제약/바이오 업종 2011년 Outlook - Mirae asset

신지원, Analyst, 3774 2176 jwshin@miraeasset.com
우윤철, Analyst, 3774 6934 davis.woo@miraeasset.com 2011 Outlook
Figure 34 Teva 의 시가총액 추이
(NIS bn)
250
200
150
100
50
Biocraft
Laboratories
Novopharm
인수 SICOR 인수
IVAX 인수
인수 Barr 인수
Korea Pharmaceutical/Bio 23 November 2010
Ratiopharm
인수
0
1994 1996 1998 2000 2002 2004 2006 2008 2010
자료: Factset, 미래에셋증권 리서치센터
주: NIS = New Israel Shekel (1 USD = 3.63 shekel)
Figure 35 Teva 의 역사적 M&A Deal 요약
Announce Buyer Seller (USD mn) Deal
Date Name Name Deal Size Type
01-Nov-95 Biogal Pharm 24.8 Acq
29-Jan-96 Biocraft Laboratories, Inc. 295.8 Acq
27-May-98 Apothekers Cooperatie Opg 86.9 Div-Unit
01-Aug-99 Hoechst AG 219.8 Div-Unit
01-Feb-00 Novopharm Ltd. - Acq
20-Jun-01 Human Rt - Acq
12-Jul-01 Mayne Group Ltd. 365.0 Div-Unit
05-Feb-02 Bayer AG 84.1 Div-Unit
21-May-02 Honeywell International, Inc. - Div-Unit
10-Sep-03 JK Tyre & Industries Ltd. - Div-Unit
31-Oct-03 SICOR, Inc. 3,273.3 Acq
24-Mar-04
17-Aug-04
Teva
Jelfa SA
Pfizer, Inc.
-
85.2
Div-Min
Div-Unit
25-Jul-05 IVAX Corp. 7,171.0 Acq
04-Aug-05 Medika AG - Acq
14-Sep-05 CLAL Industries & Investments Ltd. 19.1 Div-Unit-Min
13-Mar-06 Tianjin Zhong Xin Pharmaceutical Group 8.6 Div-Unit
13-Mar-07 Merck KGaA - Div-Unit
22-Jan-08 CoGenesys, Inc. 400.0 Acq
31-Mar-08 Bentley Pharmaceuticals, Inc. 337.2 Acq
18-Jul-08 Barr Pharmaceuticals, Inc. 7,184.7 Acq
11-Sep-08 Mamm Co. - Acq
18-Mar-10 Merckle GmbH 4,930.7 Div-Unit
28-Oct-10 Merck KGaA 368.4 Div-Unit
자료: Factset, 미래에셋증권 리서치센터
주: Div-Unit-Min (divesture unit minority) = divesture of 5% to 50% interest in a unit or a division 으로 50% 이하의 minority 한 deal
type 을 지칭
26