Cross-border M & A of Japanese Pharmaceutical Companies : A Case Study of Takeda Pharmaceutical Company

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  • KOKUBO Kinya
    University of Tsukuba Graduate School of Business Sciences

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  • 日本の製薬企業によるクロスボーダーM&A : 武田薬品工業を事例に
  • ニホン ノ セイヤク キギョウ ニ ヨル クロスボーダー M&A : タケダ ヤクヒン コウギョウ オ ジレイ ニ

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This paper is an exploratory case study of M&A transactions of a major Japanese pharmaceutical company, with particular emphasis on resource allocation. Until now, most M&A deals in the Japanese pharmaceutical industry have been horizontal integrations of domestic corporations. Accordingly, experience and knowhow involving cross-border M&A transactions have not been readily available. This paper examines Takeda Pharmaceutical Company, one of the most aggressive drug makers in Japan in cross-border M&A activities, to identify factors that Japanese pharmaceutical companies should take into account when acquiring overseas rivals. It is the contention of this paper that companies must first determine which resources they lack before they choose acquisitions as a means of obtaining resources. This requires the establishment of the clear M&A strategy. Second, cross-border M&A deals have a high risk of failure. Therefore, companies must give sufficient consideration to domestic acquisitions as an alternative solution. Thus it's important improvement in the ability to identify. Third, in cross-border M&A transactions, businesses with differing cultures and systems must be integrated. Thus, it is important to have a global outlook and make preparations for resource reallocations that will become necessary after merger. The analysis this paper points out a new insight in this respect.

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