Light Lab Report Example | Topics and Well Written Essays - 1250 words

Light - Lab Report ExampleI used five variant change in the experiment. According to Timmermans, (2010) different colors of light have a significant effect on growth of plants, where the amount of energy obtained is different. However, it depends on other conditions, such as temperature, light intensity among others.In this experiment, the researcher has four variables in place. They include independent variables (photosynthesis rate), dependent (effect of wavelength) and factors that are in controller and those that were not in control. Control favors included number of leaflets, volume of NaHCO3, concentration of NaHCO3, size of disc used and power of the light that was used. On the other hand, anarchical factors were the room temperature that the experiment was carried in. The Hedera Helix discs (leaflets) in our experiment responded differently to different colors of light.The hypothesis of the study is that the rate of photosynthesis varies in different colors of light. The b lue color was expected to show the highest rate and yellow color the least effect to the rate of photosynthesis.The requirements for carrying out this experiment successfully include a syringe and beaker/containers. Others incldued leaves (the Hedera Helix discs (leaflets)), holes cutter, NaHCO3 and source of light (colored light bulb).I set up the five sources of colored light in an enclosed trunk and allowed it to warm up so as to attain equilibrium. I left the Hedera Helix Plant exposed to different light colors for 1.5 hours (90 minutes) utilise an analog-digital clocks to record the time elapses. This ensured that all the leaves were exposed to light equally. Using the prepared leaves, I prepared the NaHCO3 solution from 0.60g of sodium bicarbonate by diluting it with 300ml of distilled piddle in a 500ml beaker and added I added one drop of soap. I stirred the mixture gently ensuring that it does not form froth.First I cut smallish holes into the leaves to obtain numerous

Visual Analysis on a Photography of your Choice Article

Visual Analysis on a Photography of your woof - Article ExampleAs a means of analyzing and understanding Arbus unique style, this extra undertake will discuss the characterisationgraph entitled Identical agree 1967). By analyzing its technical approach, content, story, and significance, it is the hope of this particular author that the reader will come to a more informed understanding and appreciation for the work of this creative person and the actual technical skill and means of delivery that this particular photograph employs. For means of reference, the photograph in question is appended on the final page of this essay in the Appendix. Likewise, the following quote from Stuart Hall will be analyzed Yesterdays deconstructions are often tomorrows orthodox clichs (Grossberg, 2014).As has been noted inside the introduction, Arbus circumspection to elements of society that would otherwise not likely find themselves within the photographers lens is what helped to set her style and approach apart from others. With regard to the photo in question, identical twins that are anything but attractive are represented in a black and white medium Arbus favorite. Shooting this particular shot with her Rolleiflex medium twin lens reflex, she used a square aspect ratio to engender the disjunct and unnatural reality that was represented within the shot. Furthermore, even though the image is clearly posed, Arbus stayed with her convention and insisted that the subjects did not express any clear emotion either positive or negative. In this way, the light faces of the twins serve as the focal point around which a dull background contrasts with their dull and dour expressions. Interestingly, Arbus chose to set the backdrop of the photo in a way that did not compliment nor detract from the subjects in question (Baird, 2008). This is with reference to the fact that the floor of the setting is outlined in a darker imbue (predictably black) with the wall being outlined in a lighter hue (probably grey). However, by means

Sigmund Freud Essay Example | Topics and Well Written Essays - 1000 words - 3

Sigmund Freud - Essay Example(Cherry, 2014)Freuds theory states that all intuitive energy is produced by the libido. Freud proposed that our mental states were affected by twain contending strengths cathexis and anticathexis. Cathexis was portrayed as a financing of mental energy in an individual, thought or object. Through anticathexis ego prevents the id from performing actions that are not socially acceptable. In addition to this Freud believed that human behaviour was motivated by two gut feelings life and death. Life is connected to basic needs such as survival and etc. Death instinct is related to self pestilential behaviour.In the basic structure of personality the mind is organized in two ways, consciousness and unconscious(p)ness. The conscious mind includes all those things that we are aware of. The unconscious mind consists of things like wishes, desires, memories and etc our mind is not aware of these however they continue to have an influence on our mind. He compared the human mind to an iceberg. The tip that is panoptical represents the consciousness and the rest represents the unconsciousness. Freud also divides the mind into three different modules the id, ego and superego.The stages of emergence state that as children grow they go through some psychosexual stages. At each stage the libido focuses on a different body part. If however there is a problem in one of the stages, the process of development might get stuck. There can be obsession with something that might be related to that stage. (Cherry, 2014)Sigmund Freud, in addition to his excellent and sweeping theories of the human mind, he left his imprint on various people who turned out to be some of psychologys greatest researchers. Some of the well know names are Anna Freud, Alfred Adler, Carl Jung and Erik Erikson. (Cherry, 2014). However he was confronted by Otto Rank,

