Riyu's Back File 2011

For example, the well-known lansoprazole and other prazole-like drugs are researched with omeprazole as the lead, and its activity is stronger than omeprazole, and it has gradually replaced omeprazole on the market.

In the Japanese pharmaceutical market, even some pharmaceutical giants can quickly grow into the world's top 50 pharmaceutical companies with only one or two best-selling products.

Only after 2000, the US drug regulatory agency FDA tightened the approval criteria for Me-too drugs, so the development path of Japanese pharmaceutical companies was also greatly hindered.

What excites Miyazaki most is that Japanese pharmaceutical giants have achieved globalization in the past two decades.Most of the sales of these giants come from overseas sales, which means that he has more chances to get in and out of his hands.

By influencing the regulatory authorities of other countries to initiate investigations, and even hiring lawyers to initiate various lawsuits, affecting the reputation of these companies, etc., globalization means that the market is large, and it also means that there are many weaknesses.

Moreover, due to the high degree of internationalization, Japan is also the world’s second largest market for innovative drugs. Therefore, many European and American multinational pharmaceutical companies use Japanese pharmaceutical companies as consignment sales agents, which can squeeze into Japanese sales. The only non-local pharmaceutical companies are Ruihui, Geely and Merck.

###93 Chapter M&A Target###

Miyazaki Sosuke and Hill rushed to the Goldman Sachs Building in Roppongi and went straight to the top floor. After entering the meeting room, Miyazaki Sosuke glanced at Sugimoto Kazuma who was already sitting inside, nodded and greeted him, and left. I got to the seat reserved for him and sat down.

At nine o'clock in the morning, the video conference with the United States officially began. Miyazaki Aosuke also began to chat with the Goldman Sachs management sitting opposite the video about the possibility of acquiring Shiono Yoshida Pharmaceutical Co. and Ono Pharmaceutical Co.

"This pharmaceutical company is divided into three echelons. The first echelon is the strongest Takeda Pharmaceutical, as well as the five pharmaceutical companies Astellas, Daiichi Sankyo, Otsuka Pharmaceutical and Eisai Pharmaceutical. "

In simple calculation, the investment of 8 billion US dollars has grown to 62 billion US dollars in ten years, and the annual compound interest exceeds 20%. This is higher than the rate of return of any private equity fund, and it is still a A ten-year long-term meal ticket.

Even if Miyazaki Aosuke did not speak out his ambitions, just what Goldman Sachs management understands now makes them quite moved.

All this is naturally understood by Miyazaki Sosuke, but the subtext that he did not explicitly say is that he is sure to let Bensheng grow into another pharmaceutical giant with a market value of more than 200 billion US dollars in ten years.

But what they didn't expect was that Ruihui Group would exceed the US$200 billion mark with the rapid development of the pharmaceutical market in the next ten years.

However, the market value of Ruihui Group has not changed much in the past ten years, so everyone here intentionally or unconsciously ignored this part.

In other words, coupled with the 100 billion yuan loan that the Life Group has now received from the government, the handicap is about one billion U.S. dollars. A simple calculation shows that Miyazaki Aosuke is confident that it will be eight billion in ten years. The project to achieve a scale of 60 billion yuan, which does not count as the value-added part of Ruihui Group in ten years.

Shiono's immediate stock price in Tokyo is 1021 yuan per share, and the total market value is about 2.8 billion US dollars. Another Ono Pharmaceutical's immediate stock price is 865 yuan per share, which is about 3.9 billion US dollars in total market value.

On the TV screen next to Miyazaki Sosuke, the scrolling news of the Tokyo stock market marked out showed that the stock prices of the two pharmaceutical companies he was about to acquire were refreshing from time to time.

According to Ruihui's closing price of US dollars per share yesterday, Ruihui Group's current market value is 62.1 billion US dollars.

It took ten years to rebuild a Ruihui from scratch. This kind of arrogance, if the living legend Aosuke Miyazaki sitting opposite, Goldman Sachs CEO Royd Blackfin might directly splash the water glass in front of the projector. On the screen.

