畅销专利药失效困扰辉瑞 寻求并购求发展

 

http://www.zyynb.com/admin/Article_Show.asp?ArticleID=5135

 

畅销专利药失效困扰辉瑞 寻求并购求发展

作者:  来源:医药经济报  发布者: 亦云  类别:产业动态  日期: 2009-01-24 

作为一名CEO,面对即将失去销售支柱的公司同时坐拥大笔现金和短期投资,你或许会认为是时候实施收购了。药业老大辉瑞就处于这种情况,公司的“重磅炸弹”立普妥将在2011年失去专利保护,但拥有价值超过200亿美元的现金和短期投资,CEO  Jeff  Kindler就是这么想的。

 

凡事不能一刀切

 

自2006年夏成为辉瑞的新任CEO以后,Kindler并没有多少时间庆祝他的高就。他的前任匆匆离去,紧接着他的两位竞争对手和其他多位高管也相继离去。当年12月初,他遭遇了一个更大的打击:辉瑞开发的实验性调脂药Torcetrapib夭折。而辉瑞曾经打赌,Torcetrapib有望成为“重磅炸弹”,消除立普妥专利失效带来的阵痛。不过,Kindler轻描淡写地表示,这将是一件富有意义的事件,“我们将会积极推进公司的发展战略,创造全新的多元化收入增长机制和成本结构,确保我们在后立普妥时代仍然保持强势。”  Kindler彻底放弃了一些治疗领域,并打破传统,剥离了一些研发部门和不再在公司内部开发的产品,如开发心血管疾病治疗药物的Esperion公司。他引进了一些与其他制药公司和机构共担风险的开发项目,其中包括与百时美施贵宝(BMS)联合开发的抗血栓药Apixaban。

 

但Kindler强调,辉瑞也在投资,比如向疫苗和生物制剂领域扩张,扩大在印度和中国等快速发展的新兴市场业务(公司在这些地区的经营业务已经开展了几十年),同时不排除今后实施收购的可能,无论规模大小,只要交易行动能提供“战略价值”。

 

他说:“我们认识到凡事不能一刀切。我们在中国进行的慢性病护理方式就完全不同于在美国与肿瘤学专家的合作。过去两年来,我们进行了大刀阔斧的改革,这让我们在复杂多变的环境中取得了成功。”

 

轻身放权增效率

 

削减成本的举措已经在进行。自2007年初以来,辉瑞已经裁减了10万名员工中的10%,年降低成本超过20亿美元。作为大范围重组工作的一部分,它已经关闭、合并了几十家工厂和研发中心。Kindler认为,这些改革举措带来了效率的提升。他说:“消除了那么多的官僚机构,我们行动更快、更灵活。我希望,从我到试验科学家或医药代表只有七八个管理层。而过去,在有些领域,我们有多达14~15个层级。我们撤销了数百个委员会,权力下移。”

 

目前,辉瑞针对某一个医疗领域的研发集中在一个基地,每个团队的成员不超过150人,并由科学家领导。Kindler说:“整个团队在午餐时间应能在咖啡厅里碰个头,彼此熟悉。”同时,辉瑞以更加分散的形式管理各个业务部门,每个部门都由对创新具有话事权的高管们负责。Kindler说:“我希望管理者手中有权。我的工作就是挑选合适的领导者来决定资金的分配,他们的任务就是分拨资金。”

 

他举了个例子,此前FDA出于对药品质量的担忧,禁止某印度药厂向美国出口仿制药,辉瑞负责仿制药部门的主管在36个小时内加班加点组织生产,较好地弥补了美国市场相应药品供应的短缺。Kindler说:“要是在以前,即使是两年前,辉瑞也没有能力做到这一点,因为没人有这种权力。”

 

毫无疑问,在过去两年多的时间里,Kindler给辉瑞带来了巨大变化。但他若想在立普妥专利到期后,避免辉瑞的销售额直线下滑,恐怕还得做更多的工作。在被《金融时报》问及是否遵循“少数服从多数”的原则管理公司时,他的眼神现出了一丝灰暗。Kindler说:“我赞成让人们负起责任,明确他们的职责,给予他们资源,让他们去实现所作出的承诺。”而到了2011年底,这个标准也将适用于他。