Dakota world Essay Example for Free

Dakota world EssayIn terms of survival and civilization, the story is a question wherefore education is equipped for ones survival? Is the culture of Euro- American defines the d evelopment of an individual that disassembles their Native American culture as one that is not capable to foot their community? Yes, the new culture may have the positive objective for their group but the approach to them is definitely a question from the author. So, through her stories, precisely like the little girl going to a school it reflects her Native race upon drilling to the Euro-American customs(Publication). The actual happenings at school is well illustrated by the author. Regarding the ruling of the Quaker missionaries to let her attend school, she at eight years old together with other Yankton children was lured about the stories of the carmine Apple Country(Stein). Her hesitation was at once taken out from the promises of missionaries of the apple orchards. Although she was never be en swindled, she gained their trust even though a lot of warnings was advised by her puzzle.The apple orchards attracted her innocent mind and indeed she accepted the offer of education from the missionaries. Her mother had no other choice but to give way to her daughters decision. Her discern was that, even if the transition is hard from the honour to experience for child, she definitely believes that the education would be fully needed and of great use when more Euro-Americans will settle. Gertrude works are fascinating and the vibrant it forms shows the indignations endured by the Native Americans on Christians hands.She is ardently against with the oppression done by the Euro-American culture so she made a character from them describing it as pale-faces as near fictional character of her language(Giese). From the story of Adam and Eve, Gertrude wisely portray the fall of Eve. It is as a form of metaphor showing the seduction using The Big Red Apples to the Native Americans b y the etiolates(Kroeber). Because of her ambition to be educated, the snake had the opportunity to seduce Eve.Gertrude created a parallelism from the childhood experiences she encountered with the pale-faces upon their quest in to their community for recruiting Indian children for the missionaries school. These group of man who settled into their village seductively promised saying to the little girls that, the nice red apples are for those who pick them in the East(Kroeber). Therefore, in contrast to her mothers longing, the apple from the forbidden tree was eaten by Gertrude so she headed east. The mastery of Gertrude in using languages and her grapple to Western insinuation made her style in writing very effective.Same as other minority writers, to counterfeit the problem with culture oppression, she focused in a different writing system to get the attention of the dominant culture so that her enunciate would be heard, upon her call for understanding their cultural situation. Her essay on The Big Red Apples caused the white readers to think and give insights that the traditional Christian had captured the ideologies of the Indians and from this, it suggested the Indian culture where corrupted by Euro-American culture(Minnesota).To sight some problems she encountered in her schooling experiences that made her some clear up of stubborn and brute in the eyes of the missionaries was the scene in The Cutting of My Long Hair. It is the schools policy to trim the hair of their students, yet for her she knows that it depict a attribute of either shame or mourning. So she cant submit herself with the policy of the missionaries. She knows that they are strong and that their group cant bend the convention but she still rebelled and struggled. Zitkala-Sa snuck upstairs and went under the bed to hide her self(Bonnin).When she was found by the teachers, due to her severe resistance she was dragged out from the bed. Although she fought by kicking and stormy scratc h attack, she was still carried and brought d receive and controlled her movements by tying her fast in a chair. Another, problem encountered by Gertrude after three years of schooling was when she was allowed to go home to have the chance to be with her family. She suddenly felt that due to her living with the Euro-American and the education with her, she then had the sentiment the she was now become an alien of her own tribal custom.Getting her precise statement about the situation, she said that, during this time I seemed to hang in the heart of chaos, beyond the touch or voice of human aid (Bonnin). Her thoughts made a problematic scheme out of it questioning what to do, since long she have been already alienated from the Euro-American culture because of her race, and know she is be attack by an emotion of culture crisis to her own phratry as a consequence of her adopted education. Comparing her life before, to the midst of the Indian chiliad she was just a young girl who was innocent and free.Yanktons kids that are older than her always show respect and love to her(Bonnin). They treated her nicely that even though she commits mistake of using ashes instead of the grounded beans for coffee when a visitor comes while her mother is not yet around, the situation is just being passed by without eve scolding her. When playing with her friends, as far as they want they could run freely making a chase with their shadows and do consecutive hounds under the clouds.She loves audition evening stories from their elders while gazing up in the stars above her. Her life was surrounded by people to whom she surely trusts and that she assures them that there is no reason to mistrust the tribe where she belongs. But as an effect of sudden circumstances, after her ignorance and prioritizing the need for education, the sympathy that she always encounters and received from her Dakota world is abruptly abandoned(Giese).

