Big pharma's assets disposals drive demand for mid-market debt financing
Howard Rowe, managing director and head of healthcare, Hayfin Capital Management, considers the impact of divestments necessitated by big companies' major acquisitions, in an Expert View piece.
Big pharma is currently undertaking its latest round of strategic reorientation.
The recent spate of large pharma transactions – of which AbbVie’s (NYSE: ABBV) proposed $63 billion acquisition of Allergan (NYSE: AGN) and the $74 billion acquisition of Celgene (Nasdaq: CELG) by Bristol-Myers Squibb (NYSE: BMY) are among the most notable – has been one prominent expression of this reorientation.
The flipside of companies’ efforts to generate growth through acquisitions is a drive to rationalize their existing portfolios by pruning mature and non-core products.
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