 

去年3月,在辉瑞的年度分析人士座谈会上,Kindler曾当众表示:“我们仍在寻找一切发展机会。”但他也曾表示,大并购效果不好。或许是考虑到这次座谈会以后,辉瑞的股价已经跌去了18%,Kindler在实施大并购的设想上可能变得更开放,因此才会在接受媒体采访时表态不排除收购大药厂的可能。况且如无其他原因,合并后的公司还可以降低更多成本。于是,猜测辉瑞的收购目标成了当前最热门的话题:百时美施贵宝?不!英克隆?不!那么是安进?天知道。

 

买大?买小?

 

上月中旬,美国有线新闻网络(CNN)的报道,德意志银行分析师Barbara  Ryan发表言论称,不久的将来,行业整合将是众多制药公司通往成功的必由之路,辉瑞可能会引领这股新潮流。他认为,最有可能首先行动的是辉瑞,因为该公司存在着最大的销售隐患,而“辉瑞最具收购意义的目标是安进。辉瑞一直在致力于成为生物科技和肿瘤学领域的重要一员,安进将会助其实现既定目标。”

 

安进是全球最大的生物科技公司,目前有50多只分子产品处于研发中,这一数目自2001年以来增加了一倍以上。在面临重磅炸弹级抗贫血组合药物销售滑坡的情况下,安进一再重申其产品研发线的潜力。据悉,辉瑞的市值约在1120亿美元左右,而安进的市值为610亿美元。截止去年9月,辉瑞拥有的现金和短期投资价值约为260亿美元。对于收购的传言和猜测,辉瑞和安进拒绝评论。

 

本月初,财经新闻网站Thestreet.com专栏作者Adam  Feuerstein发表评论文章《Pfizer's  Potential  Buys,  Big  and  Small》称,收购安进可以为辉瑞增加具有重要意义的抗肿瘤药业务,减少辉瑞对立普妥的依赖。安进的研发线星光熠熠,其中长效骨质疏松治疗药物denosumab早就被医药界认为是年销售收入高达数10亿美元的重磅炸弹,如果再获得大药厂的销售推动,将会创造更好的业绩,当然辉瑞还能获得其生物制剂的生产能力。

 

另一方面,辉瑞已逐渐进入抗病毒药物市场,且公司新的抗艾药Maraviroc(Selzentry)已上市。因此收购目前艾滋病治疗领域的霸主Gilead  Sciences公司,可望巩固和加强辉瑞在艾滋病治疗领域和抗病毒领域的地位。

 

对辉瑞而言,收购Gilead  Sciences这笔交易规模适中,大规模并购如BMS这样的公司,将会增强辉瑞在抗肿瘤和艾滋病治疗领域的实力;收购惠氏则可为辉瑞增加疫苗业务,同时获得生物制剂的生产能力。

 

从总花费和研发角度来看,大药厂开展超大型并购可以提高其投入产出比。上月初,美国银行(原美林银行)制药业分析师David  Risinger在与辉瑞公司首席财务官Frank  D'Amelio会谈后表示,辉瑞可能会采取更激进的并购策略。若不并购,辉瑞可能会继续通过合作或许可协议寻找热门新药,如去年与Auxilium制药和Medivation签订许可协议那样。

 

无论如何,在行业领袖们纷纷表态更钟情于小规模、促和谐收购行动的今天,仍有CEO考虑古典式的大收购,不禁令人为之一振。要知道,目前的制药业巨头如辉瑞、阿斯利康和赛诺菲-安万特都是通过“特大型合并”催生的。

 

Kindler的言论反映出辉瑞迫切需要寻找“过冬”良策,愿意通过收购大药厂来改善其财务状况,这种意愿有可能会激发制药行业出现新一轮兼并热潮。在目前经济低迷的大背景下,与其他大多数行业不同的是,制药行业的许多企业手中有闲钱。

 

“外行”Kindler进阶录

 

53岁的Kindler表示,紧凑的工作日程迫使他只能放弃自己热爱的高尔夫球运动。在接受《金融时报》采访前,他刚刚在华盛顿参加了一场关于医疗保健改革的晨会,此前他曾对辉瑞的一家法国子公司做了短期考察。