The basis of structure, of life, and of mankind Essay Example for Free

The basis of structure, of life, and of mankind EssayEvery single form of life on the planet is created and controlled by a chemical recipe, a chemical code consisting of hundreds of thousands of instructions in every single cell, the basis of structure, of life, and of mankind. Who, what, where, when, how, and why, are all questions which for centuries be in possession of remained unanswered. They demanded an extraordinary amount of skill, time, and precision from individuals the world over to be conquered to our current level of understanding. Many discoveries have led to the breakthrough of genetics. In 1895, Wilhelm Roentgen, a German physicist, accidentally observed x-rays, whilst studying cathode rays in a high voltage gaseous discharge tube. This marked the beginning of a long series of explorations and experiments, finally leading to the discovery of DNA. A year later in 1896, Antoine Becquerel, this time a french physicist, discovered through experimentation and obs ervation, the disintegration of electromagnetic rays (x-rays, and da Gamma rays), in like manner cognisen as radioactivity. He was observing the element uranium and saw that it could blacken a photographic plate even though the last mentioned was separated by a sheet of glass and paper.Becquerel also noticed that the rays were cap adapted of emitting charge captured by an electroscope, which showed they possessed an electric charge too. Becquerels idea was revolutionised in 1898 by Pierre and Marie Curie who suggested radioactivity occurred due to the structure of atoms. Max Von Laue then discovered x-ray diffraction in 1912, which was, not long after, mathematically construe by Lawrence Bragg by analysing the different diffraction patterns made by x-rays when they deviate from their original paths, due to closely spaced atoms in the crystal.Bragg didnt deal that Laues theory was correct in detail. He therefore carried out numerous experiments and concluded by using the now com mon Bragg law. This details at what angles x-rays will be most expeditiously diffracted by crystals when the wavelength and distance between the crystal atoms are known. One very famous scientist who played a large part in the progression towards the discovery of DNA was Maurice Wilkins. Teamed with Rosalind Franklin, both x-ray crystallographers, their studies included analysing DNA crystals and diffraction.They discovered that the sugar-phosphate backbone of the DNA molecule is present on the outside of the molecule and also discovered the basic helical structure of the molecule. The final breakthrough came in 1953, when Francis Crick, and James Watson (Wilkins was also a principal contributor) officially published their model for the structure of DNA. They discovered how information, governing heredity is carried in the chromosomes of human cells (DNA), hence determining physical development in every single cell of the individual.Procedures have evolved even provided since then, which shows how much science stack progress over the years. What begins as a small theory can drastically transform into an enormous scientific revolution, ever-changing they guidance we would have previously visualised ideas. HUGO was set up in the year 2000. This organisation involves the very best scientists from all over the world and the technology of supercomputers and robotics also, and was set up originally in a bid to crack the genetic code. This occurred on the 26th of June 2000 and now provides the blueprint for all human life. convey to all the dedication of those scientists over centuries, many ideas previously considered as ridiculous are being reconsidered. Who would believe, for instance, that an actual financial backing animal could be cloned using some other animals DNA? It may have taken scientists over 250 attempts to clone Dolly the sheep, but they succeeded in the end. Could it now be seen as possible to clone a dinosaur? It could occur, although the odds of retrieving frozen, preserved, living cells are very slim.Another consideration would need to be finding a very closely related female living species for the cloning to work. An impossibility? Perhaps not New technology derived from such scientific investigations now enable more effective medical treatments to be created, and also could help eradicate inherited diseases such as downs syndrome or some forms of cancer, giving masses a better quality of life. new-made innovations are GM crops, and human cloning, over which there is much controversy.We do not yet know what disadvantages could occur if we mess with the chemical code for life. For all the advantages such as enabling crops to become drought resistant, creating decaffeinated coffee plants, and increasing disease and pest resistance, as well as maybe in the future being able to recreate an animal or person whom has died, or being able to choose how your baby will look, there are bound to be disadvantages. Recent researc h suggests that disease immunity decreases considerably in a cloned animal, than a normal animal.With such complicated and moral issues, the issue of religion must be considered. It can sometimes be perceived that science today is displacing the views of religion. For example it is believed that god created mankind. With evidence such as the above, it certainly questions the reliability of religion. I believe that both religion and science is important. The human race is forever wanting answers as to what they dont know. However, the amount of belief in religion seems to be declining due to people wanting evidence to support statements.No longer will they accept an idea as a safeguard because it is stated in the bible, they want to know why it is so. Its seems more people want to believe magic however. Maybe it is because science is so closely related to magic and is in itself a font of hocus pocus. It is a method of explaining why something occurs despite our limited knowledge and disbelief and doesnt need experiments to clarify it. In the past it was thought to contradict the bible, but, really it is another(prenominal) side of science which just needs to be explored. In the past, it was believed witches conjured magic.We now know that it is the planet earth which conjures up magic which is waiting to be uncovered. Altogether, it can be concluded that science has progressed dramatically over the years. It is a magic which is never ending and which will never cease to be investigated. It is an alternative way of looking at the world, which progresses everyday and which, just like religion or magic, brings about previously unheard of miracles. Science is always being revolutionised and is beginning to be seen by many as a new religion, which is gradually unfolding the mysteries the universe prevails.

