The following table lists the largest mergers and acquisitions in the pharmaceutical and biotechnology industry (those over $10 billion). Transactions are recorded by the highest transaction dollar value (rather than using the inflation adjusted values).
| R | Year | Purchaser | Target | Transaction type[1] | Value — with debt
(in billions USD) | Value — with debt
(adjusted for inflation) | Ref |
|---|
| 1 | 1999 | USA}} Pfizer | USA}} Warner-Lambert | Acquisition | 111.8 | US|111.8|1999}} | [2] |
| 2 | 2000 | GBR}} Glaxo Wellcome Plc | GBR}} SmithKline Beecham | Merger (formed GlaxoSmithKline) | 76.0 | US|76|2000}} |
| 3 | 2019 | USA}} Bristol-Myers Squibb | USA}} Celgene | Acquisition | 74.0 — 95.0 | US|74|2019}} — {{inflation|US|95|2019}} | [3] |
| 3 | 2004 | FRA}} Sanofi | FRA}} Aventis | Acquisition | 73.5 | US|73.5|2008}} |
| 4 | 2015 | IRL}} Actavis | USA}} Allergan, Inc | Acquisition | 70.5 | US|70.5|2015}} | [4][5][6] |
| 5 | 2009 | USA}} Pfizer | USA}} Wyeth | Acquisition | 68.0 | US|68|2009}} |
| 6 | 2002 | USA}} Pfizer | GBR}} Pharmacia | Acquisition | 64.3 | US|64.3|2002}} | [7] |
| 7 | 2018 | JPN}} Takeda Pharmaceutical | IRL}} Shire | Acquisition | 62.0 | US|62.0|2018}} | [8] |
| 8 | 2016 | GER}} Bayer | USA}} Monsanto | Acquisition | 54.5 — 63.5 | US|54.5|2016}} — {{inflation|US|63.5|2016}} |
| 9 | 2009 | USA}} Merck & Co. | USA}} Schering-Plough | Acquisition | 47.1 | US|47.1|2009}} | [9] |
| 10 | 2009 | SUI}} Roche | USA}} Genentech | Acquisition | 44.0 | US|44|2009}} |
| 11 | 2014 | IRL }}Medtronic | IRL}} Covidien | Acquisition | 42.3 | US|42.3|2014}} |
| 12 | 2015 | ISR}} Teva Pharmaceutical Industries | USA}} Actavis | Business Unit | 40.5 | US|40.5|2015}} |
| 13 | 2010 | SUI}} Novartis | USA}} Alcon | Acquisition | 39.3 | US|39.3|2010}} |
| 14 | 2016 | IRL}} Shire | USA}} Baxalta | Acquisition Unit | 32.0 — 35.0 | US|32.0|2016}} — {{inflation|US|35.0|2016}} |
| 15 | 2016 | USA}} Abbott Laboratories | USA}} St Jude Medical | Acquisition | 30.5 | US|30.5|2016}} |
| 16 | 1998 | SWE}} Astra AB | GBR}} Zeneca | Merger (formed AstraZeneca) | 30.4 | US|30.4|1998}} |
| 17 | 2017 | USA}} Johnson & Johnson | SUI}} Actelion | Acquisition | 30.0 | US|30.0|2017}} |
| 18 | 1996 | SUI}} Ciba-Geigy | SUI}} Sandoz | Merger (formed Novartis) | 29.0 | US|29.0|1996}} |
| 19 | 2006 | {{flagicon|USA}} Boston Scientific}}
{{nowrap|{{flagicon|USA}} Abbott Laboratories}} | {{flagicon|USA}} Guidant}} | Acquisition | 27.2 | US|27.2|2006}} |
| 20 | 1999 | GBR}} Pharmacia & Upjohn | USA}} Monsanto | Merger | 25.2 | US|25.2|1999}} |
| 21 | 2016 | USA}} Abbott Laboratories | USA}} St Jude Medical | Acquisition | 25.0 — 30.5 | US|25|2016}} — {{inflation|US|30.5|2016}} |
| 22 | 2015 | USA}} AbbVie | USA}} Pharmacyclics | Acquisition | 21.0 | US|21.0|2015}} |
| 23 | 2014 | IRL}} Actavis | USA}} Forest Laboratories | Acquisition | 20.7 | US|20.7|2014}} |
| 24 | 2011 | FRA}} Sanofi | USA}} Genzyme Corporation | Acquisition | 20.1 | US|20.1|2011}} |
| 25 | 2012 | USA}} Johnson & Johnson | SUI}} Synthes | Acquisition | 19.7 | US|19.7|2012}} |
