Master Thesis: Mergers and Acquisitions in Indian Pharma Sector
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Thesis and Dissertation
AI Summary
This master thesis explores the impact of mergers and acquisitions (M&A) on the Indian pharmaceutical sector. It begins with an introduction to the industry, outlining the research aims, objectives, and questions. A thorough literature review provides context on M&A strategies, benefits, and their effects on performance. The research methodology chapter details the approach, design, and data collection methods, including a survey. The data analysis and findings chapter presents quantitative results and insights. Finally, the thesis concludes with a discussion of the findings, recommendations for the sector, and suggestions for future research, supported by comprehensive references and appendices. The study investigates the challenges, issues, and impact of M&A in the context of the Indian pharmaceutical market.
Running head: MERGERS & ACQUISITIONS IN PHARMACEUTICAL SECTOR IN INDIA
Mergers and acquisitions in Pharmaceutical sector in India
Part 3: Master Thesis
Name of the Student:
Name of the University:
Author note:
Mergers and acquisitions in Pharmaceutical sector in India
Part 3: Master Thesis
Name of the Student:
Name of the University:
Author note:
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1MERGERS & ACQUISITIONS IN PHARMACEUTICAL SECTOR IN INDIA
Abstract
A merger and acquisition is referred as arrangement whereby assets, liabilities as well as
business of two organization become vested in or controlled by one of the particular
organization. In recent past years, it has been witnessed that an entire host of mergers and
acquisitions by Indian Pharmaceutical organizations. The organizations do not only cater to
domestic market. However, it exports the products overseas. There are several reasons that may
be attributed to the expanded Mergers and Acquisition activity by Indian Pharmaceutical
Organizations. Present study deals with the impact of merger and acquisition on Pharmaceutical
sector in India. A research has been conducted where aims and objectives are set. In this regard,
a comprehensive literature review has been organization where data from secondary sources like
books, journals and articles are gathered and analyzed. In third chapter of the research, research
methodology and its tools are described. Appropriate methodological tools are selected that were
helpful for proper conduction of the research. On the other hand, chapter 4 discusses regarding
the primary data gathered from online survey. It is helpful to get proper outcome and lead to
make an appropriate conclusion and recommendations for the research.
Abstract
A merger and acquisition is referred as arrangement whereby assets, liabilities as well as
business of two organization become vested in or controlled by one of the particular
organization. In recent past years, it has been witnessed that an entire host of mergers and
acquisitions by Indian Pharmaceutical organizations. The organizations do not only cater to
domestic market. However, it exports the products overseas. There are several reasons that may
be attributed to the expanded Mergers and Acquisition activity by Indian Pharmaceutical
Organizations. Present study deals with the impact of merger and acquisition on Pharmaceutical
sector in India. A research has been conducted where aims and objectives are set. In this regard,
a comprehensive literature review has been organization where data from secondary sources like
books, journals and articles are gathered and analyzed. In third chapter of the research, research
methodology and its tools are described. Appropriate methodological tools are selected that were
helpful for proper conduction of the research. On the other hand, chapter 4 discusses regarding
the primary data gathered from online survey. It is helpful to get proper outcome and lead to
make an appropriate conclusion and recommendations for the research.
2MERGERS & ACQUISITIONS IN PHARMACEUTICAL SECTOR IN INDIA
Acknowledgement
I have gathered a great knowledge and experience by conducting this research. Conduction of the
research has helped me to improve my knowledge regarding Mergers and acquisitions in
Pharmaceutical sector in India. I have gained great help from my supervisors while conducting
this research and therefore, I would like to thank my supervisor .................................... for
guiding me throughout the research. I would also like to thank my friends and family members
for supporting me in this difficult phase. I would also like to thank the participants of data
collection process as without their participation I might not be able to complete this research
with best outcome.
Thanks and regards
Yours Sincerely
Acknowledgement
I have gathered a great knowledge and experience by conducting this research. Conduction of the
research has helped me to improve my knowledge regarding Mergers and acquisitions in
Pharmaceutical sector in India. I have gained great help from my supervisors while conducting
this research and therefore, I would like to thank my supervisor .................................... for
guiding me throughout the research. I would also like to thank my friends and family members
for supporting me in this difficult phase. I would also like to thank the participants of data
collection process as without their participation I might not be able to complete this research
with best outcome.