Role of the United States Government Essay Example for Free

Role of the unite States Government EssayIntroductionIn the young past, we cannot deny that the media industry has experienced monumental growth both in terms of revenues and spherical expansion. Like other businesses, such as banking and manufacturing, the media business has savored b both last(predicate)-shapedized operations to expand and grow, becoming one of the biggest conglomerates in the world. World media has proactively pursueed information technology and advancement in communication to expand their operations spanning several nations and continents. The countersign sector of world media seems to have captured most audience. Big corporations such as Cable News Network (CNN), Fox News, British Broadcasting Corporation (BBC) and CBS overleap the news corporations with a worldwide reach. In the same regard, entertainment media, such as movies and television shows have also experienced immense growth.Companies from the U.S., for instance Walt Disney, duration War ner, News Corporation and New York Times Company are some of the biggest companies in world media market. U.S. firms have been able to pose formidable media entities in mark and digital media services. They have also played an active section in asserting the views of the West with respect to the world issues and, therefore, becoming key players in the global media industry. and then, for such commendable growth to be witnessed, the United States presidency must have, in one way or another, assisted these firms to grow and expand to the global market. While the U.S. government has always maintained zero interference in media, such policy is by itself is an active role. This essay will discusses the role of the United States government in assisting U.S. firms expand to the international market.Neoliberal Policies of the 1980s One of the most profound roles of the government in allowing growth in media and globalization is the liberal policies and stances adopted in the 1980s. The U.S. government with other likeminded governments, such as the United Kingdom, adopted neoliberal policies in the media industry. The term neoliberal is a multifaceted political orientation with different meanings under dissimilar circumstances. However, Pickard (2007) argues that the term simply refers to efforts towards privatization, liberalization, deregulation and globalization of an industry. The U.S. government sought to allow the media industry propelling itself as guided by economics and other drivers of business. Privatization Drive Neoliberal polices first allowed and encouraged the privatization of media companies. With regard to this, private investors took up media operations an introduced new ways of running such businesses. ability and competition became the norm and advertising transformed into a target of the competition. Similarly, foreign investors accepted the lure of privately run media corporations and thus created domestic competition that was matchless els ewhere in the world. Such competition led to mergers and buyouts as a result, a few giants were left to compete in the market. Soon, the expansion in the U.S. was whole possible in slight increments and, hence, expansion to the global market was paramount. Such magnificent growth in the United States motivated other nations, especially in the European Union, adopt similar policies (McChesney 2001). Open and competitive market gave the U.S. conglomerates an opportunity to invest in other countries. Today, the biggest media firms in the world are the American firms that expand after privatizations of businesses.Loosening of Restrictions on Ownership Structures Additionally, neoliberal policies reduced restrictions in anti commit laws and cross self-possession of business (Yong 2012). This allowed media businesses to undertake both horizontal and steep integration. Horizontal integration is where a business diversifies its operation by owning subsidiaries of different sectors (Deloi tte 2012). For instance, Time Warner is known print media, news networks and movie productions houses. On the other hand, perpendicular integration can be defined as businesses owning a business with one main stream of business or practice. Thus, loosening of cross ownership restrictions gave room for business to expand to different units and to the global market. A new approach to media business that emerged was the convergence of business. Convergence of business is where two, proportionately big firms, join forces to share audience as well as brand names (McChesney 2001).A notable case of convergence in the U.S. media industry was the convergence amidst AOL and Time Warner. While other convergences have also been experienced, the economic results have been mixed. The AOL merger experienced difficult economic conditions that they later preferred to de-converge. In all loosen restrictions on laws has provided for media to explore all sorts of business arrangement. Zero Governmen t Intervention The United States government has always taken pride in itself as one of the most liberal government in the world. The term liberal has been used in the sense that the government adopts a hands-off policy towards the issue and the manner in which media houses are run. To this end, the responsibility of ensuring that content and information dissemination is done in a answerable way rests with the media firms.Global Expansion of US Media Industries 5 Such a non regulated media demands that media firms seek professionalism in passing information. Pickard (2007) argues that a media free of government intervention has to go an extra mile in order to gain public acceptance. The U.S. media firm has employed professionalism in reporting and entertaining the public. Democracy and open space that the U.S. government has maintained has allowed media firms expressing varied tactile sensation on different issues. Further, the freedom of expression that has been assured by the co nstitution and protected by the government has fostered a media that can be termed the peoples watchdog. Thus the government has opened up itself for scrutiny by privately owned media firms in a move that improves on transparency (Reportlinker.org 2012). Such a responsible media has made other nations around the world to envy such media firms. American news networks such as CNN and Fox News broadcast to almost every corner of the globe. Many countries have these news broadcasts translated as their differences languages.These firms have been deemed as independent and professional media houses. Such acceptance is due to the good perception that these media firms enjoy back home. The U.S. government, by providing free space, has allowed U.S. media firms being accepted all over the world and, thus, facilitated the expansion. Conclusion From all of the information, it can be concluded that the United States media firms are one of the biggest non-financial conglomerates in the world. Comp anies such as Vivendi, Sony, AOL Time Warner and Viacom report billions of dollars in revenues. While the firm may appear to operate like other old conglomerates, the companies did not exist two decades ago. The American government played a vital role in fostering media firm expansions. The first change that the government implemented was the introduction of the neoliberal policies that theGlobal Expansion of US Media Industries 6 government instituted in the 1980s. These policies first allowed private ownership of media firms. Privatization of media firms allowed private investors running media firms and employ sound business practices. Either, privatization of media firms allowed foreign investors seeking stake in these firms and pursuing expansion. Global expansion was a result of massive expansion and competition. The second role hat neoliberal policies played was the loosening of media ownership restrictions.This allowed media houses practicing both vertical and horizontal int egration as practiced in other sectors. The final and possibly the most important role that the government has played is establishing independence of the media. The U.S. government has adopted a policy where the government has fully eliminated itself from the media business. Independence of media has created public trust within the country and beyond. This allows media houses broadcasting and disseminating information in the regions other than the United States.ReferencesDeloitte 2012, Where the true growth lies the market for digital media, Deloitte ConsultingLLP.McChesney, R 2001, Global media, neoliberalism imperialism, viewed 22 October 2012, .Pickard, V 2007, Neoliberal visions and revisions in global communications policy from NWICO to WSIS, Journal of Communication Inquiry, vol. 31, no. 2, pp. 118-139.Reportlinker.org 2012, Media industry market research reports, statistics and analysis, viewed 22 October 2012, http//www.reportlinker.com/ci02088/Media.html.Yong, D 2012, The political Eeconomies of media the switching of the global media industries, viewed 22 October 2012, http//www.bloomsburyacademic.com/view/PoliticalEconomiesMedia_9781849664264/c hapter-ba-9781849664264-chapter-008.xml.

