EMEA BioPharma Digest - Q4 2011EMEA BioPharma Digest                                                    facing the sector....
Pulse • BioPharma Digest • Q4 2011 2Financial performance                                                    marketing cos...
Pulse • BioPharma Digest • Q4 2011 3Consolidation, Mergers and Acquisitions                                  Acino’s acqui...
Pulse • BioPharma Digest • Q4 2011 4Collaboration, Partnering, Joint VenturesIn addition to M&A activity collaboration and...
Pulse • BioPharma Digest • Q4 2011 5Rationalisation, Restructuring, Relocation                               mid-2012 and ...
Pulse • BioPharma Digest • Q4 2011 6Strategy                                                              expanding in Chi...
Pulse • BioPharma Digest • Q4 2011 7South into a major business park, including a large supermarket,       children, the l...
Business Contact: Corporate SolutionsCharles TillettLife Sciences Sector LeadEMEA Corporate SolutionsJones Lang LaSalleLon...
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EMEA BioPharma Digest : Collaboration and partnering on the rise as restructuring continues

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This document provides a review of key trends and themes
occurring within the BioPharmaceutical sector. The digest provides
an accessible source of information on current market dynamics,
developed through a search of international and trade press by our information team.

A wide range of trends and themes have emerged from press
articles reviewed over the period September to December 2011.
These include consolidation and M&A activity, increasing industry
collaboration, entry into emerging markets and continued
restructuring and rationalisation. All of these trends will have clear
implications for the real estate portfolios of pharmaceutical companies across the globe.

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EMEA BioPharma Digest : Collaboration and partnering on the rise as restructuring continues

  1. 1. EMEA BioPharma Digest - Q4 2011EMEA BioPharma Digest facing the sector. Restructuring and rationalisation also continue to dominate corporate and real estate strategy.Q4 2011 The expansion of partnering and collaboration initiatives in aCollaboration and partnering range of new areas, and with a growing number of industry sectors and non-industry bodies, has been in abundance in recenton the rise as restructuring months. Partnerships have been signed with groups ranging from McLaren (GSK) to Cognizant (AstraZeneca) and Samsung (Biogen)continues to John Hopkins University (Eisai pharma). Rather than the traditional tactical tie ups to expand drug pipelines, these partnerships are aimed at improving analytics and process, drivingOverview efficiency in data management or drawing on innovation andThis document provides a review of key trends and themes technology best practice. Large firms are also increasinglyoccurring within the BioPharmaceutical sector. The digest provides collaborating with each other to improve the likelihood of drugan accessible source of information on current market dynamics, discovery and commercialisation, with BMS and J&J agreeing todeveloped through a search of international and trade press by our collaborate on hepatitis C research. P&G’s consumer healthcare JV with Teva provides another example of the rapidly changinginformation team. landscape in the sector. Real estate will increasingly need to cater for this growing number of collaboration and partnering initiatives. Restructuring and rationalisation also continue to dominate strategy. After Merck’s announcement in the summer of a headcount reduction of 14% or some 13,000 positions, further restructuring and rationalisation was seen in Q4. Novartis announced that it would be reducing headcount and closing facilities in Switzerland and the US, and companies including Pfizer, AstraZeneca and Sanofi also indicated plans to rationalise and restructure operations. A further sign of the pressure on the sectorA wide range of trends and themes have emerged from press to adapt and recast itself as margin pressure intensifies was seenarticles reviewed over the period September to December 2011. with the case of Abbott, which announced plans to split into twoThese include consolidation and M&A activity, increasing industry quoted companies, in a move that it hopes will boost its valuation.collaboration, entry into emerging markets and continuedrestructuring and rationalisation. All of these trends will have clear Targeted investment and expansion is also being seen in EMEAimplications for the real estate portfolios of pharmaceutical and more widely. GSK announced plans to build a new factory in thecompanies across the globe. UK, which will create 1000 jobs, while Roche is set to open a $270m R&D centre in Basel, and Pfizer announced a $200m investment inMarket Observation an expansion of its plant in Dublin. Emerging markets also continueAs 2011 draws to a close the pharmaceutical and broader life to see significant investment from the pharmaceutical and lifescience industries have witnessed another year of tumultuous science sector with Pfizer building a plant in Saudi Arabia, Tevachange. After the large scale mergers and acquisitions over the first expanding in Russia and a range of companies investing andhalf of 2011, the fourth quarter has underlined the importance of expanding in China. 2012 looks set to mark a continuation andcollaboration and partnering in solving many of the challenges acceleration of the rapid change in the structure, geography and scope of the biopharma and life science industries seen in 2011.
