生技製藥產業併購策略 / The biotechnology companies started with the development of genetic engineering and antibody production in the U.S. and until today U.S. is still the leader in this industry. In recent years, they are becoming particular interest to established pharmaceutical companies. This thesis will first introduce the characteristic of pharmaceutical industry and its current situations, Next to explain pharmaceutical company’s unique relationship with biotechnology by studying the merger and acquisition case of Roche and Genentech. With the results, we will have better understanding of the business challenge and strategy for the industry.

本論文的研究主題乃是針對生技產業中新藥廠商的獲利模式進行實務研究分析。由於生技產業的特性為研發時間長，且投入研發資金龐大，加上新藥產品線過少，以及營運獲利模式過於單調，如僅以自有專利技術所開發出來的新藥標的對外授權，並取得授權金的獲利模式做為主要獲利來源，如此將大幅提高公司整體的營運風險，也無法有效提升獲利績效。因此本論文研究為如何在原有的獲利模式基礎之上，再增加其他有利於加快授權並收取權利金收入，或者找出多樣化的管道來增加公司的獲利，強化本身的競爭優勢。 本研究分析將針對實務案例公司所處產業現況與特性、及其整體營運狀況、潛在風險及獲利方式做探討。配合外部資料與訪談資料加以歸納整理，並利用SWOT分析各種可能的營運獲利模式，來發掘適合該公司的可行方案。藉由分析結果，本研究提出了三項強化的獲利模式，第一為共同研究開發模式，與國際大藥廠合作，可快速提升營運績效。第二為委託研究開發模式，可帶來更多的獲利機會。第三為向外取得新藥標的再轉授權模式，如此可縮短開發時程，以利增加未來提前再轉授權，並加速收益實現。 本研究期望能提供給生技產業中的新藥公司做為訂定公司中長期策略目標與獲利模式方針的參考。 / The featured company for this research is Case Study Company, which specializes in the research and development of new biotech medications. Case Study Company possesses its own technological platform for the development of new monoclonal antibody (mAb) medicines, and said platform embodies the highest level of fully human mAb technologies available in the field. Due to the company’s characteristics of long R&D periods and substantial investments in research, coupled with the fact that the company has few product lines for new medications and its simple model of profit generation, Case Study Company would stand to face significant operational risks and an inability to effectively improve its performance and earnings. This will continue if it only relies on the licensing out of new drugs that it has developed with its exclusive technologies and banking on the royalties as its primary source of profit. And as such, this research shall attempt to explore other solutions that would accelerate the pace of licensing and the generation of royalties based on the company’s existing business model or to seek other means for the company to boost its earnings more rapidly and effectively. The goal of this research is to enhance the company’s business model and expand the company’s sources of profit so as to achieve profit channel diversification without being confined to specific type or format of profit generation. From the analysis of the primary data (from the interviews) and secondary data, together with the findings, this research proposed three solutions that would help the company to strengthen its business model. First, adopt a joint-development model. Currently, major international pharmaceutical companies are pre-emptively seeking suitable partners for collaboration in the new drug market and with opportunities for advance cooperation; the company will be able to rapidly improve its operational performance. Second, adopt a commissioned-R&D model. A model whereby the company commissions another organization to handle relevant design and development will be able to create more opportunities for profit for the company in question. Third, adopt a re-licensing model by acquiring new target drugs externally and relicensing said drugs to clients. Such a model would help the company to shorten its development lead-time and thereby improve the odds that it will be able to re-license the new drugs at an earlier time. This would accelerate the collection of royalties and profit generation for the company.