Mergers and Acquisitions in Pharmaceutical Industry

fusions and Acquisitions in pharmaceutic IndustryBusinesses grow externally by acquiring, or unite with, other on sack businesses. When ii companies combine, the acquiring participation generally pays for the acquired business either with cash or with its own securities, and the acquired communitys liabilities and assets ar transferred to the acquiring bon ton.A unification is technically a combination of two or more companies in which all but one of the combining companies legally cease to exist and the surviving company continues in operation downstairs its airplane pilot name. A consolidation is a combination in which all of the combining companies atomic number 18 dissolved and a refreshing firm is formed. The term union is generally used to describe both of these types of business combinations. An encyclopaedism is besides used interchangeably with merger to describe a business combination.1.1 Types of MergerMergers argon generally classified consort to whether they ar horizontal, vertical, or conglomerate. A Horizontal merger is a combination of two or more companies that compete directly with one another. A vertical merger is a combination of companies that may have a buyer- seller relationship with one another. A conglomerate merger is a combination of two or more companies in which neither competes directly with the other and no buyer-seller relationship exists.1.2 Form of Merger TransactionsA merger transaction may be a stock bargain for or an asset purchase. The acquiring company buys the stock of the to-be-acquired company and assumes its liabilities. In an asset purchase, the acquiring company buys only the assets (some or all) of the to-be-acquired company and does not assume any of its liabilities. Normally, the buyer of a business prefers an asset purchase rather than a stock purchase, because unknown liabilities, such as any future lawsuits against the company, be not incurred.1.3 Joint VenturesSome companies who dont want to merge are choosing an option of joint ventures. In joint venture two (unaffiliated) companies contribute financial and/or physical assets, as well as personnel, to a crude company formed to engage in some economic activeness, such as production or marketing of a product.2.0 Pharmaceutical MAMergers are not brand-new in the pharmaceutic constancy however, in last few eld t present is lot of heat at the level of pharmaceutical merger practise and many firms are using joint ventures and strategic partnerships to develop and market new products. The pharmaceutical industry is soaringly regulated, extremely complex, and fill up with financial and economic challenges and points of interest. Finance managers in the industry are faced with many issues including managed care, insurance, reimbursement, patents and generic competition, licensing, royalties, co-promotions, joint ventures, co-marketing rights, high risk and high cost search and development, parallel import issues, a nd international regulations. These issues train to be explored in an effort to understand the reasons for the industrys current structure and how that structure is driving increased consolidation with mergers and acquisitions.The pharmaceutical industry is by most standards a mature industry and highly profitable for those companies lucky enough to develop blockbuster medical treatments which are patent protected for lengthy periods to help companies recover their research and development investments. The pharmaceutical industry has experienced a high rate of MA activity in the 1980s and 1990s. Most of the leading firms in 2003 are the result of one or more horizontal mergers for example, GlaxoSmithKlines merger includes GlaxoWellcome and SmithKline Beecham Pfizer is the combination of Pfizer, Warner-Lambert, and Pharmacia, which included Upjohn.3.0 Reasons for MATo increase market shareTo gain control of a blockbuster medicate existing or potentialTo gain entry into a high gro wth therapeutic areaTo enhance RD productivityAccess to new technology platformTo expand Geographic scopePatent expiration melodic phrase StuffingAt pharmaceutical firms both large and small, shekels are under constant pressure because blockbuster drugs that have do immense profits for many years eventually lose their patent protection and face vast competition from generic versions. In the U.S., generic drugs now hold between a sixty and seventy percent market share by volume. This puts pressure on large research based drug firms to develop new avenues for profits. One such avenue is partnerships with and investments in young biotech companies, but profits from such ventures will, in most cases, be slow to appear. Meanwhile, the major, global drug firms are investing billions in-house on biotech research and development projects, but new blockbusters are elusive.For example, Pfizer historically invested about $7.8 billion per annum on RD. That money is invested in guardedly des igned research programs with specific goals. As of early 2010, Pfizer had about 500 projects in development, with 133 of those in Phase I trials or beyond. Biologic drugs accounted for 27 projects under development, and they were part of the firms invest to win areas that focus on potential blockbuster drugs.Much of the future success for the worlds major drug companies will lie in harnessing their immense financial power along with their legions of sales lot and marketing specialists to license and sell innovative new drugs that are developed by smaller companies. There are dozens of exciting, smaller biotech companies that are focused on state-of-the-art research that lack the marketing muscle needed to effectively distribute new drugs in the global