Speaking of this, Miyazaki Sōsuke slowly raised his voice, his tone also impassioned, full of confidence.

"Moreover, in the next five years, the growth share of the chemical drug market will be lower than the growth rate of biologics. This means that if Shiono Yoshi and Ono Pharmaceuticals have strong R&D capabilities in the field of biopharmaceuticals Enterprise, I am sure to establish a new Ruihui in ten years."

"I am very optimistic about the pharmaceutical market. According to the analysis report given to me by McKinsey last week, according to their analysis, the global pharmaceutical market is expected to exceed the US$1 trillion mark in 2017 and reach a value of US$15 trillion in 2020. Market size.” Miyazaki Cangsuke seemed to talk freely at this time. He didn't make ppts, but just made empty words, so everyone on the other side listened carefully.

"It's actually very simple. I want to play a big deal this time." Miyazaki closed the analysis report on the table and faced the Goldman Sachs CEO Blackfin, the chairman of the asset management department, Jim O'Neill, and the investment bank on the opposite side of the video. Many directors of the executive committee, including the head of the department, John Venneberg, said slowly.

"Mike, I want to listen to the thoughts." Goldman Sachs CEO Blackfin said seriously across the video. He put his hands on the front conference table, and the others turned their eyes to Miyazaki Aosuke's face.

After the md was interrupted, he quickly summarized the content on the ppt, and returned to his seat after the report, while Miyazaki Aosuke and the senior Goldman Sachs group on the opposite side of the video began to think, discussing with people from time to time. With.

"Therefore, in summary, we believe that the acquisition of these two pharmaceutical companies can complement the pharmaceutical R&D capabilities of the Life Group and provide impetus for future market expansion."

"Among them, we believe that the two companies that have the most acquisition value are Shiono Yoshihide and Ono Pharmaceuticals. After our analysis, Shiono Yoshihide’s patented drug Xinbaida sold to Eli Lilly in 2011 is expected to become a global company. The best-selling drugs, and Ono Pharmaceuticals is developing vo, the report shows that it also has great potential to become a new anti-cancer drug. This proves their drug R&D strength in the corresponding segment."

"The third echelon of this pharmaceutical company has sales in 2011 between 500 million and 2 billion US dollars. Many pharmaceutical companies in this echelon are also relatively strong in research and development. Shiono Yoshihide’s anti-virus and Ono’s pd- 1 Monoclonal antibodies, towering ophthalmic drugs, and Jiuguang's transdermal patches are their respective areas of strength."

He is not an employee of the Goldman Sachs Group, so naturally he only needs to look at his boss's wink. Although Blackfin is the boss's boss, but he is not paid, he will not be too afraid of the tyrant.

The md glanced at Miyazaki Sosuke and nodded when he saw him, so he quickly clicked on the laptop, turned to the back page about Shiono Yoshi and Ono Pharmaceuticals, and began to explain.

"Just talk about the main point, and talk about the situation of Shiono Yoshihide Pharmaceutical Company and Ono Pharmaceutical Company." The md was halfway through. In the video, the CEO of Goldman Sachs, Royd Blackfin directly interrupted his speech impatiently.

"According to the report given by Bain Consulting, Takeda’s sales this year is expected to enter the top ten. In addition to the top five pharmaceutical companies that can squeeze into the world’s top 30, there are some that are younger and younger than Takeda Pharmaceuticals. The more vulnerable pharmaceutical companies are members of the second echelon."

On the right hand side of Miyazaki Sosuke, a managing director of Alpha Investment Company stood up and walked to the table, facing the sales curve of the drug company on the screen with the projector, while organizing the language and giving the video On the other side, someone from Goldman Sachs in the United States explained ppt.

What's more, business operations do not require an investment of eight billion dollars in real money. Any such large-scale M&A transaction cannot be completely cash transactions.