Thanks and regards
Yours Sincerely
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3MERGERS & ACQUISITIONS IN PHARMACEUTICAL SECTOR IN INDIA
Table of Contents
Chapter 1: Introduction........................................................................................................5
1.0Background of the study.............................................................................................5
1.1Research Aim, Objectives and Questions...................................................................6
1.2 Problem Statement.....................................................................................................7
1.3 Rationale....................................................................................................................7
Research Structure.........................................................................................................10
1.4 Summary..................................................................................................................10
Chapter 2: Literature review..............................................................................................11
2.1 Overview of acquisition and merger........................................................................11
2.2 M&A Strategy.........................................................................................................14
2.3 Benefits of mergers and acquisitions in the Pharmaceutical sectors of India..........15
2.4 Impact of mergers and acquisition on performance................................................18
Chapter 3: Research Methodology....................................................................................19
3.1 Introduction..............................................................................................................19
3.2 Method Outline........................................................................................................19
3.4 Research Philosophy................................................................................................20
3.5 Research Approach..................................................................................................20
3.6 Research Design......................................................................................................21
3.7 Data collection process............................................................................................22
3.8 Population and Sample............................................................................................22
3.9 Sampling system......................................................................................................22
3.10 Sample Size...........................................................................................................23
3.11 Ethical Consideration.............................................................................................23
3.12 Research limitation................................................................................................24
Table of Contents
Chapter 1: Introduction........................................................................................................5
1.0Background of the study.............................................................................................5
1.1Research Aim, Objectives and Questions...................................................................6
1.2 Problem Statement.....................................................................................................7
1.3 Rationale....................................................................................................................7
Research Structure.........................................................................................................10
1.4 Summary..................................................................................................................10
Chapter 2: Literature review..............................................................................................11
2.1 Overview of acquisition and merger........................................................................11
2.2 M&A Strategy.........................................................................................................14
2.3 Benefits of mergers and acquisitions in the Pharmaceutical sectors of India..........15
2.4 Impact of mergers and acquisition on performance................................................18
Chapter 3: Research Methodology....................................................................................19
3.1 Introduction..............................................................................................................19
3.2 Method Outline........................................................................................................19
3.4 Research Philosophy................................................................................................20
3.5 Research Approach..................................................................................................20
3.6 Research Design......................................................................................................21
3.7 Data collection process............................................................................................22
3.8 Population and Sample............................................................................................22
3.9 Sampling system......................................................................................................22
3.10 Sample Size...........................................................................................................23
3.11 Ethical Consideration.............................................................................................23
3.12 Research limitation................................................................................................24
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4MERGERS & ACQUISITIONS IN PHARMACEUTICAL SECTOR IN INDIA
3.13 Research timeline...................................................................................................24
Chapter 4: Data analysis and findings...............................................................................25
4.1 Preface.....................................................................................................................25
4.2 Quantitative analysis................................................................................................25
4.3 Summary..................................................................................................................44
Chapter 5: Conclusion and Recommendations..................................................................45
5.0 Conclusion...............................................................................................................45
5.1 Recommendations....................................................................................................46
5.2 Future work..............................................................................................................46
References..........................................................................................................................48
Appendices....................................................................................................................53
Appendix 1.....................................................................................................................53
Appendix 2.....................................................................................................................55