marketplace. To a large degree, these companies rely on contracts and partnerships with the worlds largest drug manufacturers. In addition to money to finance research and salespeople to promote new drugs to doctors, the major drug mak ers can stumbleer expertise in guiding new drugs through the intricacies of the regulatory process. While these arrangements may not lead to blockbuster drugs that will sell billions of pills yearly to treat mass market diseases, they can and often do lead to very exciting targeted drugs that can produce $300 million to $1 billion in yearly revenues once they are commercialized. A string of these mid-level revenue drugs can add up to a significant amount of yearly income.One of the most obvious reasons to merge or acquire is a shortfall in the RD pipeline. This was the shoes Glaxo faced in 1995 when Zantac, the worlds best-ever selling drug at thetime was coming to the end of its lifespan. Following its timely acquisition of Wellcome,the company renewed its pipeline to create a substantial and innovative asset, whichincluded drugs exchangeable Seroxat still in the global top ten seven years after the mass. Astra andZeneca achieved geographic expansion and increased critical mass and, above all, shoredup two increasingly vulnerable portfolios with their 2000 merger.4.0 Risks of MAThe payoff of growth resulting from a merger can be enormous for pharmaceutical companies. However, some statistics about mergers and acquisitions crosswise industries and in general communicate the inherent risks in choosing to proceed with the integration of two different companies. Some of the researched statistics, noted in Pharmaceutical Executive in January 2001, are as follows75% of large mergers fail to create shareholder value greater than industry averagesProductivity drops 50% following the announcement of a mergerLeadership attrition soars to 47% within three years following a mergerEmployee satisfaction drops 14% following mergers80% of employees timbre senior management cares more about economics than about product quality or people5.0 History of Pharmaceutical MAIn 1927, Merck integrate with Powers-Weightman-Rosengarten, which used to produce antimalarial quinine. In 1959, Johnson Johnson acquired McNeil laboratories and added Tylenol to its product list. In 2000, Pfizer acquired Warner- Lambert Company and Lipitor was added to Pfizers portfolio.The trend continues till today with Sanofi and Aventis and last year, we saying mega mergers like Pfizer acquired Wyeth for $68 billion and after six weeks of the mega merger, Merck acquired Schering Plough for $41.1 billion. Moreover, Roche inked a deal of $47 billion deal with Genentech and small player Biotech heavyweight Gilead (GILD) also paid $1.4 billion for CV Therapeutics (CVTX).5.1 Merck and Schering-plough MergerMerck has entered into a definitive merger agreement with Schering-Plough. According to the agreement, Merck and Schering-Plough has combined, under the name Merck, in which the surviving entity is Schering plough and because of that the merger is known as reverse merger transaction. This transaction value at about $41,100 million ($41.1 billion) payable in cash and stock. Under the terms of the agreement, Schering-Plough shareholders meet 0.5767 shares and $10.50 in cash for each share of Schering-Plough. Each Merck share will automatically become a share of the combined company. In the merger, Merck shareholders own approximately 68% of the combined company, and Schering-plough shareholders own 32%.The aggregate consideration will be comprised of a combination of approximately 44% cash and 56% stock.This merger had benefited Merck in several ways. It added up to 18 products in Mercks pipeline. This merger is structured in an unusual manner, this is generally done for tax saving purposes but here is some other reason. Schering Plough and Johnson and Johnson has contract over the sale of Ramicade and Sympony. The contract said that if ownership of any of the company changes then the other company is empower for both the products but as the merger is reversely structured and Schering Plough is the surviving toilet the chances to breach the contract is le ss though the surviving corporation as the name Merck . Then also Johnson Johnson has filed for arbitration over the contract. The legislation is still in the process and Merck is having the advantage of both the products.5.2 Pfizer and Warner-Lambert mergerPfizers hostile address for Warner-Lambert resulted from Warner-Lamberts attempt to merge with American Home Products. Actually, Pfizer was not looking at taking over Warner-Lambert and was happy with them as an independent company. However, Warner-Lamberts actions put the company at play. The result of the hostile merger resulted in Pfizer as the clear leader of the two companies. The difficult merger included the trading of stock for stock and the suspension up of the other deal. Warner-Lambert was also happy as an independent company. However, even though the merger was hostile, Warner-Lambert did seem to like Pfizers products, reputation, and values. Prior to this merger, basically all of the industry mergers of the past d ecade failed to increase, or even maintain, market share and value. As a result of ongoing productivity initiatives and cost savings from the Warner-Lambert integration, Pfizers operating gross profit margin has improved more than eight full percentage points since 1995. This is one of the best performances in the industry.5.3 Sanofi-Aventis MergerOn January 26, 2004, Sanofi-Synthelabo announced an unsolicited exchange offer for shares of Aventis Pharmaceuticals. They offered litre five billion dollars, or forty-seven billion euros for Aventis shares. This