生技醫療服務公司之成長策略分析 – 以佳醫集團為例 / ABSTRACT Taiwan government in March of 2009 announced that six emerging industries have been specially selected for intensive development. They were biotechnology, medical care, green energy, quality agriculture, cultural creative and tourism. ”Biotechnology Takeoff Package” was firstly launched on March 26. This package is expected to bring Taiwan’s biotechnology and medical service environment to international standards, and rapidly making it “trillion dollar industry.” However, resource is limited. Compared to other technology advanced countries such as America and Japan, Taiwan owns less population, smaller size economy and rather limited nature resources. How should Taiwan develop its specially selected industries? What would be the best strategy for Companies interested in entering these selected industries? The aim of this study is to explore the growth strategy of medical services related companies and to conclude with some useful suggestions for Companies interested in entering biotechnology and medical service industry. This paper uses a case to observe the growth path of medical service industry. The author collected the data relating to the case company from its annual reports and various periodicals, and then applied theories of growth aiming to conclude the successful strategies made by the company. The current study chooses the largest dialysis treatment services company in Taiwan, the Excelsior Health Care Group, as the case study subject. During its twenty-one-year development history, the Group has been growing through vertical and horizontal integration and entering joint ventures with diversified businesses, such as cosmetics medicine, long-term health care, pharmaceutical logistics services and various clinical services such as dental and eye clinical services. The growth strategy of the group can be decrypted in the models of “Resource Based View”, “Core Competence Theory” and “The Boston Matrix.” This research concludes that the company has made several successful strategies including (1) using financial leverage to gain sufficient funding to sustain its investment in new businesses, (2) basing its original core competence and development related to other core competencies, (3) extensively entering into joint ventures with partners when exploring new business.

生技產業乃高複雜、高風險及高獲利性產業，大部分生技公司目前皆尚處於虧損階段。因此就創投觀點來看，如何避免投資到有可能泡沫化之生技公司，皆需仰賴一套良好之評價模式。 基於本研究是以創投觀點看待投資性，且目標產業是生技產業，本研究建議投資人應該選擇製藥次產業切入投資，並以財務構面作為主決策構面，同時輔以本研究所提出之定量評價因子（銷售成長率、邊際利潤率、盈餘成長率、再投資率、WACC、ROIC）及定性評價因子（研發人員人數、碩博士比例、研發費用、新產品及新發明件數）作為輔助評價。另外，本研究藉由相關文獻及研究方法之探討，建立並確認目標公司相關的評價模式。 依據此評價模式，並考量數據取得難易度及可類比否，故選擇已上市櫃之公司－台灣東洋及濟生化學為樣本分析公司。實證結果顯示，東洋的合理價值區間為每股8.97~30.83元之間；濟生的合理價值區間為每股4.37~24.74元之間。除用股價淨值比計算出濟生之評估價值較實際股價略高以外，其他皆低於實際股價，故本評價模式具實用性。 / What is a biotech company really worth? The question is often faced by corporation, venture capitals, and investors alike who may be putting their capital at risk in a biotechnology company. Unfortunately, there is no definitive answer to the question; no standardized valuation methodology can be applied universally in order to determine investment value. Additionally, there is no method to isolate any specific scenario or state with a reasonable degree of certainty, valuation of a biotech company appears to be a challengeing endeavour. The objectives of the research are to analyze and investigate the value of biotech company from venture capital perspective. From the assessment of the research, an evaluation model to identify any potential investment opportunities in the biotech industry is considered to be effective.

無形資產係生技公司的核心競爭力來源。由於其無形資產之高度知識密集性，投資人必須仰賴公司所揭露的資訊，方能有效評估生技公司之核心競爭力。因此無形資產之揭露品質，對投資人評估生技公司而言，扮演著關鍵的角色。 / 本研究旨在探討生技公司之無形資產揭露品質。首先，本研究檢視三十六家生技公司在其民國九十六年度年報及網站上有關無形資產之揭露，並以二十三個指標評分其揭露品質。其次，本研究採用迴歸模型及無母數統計方法，分析該揭露品質與股票週轉率及報酬之關係。最後，本研究分析影響該揭露品質之公司特性。 / 實證結果顯示，生技公司之無形資產揭露品質偏低，100 分中僅得到平均31.10 分。迴歸及無母數統計結果顯示，生技公司之無形資產揭露品質與其股票週轉率及報酬之關係，皆未達顯著水準。公司特性中僅有研究發展費用佔營業收入淨額比率，與揭露品質之關係達到顯著水準，顯示生技公司研發活動會影響其無形資產揭露品質。 / Intangible assets of a biotechnology company are its major source of core competitiveness. Due to the high level of knowledge intensiveness of intangible assets, investors rely heavily on the disclosed information pertaining to such assets for effective evaluation of its core competitiveness. The disclosure quality therefore plays a key role in such evaluation. / This research aims to explore the disclosure quality of biotechnology companies pertaining to intangible assets. The sample consists of 36 biotechnology companies and 23 measures are used to rate the disclosure quality on their 2007 annual reports and websites. Next, the associations of such disclosure quality and the stock trading volume and return are analyzed, using regression models and nonparametric tests. Finally, company characteristics affecting such disclosure quality are analyzed / The empirical results indicate that biotechnology companies do not score well in disclosure quality pertaining to intangible assets, with an average of 31.10 out of 100 points. Statistically, such disclosure quality is not associated with the trading volume or return of their stocks. The ratio of research and development expense to net sales is significantly associated with the disclosure quality, suggesting that research and development activities of biotechnology companies affect their disclosure quality pertaining to intangible assets.