3.13 Research timeline...................................................................................................24
Chapter 4: Data analysis and findings...............................................................................25
4.1 Preface.....................................................................................................................25
4.2 Quantitative analysis................................................................................................25
4.3 Summary..................................................................................................................44
Chapter 5: Conclusion and Recommendations..................................................................45
5.0 Conclusion...............................................................................................................45
5.1 Recommendations....................................................................................................46
5.2 Future work..............................................................................................................46
References..........................................................................................................................48
Appendices....................................................................................................................53
Appendix 1.....................................................................................................................53
Appendix 2.....................................................................................................................55
5MERGERS & ACQUISITIONS IN PHARMACEUTICAL SECTOR IN INDIA
List of tables
Table 1: Size-wise Classification of Mergers................................................................................12
Table 4.1: Period for associated with the industry........................................................................29
Table 4.2: Impact of merger and acquisition on Indian Pharmaceutical sector.............................30
Table 4.3: The key characteristics of Indian Pharmaceutical Industry..........................................32
Table 4.4: Lack of resources as a reason for merger and acquisition............................................33
Table 4:5: The major challenges faced by Indian Pharmaceutical companies..............................35
Table 4.6: Mergers and acquisition Sector has a great impact on current economy.....................37
Table 4.7: Tax concession, responsible for merger and acquisition of Indian Pharmaceutical
Sector.............................................................................................................................................38
Table 4.8: Impact of DaiiChi-Ranbaxy Acquisition Deal and Abott-Piramal Acquisition Deal on
overall Indian Pharmaceutical Sector............................................................................................40
Table 4.9: Impact of FDI policy on Pharmaceutical sector...........................................................41
Table 4.10: Increasing investment on health sector helpful to improve Indian Pharmaceutical
sector..............................................................................................................................................43
Table 4.11: Government has an important role on development of Indian Pharmaceutical sector
.......................................................................................................................................................44
Table 4.12: Measures for development of Indian Pharmaceutical Sector.....................................46
List of tables
Table 1: Size-wise Classification of Mergers................................................................................12
Table 4.1: Period for associated with the industry........................................................................29
Table 4.2: Impact of merger and acquisition on Indian Pharmaceutical sector.............................30
Table 4.3: The key characteristics of Indian Pharmaceutical Industry..........................................32
Table 4.4: Lack of resources as a reason for merger and acquisition............................................33
Table 4:5: The major challenges faced by Indian Pharmaceutical companies..............................35
Table 4.6: Mergers and acquisition Sector has a great impact on current economy.....................37
Table 4.7: Tax concession, responsible for merger and acquisition of Indian Pharmaceutical
Sector.............................................................................................................................................38
Table 4.8: Impact of DaiiChi-Ranbaxy Acquisition Deal and Abott-Piramal Acquisition Deal on
overall Indian Pharmaceutical Sector............................................................................................40
Table 4.9: Impact of FDI policy on Pharmaceutical sector...........................................................41
Table 4.10: Increasing investment on health sector helpful to improve Indian Pharmaceutical
sector..............................................................................................................................................43
Table 4.11: Government has an important role on development of Indian Pharmaceutical sector
.......................................................................................................................................................44
Table 4.12: Measures for development of Indian Pharmaceutical Sector.....................................46
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6MERGERS & ACQUISITIONS IN PHARMACEUTICAL SECTOR IN INDIA
List of figures
Figure 1: Mergers and Acquisitions in Indian Pharmaceutical Industry for the Period of 2001-
2010...............................................................................................................................................11
Figure 2: Research Structure.........................................................................................................13
Figure 2: Merger and acquisition stakeholders..............................................................................15
Figure 3: Mergers and acquisitions................................................................................................16
Figure 3: Advantages of Mergers..................................................................................................20
Figure 4.1: Period for associated with the industry.......................................................................29
Figure 4.2: Impact of merger and acquisition on Indian Pharmaceutical sector...........................30
Figure 4.3: The key characteristics of Indian Pharmaceutical Industry........................................32
Figure 4.4: Lack of resources as a reason for merger and acquisition..........................................34
Figure 4:5: The major challenges faced by Indian Pharmaceutical companies.............................35
Figure 4.6: Mergers and acquisition Sector has a great impact on current economy....................37
Figure 4.7: Tax concession, responsible for merger and acquisition of Indian Pharmaceutical
Sector.............................................................................................................................................38
Figure 4.8: Impact of DaiiChi-Ranbaxy Acquisition Deal and Abott-Piramal Acquisition Deal on
overall Indian Pharmaceutical Sector............................................................................................40
Figure 4.9: Impact of FDI policy on Pharmaceutical sector..........................................................41
