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Consolidation Patterns in the Healthcare Industry - An Analysis of the Mergers & Acquisitions in Healthcare
Frost & Sullivan, Dec 2009, Pages: 70
The study provides a quantitative overview of the historical mergers and acquisitions in the healthcare industry classified by time, segments, deal volume, average deal size, diversification by geographies, types of integration and deal multiples. It assesses investment climate for mergers and acquisitions and study the underlying trends in the same. It also provides the strategic investors and financial investors an overview of available opportunities in the event of a proposed deal in the Healthcare industry.It helps the investors in making a comparison of the M&A trends pre-recession and post the onset of recession by providing a snapshot of the current and acquiring stakes.
Healthcare Industry: Key Trends in Mergers and Acquisitions (World), 2006-2009
- Significant decline in the average deal size presents good opportunity for the strategic acquisitions at lower multiples.
- Overall decline in unrelated diversification increase in related diversification, and steady decline in horizontal integration
- Increased focus on organic growth and internal management of the company as compared to inorganic growth
- Acquisitions peaked in H2 2007 and subsequent years witnessed a cautious approach to acquisitions
- Strategic Investors prefer the United States during the recession, while institutional investors prefer it during non-recessionary times
- Pharmaceuticals and healthcare equipment and supplies were the big ticket deal drivers in 2008-2009.
- Due to uncertainties associated with recession, the companies focused on cost management and financial investors concentrated on portfolio management
Analysis by Time
1) Quarterly Analysis
Acquirer's Perspective: Increased focus on organic growth and internal management of the company as compared to inorganic growth
In Q1 and Q2 2009, ‘Other Financials’ had increased their stake and accounted for over 15 percent of the total acquisitions as against earlier quarters where they contributed to a maximum of 12.7 percent (Q3 2007) of the total acquisitions
2) Half-Yearly Analysis
Acquirer's Perspective: Acquisitions peaked in H2 2007 and subsequent years witnessed a cautious approach to acquisitions.
About 36 percent of the total biotechnology acquisitions were in 2006, as compared to 26 percent in 2007 and 24 percent in 2008. Pharmaceuticals acquisitions improved over the years 2006-2008 from 27 percent in 2006 to 31 percent in 2008. Acquisitions by ‘others’ also declined over the years. It is interesting that asset management firms were most acquisitive in 2008 (34 percent in 2008, compared to 24 percent in 2007)
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