Pharma BD Deal Intelligence

American Home Products Corporation / American Cyanamid Company

1994 · Acquisition/Merger · $9.7B · Complete

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Top 10 largest deals of the 1990s

Ranks computed across 828 graded deals (Critic + Outcome Score both present).

The coverage arc

Aug 12, 1994 American Banker Bullish

Chemical Bank committed $1.2B to finance the hostile takeover bid, reflecting Wall Street confidence in AHP's ability to extract value from Cyanamid's…

Jul 19, 1995 Federal Trade Commission Neutral

FTC reviews American Home Products Corporation's acquisition of American Cyanamid Company.

Oct 30, 2025 Engineer Fix Bearish

American Cyanamid's rise and fall illustrates the risks of conglomerate dismemberment — AHP's $9.5B hostile bid targeted Cyanamid's pharma crown jewels while…

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American Home Products acquired American Cyanamid for approximately $9.7 billion in cash ($95/share), then the second-largest industrial acquisition in U.S. history. The deal gave AHP access to Cyanamid's strong agricultural chemicals and pharmaceutical pipeline, including the Lederle Laboratories division.

Key facts

Related deals — scored

DealYearValueOutcome
American Home Products Corporation / American Cyanamid Company (this deal)1994$9.7B83
American Home Products Corporation / BASF AG (Cyanamid agricultural divestiture)2000$3.8B78
AstraZeneca PLC / Daiichi Sankyo Company, Limited2019$6.9B100
Novartis AG / Endocyte, Inc.2018$2.1B96
Astellas Pharma Inc. / Seagen Inc.2009$4.5B95
Bristol-Myers Squibb Company / Medarex Inc.2009$2.4B92
Servier / Agios Pharmaceuticals (oncology)2020$2.0B91

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