Figurer 4.10: Increasing investment on health sector helpful to improve Indian Pharmaceutical
sector..............................................................................................................................................43
Figure 4.11: Government has an important role on development of Indian Pharmaceutical sector
.......................................................................................................................................................44
Figure 4.12: Measures for development of Indian Pharmaceutical Sector....................................46
List of figures
Figure 1: Mergers and Acquisitions in Indian Pharmaceutical Industry for the Period of 2001-
2010...............................................................................................................................................11
Figure 2: Research Structure.........................................................................................................13
Figure 2: Merger and acquisition stakeholders..............................................................................15
Figure 3: Mergers and acquisitions................................................................................................16
Figure 3: Advantages of Mergers..................................................................................................20
Figure 4.1: Period for associated with the industry.......................................................................29
Figure 4.2: Impact of merger and acquisition on Indian Pharmaceutical sector...........................30
Figure 4.3: The key characteristics of Indian Pharmaceutical Industry........................................32
Figure 4.4: Lack of resources as a reason for merger and acquisition..........................................34
Figure 4:5: The major challenges faced by Indian Pharmaceutical companies.............................35
Figure 4.6: Mergers and acquisition Sector has a great impact on current economy....................37
Figure 4.7: Tax concession, responsible for merger and acquisition of Indian Pharmaceutical
Sector.............................................................................................................................................38
Figure 4.8: Impact of DaiiChi-Ranbaxy Acquisition Deal and Abott-Piramal Acquisition Deal on
overall Indian Pharmaceutical Sector............................................................................................40
Figure 4.9: Impact of FDI policy on Pharmaceutical sector..........................................................41
Figurer 4.10: Increasing investment on health sector helpful to improve Indian Pharmaceutical
sector..............................................................................................................................................43
Figure 4.11: Government has an important role on development of Indian Pharmaceutical sector
.......................................................................................................................................................44
Figure 4.12: Measures for development of Indian Pharmaceutical Sector....................................46
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7MERGERS & ACQUISITIONS IN PHARMACEUTICAL SECTOR IN INDIA
Chapter 1: Introduction
1.0 Background of the study
Pharmaceutical industry has been a growing sector in India. India stands at thirteenth
position on the planet in respect to the Pharmaceutical products. The corporate sector in India has
been restructuring its operations method in the market (Brueller, Carmeli and Markman 2016).
Various strategies are being followed in order to initialize globalization in India. Government
policies in India have been supporting the Pharmaceutical companies in the market. The Indian
market has seen various merger and acquisition in the Indian Pharmaceutical companies. The
present study focuses on the impact of the merger and acquisition in Pharmaceutical companies
in India. However, most of the M&A deals are motivated in order to gain financial stability on
the market. This have helped in gaining power in the market by gaining market share (Holburn
and Vanden Bergh 2014). The current globalized scenario has several high-tech industries that
have focused on the research and development wing in their companies. Innovation in the sector
has been a key factor in the development of Pharmaceutical industry. The shift in industrial
policy in 1991 has paved the way in order to make changes in the concept of merger and
acquisition. The Competition Policy Act 2002 have decided to implement Competition
Commission of India (CCI) (Greve and Zhang 2017). This commission focuses on investigating
anti-competitive activities including collusive bidding, consolidation and cartels.
However, economic reforms in India have significantly able to reduce its firm level
rigidities. The corporate sector in the Pharmaceutical industry have affected with merger and
acquisition with other companies. The big companies have maintained the competitive
advantages in the market. Therefore, domestic firms are taking steps to collaborate with the each
Chapter 1: Introduction
1.0 Background of the study
Pharmaceutical industry has been a growing sector in India. India stands at thirteenth
position on the planet in respect to the Pharmaceutical products. The corporate sector in India has
been restructuring its operations method in the market (Brueller, Carmeli and Markman 2016).
Various strategies are being followed in order to initialize globalization in India. Government
policies in India have been supporting the Pharmaceutical companies in the market. The Indian
market has seen various merger and acquisition in the Indian Pharmaceutical companies. The
present study focuses on the impact of the merger and acquisition in Pharmaceutical companies
in India. However, most of the M&A deals are motivated in order to gain financial stability on
the market. This have helped in gaining power in the market by gaining market share (Holburn
and Vanden Bergh 2014). The current globalized scenario has several high-tech industries that
have focused on the research and development wing in their companies. Innovation in the sector
has been a key factor in the development of Pharmaceutical industry. The shift in industrial
policy in 1991 has paved the way in order to make changes in the concept of merger and
acquisition. The Competition Policy Act 2002 have decided to implement Competition
Commission of India (CCI) (Greve and Zhang 2017). This commission focuses on investigating
anti-competitive activities including collusive bidding, consolidation and cartels.
However, economic reforms in India have significantly able to reduce its firm level
rigidities. The corporate sector in the Pharmaceutical industry have affected with merger and
acquisition with other companies. The big companies have maintained the competitive
advantages in the market. Therefore, domestic firms are taking steps to collaborate with the each
8MERGERS & ACQUISITIONS IN PHARMACEUTICAL SECTOR IN INDIA
other and provide a competitive challenge to the market. However, this study describes about the
behavior of the Pharmaceutical companies after implementation of the merger and acquisition
concept (Tanriverdi and Uysal 2015). The profitability of the Pharmaceutical coma y has been
dependent on the R&D facility in the company. Companies used to spend more in the R&D
department for creating quality products in the company. Therefore, the best 1.25% organization
controls 70% for the market share in India. Therefore, this shows that minimal companies have
tried to capture the market.
