This paper addresses the calls for greater research on the antecedents of technological acquisitions by exploring a mechanism that drives both acquisition decision and target selection. Drawing from the RBV, this paper presents patent expiration as a driver behind pharmaceutical firms’ acquisition decisions and target selection. This paper argues that patent expiration constitutes a disruption to pharmaceutical firms’ pipelines and a threat to revenue and profit streams and that acquisitions represent a possible short-term solution for firms to replenish their patent portfolios and to ensure a continuous flow of revenues. Using a sample of US pharmaceutical firms, this paper shows that pharmaceutical firms engage in acquisitions when they face large amounts of patent expiration and when they are unable to internally replenish their patent portfolios. The results also show that acquiring firms have a preference for targets with resources similar to their existing portfolio of patents, which is explained by firms’ desire to minimize post-integration problems and possible disruptions derived from the difficulties in assimilation and commercial exploitation of distant knowledge. This is in contrast with previous studies indicating that acquiring firms benefit from knowledge bases that are more distant.

中文翻译：

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专利到期在制药行业收购决策和目标选择中的作用

本文通过探索一种驱动收购决策和目标选择的机制，呼吁对技术收购的前因进行更深入的研究。本文借鉴 RBV，将专利到期视为制药公司收购决策和目标选择背后的驱动因素。本文认为，专利到期会扰乱制药公司的渠道并对收入和利润流构成威胁，而收购代表了公司补充其专利组合并确保持续收入流动的一种可能的短期解决方案。使用美国制药公司的样本，本文表明，制药公司在面临大量专利到期以及无法在内部补充其专利组合时会进行收购。结果还表明，收购公司偏爱资源与其现有专利组合相似的目标，这是由于公司希望最大限度地减少整合后的问题以及由于远程知识的同化和商业开发的困难而可能造成的破坏。 . 这与之前的研究相反，之前的研究表明收购公司受益于距离更远的知识库。这是由于公司希望最大限度地减少整合后问题和可能的中断，这些问题源于远程知识的同化和商业开发的困难。这与之前的研究相反，之前的研究表明收购公司受益于距离更远的知识库。这是由于公司希望最大限度地减少整合后问题和可能的中断，这些问题源于远程知识的同化和商业开发的困难。这与之前的研究相反，之前的研究表明收购公司受益于距离更远的知识库。