| 26 | 2006 | GER}} Bayer | GER}} Schering | Acquisition | 18.4 | US|18.4|2006}} |
| 27 | 2016 | USA}} Quintiles | USA}} IMS Health | Merger (formed QuintilesIMS) | 17.6 | US|17.6|2016}} |
| 28 | 2015 | USA}} Pfizer | USA}} Hospira | Acquisition | 17.0 | US|17.0|2015}} |
| 29 | 2014 | GER}} Merck Group | USA}} Sigma-Aldrich | Acquisition | 17.0 | US|17.0|2014}} |
| 30 | 2001 | USA}} Amgen | USA}} Immunex | Acquisition | 16.8 | US|16.8|2001}} |
| 31 | 2006 | USA}} Johnson & Johnson | USA}} Pfizer Consumer Health | Business Unit | 16.6 | US|16.6|2006}} |
| 32 | 2014 | SUI}} Novartis | GBR}} GlaxoSmithKline Oncology | Business Unit | 16.0 | US|16.0|2014}} |
| 33 | 2015 | USA}} Valeant | USA}} Salix Pharmaceuticals | Acquisition | 15.8 | US|15.8|2015}} |
| 34 | 2007 | GB}} AstraZeneca | USA}} MedImmune | Acquisition | 14.7 | US|14.7|2007}} |
| 35 | 2007 | USA}} Schering Plough | USA}} Organon International | Acquisition | 14.5 | US|14.5|2007}} |
| 36 | 1995 | GBR}} Glaxo | GBR}} Wellcome | Acquisition | 14.2 | US|14.2|1995}} |
| 37 | 2014 | GER}} Bayer | USA}} Merck & Co Consumer Health | Business Unit | 14.2 | US|14.2|2014}} |
| 38 | 2014 | USA}} Zimmer Inc. | USA}} Biomet Inc. | Acquisition | 13.4 | US|13.4|2014}} |
| 39 | 2006 | GER}} Merck Group | SUI}} Serono | Acquisition | 13.2 | US|13.2|2006}} |
| 40 | 2018 | GBR}} GlaxoSmithKline | {{flagicon|GBR}}{{flagicon|SUI}} GlaxoSmithKline–Novartis Consumer Healthcare}} | Acquisition | 13.0 | US|13|2018}} |
| 41 | 2016 | GER}} Boehringer Ingelheim | FRA}} Sanofi Animal Health (Merial) | Business Unit | 12.4 | US|12.4|2016}} |
| 42 | 2017 | USA}} Gilead Sciences | USA}} Kite Pharma | Acquisition | 11.9 | US|11.9|2017}} |
| 43 | 2018 | FRA}} Sanofi | USA}} Bioverativ | Acquisition | 11.6 | US|11.6|2018}} |
| 44 | 2011 | USA}} Gilead Sciences | USA}} Pharmasset | Acquisition | 11.2 | US|11.2|2011}} |
| 45 | 2013 | USA}} Amgen | USA}} Onyx Pharmaceuticals | Acquisition | 10.4 | US|10.4|2013}} |
| Rank | Year | Purchaser | Target | Value
(in billions USD) | Value
(adjusted for inflation) |
|---|
| 1 | 2015 | USA}} Pfizer | {{flagicon|IRL}} Allergan, Plc}} | 160 | {{inflation|US|160|2015}} | US|160|2015}} billion, adjusted for inflation). However, this deal was cancelled in April 2016 due to new US tax inversion rules.[10][11] Had this transaction been completed, this would have been the largest within this industry. |
| 2 | 2014 | USA}} Pfizer | {{flagicon|GBR}} {{flagicon|SWE}} Astra Zeneca}} | 123 | {{inflation|US|123|2014}} | Significant concerns were raised by the UK Government over job security, in the end leading to a deal being abandoned due to resistance from the AstraZeneca Board.[12] |
| 3 | 2014 | USA}} Pfizer | {{flagicon|GBR}} {{flagicon|SWE}} Astra Zeneca}} | 106 | {{inflation|US|106.3|2014}} | AstraZenca claimed the deal undervalued the company.[13] |
| 4 | 2014 | USA}} Pfizer | {{flagicon|GBR}} {{flagicon|SWE}} Astra Zeneca}} | 99 | {{inflation|US|98.9|2014}} | AstraZenca claimed the deal undervalued the company.[14] |
