20年大佬之路——美敦力全球并购路线

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                    <p><span>*本文来源：申万宏源研究报告</span></p><p><span>*研究支持：孙辰阳</span></p><p><span><p><img src="image/20201014/783f7003cf5b018b221178b3eafc7083_1.jpg" /></p><br  /></span></p><p><br  /></p><p>近年来，罗氏、强生、美敦力等国际医疗器械巨头均通过规模化并购在发展壮大......</p><p><br  /></p><p>我们以美敦力为例。<span>自1993 年起，美敦力不断进行并购活动，除了我们列出的金额上亿美元的大型并购外，美敦力也进行了大量小型并购活动。目前美敦力已经形成了糖尿病产品、消化道疾病产品、泌尿系统产品、神经系统疾病产品、骨科疾病产品、心血管疾病产品、植入耗材、人工心脏、疼痛产品等多品类产品管线。</span></p><p><span><br  /></span></p><p><span><strong><span>过去21年，美敦力<span>大型并购案</span>一览</span></strong></span><span><br  /></span></p><p><span></span></p><table cellspacing="0" cellpadding="0" width="669"><tbody><tr><td width="54"><p><strong><span>时间</span></strong></p></td><td width="101"><p><strong><span>标的</span></strong></p></td><td width="38"><p><strong><span>金额（亿美元）</span></strong></p></td><td width="111"><p><strong><span>所在领域</span></strong></p><p><strong><span>&nbsp;</span></strong></p></td></tr><tr><td width="54"><p><span><strong><span>1995</span></strong></span></p></td><td width="101"><p><span>lifeRate</span></p></td><td width="38"><p><span>2.15</span></p></td><td width="111"><p><span>临床数据管理</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>1998</span></strong></span></p></td><td width="101"><p><span>Physio-Control</span></p></td><td width="38"><p><span>5.38</span></p></td><td width="111"><p><span>外部除颤器</span></p></td></tr><tr><td width="54"><p><span><strong><span>2001</span></strong></span></p></td><td width="101"><p><span>MiniMed </span></p></td><td width="38"><p><span>37</span></p></td><td width="111"><p><span>糖尿病、植入材料</span></p></td></tr><tr><td width="54"><p><span><strong><span>2002</span></strong></span></p></td><td width="101"><p><span>Spinal Dynamics</span></p></td><td width="38"><p><span>2.69</span></p></td><td width="111"><p><span>颈椎间盘</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2005</span></strong></span></p></td><td width="101"><p><span>Transneuronix</span></p></td><td width="38"><p><span>2.6</span></p></td><td width="111"><p><span>肥胖控制</span></p></td></tr><tr><td width="54"><p><span><strong><span>2007</span></strong></span></p></td><td width="101"><p><span>Weigao</span></p></td><td width="38"><p><span>2.21</span></p></td><td width="111"><p><span>血液、骨科、心内耗材</span></p></td></tr><tr><td width="54"><p><span><strong><span>2008</span></strong></span></p></td><td width="101"><p><span>CryoCath Technologies</span></p></td><td width="38"><p><span>3.8</span></p></td><td width="111"><p><span>心房纤颤</span></p></td></tr><tr><td width="54"><p><span><strong><span>2009</span></strong></span></p></td><td width="101"><p><span>Ablation Frontiers</span></p></td><td width="38"><p><span>2.25</span></p></td><td width="111"><p><span>心脏消融</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2009</span></strong></span></p></td><td width="101"><p><span>Ventor Technologies</span></p></td><td width="38"><p><span>3.25</span></p></td><td width="111"><p><span>心脏瓣膜</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2010</span></strong></span></p></td><td width="101"><p><span>Ardian Inc.</span></p></td><td width="38"><p><span>8</span></p></td><td width="111"><p><span>高血压</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2010</span></strong></span></p></td><td width="101"><p><span>Osteotech Inc.</span></p></td><td width="38"><p><span>1.23</span></p></td><td width="111"><p><span>骨骼肌肉再生</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2010</span></strong></span></p></td><td width="101"><p><span>ATS Medical </span></p></td><td width="38"><p><span>3.7</span></p></td><td width="111"><p><span>人工新瓣、冷冻消融术</span></p></td></tr><tr><td width="54"><p><span><strong><span>2010</span></strong></span></p></td><td width="101"><p><span>Invatec, Krauth Cardiovascular, Fogazzi</span></p></td><td width="38"><p><span>5</span></p></td><td width="111"><p><span>心血管介入</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2011</span></strong></span></p></td><td width="101"><p><span>PEAK Surgical &nbsp;Inc.