The market scenario has been specifying that the bid companies are able ti retain in the
market by capturing all the small companies in the Pharmaceutical sector (Dunlap et al. 2016).
The pharmaceutically part is right now open for 100 percent Foreign Direct Investments (FDI) in
both Greenfield and Brownfield ventures. Greenfield speculations are under the programmed
course of Department of Industrial Policy and Promotion (DIPP).The endorsement policy of
different companies creates challenges for implementation of merger and acquisition. One of the
essential reasons brought up by industry is the complex and tedious endorsement administration
for Greenfield Pharmaceutical venture, which now and again takes up to 3-5 years and around 30
service endorsements (Dierks, Bruyère and Reginster 2017). However, the opening of drug store
segment for FDI has been coordinating capital with Indian Pharmaceutical for remote areas.
1.1Research Aim, Objectives and Questions
The aim of the research is to analyze the role of merger and acquisition on
Pharmaceutical sector in India.
The objectives of the research are as followed.
other and provide a competitive challenge to the market. However, this study describes about the
behavior of the Pharmaceutical companies after implementation of the merger and acquisition
concept (Tanriverdi and Uysal 2015). The profitability of the Pharmaceutical coma y has been
dependent on the R&D facility in the company. Companies used to spend more in the R&D
department for creating quality products in the company. Therefore, the best 1.25% organization
controls 70% for the market share in India. Therefore, this shows that minimal companies have
tried to capture the market.
The market scenario has been specifying that the bid companies are able ti retain in the
market by capturing all the small companies in the Pharmaceutical sector (Dunlap et al. 2016).
The pharmaceutically part is right now open for 100 percent Foreign Direct Investments (FDI) in
both Greenfield and Brownfield ventures. Greenfield speculations are under the programmed
course of Department of Industrial Policy and Promotion (DIPP).The endorsement policy of
different companies creates challenges for implementation of merger and acquisition. One of the
essential reasons brought up by industry is the complex and tedious endorsement administration
for Greenfield Pharmaceutical venture, which now and again takes up to 3-5 years and around 30
service endorsements (Dierks, Bruyère and Reginster 2017). However, the opening of drug store
segment for FDI has been coordinating capital with Indian Pharmaceutical for remote areas.
1.1Research Aim, Objectives and Questions
The aim of the research is to analyze the role of merger and acquisition on
Pharmaceutical sector in India.
The objectives of the research are as followed.
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9MERGERS & ACQUISITIONS IN PHARMACEUTICAL SECTOR IN INDIA
To critically analyze the impact of merger and acquisition in Indian
Pharmaceutical sector
To find out the issues and challenges involved in Indian Pharmaceutical sector
To recommend solutions for overcoming the challenges
The research questions are as follows:
What is the impact of merger and acquisition in Indian Pharmaceutical sector?
What are the issues and challenges involved in Indian Pharmaceutical sector?
How challenges can be overcome?
1.2 Problem Statement
There are approximately 20,000 units in the Pharmaceutical sectors in India. However,
major 250 companies are ruling over 70% of the market share of India. Merger and acquisition
enables organization to maintain the balance between profit and loss of new items. The R&D
sector of the companies is not getting enough funds for conducting research on several medical
concepts. Indian organizations are anticipating various increment in plan for raising funds from
the market to develop the company. However, the merger and acquisition in Pharmaceutical
companies have affected the business of the companies in the market. The impact in the market
if the Pharmaceutical Company has been described in this study.
1.3 Rationale
The technical classification of firms in the market has been maintained in order to
provide better scope to the companies. Ownership wise classification has been providing
dominating role in the market. The merger concept in the market has been profligates by the
small companies of the industry. The bug companies are able to retain the market growth. This
To critically analyze the impact of merger and acquisition in Indian
Pharmaceutical sector
To find out the issues and challenges involved in Indian Pharmaceutical sector
To recommend solutions for overcoming the challenges
The research questions are as follows:
What is the impact of merger and acquisition in Indian Pharmaceutical sector?
What are the issues and challenges involved in Indian Pharmaceutical sector?
How challenges can be overcome?