| 5 | 1999 | USA}} Pfizer | USA}} Warner–Lambert | 82.4 | {{inflation|US|82.4|1999}} | Pfizer made a hostile bid, just after the announcement of a $72 billion deal with Wyeth, the eventual purchase price would be in excess of $90 billion.[15][16][17] |
| 6 | 1999 | USA}} Wyeth | USA}} Warner–Lambert | 72 | {{inflation|US|72|1999}} | Wyeth confirmed it has agreed a $72 billion deal with Warner–Lambert, causing Pfizer to make a hostile bid, just after the announcement.[15][16][17] |
| 7 | 1999 | USA}} Wyeth | {{flagicon|USA}} Warner–Lambert}} | 65 | {{inflation|US|65|1999}} | The two companies discussed a potential merger, uniting two of the largest pharmaceutical companies. This was eventually thwarted by Pfizer, in order to maintain control of the blockbuster drug - Lipitor.[18][19] |
| 8 | 2016 | GER}} Bayer AG | {{flagicon|USA}} Monsanto Company Inc.}} | 65 | {{inflation|US|65|2016}} | Bayer advanced talks with Monsanto's management and subsequently raised its off by $3 billion, to more than $65 billion - which represented a 2 percent increase on its previous offer. The eventual purchase price would be more than $66 billion.[20][21] |
| 9 | 2018 | JPN}} Takeda Pharmaceutical | IRL}} Shire | 62.5 | {{inflation|US|62.5|2018}} | Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the Company, its growth prospects as well as pipeline.[22] |
| 10 | 2016 | GER}} Bayer AG | {{flagicon|USA}} Monsanto Company Inc.}} | 62 | {{inflation|US|62|2016}} | Bayer initially opened negotiations with an offer of $125 per Monsanto share, however management felt this undervalued the company.[23] |
| 11 | 2018 | JPN}} Takeda Pharmaceutical | IRL}} Shire | 61 | {{inflation|US|61|2018}} | Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the Company, its growth prospects as well as pipeline.[24] |
| 12 | 2018 | JPN}} Takeda Pharmaceutical | IRL}} Shire | 58.2 | {{inflation|US|58.2|2018}} | First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the Company, its growth prospects as well as pipeline.[25] |
| 13 | 2014 | CAN}} Valeant Pharmaceuticals | IRE}} Allergan, Inc | 54 | {{inflation|US|54|2014}} | Valeant had pursued Botox-maker Allergan for six months. After a protracted court battle with Valeant, Bill Ackman and his Pershing Square Capital Management hedgefund on one side (which then owned 10% of Allergan) and Allergan on the other, Actavis entered the fray with a $66 billion white knight bid.[26] |
| 14 | 2014 | USA}} AbbVie | {{flagicon|IRL}} Shire Pharmaceuticals}} | 54 | {{inflation|US|54|2014}} | The two companies had agreed to a $54 billion deal that would allow AbbVie to move its headquarters overseas to Europe, reducing their corporate tax rate. However, the U.S. Treasury passed laws, tightening down on tax inversion deals just before the merger was completed, making the agreement much less profitable for AbbVie.[27] |
| 15 | 2014 | CAN}} Valeant Pharmaceuticals | IRE}} Allergan, Inc | 53.3 | {{inflation|US|53.3|2014}} | Valeant raised its unsolicited offer for Allergan a second time, to $53.3 billion, increasing the cash portion of the bid in an effort to win the backing of the company, with the cash-and-stock portion of the bid valuing each Allergan share at $179.25.[28] |