The funds used for the acquisition of pharmaceutical companies can be financed from the market through bank loans, such as equity financing in cash, and can also be directly exchanged with two pharmaceutical companies to reduce the payment of consideration.

:.:

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The only question now is, can Miyazaki Sosuke's plan be recognized by the management of Goldman Sachs?

The answer is of course no doubt, Miyazaki Cangsuke is worth their bet!

"Tomorrow Jim will personally take a team to Tokyo. He will investigate the feasibility of this project on our behalf. If it is really like what you said, I think Mike, you should be able to consider the next course of action. It is not a simple matter to complete Ruihui's 100-year achievements in ten years!"

The way Miyazaki Sosuke enjoys life is to make movies he likes and work hard for. He does not make movies because he wants to succeed, but makes movies when he succeeds. He hopes to express his thoughts through movies.

Therefore, after devoting the most energetic fifteen years of life to work, it is time for Sugimoto and Ma to enjoy life.

At the level of Sugimoto and Ma, if you want to go up, there are only two ways to go to the vice president level of svb or go to some companies to serve as the CEO, but neither of them can continue to move forward by working hard. .

Therefore Miyazaki Sosuke suggested that Sugimoto and Ma slow down and take a look at the scenery in life.

And their vision is often limited by work.

People like Sugimoto Kazuma and Miyazaki Sosuke in the previous life have all started from the grassroots step by step, adhering to the two-year or even one-year assessment, and after being promoted to the ceiling that the normal channel of managing director can reach, because of the rise The channel was blocked, and only then chose to start an independent business or go to a partner’s company to serve as a senior manager.

After entering the investment bank, many young people are often forced or actively choose to jump to other industries due to work pressure in the first three years, perhaps to go to Party A’s investors as consultants, or to go to some companies for management Work, but in a sense, they are people eliminated by the industry.

Like Sugimoto and Ma, who can become partners in investment banks before the age of forty, all of them have devoted all their life to work, and finally coupled with good talent and luck, can they get there.

But thinking about it carefully, his time seems to have been spent on the way of meeting and rushing to the meeting. This is also the life that Miyazaki Aosuke experienced.

After graduating from Cornell University with a master's degree in finance, he went to Deutsche Bank to work in asset management, and then moved to the Goldman Sachs Group. Finally, Peter Johnson was favored by Peter Johnson and was recruited to the svb investment company. He was dispatched to Tokyo to take charge. Manage svb investment company's projects in East Asia.

Sugimoto and Ma nodded thoughtfully after hearing this.

"I mean, work is not the only thing in your life. Sometimes, in addition to investing, trying to cultivate an interest in yourself besides work will change your mind a lot." Miyazaki finished, filming Patted Sugimoto and Ma on the shoulders.

"What do you mean?" Sugimoto and Mala pulled their ties, loosened some tight restraints, and walked to Miyazaki Aosuke.

"I have time to find a good one for myself, outside of work!" Miyazaki Cousuke said as he took the cup and walked to the glass wall, looking down at the distant scenery.

But he couldn't explain these words to Sugimoto and Ma, and finally Miyazaki Cousuke had to smile, revealing an elusive smile, and exposed the topic.

Just like Koshien players never envy themselves, Miyazaki Aosuke will not have much nostalgia for the already familiar Wall Street that can no longer be familiar. On the contrary, players like Koshien will hate their own body because of the high intensity. Like practice and loss, Miyazaki’s memories of Wall Street are nothing but endless overtime and pain.

In his previous life, he worked hard to apply for a master's degree in finance at New York University. Before graduation, he went on internships everywhere. Finally, he stayed on Wall Street with all his energy and worked at Merrill Lynch for eight years. Later, even if he and his old boss Paulson worked independently, Office location, but also choose to stay there.

But for Miyazaki Sosuke, Wall Street is not his nostalgia.

Just like Ben’s high school baseball players want to enter Koshien, Wall Street is their Koshien in the eyes of bankers like Sugimoto and Ma.