 zh_TW dc.subject (關鍵詞) Pfizer en_US dc.subject (關鍵詞) Antibody-Drug Conjugate (ADC) en_US dc.subject (關鍵詞) Platform-based M&A en_US dc.subject (關鍵詞) Strategy Analysis en_US dc.title (題名) 國際製藥業併購案之策略研究: 以Pfizer併購Seagen案為例 zh_TW dc.title (題名) Analysis of Merger and Acquisition Strategies in the Global Pharmaceutical Industry: A Case Study of Pfizer’s Acquisition of Seagen en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文文獻: 1.安永聯合會計師事務所 (EY, Taiwan) (2023），2023年生物科技產業趨勢報告：穿越邊界 Beyond Borders 2023》。EY全球觀點與趨勢。取自 https://www.ey.com/zh_tw/insights/life-sciences/beyond-borders-2023 2.資誠聯合會計師事務所（PwC Taiwan）（2024），2024年生技醫療產業併購趨勢與展望。取自 https://www.pwc.tw/zh/publications/bio-insights/pdf/bio-insights-2402.pdf 二、英文文獻: 1.Amram, M., & Kulatilaka, N. 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