膨脹中的巨獸:Thermo Fisher Scientific

撰稿:楊竣喬

審稿:林宗緯

秉持著「協助我們的客戶讓世界更健康、更乾淨和更安全。(to enable our customers to make the world healthier, cleaner and safer)」的理念,Thermo Fisher Scientific作為Serving Science(科學服務)的領頭羊,藉由整合跨界公司、 Razor and Razorblade 的商業模式和實用流程改善系統 (Practical process Improvement; PPI)的執行,建立起巨大的產業鍊,不管在生技製藥、學界、臨床、政府研究機關都有他們的蹤跡 [1]。

Thermo Fisher Scientific(以下稱ThermoFisher)品牌由過去的分析儀器供應商Thermo Electron和實驗室耗材供應商Fisher Scientific於2006年合併而成,並由Fisher Scientific持有當時約61%的Thermo Fisher Scientific股權 [2, 3]。現今的ThermoFisher是提供各項研究相關的試劑、儀器設備和材料的巨擎,旗下產品可分為四大部門,分別為:Life Sciences Solutions、Analytical Instruments、Specialty Diagnostics以及Laboratory Products and Services。在過去三年,Laboratory Products and Services,也就是各式實驗室設備、研究耗材為其主力項目,佔了近四成的營收。即使已居業界領導地位,ThermoFisher仍不忘持續創新。單在2020年便砸下12億美元持續各式儀器和生物製劑的研發,其中涵蓋新一代的Orbitrap氣相層析質譜儀 (Gas chromatography-Mass spectrometry; GC-MS)和低溫電子顯微鏡 (Cryogenic electron microscopy; cryo-EM)。這些研發成果已於2021年上市,其充分展現ThermoFisher 的研發能量。Analytical Instruments雖為唯一2020年營收下降的部門 [4],其在2021年的成長仍令人期待。

Thermo Fisher積極且強力的併購手腕是其強盛的關鍵原因。過去十年,在執行長Marc Casper的帶領下,除了保有Thermo Scientific與Fisher Scientific的核心業務,2014年以136億美元收購旗下擁有Invitrogen、Applied Biosystems等知名生技品牌的Life Technologies Corporation。Life Technologies Corporation在當時可視為僅次於Illumina的基因定序公司,那次併購讓Thermo Fisher有機會提升在個人化醫療和基因定序市場上的競爭力。專家評估此次交易可帶來多達170億的營收,並有機會在食物安全領域和中國市場迅速發展 [5]。在疫情籠罩下,ThermoFisher也同樣積極,雖然2020年與Qiagen的併購案在Qiagen最大的股東Davidson Kempner的公開挑戰下失敗作收 [7,8,9],依舊成功將Phitonex [10]、Mesa Biotech [11] 和Novasep的Viral Vector Manufacturing Business [12] 收為旗下。

觀察ThermoFisher的併購動作可以體會他們藉著併購拓展事業版圖的脈絡。今年4月以174億美元收購PPD美國著名的受託研究機構 (Contract research organization ; CRO) [13] (延伸閱讀:ThermoFisher 併購受託研究機構 PPD)即是個很好的例子。在PPD被收購之前,ThermoFisher 在2017年就已經展現要跨足臨床的企圖,當時以72億美元買下受託藥物研發及製造機構 (Contract development and manufacturing organization; CDMO) Patheon,並將其併入Laboratory Products and Services的部門,提供其大小分子藥物研發生產的能力,強化與製藥和生技研發客戶之間的關係;同時,Patheon也能從Thermo Fisher的資助和既有的廣大客戶群中獲得擴展 [14, 15]。在這幾波操作下,ThermoFisher不僅擴張藥物研發,也同時大步跨向並加強在臨床試驗的影響力。

ThermoFisher 自創立以來,每年營收都穩定成長。近四年每年營收皆超過200億美元。2020年在COVID-19疫情下,快速反應研究和檢驗需求 [16], 擴張Life Sciences Solutions部門生產能量,提供大量新冠病毒的檢驗試劑,從中得到了不可思議的成長。在公司整體營收比2019年成長80億美元中,50億元皆來該部門的營收成長,也使得Life Sciences Solutions部門營收比重在2020年從10%提升至35% [4],營收也直接突破300億美元。截至2021年第一季為止,又更勝2020年同期營收,而Life Sciences Solutions部門的表現依舊最為亮眼。此外,ThermoFisher在中國蘇州設置的工廠也投入最新的Single-use bioproduction技術生產操作容器,以及杭州建立生物製藥的研發生產中心,並同時於中國和南韓設立新的商業中心,以即時支援中國與亞洲的需求 [4, 17]。不僅如此,在2020年與全球大型的生技公司—CSL策略合作,提升生物藥物成分的產能外,也共同在瑞士倫瑙 (Lengnau, Switzerland)建立尖端生物製劑生產中心,預計於2021年中旬完工 [18],ThermoFisher又將更進一步地壯大,未來的發展相當值得關注。