生技產業是一個具有豐富無形資產之產業，需透過研發活動創造無形資產，以增進產業價值。因此，生技公司所投入之研發費用係生技產業發展的重要關鍵因素。 本研究旨在探討生技公司所投入之研發費用與其股價報酬間之關係。本研究選取2003至2007年台灣40家上市櫃、興櫃之生技公司及美國76家NASDAQ之生技公司為樣本，將股價報酬作為生技公司績效之衡量變數。本研究運用敘述性統計、Pearson相關係數和複迴歸分析以達到研究之目的。 實證結果顯示，不論台灣或美國之生技公司，其研發費用、研發密度、研發生產力、市場佔有率及員工分紅，皆與股價報酬具有顯著正相關。研究結果亦證實，生技公司研發活動確實會影響股價報酬。此外，本研究亦發現，市場佔有率與研發密度之交乘項，以及員工分紅與研發密度之交乘項，皆與股價報酬呈現顯著相關。 / The biotechnology industry has abundance of intangible assets. It creates intangible assets through research and development activities to add value. Therefore, R&D plays a key role in the development of the biotechnology industry. This research aims to explore whether R&D is associated with stock returns of biotechnology companies in Taiwan and in the United States. The sample consists of 40 Taiwanese and 76 NASDAQ biotechnology companies with data from 2003 to 2007. The empirical results are as follows. R&D, patents, market shares, and employee bonus are all significantly associated with stock returns both in Taiwan and in the United States, suggesting that R&D activities of biotechnology companies affect their stock returns. In addition, the interaction of market shares and R&D intensity and that of employee bonus and R&D intensity are both significantly associated with stock returns in Taiwan and in the United States.

