The outsourcing of R&D through acquisitions in the pharmaceutical industry

• 成果类型: Article
• 署名作者: Higgins, Matthew J.; Rodriguez, Daniel
• 署名单位: University System of Georgia; Georgia Institute of Technology; Emory University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2005.04.004
• 发表日期: 2006
• 页码: 351-383
• 关键词: acquisitions; asymmetric information; Pharmaceutical industry

摘要

We examine the performance of 160 pharmaceutical acquisitions from 1994 to 2001 and find evidence that on average acquirers realize significant positive returns. These returns are positively correlated with prior acquirer access to information about the research and development activities at target firms and a superior negotiating position. A unique Desperation Index is employed to determine the current status of a firm's internal productivity. We find that firms experiencing declines in internal productivity or which are more desperate are more likely to engage in an outsourcing-type acquisition in an effort to replenish their research pipelines. (c) 2005 Elsevier B.V. All rights reserved.