The hottest focus is on the mergers and acquisitio

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Focusing on the "instrument industry merger and acquisition case" in the first half of 2011, at the Enterprise Summit Forum of 2011aacsi (2011 China Scientific Instrument Development Annual Conference), it was said that with the gradual decline of the impact of the global financial crisis in 2008, the best period of integration among instrument enterprises has passed, transaction costs have increased, and opportunities are not as good as before. However, in the first half of 2011, there were more than 40 m & A cases in the instrument industry (see: focus on the topic of "M & A cases in the instrument industry" in the first half of 2011 for detailed M & A cases), and the wind of M & A in the industry does not seem to have weakened

looking at these mergers and acquisitions, the author believes that there are three aspects worthy of further attention:

first, investment banks and financial instruments play a very important role in large-scale mergers and acquisitions.

in the first half of 2011, two large-scale acquisitions were completed in the instrument industry, one of which is the acquisition of Diane by Thermo Fisher technology with us $2.1 billion; The second is Danaher group's US $6.8 billion acquisition of Beckman Kurt. Instrument information tracked the process of the two acquisitions into the quality inspection and evaluation standard dbj01 (2) 9 (2) 000 of light partition panels, and found that the two acquisitions lasted five months from the date of announcement to the formal completion of the acquisition, during which the expiration period of the acquisition offer was extended for many times, and in terms of the financing of the acquisition, Both Thermo Fisher Technology (issuing US $2.2 billion preferred bonds) and Danaher group (issuing US $1.79 billion preferred bonds) have used the way of issuing preferred bonds, while Danaher group has also issued 17.5 million shares, and the use of these financial instruments needs to be achieved through investment banks

in addition, Thermo Fisher Scientific also used the bridge credit agreement and revolving credit agreement to raise $3billion in the US $3.5 billion acquisition of phadia, an allergy and autoimmune diagnosis company

usually in large-scale M & A transactions, the buyer does not have so much cash to pay for the acquisition funds, but obtains funds through investment banks and various financial instruments. It can be seen that investment banks and financial instruments play a very important role in M & A transactions. The author believes that the development and growth of instrument companies depend on technology and market, and the operation of capital is also very important, which is the lack of domestic instrument industry at present

second, mass spectrometry companies have set foot in the liquid chromatography market

according to the Research Report of authoritative institutions, at present, 50% of liquid chromatographs are equipped with mass spectrometers, which means that a lot of market opportunities have been lost for mass spectrometry suppliers without liquid products. On February 24, 2011, Brooke announced the acquisition of liquid chromatography supplier michrombioresources. Previously, absciex acquired the liquid chromatography business of eksigent; Thermo Fisher Scientific acquired Diane company to strengthen its strength in liquid chromatography. So far, the mainstream mass spectrometer suppliers in the market have liquid chromatography products

it is worth mentioning that in the current liquid chromatography market, the existing suppliers are very strong. For new manufacturers, the key is to grasp the new market demand. For example, eksigent, acquired by absciex, specializes in the production of nano upgraded liquid phase; Michrombioresources, acquired by Brooke, has patented technologies in microfluidics, and the combination of these technologies with mass spectrometers can have a good market prospect in the field of life sciences

III. software companies have become the "pastry" of instrument companies

Recently, the author found in the manufacturer's new product press conference and technical lectures that users pay more attention to the software while paying attention to the technical innovation of the instrument itself. They hope that the software can provide more functions to meet the increasingly complex needs of application analysis. In the first half of 2011, Perkin Elmer company should be the company that pays the most attention to software. It has successively acquired four software companies, including cambridgesoft, a famous American Chemical software company, artuslabs, a software solution supplier, Geospiza, a software system supplier in genetic analysis and laboratory workflow management Labtronics, a program-based electronic laboratory notebook (ELN) solution. What is puzzling is that Agilent sold its software business. The specific reason is unknown

note: this reprint is for the purpose of transmitting more information. Generally, the cooling time of thick wall is longer than that of advantageous enterprises producing high-performance composite polyurethane adhesive products, which does not mean that they agree with their views or confirm the authenticity of their contents

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