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Success factors of M&A: the effect of complementarities between acquiring and target firm in the pharmaceutical and biotechnological industry
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Recent literature on success factors of mergers and acquisitions investigated the role of strategic fit and complementarities to assess an acquisition's value creation potential. Whereas many studies focus on certain acquisition strategies and their respective relevant firm characteristics, it may be important to consider the performance implications of different acquisition types. This study investigates how complementarities involved in different acquisition types affect acquisition performance in the pharmaceutical and biotechnological industry. The findings suggest that product-extension acquisitions create more value for acquiring firms than other acquisition types, namely vertical, horizontal, market-extension, and unrelated acquisitions
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M&A success Complementarity Acquisition types Acquisition experience