| 16 | 2014 | CAN}} Valeant Pharmaceuticals | IRE}} Allergan, Inc | 49.4 | {{inflation|US|49.4|2014}} | Valeant raised its unsolicited offer for Allergan Inc. to $49.4 billion, adding more cash to the bid in an effort to win backing from Allergan and its investors, with the value of each share rising to $166.16 per Allergan share.[29] |
| 17 | 2015 | {{flagicon|USA}} Monsanto Company Inc.}} | SUI}} Syngenta AG | 47 | {{inflation|US|46.5|2015}} | Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders.[30] Subsequently, Bayer offered to purchase Monsanto, with ChemChina offering to acquire Syngenta. |
| 18 | 2014 | {{flagicon|USA}} Monsanto Company Inc.}} | SUI}} Syngenta AG | 45 | {{inflation|US|45|2014}} | Syngenta rejecteded another unsolicited offer from Monsanto, worth $45 billion, with management saying it undervalued the company and a merger would carry significant risks. Monsanto offered to acquire the company at a price of 449 Swiss francs per Syngenta share, with approximately 45% of the price paid in cash.[31][32] |
| 19 | 2014 | CAN}} Valeant Pharmaceuticals | IRE}} Allergan, Inc | 45 | {{inflation|US|45|2014}} | Valeant Pharmaceuticals and activist investor Bill Ackman offered to buy Botox maker Allergan, proposing a cash-and-stock deal worth about $152.89.[33] |
| 20 | 2014 | {{flagicon|USA}} Monsanto Company Inc.}} | SUI}} Syngenta AG | 40 | {{inflation|US|40|2014}} | Monsanto weighed $40 billion unsolicited bid for Swiss rival, Syngenta aiming to avoid US corporation taxes. Monsanto and Syngenta held preliminary talks with both sets of advisers in the preceding few months, with talks centered on a combination. However, Syngenta's management decided against negotiations.[34] |
| 21 | 2015 | {{flagicon|ISR}} Teva Pharmaceutical Industries}} | NED}} Mylan | 40 | {{inflation|US|40|2015}} | In April, Teva offered to acquire Mylan for $40 billion,[35] only a fortnight after Mylan offered to acquire Perrigo for $29 billion.[36] Teva's offer for Mylan is contingent on Mylan abandoning its acquisition of Perrigo.[37] Mylan stated in June 2015 that Teva's disclosure that it had a 1.35 percent stake in Mylan violated US anti-trust rules. |
| 22 | 2015 | NED}} Mylan | {{flagicon|IRL}} Perrigo}} | 26 | {{inflation|US|26|2015}} | In order for the hostile takeover to go through successfully, Mylan needd 50% of Perrigos shares to be tendered under the deal. However, only 40% or 58 million shares were tendered and the hostile takeover fell through.[38] |
| 23 | 2004 | {{flagicon|USA}} Johnson & Johnson}} | {{flagicon|USA}} Guidant}} | 25.4 | {{inflation|US|25.4|2004}} | Johnson & Johnson announced that it was acquiring Guidant on December 15, 2004, for $76 a share, with the deal being approved later approved on April 27, 2005 by Guidant shareholders. However, on May 25 of the same year, Guidant reported 26 cases of implantable defibrillator failure, including a death. Johnson & Johnson announced the possibility of them pulling out from the deal, Guidant then sued Johnson & Johnson in an attempt to enforce the acquisition. However they later re-negotiated a lower price of $21.5 billion. |
