EY：2023年并购火力报告

As we enter 2023, we believe that we are entering a new phase of large-scale dealmaking in the life sciences industry. This 2023 edition of the EY M&A Firepower report sets out the rationale to expect increased mergers and acquisitions (M&A) activity; with the report going to press in mid-December, we saw what may be the first sign of the industry accelerating on that trajectory, with Amgen’s acquisition of Horizon Therapeutics for US$28.5 billion. This was comfortably the biggest biopharma deal of 2022, and followed the year’s biggest MedTech deal, Johnson & Johnson’s US$16.6 billion buyout of Abiomed.

What will drive dealmaking in the year ahead is the quality of the assets available. There remains a significant number of high-quality targets in the market: companies developing new pharmaceutical modalities such as cell and gene therapy and mRNA-based therapeutics, companies breaking new ground with digital technologies and data that have the potential to transform how we deliver personalized care in the home and other non- traditional settings.

Companies offering these kinds of high-potential innovations will create the most value for the long term, and as a “buyer’s market” takes shape, these companies will need to be able to communicate their story and demonstrate that they are ready for the next step in the journey. As the industry’s leaders look to secure growth in a volatile macroeconomic and geopolitical landscape, with loss of exclusivity for key products looming, M&A will be as vital as ever for securing innovation.

To secure value in the future, the industry’s focus on innovation will need to extend beyond drugs and devices to embrace wider transformation of business models. Ultimately, life sciences companies that succeed will be those that adapt to meet patient demand for a more personalized health experience and outcomes, as a more connected “Intelligent Health Ecosystem” evolves. As we look ahead, we can state confidently that the fundamentals of the industry remain strong – and the right strategic deals will continue to get done into 2023 and beyond.