Mergers and Acquisitions

Complete this survey and you will receive a slide presentation of the findings of this research upon completion of this study.   All data will be blinded in the final report to protect your company's information.  If you have any questions while completing this survey, please contact Jeremy Spivey at either Jeremy_Spivey@cuttingedgeinfo.com or 919-433-0373.

Your Information (This will remain confidential)

Name

Title

Phone

Email

Department

General Questions:

For which company are you answering?  If different from your current company, please also provide your current company.
Company for which information is being provided:

Company at which you are currently employed:

Have you been involved in - or will you soon be involved in - a merger or acquisition?

Yes

No

Deal Profile - For the following questions, please consider one deal in which your company is or was recently involved.  If you have not been involved in a deal but are likely to be involved in one soon, please consider this deal instead.

Q1	At what point did you begin your involvement (or will you begin your involvement) in the deal?
	Within the coming year (future deal)
	Within the last 6 months
	Within the last 7-12 months
	More than one year ago
	More than three years ago

Q2	Was your company the buyer (acquirer) or seller (acquired)?
	Buyer (acquirer)
	Seller (acquired)

Q3	What was the total purchase price of the deal?
	US Dollars

Q4	How long did the deal take, from initial formal communication to final approval of merger agreement?
	3 months or less
	4-6 months
	7-11 months
	1 to 2 years
	More than 2 years

Q5	How are/were you involved in the deal?  Please check all that apply:
	Member of search team
	Involved in information discovery/due diligence
	Involved in negotiation
	Involved in transition team
	Actively involved in ongoing integration issues
	Not involved beyond my regular role
	Other

	Please specify other

Q6	What are the top reasons your company pursued this deal? (select up to 5)
	Acquire early stage project		Respond to pressures from investors/board to execute a deal
	Acquire late stage product		Acquire talented personnel
	Acquire marketed products		Gain access to manufacturing/distribution capabilities
	Acquire technology platform		Lower costs or leverage economies of scale
	Gain presence in or reinforce specific therapeutic area		Expand upon existing partnership
	Gain presence in specific geographic market		Leverage existing personal/professional relationship
	Prevent competitor access to company		Other (1)
	Act during attractive transition point in clinical development timelines		Other (2)

	Please specify other (1)

	Please specify other (2)

Q7	Did your company actively pursue the target, or was your company approached first?
	Pursued target
	First approached by selling company

Q5_	How are/were you involved in the deal?  Please check all that apply:
	Member of team guiding company-sale strategy
	Involved in document / data preparation
	Involved in due diligence / deal vetting
	Involved in negotiation
	Involved in transition team
	Actively involved in ongoing integration issues
	Not involved beyond my regular role
	Other

	Please specify other

Q6_	What are the top reasons your company pursued this deal? (please select up to 3)
	Address shortage of operating capital
	Respond to pressure from investors / board to execute deal
	Expand upon existing partnership (licensing, collaboration, etc)
	Leverage resources and expertise of larger organization
	Leverage commercial capabilities (sales, marketing, manufacturing)
	Maintain job security & corporate culture
	Outpace competitors also seeking acquisition
	Other (1)
	Other (2)

	Please specify other (1)

	Please specify other (2)

Q7_	Did you company actively pursue a buyer, or was your company approached first?
	Pursued buyer
	First approached by buyer

Q8	Did/will your company have a formal integration process?
	Yes
	No

Q8a	How long did/will this integration process take, in months?
	Months

Q9	How long after merger approval did/will operational integration begin?
	Less than a month after deal closure
	1-3 months
	4-6 months
	7-11 months
	1 year or more

Q10	Did/will you assemble an integration team?
	Yes
	No

Q10a	What percentage of the team is from each company?

Buying company:

Percent

Selling Company:

Percent

External Advisors:

Percent

Q10b	When did/will the integration team complete its mission?
	Less than three months after the first meeting
	3-6 months
	7-11 months
	1-2 years
	2-3 years
	More than 3 years

Q11	What percentage of acquired company talent remained post-merger?

At 6 months:

Percent

At 12 months:

Percent

At 24 months:

Percent

Q12	Please rate the extent of problems caused by each of the following post-merger integration challenges:
		Extremely Challenging		Very Challenging		Challenging		Somewhat Challenging		Not at all Challenging
	Reconciling redundant groups/roles
	Reconciling geographic differences
	Integrating technology systems
	Creating a common culture
	Integrating portfolios & designing project roadmaps
	Integrating senior management responsibility
	Communicating objectives for new organization
	Adapting decision-making styles
	Selecting the right people for key roles
	Retaining talent
	Designing & executing integration plan
	Communicating employee career paths

Identifying Deal Targets - For the following questions, broadly consider the approach your company takes when identifying targets.

Q13	What are the top reasons your company pursues deals? (please select up to five)
	Fill portfolio gaps		Expand upon existing partnerships
	Acquire technology platforms		Leverage existing personal/professional relationships
	Gain presence in/reinforce specific therapeutic areas		Address shortage of operating capital
	Gain presence in specific geographic markets		Leverage resources and expertise of larger organization
	Prevent competitor access to companies		Leverage commercial capabilities (sales, marketing, manufacturing)
	Gain access to manufacturing/distribution capabilities		Maintain job security and corporate culture
	Respond to pressures from investors/board to execute deals		Outpace competitors also seeking acquisition
	Acquire talented personnel		Other (1)
	Act during attractive transition point in clinical development timelines		Other (2)
	Lower costs or leverage economies of scale

	Please specify other (1)

	Please specify other (2)

Q14	Do you have a task force that meets regularly to discuss M&A activities and prospects?
	Yes
	No

Q15	Who leads the team?
	CEO / Senior Executive
	Business Development
	Clinical / R&D
	Regulatory / Legal
	New Product Planning
	Marketing
	Outside (Investment bank, consultant)
	Other

	Please specify other

Q16	Who is on the team?
	CEO / Senior Executive
	Business Development
	Alliance Management
	Market Research
	Clinical / R&D
	Regulatory / Legal
	New Product Planning
	Marketing
	Brand Team
	Sales
	Medical Affairs
	Pharmacovigilance
	Outside (Investment bank, consultant)
	Other

	Please specify other

Q17	Does your company maintain a database of any sort (in a spreadsheet, on a white board, etc) of interesting companies and assets?
	Yes
	No

Q18	Outside of investment bankers, does your company use external experts and/or consultants to assist in any M&A tasks?
	Yes
	No

Q18a	For which tasks do you use external experts and consultants?
	Identifying deal targets
	Valuing prospects
	Negotiation / Contracting
	Legal / Regulatory
	Other

	Please specify other

Q19	Where do deal opportunities in your company typically originate?
	Board
	Senior Management
	Business Development
	R&D
	Other

	Please specify other

Industry Perspectives - The following questions relate to your perspective on M&A in the pharmaceutical/biotech industry as a whole.

Q19_	What factors may lead your company to consider an acquisition in the future?

Q20	Has the number of possible deals increased or decreased in the past 12 months?
	Increased
	Decreased
	Unsure / Not responsible for identifying deal targets

Q20a	By what percentage?
	Percent

Q21	What environmental factors will heavily influence M&A in the next 12 months?
	Selling companies running out of capital
	Restricted access to credit
	Buyer companies seeking to leverage large cash reserves
	Currency exchange rates
	Low stock valuations
	Access to emerging markets
	Other (1)
	Other (2)

	Please specify other (1)

	Please specify other (2)

Q22	What will the near future hold for M&A activity? (e.g. mergers among mid-size companies, cross-border acquisitions, technology platform acquisitions, etc.)