| 24 | 2006 | {{flagicon|USA}} Boston Scientific}} | {{flagicon|USA}} Guidant}} | 25.0 | {{inflation|US|25.0|2006}} | A day after Johnson & Johnson raised their price for Guidant to $23.2 billion, Boston Scientific announced a further increased offer. |
| 25 | 2005 | {{flagicon|USA}} Boston Scientific}} | {{flagicon|USA}} Guidant}} | 24.6 | {{inflation|US|24.6|2005}} | With the lower re-negotiated a lower price of $21.5 billion between Johnson & Johnson and Guidant, Boston Scientific announced an unsolicited offer of $24.6 billion for Guidant (an offer of $72 per share of Guidant, $36 in cash and a fixed number of Boston Scientific shares valued at $36 a share). |
| 26 | 2006 | {{flagicon|USA}} Johnson & Johnson}} | {{flagicon|USA}} Guidant}} | 24.2 | {{inflation|US|24.2|2006}} | After Boston Scientific increased their offer to $25 billion, Johnson & Johnson further increased their offer to $24.2 billion. |
| 27 | 2006 | {{flagicon|USA}} Johnson & Johnson}} | {{flagicon|USA}} Guidant}} | 23.2 | {{inflation|US|23.2|2006}} | After the re-negotiated a lower price of $21.5 billion was trumped by Boston Scientifics offer of $24.6 billion, Johnson & Johnson raised their offer to $23.2 billion. |
| 28 | 2015 | IRL}} Endo International plc | {{flagicon|USA}} Salix Pharmaceuticals}} | 11.2 | {{inflation|US|11.2|2015}} | Endo withdrew its $11.2 billion cash & stock offer for Salix, ending its plans to outbid Valeant Pharmaceuticals International for the company.[39] |
1. ^{{cite web|url=https://www.firstwordpharma.com/node/1211072|title=FirstWord Lists The 20 largest pharma M&A deals|last=|first=|date=|website=|publisher=|access-date=}}
2. ^{{cite web |url=http://www.pfizer.ca/english/newsroom/press%20releases/default.asp?s=1&year=2000&releaseID=29 |title=Archived copy |accessdate=2017-11-22 |deadurl=yes |archiveurl=https://web.archive.org/web/20140202095546/http://www.pfizer.ca/english/newsroom/press%20releases/default.asp?s=1&year=2000&releaseID=29 |archivedate=2014-02-02 |df= }}
3. ^https://uk.reuters.com/article/uk-celgene-m-a-bristol-myers/celgene-bristol-myers-set-2-2-billion-termination-fee-for-their-mega-deal-idUKKCN1OY1CA
4. ^{{cite web|url=http://www.allergan.com/NEWS/News/Thomson-Reuters/Allergan-Accelerates-Transformation-to-Branded-Gro|title=Allergan Accelerates Transformation to Branded Growth Pharma Leader by Divesting Global Generics Business to Teva for $40.5 Billion|date=27 July 2015|work=Allergan|accessdate=27 November 2015}}
5. ^{{cite news|url=https://www.bloomberg.com/news/articles/2015-07-27/teva-ceo-sees-more-deals-coming-after-40-5b-allergan-purchase|title=Teva CEO: $40.5 Billion Allergan Deal is Just the Beginning|first=Cynthia|last=Koons|date=27 July 2015|work=Bloomberg|accessdate=27 November 2015}}
6. ^{{cite news|url=https://www.bloomberg.com/news/articles/2015-07-27/teva-snaps-up-allergan-s-generics-arm-dumping-mylan|title=Teva Snaps Up Allergan’s Generics Arm, Dumping Mylan|first=Chitra|last=Somayaji|date=27 July 2015|work=Bloomberg|accessdate=27 November 2015}}
