PHARMERGING MARKETS Julian Thurston Co-Chair Global Lifesciences Group Morrison & Foerster 7 th Floor, Citypoint One Ropemaker Street London EC2Y 9AW Telephone: +44 20 7920 4050. Pharmerging Markets. Who are they? B Brasil R Russia I India C China Mexico South Korea Turkey.
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PHARMERGING MARKETSJulian ThurstonCo-Chair Global Lifesciences GroupMorrison & Foerster7th Floor, CitypointOne Ropemaker StreetLondonEC2Y 9AWTelephone: +44 20 7920 4050
Who are they?
Classic development in 4 stages:
The top 50 local pharmaceutical companies by revenue saw significant
change between 2005 and 2007 as a result of consolidation
WuXi PharmaTech says it plans to remain a service company. It has a passion for researching possible compounds for new-concept drugs, but no interest in the financial risks associated with the low success rate of candidate drugs.
Cost Advantages of R&D in China for Big Pharma
In perhaps the biggest and boldest deal …towards the end of 2007, after its successful IPO,
WuXi PharmaTech signed a definitive agreement to acquire US-based AppTech Laboratory Services (AppTec) for approximately $151M
WuXi assumes AppTec debt totaling approximately $11.7M
The purchase expanded WuXi's offerings to include biologics services and enabled WuXi to gain a significant US operational footprint, and expand its customer base and addressable market size.
BOVESPA: 100 IPOs in 2006 and 2007, 64 in 2007. After a quiet first semester, IPO activity now picking up again in second half of 2008.
The two lead banks – Credit Suisse and UBS require international advisors, and most listings now have an international element such as s.144A registration at the same time. Many more banks, private equity houses and VCs in Brazil
Pharmaceutical and med-tech markets are becoming more and more international
This means more
MoFo “joining the dots” for technology, products and finance
Julian Thurston – Co-Chair Global Lifesciences Group
Morrison & Foerster
One Ropemaker Street
Telephone: +44 20 7920 4050