 

谈起巡回管理的风格,Kindler滔滔不绝。10年前,他还在麦当劳负责管理连锁餐厅时,他就习惯于到当地办事处现场巡视。他说:“我要了解一线工作人员,处理好与客户的关系,我清楚地意识到,在一线工作要比坐在办公室里更有价值。”

 

作为一家药厂老板,Kindler的背景可谓不同寻常。制药行业更多的是提拔公司内部的科学家或医学专家,而不是从外部招聘人才。由一名律师成长为辉瑞的CEO,Kindler在早期生活中与制药行业的唯一联系就是,他在新泽西州长大,那儿是几家大药厂的大本营。

 

他认为自己对制药业相当了解,“实际上,由于我并非出身于这一行业,我的想法往往与众不同,具有一定的挑战性。而我的职业生涯让我学到了许多领导知识。”

 

Kindler出生于佛罗里达州,先后就读于塔夫茨大学(Tufts  University)和哈佛大学法学院(Harvard  Law  School),后来成为美国最高法院大法官William  Brennan的书记员。他回忆道:“Brennan有一个非常有名的信条,那就是:最好的决定来自于完全公开的、激烈的辩论。”Kindler认为自己在律师事务所的工作,让他充分认识到了掌握事实的重要性,而这是作出决定必不可少的要素。

 

在通用电气公司,他担任诉讼和法律政策副总裁,他从那里“了解到一家有规模、资源的大公司的经营理念,即将决定下放到更专注的业务部门。”

 

离开麦当劳以后,Kindler作为总顾问于2002年加盟辉瑞,2005年他得到提拔,成为辉瑞四人最高执行委员会的一员。随后在2006年夏天,他击败公司内另两名资深经理人,接替偶尔会爆粗的Hank  McKinnell,担任辉瑞首席执行官。
 
 
作者:
来源: 医药经济报
发布者: 亦云
 

 

Best-selling drug patents expire troubled Pfizer to seek mergers and acquisitions and development

Author: Source: Medicine Economic News publisher:亦云categories: industry dynamic Date: 2009-01-24

As a CEO, the face of impending loss of sales of the pillars of the company at the same time sitting on large amounts of cash and short-term investments, you might think that it is time for the implementation of acquisition. Pfizer Pharmaceutical boss on in such a situation, the company's "blockbuster" Lipitor will lose patent protection in 2011, but has a value of more than 20 billion U.S. dollars in cash and short-term investments, CEO Jeff Kindler is the thought.



Everything can not be across the board



Since the summer of 2006 to become the new CEO after Pfizer, Kindler did not have much time to celebrate his job. His predecessor, hurriedly left, followed by his two rivals and many other executives have also left. Early in December that year, he suffered a greater blow: the development of experimental Pfizer drug Torcetrapib Tiaozhi mortality. And Pfizer had bet, Torcetrapib is expected to become a "blockbuster", the elimination of Lipitor patent expires pains brought about. However, Kindler understatement that this would be a meaningful event, "We will actively promote the company's development strategy, the creation of new mechanisms for the diversification of revenue growth and cost structure to ensure that we in the post-era remains Lipitor to be strong. "Kindler totally abandon a number of therapeutic areas and to break with tradition, to divest a number of R & D department and is no longer in the company's internally developed products, such as the development of cardiovascular disease treatment drug company Esperion. He introduced a number of other pharmaceutical companies and institutions were risk of development projects, including one with Bristol-Myers Squibb (BMS) to jointly develop the anti-thrombosis drug Apixaban.



But Kindler stressed that Pfizer is also the investment, such as vaccines and biological agents to the area of expansion, the expansion in India and China and other fast-growing emerging markets business (the company doing business in these areas has been carried out for decades), at the same time do not rule out the possible future implementation of the acquisition, regardless of their size, as long as the trading action can provide "strategic value."