7. ^{{cite web|url=https://www.forbes.com/sites/antoinegara/2015/11/23/pfizer-and-allergan-merger-ranks-as-biggest-ever-pharmaceutical-deal/#6dd6b5533323|title=Pfizer And Allergan Merger Ranks As Biggest-Ever Pharmaceutical Deal|author=Antoine Gara|work=Forbes}}
8. ^https://uk.reuters.com/article/uk-shire-m-a-takeda/japans-takeda-clinches-45-3-billion-shire-deal-as-pharma-ma-rolls-on-idUKKBN1I90IA
9. ^{{cite web|url=http://www.firstwordpharma.com/node/1211072#axzz3xz4tAZ7x|title=FirstWord Lists – The 20 largest pharma M&Adeals|publisher=}}
10. ^{{cite web|url=http://www.genengnews.com/gen-news-highlights/pfizer-ends-160b-acquisition-of-allergan-after-u-s-crackdown-on-inversions/81252573/|title=Pfizer Ends $160B Acquisition of Allergan after U.S. Crackdown on Inversions|work=GEN}}
11. ^{{cite web|url=https://www.bloomberg.com/news/videos/2016-04-06/pfizer-allergan-agree-to-end-160-billion-deal|title=Pfizer, Allergan Agree to End $160 Billion Deal|date=6 April 2016|work=Bloomberg.com}}
12. ^{{cite web|url=http://wolfstreet.com/2016/04/07/end-of-boom-failed-us-mergers-acquisitions-2016-all-time-record/|title=M&A Boom Implodes, US Deal Failures in 2016 Worst Ever|date=7 April 2016|publisher=}}
13. ^{{cite web|url=https://www.theguardian.com/business/2014/may/19/astrazeneca-board-reject-pfizer-takeover-bid|title=AstraZeneca rejects Pfizer's final £69bn takeover bid|first1=Sean|last1=Farrell|first2=Rowena|last2=Mason|date=19 May 2014|publisher=|via=The Guardian}}
14. ^{{cite web|url=https://www.reuters.com/article/us-astrazeneca-pfizer-idUSBREA3R0H520140428|title=Pfizer chases AstraZeneca for potential $100 billion deal|date=28 April 2017|publisher=|via=Reuters}}
15. ^1 {{cite web|url=http://money.cnn.com/1999/11/04/deals/drug_deal/|title=Warner-Lambert rejects Pfizer's bid - Nov. 4, 1999|publisher=}}
16. ^1 {{cite web|url=https://www.washingtonpost.com/wp-srv/pmextra/nov99/4/pfizer.htm|title=Pfizer Makes Bid for Warner-Lambert (washingtonpost.com)|publisher=}}
17. ^1 {{cite web|url=https://www.nytimes.com/1999/11/05/business/warner-lambert-gets-pfizer-offer-for-82.4-billion.html|title=WARNER-LAMBERT GETS PFIZER OFFER FOR $82.4 BILLION|date=5 November 1999|work=The New York Times}}
18. ^{{cite web|url=http://www.pfizer.com/about/history/pfizer_warner_lambert|title=Warner Lambert. - Pfizer: One of the world's premier biopharmaceutical companies|publisher=}}
19. ^{{cite web|url=https://www.wsj.com/articles/SB941602466851084149|title=American Home Products Discusses A Merger With Warner-Lambert|first1=Robert|last1=Langreth|first2=Steven|last2=Lipin|date=3 November 1999|publisher=|via=www.wsj.com}}
20. ^https://www.reuters.com/article/us-monsanto-m-a-bayer-idUSKCN11B2G9
21. ^https://www.bbc.co.uk/news/business-37361556
22. ^https://www.shire.com/en/newsroom/2018/april/mdt9go
23. ^https://www.reuters.com/article/us-monsanto-m-a-bayer-idUSKCN11B2G9
24. ^https://www.shire.com/en/newsroom/2018/april/mdt9go
25. ^https://www.shire.com/en/newsroom/2018/april/mdt9go