  2. 2. Pulse • BioPharma Digest • Q4 2011 2Financial performance marketing costs. Net income was $969 million, or 56 cents per share. Thats up from $949 million, or 55 cents per share, a yearSanofi reported a 26% rise in third-quarter net profit, lifted by the earlier. Associated Press Newswires, 27 October 2011.inclusion of U.S. biotech firm Genzyme and lower restructuringcosts, but Frances No. 1 drug maker is facing increasing pressure AstraZeneca said net profits more than doubled in the third quarterfrom generic competition as patents on its blockbuster drugs expire. after the sale of its dental division offset modest sales growth.The Paris-based pharmaceutical major said net profit increased to Earnings after taxation surged 124 percent to $3.48 billion (€2.48€2.03 billion in the quarter ended Sept. 30, compared with €1.61 billion) in the three months to September from $1.55 billion in thebillion a year earlier. Dow Jones, 03 November 2011. same period of last year, the company said in a results statement. Agence France Presse, 27 October 2011.Pfizers third-quarter net income of $3.74 billion and revenue of$17.2 billion beat expectations, but revenue growth all came from an Bayer said bottom-line profits more than doubled in the thirdacquisition and favourable exchange rates. Associated Press, 01 quarter, driven in part by strong sales in emerging markets. BayerNovember 2011. said in a statement that group net profit jumped 125.3 % to €642 million ($899.3 million) in the period from July to September. AgenceWatson Pharmaceuticals that its third-quarter net revenues to 30 France Presse, 27 October 2011.September 2011 rose by 23% to $1.1bn (€804m), compared with$882.4m in the same quarter of 2010. M2 Pharma, 01 November Merck KGaA has posted a good set of figures for the third quarter,2011. driven by sales of its multiple sclerosis blockbuster Rebif. The Darmstadt, Germany-based group recorded a 7.5% rise in netGlaxoSmithKline GlaxoSmithKline posted its third-quarter results profits to €226.6 million, helped by a 56% reduction in taxes. Groupwhich reveal a 3% increase in operating profit, before major revenues increased 3.8% to €2.44 billion euros. Turnover at therestructuring, to £2.18 billion, while group turnover was up 3% at Merck Serono drugs unit rose 5.4% to €1.47 billion. Pharmatimes,constant exchange rates, to £7.10 billion. Pharmaceutical and 26 October 2011vaccines sales inched up 1% to £4.63 billion. Pharmatimes, 26October 2011 Eli Lilly, whose top-selling schizophrenia drug will face cheaper generics, said quarterly earnings fell due to higher expenses, andAstellas Pharma has posted a strong set of financials for the six the companys shares fell 1%. While third-quarter profit matchedmonths ended September 30 which show that net income rose Wall Street forecasts, Lilly warned that Zyprexa will face a "rapid17.0% to 51.33 billion yen, about $657.2 million, due in part to lower and severe decline" in revenue after the $4.5 billion-a-year productR&D costs. Sales were up 4.8% to 483.93 billion yen. For the full begins facing competition from cheaper generics in the Unitedyear, the Tokyo-based firm says it now expects net profit of 85 States. Reuters News, 20 October 2011.billion yen, up from an earlier forecast of 81 billion yen.Pharmatimes, 1 November 2011 Johnson & Johnson posted a solid set of figures for the third quarter, with sales of pharmaceuticals outside the USA making upMerck & Co unveiled yesterday a sharp rise in third-quarter for declines at home. Group net earnings fell 6.3% to $3.20 billion,earnings, driven by a surge in vaccine sales and cost-cutting while turnover rose 6.8% to just over $16.00 billion. Worldwidemeasures, the Financial Times reported. Revenues climbed 8% on pharmaceutical sales were up 8.9% to $5.98 billion, but they fellthe year to $12 billion (€8.5bn), while net income soared to $1.69 6.1% in the USA, hurt by generic competition to key products.billion from $342 million, or from $0.11 per share to $0.55. British Pharmatimes 19 October 2011Business Monitor, 29 October 2011. Roche posted a 15% fall in third-quarter sales, hit by the surgingShire announced that its net profit jumped to $192.9m ($136.4m), or Swiss currency, the Financial Times reported. The company said$0.35 per share, for the third quarter of 2011 from $96.3m, or $0.17 that in the first nine months of the year its sales fell 13% to CHFfor the same period of 2010. M2 Pharma,28 October 2011. 31.49 billion ($35bn/€25.5bn), while when translated into dollars they grew 6% and were flat at constant exchange rates. BritishBristol-Myers Squibb reported a 2% increase in its third-quarter Business Monitor, 13 October 2011profit, as price increases and higher sales of several key medicineswere mostly offset by higher taxes and increased research and
