Depth in biotech and pharma mergers and acquisitions. How much should you integrate? A multi-case analysis

This chapter outlines the guiding principles that acquirers must follow to choose the most appropriate integration strategy for each acquisition in the biotechnology and pharmaceutical industries. The most widely used typology for post-acquisition integration strategies is Haspeslagh and Jemison's (1991) integration framework, which is built on two main pillars: strategic interdependence and organizational autonomy. The chapter offers four main integration strategies: absorption, preservation, holding, and symbiosis. Recent research has proposed modified versions of this typology, emphasizing the need for methodological pluralism in merger and acquisition (M&A) research. The chapter provides examples of each approach and offers a roadmap to a successful integration strategy for acquired firms.