Anotace:
The pharmaceutical market plays a crucial role in the global economy. The level of competitiveness among companies in this sector is very high. To retain their position or even speed up the growth, market players continuously use takeovers as one of the major tools embedded in their strategies. Nevertheless, despite this fact, the concentration level on this market has stayed relatively stable for the last two decades. Furthermore, it is also confirmed in the literature that such transactions usually tend to deteriorate value for the buyers and their shareholders. Based on the sample of 127 deals taking place between 1998 and 2011, this study uses a quantitative analysis to evaluate the impact of takeovers on acquirers. It covers event and accounting studies. Depending on the time window used in this study, the results show either lack of statistically significant effect of acquisition on buyers or that such impact is negative. These conclusions are in line with the existing literature findings.