  3. 3. Pulse • BioPharma Digest • Q4 2011 3Consolidation, Mergers and Acquisitions Acino’s acquisition of Cephalons MEA operations and Valeant’s purchase of Australia’s iNova for $615m provide good examples of2011 has seen a continuation of the steady flow of merger and these.acquisition activity seen throughout 2010 with a number of multi-billion dollar deals agreed. In the fourth quarter Gilead Sciences The table below examines some of the key mergers andacquisition of Pharmasset was the largest deal at $11bn, but a acquisitions that were planned, agreed or completed in the lastsignificant number of smaller deals were done between big pharma quarter.and biotech companies and with companies looking to expand theirgeographic footprint. Notes / transactionCompany Target Deal size / stake Region Source / Date stage Cephalon (MEAAcino €80 million MEA Global insight, 18/10/11 Agreed operations only)Baxter Baxa corp $380 m US, UK Reuters, 25/09/11 Agreed Pathway MedicalBayer undisclosed US Dow Jones, 01/09/11 Completed Technologies Italy,Biogen Dompe undisclosed M2 Pharma, 12/09/11 Completed SwitzerlandGilead Sciences Pharmasset $11 bn Global Telegraph, 22/11/11 Agreed AutifonyGSK £1.25m UK InPharm, 22/08/11 Agreed therapeuticsPfizer Icagen undisclosed Global India Pharma news CompletedPfizer Excaliard n/a US India Pharma news, 23/11/11 CompletedRoche Anadys Pharma $230 million Global EP Vantage, 17/10/11 Agreed UniversalSanofi undisclosed India AFP, 24/08/11 Agreed Medicare Unit LectusUCB therapeutics undisclosed UK M2 Pharma, 23/11/11 CompletedValeant iNova $615 m Australia Pharmatimes, 22/11/11 Agreed
  4. 4. Pulse • BioPharma Digest • Q4 2011 4Collaboration, Partnering, Joint VenturesIn addition to M&A activity collaboration and partnering continuedto be a key focus for the sector over the last quarter, as the tablebelow demonstrates, with collaboration and partnering seenbetween a number of organizations and in a wide range of fields:Company Partner Field Source Notes Clinical trial process Data management andAstraZeneca Cognizant Pharmatimes, 01/12/11 efficiency analysis Development andBiogen Samsung Biosimilars Pharmatimes, 07/12/11 SalesBMS J&J Hepatitis C Pharmatimes, 05/12/11 Drug development Discovery,Eisai Pharma John Hopkins University Neurological disorders Pharmatimes,19/10/11 development and commercialisation Turkey-focusedEli Lilly Mustafa Nevzat Generics WSJ, 02/09/11 collaboration Chermical business Partnership, jointGSK McLaren Engineering, analysis, newsbase, 26/09/11 projects Discovery,Merck BGI Genomic technology Pharmchem, 30/10/11 development and diagnostics India Pharma news, Partnership and JVP&G Teva Consumer healthcare 03/11/11 (PGT Healthcare) HealthcarePfizer Humana Pharmatimes, 14/10/11 Research collaboration managementPfizer Medco health solutions Product efficiency AFP, 27/10/11 Research collaboration Jilin Guoyuan animal health India Pharma news,Pfizer Animal Health Animal health vaccines China-focused collaboration 08/09/11 Development andRoche PTC Therapeutics Genetic disorders Pharmatimes, 29/11/11 commercialisationServier Miragen Therapeutics Cardiovascular Pharmatimes, 19/10/11 Drug development
  5. 5. Pulse • BioPharma Digest • Q4 2011 5Rationalisation, Restructuring, Relocation mid-2012 and 2014. European Intelligence Wire, 23rd September 2011.AstraZeneca says it will reduce its US sales force by 1,150managers and reps as part of its strategy to operate more Pfizer is likely to cut 220 jobs in Spain. It is for the second time inefficiently in the country. This equates to about 24% of the less than a week that the company has revealed plans to cutcompany’s sales organisation in the USA and is on top of a hundreds of jobs in a market. The company is working withstreamlining plan announced in October for its commercial Spanish officials on a 11 percent workforce reduction there, orbusiness, which will result in the loss of 400 posts. The cuts are about 220 jobs, on the heels of 500 job cuts in Germany. Indiaalso in