为降低医疗负担、减轻医保基金压力，中国政府对医疗行业进行大力改革，包括药物一致性评价、医药集采、医药分离（处方流转）、医疗反腐等。上述改革导致中国医药企业面临较大的经营压力，这与日本80年代的情况高度类似。作为日本医药企业的代表，武田制药当时迅速调整战略，聚焦创新药研发，通过全球化整合和并购，最终成为全球医药巨头。武田制药的全球并购标的选择、医药管线价值评估、并购谈判过程和并购效果评价等内容，对当前中国医药企业具有重要借鉴意义。 本研究采用案例研究方法，选择武田制药2008年千禧制药并购案、2011年奈科明制药并购案和2019年夏尔制药并购案三个案例进行比较分析。并购千禧制药发生在2008年金融危机之后，有效补齐武田制药的肿瘤管线，推动研发能力建设和全球化布局。并购奈科明（Nycomed）使武田制药获得大量内科用药管线，涵盖心血管、呼吸科、骨科等领域，并且通过并购进入欧洲市场和新兴市场。并购夏尔（Shire）制药实现罕见病领域布局，进一步提升武田制药的规模，通过优化全球渠道和经营获得规模效应。然而采用相同方法评估后发现，武田对夏尔的并购估值并不便宜，并且“蛇吞象”式的并购整合压力大，导致财务费用负担沉重，后期实际上面临巨大风险。 武田制药的全球并购案例给中国医药企业如下启示：第一，谨慎选择国际化并购标的，互补型创新药并购是核心，通过国际化并购弥补不同领域的不足，丰富自身管线，构建自身在创新研发方面的能力，同时依托并购标的的渠道布局进入美国、欧洲和亚洲等不同市场，还能解决专利悬崖等问题。第二，并购时机和价格是并购是否成功的关键，较低价格能够实现良好的企业和股东价值提升，良好的并购时机是以合理的价格取得优质资产的重要条件。第三，在整合过程中，一定要根据并购标的情况和并购目的，因地制宜制定整合方案和实施措施，注重人力和文化资源的整合，注重海外并购团队的整合，培育自身的创新药研发团队、海外市场团队等，使并购双方在战略、研发、市场、组织和文化等方面协同运作。
To alleviate the medical burden and medical insurance fund, Chinese government has carried out significant reforms, including drugs evaluation consistency, centralized procurement, separation of dispensing from prescription （SDP）, and medical anti-corruption. These reforms have placed considerable pressure on pharmaceutical enterprises, resembling Japan‘s situation in the 1980s. As a representative of Japanese pharmaceutical enterprises, Takeda Pharmaceutical quickly adjusted its strategy at that time. The enterprise focused on innovative drug research and development （R＆D） by international mergers and acquisitions （M＆A）. Its global M＆A target selection, pharmaceutical pipeline valuation, negotiation, and post-M＆A effects are valuable to current Chinese pharmaceutical firms significantly. This paper analyzes Takeda Pharmaceutical’s pivotal M＆A cases, including Millennium Pharmaceuticals （2008）, Nycomed （2011）, and Shire Pharmaceuticals （2019） by case study. The acquisition of Millennium happened after the financial crisis in 2008, which has enhanced Takeda‘s oncology pipeline and helped to build the R＆D capacity and global businesss. The Nycomed acquisition enriched Takeda‘s internal medicine pipeline including cardiovascular, respiratory, orthopedics and other fields，which also facilitated the entry to European market and emerging market. The acquisition of Shire broadened Takeda‘s portfolio with rare disease drug pipelines, and enhanced the scale by optimizing global channels and operations. However, after using the same method of evaluation, it was found that the acquisition valuation of Shire was not cost efficient. The Shire Acquisition cause heavily financial pressure, and brought great risks in the later stage. Takeda‘s global M＆A cases have many implications to Chinese pharmaceutical enterprises. Firstly, carefully chosen targets and complementary M＆A are the key factors. International M＆A can fill the gaps in different areas, enrich the pipelines, construct the innovate R＆D capability, entering different markets such as the United States, Europe, and Asia by the targets’ channels and solving financial problems such as patent cliffs. Secondly, the timing and price of M＆A are the key to success, and a lower price can enhance corporate and shareholder value better. Thirdly, integration plans and measures are necessary according to the M＆A situation and purpose, considering human and cultural factors for over teams, to enhance the cooperations on strategies, R＆A, marketing, organizations and culture.