offer price came along with estimation that they could create two billion dollars in synergies by combining the two firms. They also reaffirmed that the offer was based on the total portfolio, and that they didnt intend on divesting any products that didnt have any anti-trust conflicts.The Supervisory Board of Aventis unanimously rejected the bid from Sanofi responding that it was not in Aventis shareholders and employees best in terest to allow Sanofi to acquire Aventis shares. French newspapers buzzed with rumors that several firms might step up and try to be a snowy knight to Aventis. Those firms included Johnson and Johnson, Pfizer, and Novartis. Sanofis management was confident that they would not have to increase their offer for Aventis since most firms would not be in a position to merge with Aventis. It was also rumored that if Sanofi was not successful in buying Aventis, that they would be subject to an acquisition from another firm. Glaxo was rumored to be interested in buying Sanofi for their pipeline.Aventis had been repeatedly rejecting the offer from Sanofi arguing that the bid is severely undervaluing their company. Aventiss management believed that they were better off as a stand-alone firm so that they can focus on organic growth. Aventiss chief executive, Igor Landau, openly disputed the offer from Sanofi saying that they would have to improve the bid by at least forty or fifty dollar bil l percent to make Aventis interested. However, Aventis tried to find a white knight to enter into a friendly merger with to fend off Sanofi.The potential white knight that showed the most interest was Swiss drug maker Novartis Pharmaceuticals. Novartis said that they would be interested in entering merger negotiation with Aventis, if the French government activity would remain neutral. Sanofi wasnt too concerned about any white knight scenarios being that they had the support from the French government. In late April, Novartis agreed to enter into talks with Aventis regardless of the French governments public opposition to a Swiss firm ruining their chances for a French national champion. Rumors were circulating that Novartis was prepared to offer a bid of up to eighty-three billion dollars, or seventy billion euro. This would be a significant improvement for the shareholders compared to the Sanofi offer. These rumors caused the French government to encourage talks between Sanofi and Aventis board members.Finally on April 26, Aventis accepted an improved bid from Sanofi to create the third largest drug company in the world. The improved bid is valuing Aventis at sixty-four billion dollars, or fifty-four billion euros. The improved stock and cash offer was approximately a fourteen percent increase from the original takeover offer. This is the conclusion to three-month takeover battle between these two companies. Aventis has been trying to defend their company against Sanofi for the past three months. They both entered into a cooling off period after three months of publicly sniping at each other and filing lawsuits. On April 27 the European Commission approved the planned merger, followed by the Federal Trade Commissions approval on July 29. By early August it was known that the tender offer had been a success leading to the birth of Sanofi-Aventis on August 20.6.0 Ten-Year Data on Pharmaceutical Mergers and AcquisitionsDuring the 10 years ended December 31, 2009, a total of 1,345 mergers and acquisitions of pharmaceutical assets and pharmaceutical companies were announced, with disclosed prices totaling more than $694 billion, according to DealSearchOnline.com. GlaxoSmithKline was responsible for the largest of the pharmaceutical mergers and acquisitions. GlaxoWellcome announced a $74 billion merger with SmithKline Beecham in 2000, resulting in the entity now known as GlaxoSmithKline.Pfizer, Inc. announced two of the largest pharmaceutical mergers and acquisitions of the decade, including its $68 billion acquisition of Wyeth, Inc. in 2009 and its $56 billion acquisition of Pharmacia tum in 2002. Five of the pharmaceutical companies that were acquired in the past 10 years posted revenues in the tens of millions at the time of acquisition SmithKline Beecham, Wyeth, Aventis, Pharmacia and Schering Plough. Further, in all but one of the 55 largest pharmaceutical mergers and acquisitions announced during the past decade, each of which is valued at a price exceeding $1.5 billion.Most of the 25 largest pharmaceutical mergers acquisitions announced in the past 10 years feature an acquirer that made five or more deals during the decade ended December 31, 2009, including Pfizer. In addition to Pfizer, these pharmaceutical acquirers include Abbott Laboratories, Johnson Johnson, Bristol-Myers Squibb and Teva Pharmaceutical Industries. Teva Pharmaceutical acquired Barr Pharmaceuticals for $8.96 billion in 2008 and Teva Pharmaceutical acquired Ivax Corporation for $7.96 billion in 2005. Abbott Laboratories acquired Solvay Pharmaceuticals for $7.6 billion in 2009 and Abbott Laboratories acquired Knoll Pharmaceutical for $7.2 billion in 2000. Johnson Johnson acquired Pfizers consumer health care unit for $16.6 billion in 2006 and Johnson Johnson acquired ALZA Corporation for $12.3 billion in 2001.Three of the top 25 pharmaceutical mergers and acquisitions announced in the past decade were announced during 2009, In addition to Pfizers acquisition of Wyeth and Abbott Laboratories acquisition of Solvay Pharmaceuticals, 2009 saw Merck Co.s acquisition of Schering-Plough Corporation for $41.1 billion. The mega-deals that comprise the top 25 pharmaceutical mergers and acquisitions of the past decade were announced at the rate of one or two per year from 2000 to 2004, but