He said: "We recognize that everything can not be across the board. We are in China, the Chronic Care manner totally different from in the United States and oncology experts. Over the past two years, we have carried out drastic reforms, which gives us a complex and ever changing The environment has been successful. "



Decentralization by the efficiency of light



Cost-cutting initiatives already under way. Since the beginning of 2007, Pfizer has laid off 100,000 employees, 10% lower costs in more than 2 billion U.S. dollars. Large-scale restructuring as part of the work that it has shut down, merged with dozens of factories and research and development center. Kindler believes that these reform measures have brought efficiency. He said: "the elimination of so many bureaucratic institutions, our actions faster and more flexible. I hope that from me to the test on behalf of scientists or medical management is only 78. In the past, in some areas, we have up to 14 ~ 15 level. we removed hundreds of the Commission, the power down. "



Currently, Pfizer medical field for a R & D focus on one base, each team of no more than 150 people by leading scientists. Kindler said: "The whole team during the lunch hour coffee shop should be able to touch their hair, are familiar with each other." At the same time, Pfizer a more decentralized form of management in all business sectors, each sector of the innovation by the executives say responsible. Kindler said: "I hope that managers have the right hands. My job is to select the right leader to decide the allocation of funding, their task is to allocate funds."



He cited an example, after FDA out of concerns about the quality of medicines, an Indian pharmaceutical companies to prohibit the export of generic drugs to the United States, Pfizer is responsible for generic drugs in the department within 36 hours overtime to organize production, better make up for the the U.S. market a corresponding shortage of medical supplies. Kindler said: "If in the past, even two years ago, Pfizer does not have the ability to do this, because no one has such power."



There is no doubt that in the past two years, Kindler, Pfizer to bring about major changes. But he wants in the Lipitor patent expires, to avoid Pfizer's sales plummeted, I am afraid, will have to do more. In the "Financial Times" and asked whether or not to follow the "majority rule" principles of management of the company, his eyes showed a glimmer of gloomy. Kindler said: "I am in favor of allowing people to take responsibility for clearly their duties, giving them resources to enable them to realize the commitments made." By the end of 2011, this standard will also apply to him.



In March last year, in Pfizer's annual analyst forum, Kindler has publicly said: "We are still looking for all development opportunities." But he also said that large mergers and acquisitions do not work. May be taken into account after the forum, Pfizer's shares have lost a 18%, Kindler in the implementation of the idea of big mergers and acquisitions may become more open, so only in an interview with the media, made the acquisition of large pharmaceutical companies do not rule out possible. Moreover, the absence of other reasons, the combined company can also lower the cost more. Thus, speculation has become a takeover target Pfizer today's hottest topic: Bristol-Myers Squibb? Not! ImClone? Not! So Amgen? God knows.



Buy big? Buy a small?



The middle of last month, the U.S. Cable News Network (CNN) reported, Deutsche Bank analyst Barbara Ryan of speech, said the near future, industry consolidation will be a large number of pharmaceutical companies the only way to success, Pfizer may be leading this new trend. In his view, the most likely action is first of all, Pfizer, because the existence of the company's biggest sales potential, and "the acquisition of Pfizer's most meaningful goal is to Amgen. Pfizer has been working to become the bio-technology and oncology an important one, Amgen will enable them to achieve the set target. "



Amgen is the world's largest biotechnology company, there are currently more than 50 products in R & D elements only, this number since 2001 more than doubled. Class in the face of blockbuster anti-anemia drug sales portfolio landslide circumstances, Amgen reiterated its product R & D line potential. It is reported that Pfizer's market value of about 112 billion U.S. dollars, while Amgen's market value of 61 billion U.S. dollars. As of September last year, Pfizer's cash and short-term investments valued at approximately 26 billion U.S. dollars. The acquisition rumors and speculation, Pfizer and Amgen declined to comment.



Earlier this month, the financial news site TheStreet.com columnist Adam Feuerstein comment on the article "Pfizer's Potential Buys, Big and Small", said the acquisition of Pfizer Amgen can increase the importance of the anticancer drug business, to reduce confrontation Pfizer Lipitor dependence. Amgen's R & D line of star-studded, including a long-term treatment of osteoporosis drug denosumab the Chinese medicine sector has long been considered to be the number of annual sales revenue of up to one billion U.S. dollars of heavy bombs, if access to major pharmaceutical companies to promote sales, that will be created better performance, of course, Pfizer also received its production capacity of biological agents.



