近幾年生技製藥企業的跨國併購活動頻繁，動輒數百億美元的鉅額交易案不時出現在各大媒體版面，風起雲湧的併購活動顯示出併購乃生技製藥產業獲取高價值技術資源的重要策略之ㄧ。而現今藥廠面臨的挑戰包括：研發費用增加幅度高於銷售成長、新藥開發速度較產業需求緩慢、必須從其他生技新藥企業獲取授權產品與技術，及面臨許多藥品將喪失專利權、虎視眈眈的學名藥廠的威脅。
生技製藥產業的發展有漸趨集中化的趨勢，全球前十大藥廠的銷售額約佔總藥品市場的一半，在全球醫療環境改變、人口老化、新興治療模式等需求下，又面臨全球醫療保險給付、專利藥品過期的威脅，藥廠併購擁有創新技術與不同類型產品的生技公司勢必不會消退。藥品研發期長、高產品開發風險使得小型生技新藥企業常面臨資金短缺的問題，而大藥廠豐沛的資金、擅長開發、製造、市場及行銷的特性，促使藥業與生技業併購風潮四起。
本研究即以生技製藥產業內的龍頭Pfizer為研究主體，探討大型藥廠的併購動機，與其以獲取智慧財產權為目的的併購策略的規劃。藉由本論文對個案公司背景、併購歷程、併購策略、產品組合、研發與智財等面向的探討，期望能提供台灣生技新藥企業尋求成長時的參考，是否除了透過IPO上市取得資金外，也能透過併購或被收購來加速發展，使台灣生技的研發製造能量提升到國際舞台上。

Tens of billions of dollars in large transactions shows that M&As are one of the most important strategies for pharmaceutical and the biotechnology industry to gain access to valuable technological resources in recent years. Nowadays, the challenges of pharmaceutical company include the growth rate of R&D cost were higher than sales, new drugs development were slower than industry demand, licensing from other company and high profit patent drugs turned into generics, which facing the threat from other competitors.
The development of pharmaceutical company becoming more concentrated that the top ten pharmaceutics account for half of the global sales. Moreover, with the growing demand from the health care, aging and novel therapeutics and under the threatens of health insurance payment and patent cliff, the tide of M&As for pharmaceutical and biotech companies will not decline. The purpose of M&A activities from the global top pharmaceutical companies, is to obtaining innovative technology and different types of biotechnology company. However, large R&D expenditure and high risk product development result in capital shortage problems. The abundant working capital and well-experienced manufacture, marketing and sales characteristics of big pharma enable the M&As of pharma and biotech arise.
The M&A strategic planning of acquiring intellectual property rights of the leading pharmaceutical company was investigated in this study. The background of Pfizer, its M&A process, strategies, product matrix, R&D and intellectual property-oriented discussion were examined. Therefore, this study may fulfill and provide some suggestions and references for further pharmaceutical and biotech M&A activities in Taiwanese biotechnology companies such as JHL. Except for seeking IPO as the only growing strategy, through M&A is another way to accelerate the development of Taiwan's biotechnology R&D and manufacturing ability to the international level.

中文文獻
專書、學位論文、研究報告
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網路資料
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英文文獻
專書、學位論文、研究報告
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網路資料
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