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Photo by Charly Triballeau/AFP/Getty Images

Pharma company mergers are reducing the number of new medicines coming to market.

That's the finding of a new working paper from Yale and London Business School researchers, who determined that 5% more drugs would become available each year if not for what they refer to as "killer acquisitions."

  • The researchers, Yale School of Management's Song Ma and Florian Ederer and LBS's Colleen Cunningham, looked at more than 60,000 drug development projects originated by over 8,000 companies over the past 25 years.
  • Companies are shown to be less likely to continue development of acquired drugs than of in-house projects. Particularly when the acquired product could compete with an in-house effort.
  • "Killer acquisitions" account for 7% of pharma M&A.
  • Such deals are defined as those "intended to kill potentially promising, yet likely competing, innovation."
  • One notable example was the Questcor/Mallinckrodt purchase of U.S. development rights to Synacthen, which ultimately resulted in a $100 million FTC fine.

The troubling bottom line:

"Our findings suggest that the Schumpeterian creative destruction process—whereby startups inventions can topple entrenched and less innovative incumbents—may be smaller than previously documented. That is, we see lower rates of innovation not only because incumbents hesitate to innovate, but also because incumbent firms with market power acquire innovators to terminate competition and as a consequence inhibit technological progress."

Go deeper

Ina Fried, author of Login
2 hours ago - Technology

Intel CEO sees making own chips as a matter of national security

Pat Gelsinger. Photo: Axios on HBO

Intel CEO Pat Gelsinger is putting the pressure on the U.S. government to help subsidize chip manufacturing, insisting the current reliance on plants in Taiwan and Korea as "geopolitically unstable."

Why it matters: There is bipartisan support for funding the domestic semiconductor industry, but Congress has yet to sign the check. The Senate has passed the CHIPS Act that includes $52 billion in semiconductor investment, but it has yet to pass the House.

Updated 2 hours ago - World

17 U.S. and Canadian missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

Children are among a group of 17 missionaries kidnapped in Port-au-Prince, Haiti, per a statement from Christian Aid Ministries Sunday.

The latest: "The group of 16 U.S citizens and one Canadian citizen includes five men, seven women, and five children," the Ohio-based group said. Haitian police inspector Frantz Champagne on Sunday identified the 400 Mawozo gang as the group responsible, in a statement to AP.

Ina Fried, author of Login
4 hours ago - Technology

Intel CEO wants to compete against Apple

Intel CEO Pat Gelsinger hasn't given up on the idea of the Mac once again using Intel chips, but he acknowledges it will probably be years before he gets that chance.

  • In the meantime, he is focused on powering Windows machines that give Apple CEO Tim Cook a run for his money.

Why it matters: In getting pushed out of the Mac, Intel not only lost a customer but picked up a new rival.