On the other hand, Pfizer has been gradually entering the antiviral market, and the company's new抗艾药Maraviroc (Selzentry) have been listed. Thus the acquisition of the current field of AIDS treatment overlord Gilead Sciences Inc., Pfizer is expected to consolidate and strengthen in the field of AIDS treatment and anti-virus status of the field.



Of Pfizer, the acquisition deal Gilead Sciences moderate scale, large-scale mergers and acquisitions of companies such as BMS, Pfizer will strengthen the anti-tumor and the strength of the field of AIDS treatment; acquisition Wyeth vaccine may increase business for Pfizer At the same time, access to the productive capacity of biological agents.



From the total spending and R & D perspective, the big pharmaceutical companies to carry out mega-mergers and acquisitions to improve the quality of input-output ratio. Early last month, Bank of America (formerly Merrill Lynch) pharmaceutical industry analyst David Risinger with Pfizer Chief Financial Officer Frank D'Amelio, said after the talks, Pfizer may be taking a more aggressive acquisition strategy. If mergers and acquisitions, Pfizer is likely to continue through cooperation or license agreement to find a hot new drugs, such as last year, and Auxilium Pharmaceuticals signed a license agreement and as Medivation.



In any event, industry leaders also expressed their love in small-scale and promote a harmonious acquisition today, CEO still consider classical big acquisitions, it can not help but lift. We should know that the current pharmaceutical industry giants such as Pfizer, AstraZeneca and Sanofi - Aventis through the "mega merger" of the birth.



Kindler, Pfizer's remarks reflect the urgent need to find a "winter" a good solution, through the acquisition of large pharmaceutical companies are willing to improve its financial situation, this desire may be to stimulate the pharmaceutical industry, a new wave of merger fever. In the present depressed economic background, with other difference is that in most sectors, pharmaceutical industry, many companies have money hands.



"Lay" Kindler Advanced recorded



53-year-old Kindler said that the tight work schedule forced him to give up their love of golf. In "Financial Times" interview, he has just been in Washington to participate in a health care reform on the morning after he had a French subsidiary of Pfizer's done a short-term study.



Talking about the style of tour management, Kindler endless. 10 years ago, he was responsible for the management of McDonald's restaurant chain, he is accustomed to the local offices to inspect the scene. He said: "I have to understand first-line staff, handle their relationship with customers, I am well aware that in the first line of work than sitting in the office even more valuable."



As a factory owner, Kindler's background is unusual. The pharmaceutical industry to promote more intra-company scientists or medical experts, rather than the recruitment of talent from the outside. Growth by a lawyer for Pfizer's CEO, Kindler life at an early stage with the pharmaceutical industry is the only contact, he in New Jersey governor, and there is the home base of several major pharmaceutical companies.



He considers himself quite aware of the pharmaceutical industry, "In fact, as I am not born in this industry, my thoughts are often different, has some challenging. And my career so I learned a lot of leadership knowledge. "



Kindler was born in Florida, has studied at Tufts University (Tufts University) and Harvard Law School (Harvard Law School), and later became the United States Supreme Court Justice William Brennan's clerk. He recalls: "Brennan has a very well-known credo, and that is: the best decision from a fully open, heated debate." Kindler that his law firm's work, so he was fully aware of the mastery of facts the importance of, and this is an essential element of the decision.



In the General Electric Company, he served as litigation and legal policy, vice president, from which he "learned that a large-scale, resources the big company's operating philosophy, the forthcoming decision on the more focused business units."



After leaving McDonald's, Kindler as general counsel in 2002, joined Pfizer in 2005, he was promoted to become the highest four Pfizer Executive Committee 1. Then in the summer of 2006, he defeated the other two senior company managers to take over occasionally爆粗of Hank McKinnell, Pfizer chief executive officer as.
 
 
Author:
Source: Medicine Economic News
Posted by:亦云
个人简介
协和专家门诊部艾滋病治疗中心主任、教授、专家,中医药疑难病专治网站长等。论文《艾滋病中医论治探析》登载《中国性病艾滋病》2003版杂志,发明的艾滋病治疗新药康生丹自2002年临床应用至今疗效显著,现有中国唯一艾滋病新药3代…
每日关注 更多
赞助商广告