1.2 Problem Statement
There are approximately 20,000 units in the Pharmaceutical sectors in India. However,
major 250 companies are ruling over 70% of the market share of India. Merger and acquisition
enables organization to maintain the balance between profit and loss of new items. The R&D
sector of the companies is not getting enough funds for conducting research on several medical
concepts. Indian organizations are anticipating various increment in plan for raising funds from
the market to develop the company. However, the merger and acquisition in Pharmaceutical
companies have affected the business of the companies in the market. The impact in the market
if the Pharmaceutical Company has been described in this study.
1.3 Rationale
The technical classification of firms in the market has been maintained in order to
provide better scope to the companies. Ownership wise classification has been providing
dominating role in the market. The merger concept in the market has been profligates by the
small companies of the industry. The bug companies are able to retain the market growth. This
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10MERGERS & ACQUISITIONS IN PHARMACEUTICAL SECTOR IN INDIA
have created a major problem for small companies (Zhang et al. 2015). The domestic sector
companies are not able to grow in the market due to the liberalization of the big companies in the
market.
Figure 1: Mergers and Acquisitions in Indian Pharmaceutical Industry for the
Period of 2001-2010
(Source: Grigoriou and Rothaermel 2017, pp. 403)
In recent scenarios, the small companies are merging with other companies for retaining
in the market. This have caused a major loss to the ownership of the companies Therefore, this
creates ate risk of failure in the market (Sahu et al. 2017). The use of different strategies in the
market requires proper research and development department. However, duet low financial
condition of the company, they are not able to manage funds for the research and development
purposes. In order to merge and acquire other companies in the market the strategic alliances can
be treated as a major factor to the integration of production and marketing. The use of different
legal obligations and laws are interestingly integrated in the operations of the company. The use
if the merger and acquisition factors in the small companies have helped in retaining the
have created a major problem for small companies (Zhang et al. 2015). The domestic sector
companies are not able to grow in the market due to the liberalization of the big companies in the
market.
Figure 1: Mergers and Acquisitions in Indian Pharmaceutical Industry for the
Period of 2001-2010
(Source: Grigoriou and Rothaermel 2017, pp. 403)
In recent scenarios, the small companies are merging with other companies for retaining
in the market. This have caused a major loss to the ownership of the companies Therefore, this
creates ate risk of failure in the market (Sahu et al. 2017). The use of different strategies in the
market requires proper research and development department. However, duet low financial
condition of the company, they are not able to manage funds for the research and development
purposes. In order to merge and acquire other companies in the market the strategic alliances can
be treated as a major factor to the integration of production and marketing. The use of different
legal obligations and laws are interestingly integrated in the operations of the company. The use
if the merger and acquisition factors in the small companies have helped in retaining the
11MERGERS & ACQUISITIONS IN PHARMACEUTICAL SECTOR IN INDIA
companies in the market with the big companies. Therefore, these companies play an important
role in maintaining the development of the company.
Size Merging Merged
No. Percent No. Percent
Large (> 1000 million) 28 59.57 1 3.57
Medium (10-1000 million) 18 38.3 27 96.43
Small (< 10 million) 1 2.13 0 0
Total Available 47 100 28 100
Table 1: Size-wise Classification of Mergers
(Source:Wang, Plump and Ringel 2015)
This study focuses on the critical analysis of factors that are responsible for the merger
and acquisition in the Pharmaceutical companies. The research describes about the cause of the
implementation of the merger and acquisition concept. The challenges in implementation of the
M&A concept on the Pharmaceutical have been discussed in the study. There are
recommendations provided in the study based on the analysis of the whole topic.
companies in the market with the big companies. Therefore, these companies play an important
role in maintaining the development of the company.
Size Merging Merged
No. Percent No. Percent
Large (> 1000 million) 28 59.57 1 3.57
Medium (10-1000 million) 18 38.3 27 96.43
Small (< 10 million) 1 2.13 0 0
Total Available 47 100 28 100
Table 1: Size-wise Classification of Mergers
(Source:Wang, Plump and Ringel 2015)
This study focuses on the critical analysis of factors that are responsible for the merger
and acquisition in the Pharmaceutical companies. The research describes about the cause of the
implementation of the merger and acquisition concept. The challenges in implementation of the
M&A concept on the Pharmaceutical have been discussed in the study. There are
recommendations provided in the study based on the analysis of the whole topic.
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