原文发表于美国时间2020-9-16

发生了什么事情？

吉利德科学宣布将以210亿美元的价格收购Immunomedics公司，希望能够将两家公司的优势结合起来以称雄制药行业。

这意味着什么？

吉利德科学称将借款60亿美元以资助这一交易，此举很容易理解：吉利德科学支付的价格是Immunomedics公司在交易公布前市值的2倍多，自美国监管部门在年初批准Immunomedics公司新的乳腺癌治疗方法以来，该公司的股票已经大幅上涨。

吉利德科学可能希望Immunomedics公司的新药最终也将获批准用于治疗其他癌症。吉利德科学自然也可以获利：由于疫情导致吉利德科学某些药物需求减少，该公司第二季度营收下降10%。在价值2000亿美元的的肿瘤药物市场中，更大的市场份额往往被医生的订单所决定。

为何值得关注？

对市场而言：生物科技

Immunomedics公司巨额交易价格证明如果一切顺利的话，生物科技公司的投资者能够获得多少回报。

但是，投资研发未经测试的治疗方法的公司具有很大的风险：超过85%的新药无法获得批准，并且从概念到实现的平均时间为12年。以上的统计数据可能会让您在投资之前选择三思而后行。

更大的图景：制药业兼并

你只要看到复杂的公司名字在合并交易中出现的频率就可以发现制药业正在努力进行并购，如葛兰素史克（GlaxoSmithKline）和百时美施贵宝（Bristol Myers Squibb）。

实际上，吉利德科学收购Immunomedics公司的交易是在吉利德科学据称成为制药巨擘阿斯利康（AstraZeneca）收购目标3个月之后发生的。

吉利德科学可能希望通过扩大公司规模而避免被兼并的命运，至少避免一段时间。

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这篇文章已被翻译成中文。原英文作者Finimize。如英文版本和中文版本之间有任何不一致，以英文版本为准。该文章中的分析仅为提供信息，不是也不应该被视为推销或招揽购买任何证券。文章中讨论的一般市场活动、行业或领域趋势、或其它基于广泛的经济或政治条件的内容，不应被解释为研究结果或投资建议。讨论中提及包括的特定证券、商品、货币、或其它产品均不构成IB推荐购买，出售或持有此类投资的建议。本材料不是也不意图针对个别客户的特定财务条件、投资目标或要求。在根据本材料采取行动之前，您应该考虑是否适合您的具体情况，并在必要时寻求专业建议。

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