1970年代第一個能夠特異性剪切DNA分子的限制酶問世，開啟了快速基因操作的年代，加上二十世紀後電腦以及資訊科技的飛躍發展，持續帶動生物科技產業的進步，因此二十世紀可以說是生物科技開始大幅躍進的重要時期。 　　在近二十年以來，中國大力發展生物科技產業，做為一個新興市場，在中國生物科技公司成長歷程將可做為其它生技公司發展的借鏡，因此本研究除了搜集、分析中國重要的人才引進、人才獎勵政策、企業經營獎勵政策外，還運用個案研究方法，深入探討基因測序起家的華大基因公司在每個時期發展之策略，分析出完整的公司發展策略，以做為其它生技公司發展的參考。 　　1999年時，在華大基因創業初期，一開始先以參加國際人類基因組計劃，向中國政府爭取啟動的科研資金，初期並不以盈利為目的，當時也沒有一個確切的獲利方式，先以爭取政府的支持為首要目標，再來以增加國際、國內的知名度為輔，等待著機會的到來。華大基因在初期也加大文章發表的力度，尤其是在世界頂級的幾大生物類期刋：Cell、Nature和Science上，目前也持續不斷的在這幾個頂級期刊上發表研究成果，初期也成功的打造華大基因為世界上一流的研究機構與企業。 　　在2010年初，華大利用從銀行拿到的六億人民幣的貸款，從Illumina購買了128台的新一代測序儀Hiseq2000。隨著這批新設備的到來，2012年測序數據產出的能力已經占了全球一半以上，因此華大被外界稱為測序工廠或是測序界的富士康。隨著華大基因測序能力及知名度的提升，一些科學家及科研單位開始尋求合作，這也是華大基因第一個商業模式的產生。 　　在2013年時，華大收購了美國的基因測序儀公司CG (Complete Genomics) ，補全其缺失的上游環節。同時，它也開始與眾多的機構展開密切的合作。從前，華大主要是針對科研、醫藥上的基因測序。從醫療、科研機構獲得的收入雖然比較穩定，但是其發展潛力遠不如針對大眾人群的基因服務。人群在生育、健康、基礎科研、複雜疾病等方面都可以應用到基因測序服務方面。而且，隨著精準醫療的興起，民眾對個性化醫療服務的需求也越來越旺盛。 　　經由「五力分析」和「技術採用生命週期」分析，可以了解到華大基因從科學研究開始，先建立公司的品牌知名度，再轉入科研測序服務及科研合作收費的方向，之後再併購上游供應商，再往下游的終端消費市場，打通了整個產業鏈，掌握了在整個產業中更多的主動權及話語權。華大基因的發展策略，也提供了將來許多生技公司在中國發展時的參考。 / Since the first restriction enzyme which specifically cuts DNA came out in 1970s, the era of rapid DNA manipulation began. In addition, the development of computer science and information technology in the 20th century drives the progress of biotechnology industries. Thus, the 20th century is a critical time period of biotechnology development. In the past two decades, China has been emphasizing biotechnology industries. The development progress of biotechnology companies in China, one of the major emerging market countries, should be an important target of related studies. In this study, the information of talent import and rewards and enterprise rewards in China are collected and analyzed. Furthermore, the strategies of every stage of BGI, a company initially conducted DNA sequencing, are investigated. The study reveals the comprehensive development strategy of BGI which shall be a reference for other biotechnology companies. In 1999, BGI started as an unprofitable organization and applied start-up capital from China government with a proposal to join the international human genome project. Instead of a clear profit model, BGI aimed for official supports and international visibility in the beginning, waiting for an opportunity to come. Since then, BGI has set up efforts to publish research papers especially in high impact journals such as Cell, Nature, and Science. After years, BGI has become a first-class research institute and enterprise. Early 2010, BGI got a bank loan of 600 million RMB and bought 128 new generation sequencers Hiseq2000 from Illumina. With this new equipment, DNA sequencing output of the company reached over half of global amounts. Hence, BGI was called “sequencing factory” or “Foxconn of the sequencing industry”. As BGI’s ability and reputation rises, scientists and research institutes started to set up collaborations with the company, thereby began the initial business model of BGI. In 2013, BGI acquired a DNA sequencing company Complete Genomics (CG) in United States to fill-up the upstream vendor part. At the same time, BGI also expanded its collaborations with more institutions. Though incomes from medical and research institutions are relatively stable, the potentials of genome sequencing serving the whole human population is far more large for the company. In addition, the identification and demand toward individualized precision medicine vastly grow as precision medicine is widely accepted. With Porter Five Forces Analysis and Technology Adoption Life Cycle analysis, the business model of BGI is proposed. In the beginning, the company established brand awareness through basic scientific researches. Then, BGI turned to provide DNA sequencing and scientific research services. Afterward, the company acquired upstream vendor. Finally, BGI develops end consumer market and successfully integrates the entire industry chain, getting initiative and discourse power in the biotechnology industry. The development strategy of BGI shall provide a reference for other biotechnology companies that are aiming to develop in China.

電子高科技產業的全球市場變化快速，產業位移的趨勢已然成形，電子產業已進入成長動力趨緩的階段，且現今台灣電子產業面臨中國經濟趨緩、紅色供應鏈的威脅，使得台灣一直賴以為生的電子產業重挫，大家熟悉的電子產業已經不再亮眼。加上全球人口老化已成趨勢，醫療保健逐漸受到重視，生技醫療產業是目前最具投資價值的產業，由電子產業跨領域至生技，進而建立與醫管服務跨領域互補互利的合作機制，有機會發揮雙向連動國際行銷的效益。 生技產業是一個和電子產業完全不同的產業，電子產業為尋求快速獲利，商業模式就是降低生產成本，生技產業講究的是價值，並非以「量」取勝，價值經營遠大於成本控制。電子產業進入門檻低，產品變化快，電子產品生命週期往往都不到一年，而醫療產品剛好相反，進入門檻高，需要經過很多年的認證，但產品生命週期也很長。生技產業是一個資金、技術、專業相當密集的產業。 轉投資行為是企業在業務拓展或轉型的重要策略之一，轉投資與本業相關或非相關產業，分散經營風險並提升企業競爭力。本研究個案公司所處產業為印刷電路板產業，該產業在電子業中已是成熟產業，且外部環境深受中國紅色供應鏈的進逼，其供應鏈影響層面，不僅僅是台灣與中國大陸之間的問題，全球市場都有被中國大陸取代的威脅。公司在如此嚴峻的經營環境下，雖依然維持獲利，但營收卻無法突破成長，在財務資金方面，因本業成長趨緩，使得資金應用上保守穩健。本研究從產業的經營環境，再透過公司現況SWOT、財務狀況及公司各事業部門成長能力分析後，選擇轉投資電子非相關產業—生技產業。轉投資除了善用財務資源外，也藉由透過進入不同的產業領域，建立新的事業版圖尋求成長機會，使企業績效成長、永續經營下去。

