Originally, I hoped to stage the "snake swallow" style of the acquisition drama, but Bayer's heart is not owned by Sannuo.
On the evening of June 11, Sannuo Bio announced that it had terminated the major asset restructuring, but it was always unwilling to say who the target of the major assets was. However, according to industry sources, its previous acquisition target is Bayer's blood glucose meter business. However, Bayer announced on June 10 that it will sell Panasonic's TM blood glucose monitors and test strips, as well as Bianjie, Elite and Microlet blood collection equipment to Panasonic Medical Group for 1.022 billion euros. The transaction is expected to be completed in the first quarter of 2016.
For the acquisition, Sannuo Bio began to suspend trading on March 24, 2015. Sannuo Biological announced that it had planned to participate in the bidding for overseas assets and business. However, due to the failure to successfully bid for the underlying assets and business, the major asset restructuring plan could not be implemented as planned, and it was decided to terminate the planning of this major asset. Reorganization matters.
“Because the company’s participation in the acquisition of overseas underlying assets and business is a competitive bid, other entities in addition to the company have participated in the bidding of the underlying assets and business. Although the company has conducted many communication and negotiation with the counterparty, The transaction was actively negotiated and negotiated, but in the end the company failed to successfully bid for the underlying assets and business, which led to the failure of the major asset restructuring plan to continue as planned.†Sannuo said.
The reason for the failure is the funding issue or the cross-border M&A policy issue, which is not clear in the announcement. The author called the Sannuo Bio Securities Department on June 12 and the call was not answered. The industry believes that the excessive disparity in strength is the main reason for the failure of Sannuo. “The funding problem can be solved through refinancing, but Sannuo’s own strength and industry status have determined that Bayer is not willing to sell to such a Chinese company,†he said.
Sannuo's 2014 annual report shows that the income is 540 million yuan and the net profit is 180 million yuan. In 2013, Bayer's blood glucose meter business only sold more than 700 million euros in the blood of Ankang blood glucose meter. Together with Bai An Yi, Bai An Jie, Bayer blood glucose meter, etc., the total sales reached 1.5 billion US dollars.
It is understood that the Bayer Diabetes Care business is a technology leader in blood glucose monitoring equipment, blood collection systems and diabetes management software. Its main product line, Contour (including Contour Next, Bai Anjin and Bian Kang), is designed to meet the needs of all diabetic patients regardless of their type of diabetes, stage of disease development and frequency of testing. Other products include Bianjie, Bai An Yi, Entrust, Elite and Microlet blood collection equipment. In the Chinese market, Roche, Johnson & Johnson, and Abbott almost monopolized 70% of the market share in the field, while Bayer also faced pressure from domestic brands such as Sannuo and Yicheng. Industry analysts pointed out that Bayer's move is not because it can not occupy the leading position in the industry, but also because it needs funds.
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