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Les déterminants des fusions-acquisitions. Le cas de l'industrie pharmaceutique


  • Gautier Duflos
  • Étienne Pfister


This article considers the determinants of the corporate acquisitions made in the American pharmaceutical industry between 1978 and 2002. We seek to evaluate the robustness of the “pipeline gap” hypothesis through a larger, more exhaustive sample, and extend it to patent data. In line with the pipeline gap hypothesis, estimations from a Cox duration model show that the Tobin’s q exerts a negative influence on the decision to acquire another pharmaceutical firm. On the other hand, several indicators of patent quality have a positive influence, indicating that acquiring firms also have a significant innovative potential. Classification JEL : L13, L65

Suggested Citation

  • Gautier Duflos & Étienne Pfister, 2007. "Les déterminants des fusions-acquisitions. Le cas de l'industrie pharmaceutique," Revue économique, Presses de Sciences-Po, vol. 58(3), pages 577-586.
  • Handle: RePEc:cai:recosp:reco_583_0577

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    JEL classification:

    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology; Plastics


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