由美國的高科技生物技術事業發展過程來看，創業投資公司提供了高科技公司成長所需的資金，造就了黃金矽谷，對於美國持續繁榮功不可沒，此成功經驗如今已廣泛地為世界各國所效法。台灣的產業結構以中小企業為主，新創公司不易取得銀行融資，而對持有技術、市場、但對缺錢、缺管理經驗之新興事業主而言，創投公司提供了最佳之資金與管理上之協助；並在政府的大力推動參與與租稅減免的獎勵下，創業投資事業也在台灣蓬勃發展。 本研究即針對國內投資生技公司之創投公司（含工業銀行）之專業投資經理人為對象，進行訪談，希望達成以下目的： 一、探討國內創業投資公司投資生物技術公司之發展情形與動態。 二、探討國內創投公司之公司特質和經營團隊對投資生物技術公司之投資行為影響。 經實證結果，將重要結論摘錄如下： 1.各家創投公司，股東結構與經營團隊組成或有不同，也因此形成各自獨特的利基，但對投資生技公司行為之影響，歸納如下： 股東結構會影響投資網路的建構，投資案取得方式，投資標的選擇；主要經理人經歷會影響投資案階段之評估重點、網路建構、涉入管理方式和程度；經營團隊組成會影響對案件評估方式，團隊人數會影響涉入管理方式。可以看出股東結構，主要經理人經歷與經營團隊三項對生技事業投資行為的影響較大。 2.創投公司主要提供生技公司之附加價值計有：技術移轉與諮詢，理財顧問，投資顧問業務，資源整合共同承擔風險，提供產品之未來市場趨勢，行銷通路，協助股票上市上櫃準備，找企業合作夥伴，購併機會，資源整合，策略規劃，市場開發，策略聯盟，產銷規劃，進度管理，稽核制度，財務，人事管理資金，生技商品化之經驗，財務規劃等方面。 3.投資後介入管理被投資生技公司之程度：派專業經理人介入日常營運，參加董事會影響公司政策方向，提供被投資公司策略方面的諮詢；提供資金募集的便利及通路與知名度之擴展方便性。 4.我國創投公司在生技投資案出脫上：一般以公開上市（櫃）為主出脫股票，或考慮到被購併或合併，亦有持有被投資公司股權以共創雙贏為主要目的。 5.各創投公司皆表示的評估則會因生技案投資階段或產業別的差異而予以不同權重，大體上在生技公司投資上均相當重視技術平台，尤其是否有專利，與技術團隊之背景及CEO之人格特質。

本研究主要是在探討台灣生技製藥產業中，廠商之技術知識特質與技術網路間之互動關係。其中技術知識特質是選取（1）技術知識生命週期（2）技術知識路徑相依度（3）技術知識複雜程度等三個變數來做探討。而技術網路包括了（1）內部技術網路（2）外部技術網路。內部技術網路是探討公司內部之專案管理及跨部門知識的流通，外部技術網路是探討公司與外界之學研單位、政府單位及廠商間互動關係。研究發現如下： ﹝一﹞ 技術知識生命週期會影響廠商主要的技術來源 ﹝二﹞ 技術知識路徑相依度高低會影響概念的生成與發展 ﹝三﹞ 技術知識路徑相依程度會影響進行知識創造團隊的類型 ﹝四﹞ 技術知識複雜程度會影響團隊組成的異質/ 多元化程度 ﹝五﹞ 在發展以基礎科學為基礎之產業，外部技術網路扮演著相當重要的角色 ﹝六﹞ 在探索新領域時，鼓勵實驗及容忍失敗的風氣是相當重要的 ﹝七﹞ 生技產業之研發投入時間長，領導者必須對此有較高的願景及承諾 ﹝八﹞ 生技領域的產品開發常是由新產品創業小組來進行 ﹝九﹞ 產品鬥士在發展生技產業時扮演了極重要的角色 ﹝十﹞ 台灣之生技產業必須“ 衡外情，量己力”，善用學研單位之智慧資本並以中小型投入的方式來進行開發