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商业 - 医药

辉瑞加价10%收购阿斯利康仍遭拒

Laura Lorenzetti 2014年05月22日

辉瑞将最终的收购价追加到了1170亿美元,比初始报价高了一成,但英国阿斯利康依然觉得价格太低,拒绝接受,这场原本有望成为英国历史上最大规模外资并购案的交易很可能因此流产。

    阿斯利康制药公司(AstraZeneca)拒绝了美国制药巨头辉瑞制药公司(Pfizer)追加后的收购报价,辉瑞制药公司此前曾经表示这是它对这场收购的最终报价。

    阿斯利康制药公司表示追加到1,170亿美元后的收购价依然太低,这场可能成为英国公司最大外资并购的交易因而遭遇了阻碍。

    阿斯利康制药公司董事长雷夫•约翰松在一份声明中称:“最终报价较之前提升有限,仍然低于董事会对公司价值的判断,因而已经被拒绝。”

    辉瑞制药公司称这是最终报价,而且不会发起恶意收购来吸引股东。根据英国的收购法律,这笔交易将于5月26日终止,除非阿斯利康制药公司的董事会同意谈判并延长期限。

    “我们仍然愿意进行有意义的对话,但是建设性接触的时间已经结束了,”辉瑞制药公司的首席执行官伊恩•瑞德在一份声明中说。“我们认为阿斯利康制药公司的董事会目前还没有准备好要进行一场价格合理的交易。”

    辉瑞制药公司这次的最新出价在5月2日的基础上提高了10%,其中包括更高比例的现金,从而令阿斯利康制药公司的股东获得了更高额的直接付款。根据此次提供的分别占45%和55%的现金加股票报价,辉瑞制药公司的股东将会持有合并后公司74%的股份,而阿斯利康制药公司的股东将会持有其余股份。

    “作为一家独立的公司,阿斯利康制药公司资产的所有价值都将归于我们的股东,”约翰松说。“在辉瑞制药公司的最后报价下,这份价值将会被大大稀释。”

    阿斯利康制药公司的约翰松认为,接近92美元每股的报价并没有将它正处于研发过程中的药物价值考虑在内。然而Leerink Research研究机构的一位分析师谢默斯•费尔南德兹表示,阿斯利康制药公司的许多高价值资产已经被囊括在这份报价内了。

    阿斯利康制药公司新药物的价值,包括七种接近批准阶段的癌症药物和两种估值偏低的呼吸系统药物,“目前已经在辉瑞制药公司的报价中得到了充分体现。”费尔南德兹表示。

    搬到税率较低的英国预计将为辉瑞制药公司节省数十亿美元,为此合并公司的股东中至少要有20%是阿斯利康制药公司的原股东。这限制了辉瑞制药公司出价中可以降低的股票比例。

    英国的立法委员们一直对这份报价感到不满,要求辉瑞制药公司的首席执行官承诺将会保护当地就业和投资英国的研发设施。辉瑞制药公司一直致力于维持自己在英国20%的研发人员,并且将会完善由阿斯利康制药公司发起的位于剑桥(Cambridge)内的创新学院。

    星期一上午,在伦敦交易所上市的阿斯利康制药公司股票暴跌了11%,成为它16年多以来最大的单日跌幅。(财富中文网)

    译者:skins

    AstraZeneca has (AZN) rejected a sweetened takeover offer from Pfizer (PFE) in what the U.S. drug giant said was its final attempt to initiate a mega-merger.

    AstraZeneca said the increased $117 billion takeover bid was still too low, blocking a deal that would have been the biggest foreign acquisition of a U.K. company.

    "The final proposal is a minor improvement which continues to fall short of the board's view of value and has been rejected," Leif Johansson, chairman of AstraZeneca, said in a statement.

    Pfizer said this is its final offer and it will not appeal to shareholders with a hostile bid. The deal expires on May 26 according to U.K. takeover law unless AstraZeneca's board engages and extends the deadline.

    "We remain ready to engage in a meaningful dialogue but time for constructive engagement is running out," Ian Read, CEO of Pfizer, said in a statement. "We do not believe that the AstraZeneca board is currently prepared to recommend a deal at a reasonable price."

    The upped bid is 10% more than Pfizer's May 2 offer and includes a larger share of cash, which would give AstraZeneca's shareholders a higher immediate payout. Based on the cash-and-stock offer, 45% and 55% respectively, Pfizer shareholders would hold 74% of the combined company while AstraZeneca shareholders would hold the remaining equity.

    "As an independent company, the entire value of AstraZeneca's pipeline will accrue to our shareholders," said Johansson. "Under Pfizer's final proposal, this value would be significantly diluted."

    AstraZeneca's Johansson argues that the almost $92-a-share offer doesn't account for the value of its drugs in development. However, many of its high-value pipeline announcements have been made, said Seamus Fernandez, an analyst with Leerink Research.

    The value of AstraZeneca's pharmaceutical innovations, which include seven cancer drugs nearing approval and two undervalued respiratory treatments, is "now fully realized with Pfizer's offer," said Fernandez.

    In order to move the company to the U.K. for a lower tax rate, which is expected to save Pfizer billions, at least 20% of the combined company's shareholders must be from AstraZeneca's original owners. This limits how low Pfizer can drop the stock proportion of its offer.

    U.K. lawmakers have been critical of the offer and sought promises that Pfizer's CEO would protect local jobs and invest in research and development facilities in the country. Pfizer has committed to keeping 20% of its R&D staff in the U.K. and will complete the innovation campus in Cambridge started by AstraZeneca.

    AstraZeneca's stock plunged 11% Monday morning in London, the largest intraday drop in more than 16 years.

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