日本製薬企業のM&A成立前プロセスの分析 : アステラス製薬誕生の事例研究  [in Japanese] Analysis of Pre-M&A Process of Japanese Pharmaceutical Company : A Case Study of Astellas Pharma Merger  [in Japanese]

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Abstract

 日本製薬企業を取り巻く経営環境が厳しさを増す中で,2005年4月,山之内製薬と藤沢薬品は業界最大規模の合併を成立させ,アステラス製薬が誕生した。本稿では,アステラス製薬を対象として,日本製薬企業によるM&A(Merger and Acquisition)の推進方法を,特にM&A成立までのプロセスに着目して検討することを目的とした。研究方法としては,経営陣を含む主要な関与者を対象としたインタビュー調査,及び,公開情報・文献調査による事例分析を採用した。<br> 本事例においては,経営トップと特任のM&A推進体制が重要な役割を果たしたと考えられた。竹中山之内社長と青木藤沢社長の両経営トップは,日本の医薬品産業の危機的状況を敏感に感じ取っており,合併の強力な推進力となった。また,両トップの成長志向かつ公平無私な姿勢は,両者間に強固な信頼関係を築くのみならず,M&A推進体制にも伝播し,合併プロセスの円滑な推進を促した。M&A推進体制は,経営層から現場階層まで階層横断的に抜擢され,十分な権限委譲を受けて,M&Aプロセスに主体的に関与した。加えて,本体統合に先立ち,一般用医薬品事業の統合を通じて両社間に交流が存在していたことも,プロセスを円滑に進める上で有効に機能した。本事例においては,以上のような要因がM&A成立前プロセス上の諸課題に対して効果的に機能したものと考えられる。

As the business environment for Japanese pharmaceutical companies intensified, Yamanouchi Pharmaceutical Co,. Ltd and Fujisawa Pharmaceutical Co,. Ltd completed the largest merger deal in the history of the Japanese pharmaceutical industry in April 2005, when Astellas Pharma was formed. In this report, we present a case study of the Astellas merger and use it as a basis for a discussion of M&A (Mergers and Acquisitions) process of Japanese pharmaceutical companies, especially focusing on the period up to and including the closing of merger. For this purpose, we conducted interviews with the frontline players including executive members of the company and analysis of publicly available information.<br>As a result, we found that both top managements and a merger Task Force played key roles in this case. Both Dr. Toichi Takenaka, CEO of Yamanouchi and Dr. Hatsuo Aoki, Fujisawa CEO have direct experience of the pressures and challenges facing their industry, and this drove the M&A process forward forcefully. Their growth oriented approach and fair and unselfish attitudes not only strengthen their relationship of mutual trust, but also were shared among the Task Force, which was vital in promoting a smooth pre-M&A process. The Task Force consisted of management and workforce layer and was given unprecedented authorization and leeway to participate proactively. Furthermore, it was also noteworthy that they had established OTC joint subsidiary before, which promoted the merger process of main business. These factors functioned as effective solutions to various problems of pre-M&A process in Astellas case.

Journal

  • Journal of Health Care and Society

    Journal of Health Care and Society 16(3), 249-273, 2007-01-31

    The Health Care Science Institute

References:  30

Codes

  • NII Article ID (NAID)
    10018551079
  • NII NACSIS-CAT ID (NCID)
    AN10372213
  • Text Lang
    JPN
  • Article Type
    NOT
  • ISSN
    09169202
  • NDL Article ID
    8679647
  • NDL Source Classification
    ZS7(科学技術--医学)
  • NDL Call No.
    Z19-3523
  • Data Source
    CJP  NDL  J-STAGE 
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