Sair gene's acquisition cost US $3.2 billion in two years

Source: U.S - China Pharma 2016-07-21 John Carrol, a famous biopharmaceutical media writer, lists all kinds of acquisitions and cooperation of up to $3.2 billion of celgene in the past two years, excluding potential mileage of at least $5 billion These acquisitions mainly focus on the field of tumor, but also have immunity, fibrosis, renal dysfunction and so on The partners are mainly small biotech companies, but also large pharmaceutical companies such as aslikan and famous universities and research institutes, with a total of more than 20 The new drug R & D front is long, and the product's success risk and potential value are constantly changing, so there are acquisitions and cooperation in all stages One extreme is that all products are developed by themselves, with pure organic growth The former MSD is an example At the other end of the spectrum is the acquisition of good products developed by others, which Pfizer has relied on for many years Valeant is a more extreme example in the past 10 years It has almost no R & D investment and grows entirely by acquiring listed products But this year, Valeant is almost on the verge of bankruptcy Saier gene is the largest R & D investment enterprise in large and medium-sized pharmaceutical plants, and 40% of sales were invested in R & D last year Different from the acquisition mode of gambling a direction or a product (such as Geely's US $11.3 billion acquisition of pharmaset), their acquisition projects cover a wide range, from car-t to immunotherapy of checkpoint inhibitors, tumor metabolism, epigenetics, to traditional small molecules and anti-body, covering almost all areas where major breakthroughs may occur in the next 10 years I personally agree with this acquisition model, mainly because the current level of technology can not predict which treatment direction is most likely to produce subversive drugs It is better to rely on the efficiency of killing the losers instead of relying too much on the so-called winners selected by preclinical research with poor predictability Although most of these acquisitions will end in failure, just like their own R & D from scratch, the investment is much lower than the acquisition of mature products Once there is a subversive discovery in a certain field, even if these acquired products cannot be the first in class, there is enough time to enter the first group In addition, this model has a taste of science as the core, which is to put the existing market in the second place, and take the disease field that the latest technology can reach as the investment guide On the one hand, it can avoid fierce competition in the market, and at the same time, it is more likely to find more differentiated products Of course, there is limited difference between acquiring these projects and developing them from scratch in the early stage The acquirer's vision is the key to success or failure