26. ^{{cite web|url=https://www.reuters.com/article/us-allergan-actavis-idUSKCN0J00W720141117|title=Allergan agrees to $66 billion Actavis offer; Valeant walks|date=17 November 2016|publisher=|via=Reuters}}
27. ^{{cite web|url=https://www.benzinga.com/general/education/15/10/5931257/10-giant-m-a-deals-that-almost-happened-but-fell-through-at-the-last|title=(SHPG), (ABBV) - 10 Giant M&A Deals That Almost Happened...But Fell Through At The Last Minute|first=Laura|last=Brodbeck|date=31 December 1969|publisher=}}
28. ^{{cite web|url=https://www.bloomberg.com/news/articles/2014-05-30/valeant-raises-takeover-offer-for-allergan-for-second-time|title=Valeant Raises Takeover Offer for Allergan a Second Time|date=31 May 2014|publisher=|via=www.bloomberg.com}}
29. ^{{cite web|url=https://www.bloomberg.com/news/articles/2014-05-28/valeant-raises-takeover-offer-for-allergan-with-more-cash|title=Valeant Raises Takeover Offer for Allergan With More Cash|date=28 May 2014|publisher=|via=www.bloomberg.com}}
30. ^{{cite web|url=https://www.forbes.com/sites/antoinegara/2015/08/26/monsanto-drops-46-5-billion-offer-for-syngenta-stock-buyback-double-earnings-market-rout/#6f4817f63894|title=Monsanto Drops $46.5B Bid For Syngenta, Paving Way For Stock Buyback Amid Market Rout|first=Antoine|last=Gara|publisher=}}
31. ^https://seekingalpha.com/news/2505826-syngenta-rejects-monsantos-takeover-approach
32. ^https://seekingalpha.com/news/2503196-reuters-monsanto-syngenta-hire-u-s-banks-to-advise-on-possible-takeover
33. ^{{cite web|url=http://www.cbc.ca/news/business/valeant-bill-ackman-bid-45b-for-botox-maker-allergan-1.2617495|title=Valeant, Bill Ackman bid $45B for Botox-maker Allergan|publisher=}}
34. ^https://www.bloomberg.com/news/articles/2014-06-23/monsanto-said-to-have-weighed-40-billion-syngenta-deal
35. ^{{cite news|url=http://www.genengnews.com/gen-news-highlights/teva-offers-to-buy-mylan-for-40b/81251178/ |title=Teva Offers to Buy Mylan for $40B |date=April 21, 2015 |author=Staff |accessdate=April 21, 2015 |work=Genetic Engineering & Biotechnology News |department=GEN News Highlights }}
36. ^{{cite news |url=http://www.genengnews.com/gen-news-highlights/mylan-offers-28-9b-for-perrigo/81251129/ |author=Staff |title=Mylan Offers $28.9B for Perrigo |work=Genetic Engineering & Biotechnology News |department=GEN News Highlights |date=April 8, 2015 |accessdate=April 21, 2015 }}
37. ^{{cite news |author=Associated Press |title=Teva Offers to Buy Mylan in $40.1B Cash-And-Stock Deal |date=April 21, 2015 |accessdate=April 21, 2015 |work=Pharmaceutical Processing |url=http://www.pharmpro.com/news/2015/04/teva-offers-buy-mylan-401b-cash-and-stock-deal?et_cid=4527542&et_rid=280926499&location=top }}
38. ^{{cite web|url=http://fortune.com/2015/11/13/mylan-perrigo-hostile/|title=Mylan's Hostile Bid for Perrigo Fails|publisher=}}
39. ^{{cite web|url=http://www.genengnews.com/gen-news-highlights/endo-ends-effort-to-wrest-merger-bound-salix-from-valeant/81251037|title=Endo Ends Effort to Wrest Merger-Bound Salix from Valeant - GEN Genetic Engineering & Biotechnology News - Biotech from Bench to Business - GEN|publisher=}}