addition to the major restructuring programme the Anglo- Pharma News, 22 September 2011.Swedish drugmaker announced in January 2010; thatprogramme will see 8,000 jobs shed by 2014. Pharmatimes, 7 GlaxoSmithKline merged its consumer and nutritionalDecember 2011. healthcare divisions in the UK to create a £1bn business and bring together its brands including Lucozade, Ribena, andTeva said that it will merge two Japanese subsidiaries around NiQuitin. The healthcare firm hopes that merging the twomid-2012. The integration of Taiyo Pharmaceutical Industry Co. divisions will help it become the world’s “first fast-movingand Teva-Kowa Pharma Co. will give birth to Japans largest consumer healthcare (FMCH) company” by combining sciencegenerics manufacturer, with annual sales of about 70 billion yen. with insight-driven consumer innovation. Marketing Week, 16thNikkei Report, 18 November 2011 September 2011.Sanofi is in the process of restructuring its research and Pfizer plans to launch a reorganisation process at its French unit,development operations and may cut more than 1,400 jobs in the in view of the expected loss of the patent of its flagship drugdivision. The companys spokesman refused to comment on the Tahor in May 2012. Les Echos, 16th September 2011.figures given by the CGT union saying that the company is still inthe process of evaluating on how many jobs would be impacted. Merck & Co. will eliminate up to 13,000 jobs, about 14% of itsIndia Pharma News, 14 November 2011. work force, in the latest cost-cutting effort by a big drug maker coping with an aging product lineup. The drug giant said theNovartis will shrink its domestic workforce by nearly 10% and layoffs would be in addition to some 17,000 job cuts alreadyshut down two plants as part of its ongoing efforts to offset pricing planned and would cut spending by an extra $1.3 billion whenpressures. Novartis will let go of 1,100 Swiss employees and finished at the end of 2015. Also contributing to the savings areeliminate 900 US jobs. It plans to create 700 jobs in lower-cost the closings of unspecified offices and manufacturing plants. Dowcountries within three to five years but no specific locations were Jones Chinese Financial Wire, 01 August 2011.revealed. British Business Monitor, 30 October 2011.Abbott of the US is to split into two quoted companies, in a movethat it hopes will boost its valuation. Its decision will create freshpressure on other diversified healthcare groups to separate theirpharmaceuticals activities from medical devices and otherproducts. The group plans by the end of this year to spin off itspatented drugs arm into a separate “proprietary pharmaceuticals”company with a new name. It will operate independently fromAbbott’s remaining “diversified medical products” business, whichwill continue to develop and sell medical devices, diagnostics,nutritional products and branded generic drugs. FT, 19/10/11Merck-Sharp & Dohme, a subsidiary of US pharmaceutical firmMerck, announced its intention to close the San Agustin deGuadalix production unit in Madrid, which will result in the layoffof 140 people. The workers will leave work gradually between
  6. 6. Pulse • BioPharma Digest • Q4 2011 6Strategy expanding in China. T Handelsblatt Wirtschafts- und Finanzzeitung 02 September 2011.Eli Lilly will continue to build its business in China, even as itfaces challenges ranging from intellectual property theft to a biasin medical benefits schemes against brand-name medicines, Expansion and investmentChief Executive John Lechleiter said in a recent interview. DowJones, 21 November 2011. Roche announced the opening of a new CHF250 million ($271 million) technical research and development center in Basel,Bayer expects sales to increase 60% in the Asian region by 2015 Switzerland. Dow Jones, 25 November 2011.and plans to further expand its production, distribution network Pfizer will build its first production plant in the GCC in Saudiand research activities in the region. "We aim to achieve a more Arabia’s King Abdullah Economic City (KAEC) on a land plot ofthan 60% increase in our sales in Asia by 2015," Chief Executive 65,000 sq m. The manufacturing facility will be located at theMarijn Dekkers said at a press conference in China. Dow Jones, Industrial Valley of the city on the Red Sea coast. Middle East15 November 2011. and North Africa Today, 15 November 2011.Roche will start selling