Former Schering-Plough CEO Speaks Out on M&As
Former Schering & Plough CEO Fred Hassan has spoken of the "plethora of financial pressures and resistance" he faced during Merck & Co. acquisition of his company, but indicates that more mergers and acquisitions should be expected throughout 2010.
In an interview with Meettheboss.tv, Hassan says, "We were under a financial challenge in the sense that the major businesses were going down. Part of that financial challenge ... was a cash flow challenge. It is something which is not seen very often in pharmaceutical companies. But this company was looking at a big cash burn, and something had to be done about it very quickly."
But Hassan also warns that short term gains will not always lead to long-term prosperity. "Does [the object of the target company] fit the next stage of strengths, weaknesses, opportunities and threats that my company has at present? Does it fit the strategy?" he asks. Click here for the interview.
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