Mergers and acquisitions of German biotechnology startups
by Holger Patzelt, Lars Schweizer, Dodo Zu Knyphausen-Aufsesse
International Journal of Biotechnology (IJBT), Vol. 9, No. 1, 2007

Abstract: In research-intensive high-technology industries, it is often impossible for startup managers to build up internally all resources necessary for a successful company development. Hence, startups enter into strategic alliances with other companies or into mergers and acquisitions (M&As). Whereas alliances of startups are well studied in the literature, work on M&As mostly focuses on large corporations, but neglects deals between small entrepreneurial firms. In this exploratory study, we analyse six M&A cases of German biotechnology startups. We illustrate specific motives, benefits and problems associated with these deals. Our findings have implications for start-up managers and the future development of the German biotech industry.

Online publication date: Fri, 26-Jan-2007

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