its products at a discount in developing GlaxoSmithKline is moving ahead with plans to build its firsteconomies in an important change in strategy by pharmaceutical new UK factory for 30 years. The maker of Panadol andcompanies that have been selling expensive biological Lucozade wants to expand in the UK following tax breaks onmedicines, the Financial Times reported. Agence France Presse, innovation introduced by Chancellor George Osborne. Around28 September 2011 15,000 of its 96,000 employees are based in Britain. The company hopes to create 1,000 more jobs at its new plant, whichBayer intends to double the investments in research and will also result in more taxes flowing in to the UK Exchequer.development (R&D) in bio-science by 2015 in line with the new Daily Mail, 1st November 2011.strategy of its plant protection division CropScience to focus oneco-friendly insecticides. Financial Times Deutschland, 19th Teva signed an investment agreement for the construction of aSeptember 2011. production facility in the pharmaceutical cluster region in Yaroslavl in Russia . Pharmazeutische Industrie, 31 OctoberNovartis is targeting further savings in marketing and production, 2011.Chief Executive Joe Jimenez tells Swiss newspaperHandelszeitung. "We have spent too much money on marketing Merck is expanding its presence in Singapore by investing inand selling our drugs," Jimenez says in an interview to be new manufacturing, marketing and research activities. The movepublished Thursday. Further savings are also planned in the is part of an agreement between Merck and Singaporesproduction area, Jimenez says, which could mean plant closures. Economic Development Board (EDB). As part of the agreement,Dow Jones, 13 September 2011. Merck will invest more than US$250 million (S$318 million) over the next decade to improve its manufacturing facilities in Tuas.Sanofi said it is on target for 5% average sales growth between Straits Times, 22 October 20112012 and 2015, despite taking profit hits from the loss of drugpatents. The drug company is going to focus on new projects and Novartis has resumed plans to build a vaccines plant in Brazil.the integration of its U.S. acquisition Genzyme, as well as Novartis plans to invest $300 million in the factory, which will bebolstering its emerging markets program, which it expects to built in the northeastern Brazilian state of Pernambuco. AE Brazilrepresent 38%-40% of its sales by 2015. The company said it is Newswire 19 October 2011.centering activities around six growth areas: emerging markets, Genzyme has formally opened its €150m expansion of its facilityhuman vaccines, diabetes, consumer health care, innovative on the Old Kilmeaden Road in Waterford, Ireland. Waterfordproducts, and animal health care. DowJones, 06 September News and Star, 17th October 2011.2011. Sanofi has unveiled groundbreaking regeneration plans to openChemical and drugs company Merck is to strengthen its position a supermarket and a multi-million pound firefighters’ academy inin laboratory equipment by undertaking smaller acquisitions and Dagenham. The company’s “legacy plans” have taken giant strides with proposals to turn its ailing factory in Rainham Road
  7. 7. Pulse • BioPharma Digest • Q4 2011 7South into a major business park, including a large supermarket, children, the latest move by global medical product companies tohigh-tech industries and a 20,000-patient polyclinic and dental increase sales in the country. Abbott expects the Jiaxing plant toschool. The 108-acre cancer drug factory will shut in 2013 with open in 2013 and employ about 300 people. The companythe loss of 450 jobs but Sanofi anticipates the thriving hub, called forecast sales of its nutritional products in China would surpassbusinesseast, will triple job creation with up to 1,300 people $1 billion by the end of 2014, up from more than $350 million lastemployed on site. Barking and Dagenham Post, 17th October year. Reuters News, 16 August 2011.2011.AstraZeneca PLC, one of the worlds leading pharmaceutical Othercompanies, said it would invest $200 million to launch a newmanufacturing facility in China to meet growing demand, AstraZeneca is to hand over free of charge to externalincluding in rural areas. Construction work on the project, in the scientists full access to more than 20 experimental drugs onChina Medical City in Taizhou of East Chinas Jiangsu province, which it has