Pharma BD Deal Intelligence
Adams made Cadbury the world's largest confectioner and hit its return targets early, but two decades on the gum category it bought into structurally shrank, and the brands were eventually sold off for a fraction of relevance.
Full analysis, sources & comparables →Investec's Michael Landymore called it 'a reasonable price, and a good strategic move,' though Euromonitor flagged Adams' 40% Latin America revenue…
Cadbury Schweppes acquired 100% of Adams from Pfizer for $4.2B cash (including $450M of expected tax benefits); the divestiture was tied to Pfizer's Pharmacia…
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Cadbury Schweppes acquired the Adams confectionery business -- including the Halls, Trident, Dentyne, and Chiclets brands -- from Pfizer for $4.2 billion in cash. Pfizer divested the unit as part of its Pharmacia integration and consumer-health rationalization, while the acquisition vaulted Cadbury Schweppes to the world's number-one confectionery position with roughly 10% global share and long-sought U.S. scale.
Adams made Cadbury the world's largest confectioner and hit its return targets early, but two decades on the gum category it bought into structurally shrank, and the brands were eventually sold off for a fraction of relevance.
Assessment window: 15yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Cadbury Schweppes plc / Adams Confectionery (Pfizer division) (this deal) | 2003 | $4.2B | 67 |
| Eli Lilly and Company / Applied Molecular Evolution Inc. | 2003 | $400M | 88 |
| Takeda Pharmaceutical Company Ltd. / Millennium Pharmaceuticals | 2003 | $8.8B | 82 |
| Genzyme Corporation / SangStat Medical Corporation | 2003 | $600M | 78 |
| Takeda Pharmaceutical Company Ltd. / Ariad Pharmaceuticals | 2003 | $5.2B | 77 |
| IDEC Pharmaceuticals Corporation / Biogen Inc. | 2003 | $6.5B | 77 |
| Johnson & Johnson / Crucell NV | 2003 | $2.4B | 75 |
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