辉瑞合并案失败后的3大受害方

辉瑞和艾尔建的合并原本会成为有史以来规模最大的制药公司并购案。然而，眼看着这笔交易就要黄了。

最近，辉瑞和艾尔建被迫放弃了价值1600亿美元的合并计划，艾尔建首席执行官布雷特•桑德斯还指责政府暗地里阻挠此事的行为“不美国”。其实除了两家公司之外，一些华尔街精英很可能也受了打击。

为了完成这项2015年最大的并购案，艾尔建和辉瑞都聘请了顾问。《纽约时报》报道中援引并购和策略管理咨询公司Freeman and Company称，顾问方将获得逾2.30亿美元佣金。大部分佣金将在交易完成后支付。

此前把宝押在并购成功上的对冲基金也蒙受了损失。

这笔大交易告吹后，最受伤的人如下：

辉瑞

辉瑞首席执行官晏瑞德的态度一直都相当明确，他相信让辉瑞摆脱长期低迷状态的唯一途径就是做笔大交易。但这次他又开了倒车。这已是晏瑞德在两年多里第二笔以失败告终的大规模并购。

除了要向艾尔建支付1.50亿美元的“分手费”，此事必然会损害辉瑞和晏瑞德在投资者心目中的形象。晏瑞德曾鼓吹本次合并在税收方面的好处。他还说，跟艾尔建合并可以延伸辉瑞的产品线，而且合并后的公司有可能再拆分成多个实体。现在外界担心辉瑞会不会弱小到承受不了合并失败造成的打击。辉瑞表示，2016年会作出决定。

差不多两年前，就在收购阿斯利康失败后不久，辉瑞就表露了进行大规模并购的意愿。从那时至今，辉瑞的股价下跌了2%。从去年10月底首次出现辉瑞-艾尔建合并传闻到今年3月底，辉瑞的股价滑落了16%。今后，如果晏瑞德再表示要来笔大交易，投资者可能就会表示“他该下台了”。

华尔街

艾尔建的交易顾问是摩根大通和摩根士丹利。外界原以为双方将分享1.42亿美元的佣金。

相关消息公开至今，高盛、Centerview Partners、Guggenheim和Moelis至少已经在辉瑞这边忙了五个月，实际时间有可能长得多。这几家公司的佣金总额为9400万美元。值得注意的是，规模较小的精品投行，类似Moelis、Centerview和Guggenheim损失要大得多。Moelis在顶尖并购投行中的排名从第13位跌至第20位，Centerview和Guggenheim的名次也分别从第10和第12名下降到第11和第18名。

对冲基金 -很多对冲基金

众所周知，亿万富翁约翰•保尔森在2005年前后曾趁楼市崩盘大赚。他旗下规模180亿美元的对冲基金公司Paulson and Company已经开始炒并购题材。但在本次合并案上，坚持原则没帮上保尔森。据路透社报道，对冲基金研究网站Symmetric.io的数据显示，本周二艾尔建的股价也下跌了16%，保尔森的基金及其投资者因此损失了2.58亿美元。计算的依据是去年12月31日Paulson and Company向监管部门提交的例行报告，不过保尔森后来可能抛售了一些艾尔建股票。

Symmetric.io披露，其他几家大型对冲基金本周二也损失不小，安德里斯•哈尔沃森的维京全球投资、丹尼尔•勒布的Third Point和Pentwater Capital Management损失都在2亿美元以上。(财富中文网)

译者：Charlie

审校：夏林

The deal to combine Pfizer and Allergan was set to be the largest drug merger ever. Instead, it will go down as a huge bust.

It’s not just the Pfizerand Allerganexecutives who are reeling from essentially being forced to abandon their $160 billion deal Wednesday—Allergan’s CEO Brett Saunders called the government’s actions to block the deal “unAmerican”—but some of Wall Street’s finest also are probably also feeling a bit down as well.

Allergan and Pfizer had hired advisors to guide them through the biggest deal of 2015—advisors who would’ve received over $230 million in fees, according to Freeman and Company, which was reported by the New York Times. The majority of that figure was likely to be paid after the deal closed.

Hedge funds have also clocked in losses after having bet on the merger’s success.

Here’s who lost the most in the blockbuster breakup.

Pfizer

Pfizer CEO Ian Read has been pretty clear that he believes the only way to get his company out of its long-term funk was to do a big deal. Once again, he’s going to have to back peddle. It’s the second big deal that Read has lost out on in more than two years.

In addition to the cost of the $150 million breakup fee Pfizer will have to pay Allergan, the deal will certainly deal some damage to Pfizer and Read with investors. Read was out there proclaiming the tax benefits of the Allergan deal. But he also sold the deal as a way for Pfizer to expand its drug portfolio and potentially part of a plan to break the combined company up into parts. Now the concern for Pfizer is whether the standalone company will be too small to weather a breakup. Pfizer has reported plans to make a decision by 2016.

Since Pfizer first spelled out its intention to broach a large acquisition nearly two years ago, Pfizer’s stock has fallen 2%. That was shortly after Pfizer’s play for AstraZeneca fell through. Pfizer’s stock also lost 16% through the end of March since the its deal with Allergan was first rumored back in late October. Next time, Read signals he would like to do a big deal, investors may signal it’s time for him to go.

Wall Street

Allergan’s deal advisors, JPMorgan Chaseand Morgan Stanley were expected to split $142 million for their services.

Goldman Sachs, Centerview Partners, Guggenheim, and Moelis had been working on Pfizer’s side of the deal for at least five months since news of the deal become public—and for probably a lot longer than that—and were set to split $94 million. Notably, the loss of the deal was felt much more acutely by smaller boutique firms, Moelis, Centerview, and Guggenheim. Moelis dropped from 20th to 13th place among top dealmakers, Centerview from 10th to 11th, and Guggenheim from 18th to 12th.

Hedge Funds—A Lot of Hedge Funds

Hedge fund Paulson and Company, an $18 billion fund run by billionaire John Paulson, who famously made billions wagering on a housing bust in the mid-2000s, got his start betting on mergers. But at least in this case, sticking to his roots has not paid off for Paulson. According to hedge fund research firm Symmetric.io, the fund and its investors lost $258 million Tuesday when Allergan’s stock also fell 16%, Reuters reported. Granted the calculations are based on Paulson’s regulatory filings as of Dec. 31. Paulson could have sold off parts of his stake since then.

According to Symmetric.io, other major hedge fund investors including Andreas Halvorsen’s Viking Global Investors, Daniel Loeb’s Third Point and Pentwater Capital Management have also lost more than $200 million each on Tuesday.