ceased research, in a pioneering effort to boostis scheduled for completion by the end of 2013, creating medical discovery. The Anglo-Swedish pharmaceutical group willapproximately 600 jobs. Industry updates, 13 October 2011 offer academics the chance to use its compounds – nearly all of them still on patent – and to examine the results of safety andPfizer is investing a further $200 million at its Grange Castle efficacy tests it has already conducted in animals and humans.plant in Dublin. The US group is expanding the number of By “crowdsourcing” the compounds to top scientists, the moveprocessing suites and the biotechnology manufacturing plant in could lead to the development of new treatments, offeringClondalkin to allow it increase production capacity. The Irish AstraZeneca the prospect of commercial gain while reducing theTimes, 28 September 2011. amount of investment it will make itself. If the initiative is successful, it could be a model for future collaboration that otherTaoiseach Enda Kenny has opened a new €100m research and pharma companies would use. FT, 05 December 2011development centre at the Merck Sharp and Dohmepharmaceutical plant in South Tipperary. The Nationalist and The value generated by a dollar invested in pharmaceuticalTipperary Star, 23rd September 2011. R&D has fallen by more than 70% in recent years, and theThe France-based Sanofi Group plans to build a high tech industry is in worse shape than many realise. They are some ofpharmaceutical plant in Vietnam’s southern economic hub of Ho the key points to come out of a new study from the consultingChi Minh City, said Thomas Kelly, senior vice president of Sanofi firm Oliver Wyman, which looked at the 450 new molecularAsia. Vietnam News Brief Service, 1st September 2011. entities approved by the US Food and Drug Administration between 1996 and 2010. The report claims that this periodNovo Nordisk has announced that the company is investing covers an era of abundance from 1996 to 2004 and an era ofaround €134 million in two new office buildings with surrounding scarcity from 2005 to 2010, divided by the September 2004green space in Bagsvaerd, Denmark. The project is expected to withdrawal of Merck & Cos Vioxx (rofecoxib). Pharmatimes, 2create more than 300 jobs during the construction phase. The December 2011new office premises will house Novo Nordisks top management,1,100 administrative employees and a number of shared Pharmaceutical industry groups have broadly welcomed afacilities. This will take place in October 2011, and the new landmark ruling by the Court of Justice of the European Unioncorporate centre is expected to be ready for occupancy at the (CJEU) clarifying the rules on extended patent protection forend of 2013. Datamonitor, 26 August 2011. multi-disease products. The Association of the British Pharmaceutical Industry (ABPI) said the ruling will mean "greaterAmgen is to create up to 100 new permanent jobs in Dun patent protection for medicines developed by the pharmaceuticalLaoghaire, Co Dublin, when it completes the expansion of its industry, which in turn will encourage the research andplant there. The biotechnology company has already promised to development of new treatments for unmet clinical need.keep the 280 jobs in the facility, which it acquired from Pfizer in Specifically, companies involved in the development and sale ofMarch this year. The Sunday Times, 21 August 2011. products that contain multiple active ingredients, we trust will benefit from the ruling," said a spokesman. Pharmatimes, 25Abbott Laboratories said it will spend $230 million to build a November 2011facility in China to make powdered milk products for infants and
  8. 8. Business Contact: Corporate SolutionsCharles TillettLife Sciences Sector LeadEMEA Corporate SolutionsJones Lang LaSalleLondon+44 (0)20 7852 4643charles.tillett@eu.jll.comReport Contact: ResearchTom CarrollAssociate DirectorEMEA ResearchJones Lang LaSalleLondon+44 (0)20 3147 1207tom.carroll@eu.jll.comBioPharma Digest – Q4 2011Pulse reports from Jones Lang LaSalle are frequent updates on real estate market dynamics.www.joneslanglasalle.euCOPYRIGHT © JONES LANG LASALLE IP, INC. 2011. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent ofJones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. Wewould like to be told of any such errors in order to correct them.

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