Reference:

[1] Thermo Fisher Scientific web

https://www.thermofisher.com/de/en/home.html

[2] Fisher Scientific, Thermo Electron to Merge in $10.6B Deal 

https://www.genomeweb.com/archive/fisher-scientific-thermo-electron-merge-106b-deal#.YJ7yni_RZQI

[3] Merger Of Thermo Electron Corporation And Fisher Scientific International Inc. Completed, Forming Thermo Fisher Scientific 

https://www.biospace.com/article/releases/merger-of-thermo-electron-corporation-and-fisher-scientific-international-inc-completed-forming-b-thermo-fisher-scientific-b-/

[4] Thermo Fisher Scientific annual report 2020 

https://s27.q4cdn.com/797047529/files/doc_financials/2020/ar/2021-Annual-Report-10k-Bookmarked.pdf

[5] Thermo Fisher to buy Life Tech for $13.6 billion https://www.reuters.com/article/us-lifetechnologies-thermofisher-idUSBRE93D0A620130415

[6] Thermo Fisher annual report 2014 

https://s27.q4cdn.com/797047529/files/doc_financials/2014/ar/2014-Annual-Report.pdf

[7] Thermo Fisher Scientific to Acquire QIAGEN N.V. 

https://www.prnewswire.com/news-releases/thermo-fisher-scientific-to-acquire-qiagen-nv-301015072.html

[8] Davidson Kempner Letter to Qiagen NV 

https://www.prnewswire.com/news-releases/davidson-kempner-letter-to-qiagen-nv-301094091.html

[9] Thermo Fisher-Qiagen deal falls apart after failing to secure shareholder support 

https://www.medtechdive.com/news/thermo-fisher-nixes-planned-acquisition-of-qiagen-fails-to-secure-sharehol/583446

[10] Thermo Fisher Scientific Acquires Programmable Dye Platform Pioneer Phitonex

https://www.biospace.com/article/thermo-fisher-scientific-acquires-programmable-dye-platform-pioneer-phitonex/

[11] Thermo Fisher Scientific completes acquisition of Mesa Biotech

https://ir.thermofisher.com/investors/news-events/news/news-details/2021/Thermo-Fisher-Scientific-Completes-Acquisition-of-Mesa-Biotech-2021-2-26/default.aspx

[12] Thermo Fisher Scientific acquires Viral Vector Manufacturing Business from Novasep

https://ir.thermofisher.com/investors/news-events/news/news-details/2021/Thermo-Fisher-Scientific-Acquires-Viral-Vector-Manufacturing-Business-from-Novasep-2021-1-15/default.aspx

[13] Healthcare & Pharmaceuticals

Thermo Fisher expands pharma service business with $17.4 bln PPD acquisition

https://www.reuters.com/business/healthcare-pharmaceuticals/thermo-fisher-expands-pharma-service-business-with-174-bln-ppd-acquisition-2021-04-15/

[14] Thermo Fisher Scientific Completes Acquisition of Patheon 

https://www.prnewswire.com/news-releases/thermo-fisher-scientific-completes-acquisition-of-patheon-300510547.html

[15] Thermo Fisher services biz up 28% as Patheon enters the mix 

https://bioprocessintl.com/bioprocess-insider/facilities-capacity/thermo-fisher-services-biz-up-28-as-patheon-enters-the-mix/

[16] Thermo Fisher Scientific CEO: Shipping Coronavirus Tests | Mad Money | CNBC 

[17] Thermo Fisher Scientific Reports First Quarter 2021 Results 

https://www.prnewswire.com/news-releases/thermo-fisher-scientific-reports-first-quarter-2021-results-301279550.html

[18] Thermo Fisher Scientific and CSL Enter Strategic Partnership

https://www.cslbehring.com/newsroom/2020/thermo-fisher-and-csl

Written by EBC_admin
May 28, 2021

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