from 2005 to 2009 increased to the rate of three to four per year. Other notable deals announced in 2000 through 2009 include Sanofi-Synthelabos $65.5 billion acquisition of Aventis in 2004 and Bayer AGs $21.5 billion acquisition of Schering AG in 2006.Pharmaceutical Mergers and Acquisitions, 2000 to 2009Year Dollar Total Number of Deals2000 $97,424,934,321 412001 $27,749,309,161 872002 $66,093,147,595 1472003 $23,625,371,126 1732004 $95,213,138,700 1712005 $46,553,632,500 1282006 $74,806,033,300 1382007 $71,600,790,685 1802008 $40,664,107,740 one hundred forty2009 $147,237,047,186 14010-Year Total $690,967,512,314 1,345Its been a busy dec ade for pharma dealmaking. During the 10 years that ended Dec. 31, 2009, a total of 1,345 mergers and acquisitions of pharmaceutical assets and companies were announced, with disclosed prices totaling more than $694 billion, according to DealSearchOnline.com. The biggest deal GlaxoWellcomes $74 billion merger with SmithKline Beecham in 2000 that created GlaxoSmithKline. That year, pharma did more than $97 billion worth of deals.7.0 Future of MA from CEO perspective Former Schering-Plough Corp. forefront Executive Officer Fred Hassan, who presided over the companys $41.1 billion sale, last year, said he expects to see more consolidation in the pharmaceutical industry. Large drugmakers will need to merge in order to fund expensive, complex areas of research, such as Alzheimers disease. Smaller companies also will be forced to sell themselves as they unthaw out of cash in the tight credit markets.One reason deals are necessary is because the innovation investments are becoming larger and larger and it makes it easier when people can combine their resources to make the big, deep bets that you need to make for difficult diseases, Hassan said. That is why you are going to see more of these deals.8.0 Top MA activity in 2010While things have cooled off a bit in big pharma, there is still some major acquisition action going on in 2010. Though year 2010 was not of big mergers but there were still some MA activity have seen. List of 2010 MA is shown in table 3.8.1Teva- RatiopharmTeva, the generics giant bought Ratiopharm for just under $5 billion, beating outPfizerand Actavis for the German company.Ratiopharm is Germanys second largest generics producer and the sixth largest generic drug company worldwide. The Ratiopharm purchase marks the biggest takeover in the generic drugs market since Teva bought Barr Pharmaceuticals for $7.46 billion in 2008.The combined entity will hold the leading market position in 10 European markets, including the U.K., Hungary, Italy, Spain , Portugal and the Netherlands, as well as a top three ranking in 17 countries, including Germany, Poland, France and the Czech Republic. Teva also expects its sales to close double in Canada as a result of the deal. Shlomo Yanai, Tevas president and CEO, said during an investors call that the acquisition was key component in its 2015 strategy. By that time, the company expects $31 billion in revenue and $6.8 billion in net income.Pfizer had been very interested in Ratiopharm, but wasnt prepared to put significantly more than 3 billion on the table, according to theWall Street Journal,citing sourcesSources say that Pfizer might cast its eye on Stada, another German generics maker. Stadas stock shot up 2 percent to an 18-month high after news of the Teva-Ratiopharm deal broke, according toReuters.8.2 Merck-MilliporeMerck completed the acquisition of life science company Millipore on Feb. 28. Millipores products and services are used for drug discovery, process development and drug m anufacturing. Merck acquired Millipore for approximately $7.0 billion.The companies decided on a price of $107 that was paid in cash per share for Millipores green stock.Table 1 Top 20 MA deals since 2000RankPartnersDateValue, US$m1Pfizer Warner LambertFeb 00$90,0002Pfizer WyethJan 09$68,0003Sanofi AventisApr 04$65,0004Pfizer PharmaciaJul 02$60,0005PG GilletteJan 05$57,0006Roche GenentechJul 08$46,8007Merck Schering-Plough ruin 09$41,0008Boston Sci. GuidantDec 05$27,0009Bayer Schering AGMar 06$21,50010Dow Rohm HaasJul 08$18,80011JJ Warner LambertJun 06$16,60012AstraZeneca MedImmuneApr 07$15,60013Amgen ImmunexDec 01$14,80014Schering-Plough OrganonMar 07$14,50015Merck KgaA SeronoSep 06$13,30016Novartis AlcanApr 08$11,00017Fisher Sci. Thermo Elec.May 06$10,60018JJ AlzaMar 01$10,50019General Elec. AmershamOct 03$9,50020Takeda millenaryApr 08$8,800Table 2 Top MA deals 2009RankPartnersDateValue, US$m1Pfizer WyethJan 09$68,0002Roche GenentechMar 09$48,0003Merck Sche ring-PloughMar 09$41,0004TPG IMS healthNov 09$5,2005GSK StiefelApr 09$3,6006Dainippon SepracorSep 09$2,6007BMS MedarexJul 09$2,4008Sanofi-Aventis ChattemDec 09$1,9009Watson Arrow GroupJun 09$1,75010Varian AgilentJul 09$1,50011Gilead CV TherapeuticsMar 09$1,40012Abbott Adv. Med. OpticsMar 09$1,30013JJ CougarMay 09$97014Lundbeck OvationFeb 09$90015Onyx ProteolixOct 09$850Table 3 Top MA deals 2010RankPartnersDateValue, US$m1Novartis/Nestle AlconAug 10$28,3002Sanofi GenzymeAug 10$18,5003Merck KgaA MilliporeFeb 10$7,0004Teva RatiopharmMar 10$4,9255OSI AstellasMay 10$4,0006Reckitt SSLJul 10$3,9007NBTY The Carlyle GroupJul 10$3,8008Abbott PiramalMay 10$3,7009Pfizer KingOct 10$3,60010Grifols TalecrisJun 10$3,40011Biovail ValeantJun 10$3,30012Celgene AbraxisJun 10$2,90013Covidien ev3Jun 10$2,60014Crucell JJSep 10$2,30015McKesson US OncologyNov 10$2,00016Wuxi C. River (term.)Apr 10$1,60017Cardinal KinrayNov 10$1,30018Aspen Sigma (term.)May 10$1,24019Qualitest E ndoSep10$1,20020Inventiv Thomas H LeeMay 10$1,100213M CogentAug 10$94322Boehringer Ing. SSPFeb 10$91323BMS ZymoGeneticsSep 10$88524Perrigo PBM HoldingsMar 10$80825Avid Eli LillyNov 10$800