</span></p></td><td width="38"><p><span>1.2</span></p></td><td width="111"><p><span>外科手术</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2011</span></strong></span></p></td><td width="101"><p><span>Salent Surgical Technologies Inc</span></p></td><td width="38"><p><span>4.8</span></p></td><td width="111"><p><span>外科手术</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2012</span></strong></span></p></td><td width="101"><p><span>China Kanghui &nbsp;Holdings</span></p></td><td width="38"><p><span>8.16</span></p></td><td width="111"><p><span>骨科治疗</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2014</span></strong></span></p></td><td width="101"><p><span>NGC Medical</span></p></td><td width="38"><p><span>3.5</span></p></td><td width="111"><p><span>心血管科室运营</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2014</span></strong></span></p></td><td width="101"><p><span>Sapiens Steering &nbsp;Brain Stimulation</span></p></td><td width="38"><p><span>2</span></p></td><td width="111"><p><span>脑深部电刺激疗法</span></p></td></tr><tr><td width="54"><p><span><strong><span>2014 </span></strong></span></p></td><td width="101"><p><span>TYRX Inc</span></p></td><td width="38"><p><span>1.6</span></p></td><td width="111"><p><span>术后植入装置</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2014</span></strong></span></p></td><td width="101"><p><span>Covidien</span></p></td><td width="38"><p><span>429</span></p></td><td width="111"><p><span>软组织修复、血管、监护、手术</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2015</span></strong></span></p></td><td width="101"><p><span>CardioInsight Technologies</span></p></td><td width="38"><p><span>0.93</span></p></td><td width="111"><p><span>心脏三维图像</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2015</span></strong></span></p></td><td width="101"><p><span>Aptus &nbsp;Endosystems</span></p></td><td width="38"><p><span>1.1</span></p></td><td width="111"><p><span>血管内动脉瘤修复</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2015</span></strong></span></p></td><td width="101"><p><span>RF Surgical Systems</span></p></td><td width="38"><p><span>2.35</span></p></td><td width="111"><p><span>手术用具</span></p><p><span>&nbsp;</span></p></td></tr><tr><td width="54"><p><span><strong><span>2015</span></strong></span></p></td><td width="101"><p><span>Medina Medical</span></p></td><td width="38"><p><span>1.5</span></p></td><td width="111"><p><span>脑动脉瘤影像</span></p></td></tr><tr><td width="54"><p><span><strong><span>2015</span></strong></span></p></td><td width="101"><p><span>Lazarus Effect</span></p></td><td width="38"><p><span>1</span></p></td><td width="111"><p><span>支架取栓</span></p></td></tr></tbody></table><p><br  /></p><p><span></span>随着并购的进行，美敦力营业收入持续增长，2015年营业额仅次于强生医疗，成为全球医疗器械巨头。其二级市场股票价格的表现也非常优秀，远远跑赢标普500 指数。</p><p><br  /></p><p><p><img src="image/20201014/9de463735d2a0f727a0c30c21ed50c11_2.png" /></p></p><p><p><img src="image/20201014/01cabccc8d6c28500bede58acaeabc80_3.png" /></p></p><p><strong><span>从美敦力，再看国内械企并购</span></strong></p><p><br  /></p><p>从国内医疗器械的并购案例看，2012 年以来的并购案例大幅增加。2014 年器械相关<span>的并购案例超过40 例，并购金额超过1100 亿，从同类产品并购、产业链并购到平台化收购，国内器械行业的整合大潮已经到来，新的龙头企业将不断产生。</span></p><p><span><br  /></span></p><p><span>我们认为，医疗器械未来之星：</span><span>IVD、高值耗材、独立影像中心、肿瘤治疗中心、医疗机器人、家用医疗器械</span><span>等领域潜力巨大。</span></p><p><span><br  /></span></p><p>随着国内人口结构的老龄化，国家医疗政策深化改革，医疗器械行业开始进入一个高<span>速发展期。我们经过研究，挑选出IVD（含POCT）、医疗影像中心、家用器械、医疗机器人、肿瘤治疗中心、高值耗材6 个可能成为未来之星的热点板块。</span></p><p><span><br  /></span></p><p><span><span>（本文节选自</span><span>申万宏源研究报告《恰风华正茂、龙头初现：科技与医疗的交融、创新与整合的先锋 ——医疗器械行业深度报告》</span></span></p><p><span><br  /></span></p><p><span></span></p><p><span><br  /></span></p><p><br  /></p><section data-id="1658"><section><section><section data-id="1658"><section><section><section data-id="1658"><section><section><section data-id="1658"><section><section><p><span><strong>相关阅读</strong></span></p></section><p><p><img src="image/20201014/ec237188ae1e9c03eb4d9814f31b18ab_4.gif" 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