Pharma BD Deal Intelligence
Schering AG's 2002 acquisition of Finnish radiopharmaceutical firm MAP Medical Technologies was a strategy reversal, not a value-creating deal: MAP Medical was spun back out via management buyout within about two years, and Schering exited radiopharmaceuticals entirely by 2006.
Schering bought a Finnish radiopharma specialist in 2002 to build out its diagnostics-therapy strategy, then divested it back to management within about two years — and exited the entire radiopharmaceuticals category by 2006, making this a strategy reversal rather than a value-creating deal.
Full analysis, sources & comparables →Schering AG acquired all shares of MAP Medical Technologies Oy through its Finnish subsidiary Leiras Oy; MAP was the leading radiopharmaceutical company in…
Schering AG's diagnostic/radiopharmaceuticals unit generates 30 percent of the company's revenue; 'We are developing products that use these targeting…
MAP Medical Technologies Oy, founded in 1991, is an independent Finnish company focused on developing and manufacturing radiopharmaceuticals — Curium has…
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Schering AG, through its Finnish subsidiary Leiras Oy, acquired all outstanding shares of privately held Helsinki radiopharmaceutical company MAP Medical Technologies Oy (announced 10 July 2002), then the leading radiopharmaceutical firm in Finland with cancer and neurodegenerative-disease diagnostic products. The acquisition expanded Schering's diagnostic-imaging/radiopharmaceutical portfolio. Financial terms were not disclosed.
Schering bought a Finnish radiopharma specialist in 2002 to build out its diagnostics-therapy strategy, then divested it back to management within about two years — and exited the entire radiopharmaceuticals category by 2006, making this a strategy reversal rather than a value-creating deal.
Assessment window: 15yr post-close.
$120M Schering radiopharmaceutical unit annual sales (2005, EUR mm)
Radiopharmaceuticals are radioactive compounds used to diagnose and treat disease — primarily oncology and neurology. Diagnostic radiopharmaceuticals (e.g., Tc-99m, F-18 FDG) localize tumors via PET/SPECT imaging; therapeutic radiopharmaceuticals deliver targeted radiation to cancer cells. The field sits at the intersection of imaging and oncology and was a strategic priority for Schering AG given its existing diagnostic imaging franchise (Magnevist, Ultravist).
In 2002 the global radiopharmaceutical market was dominated by Mallinckrodt (Tyco Healthcare), Bristol-Myers Squibb Medical Imaging, Amersham (now GE Healthcare), and Schering AG via subsidiaries Leiras Oy and CIS bio international. MAP Medical Technologies was a Finnish niche player with a patented Dextran-based cancer detection platform developed jointly with Karolinska Cancer Center, Stockholm. Per Schering's July 10, 2002 press release, Michael Rook (head of Schering's diagnostics and radiopharmaceuticals division) framed the deal as 'an extension of our activities in the field of radiopharmaceuticals and a further cornerstone of our strategy of linking diagnostics and therapy with radiopharmaceutical products'. The deal was signed between Schering's Finnish subsidiary Leiras Oy and MAP, consolidating Nordic radiopharma. Forward look: Schering reversed course — in December 2005 the Executive Board decided to divest the entire radiopharmaceuticals business, and in February 2006 sold CIS bio international to a Belgian consortium (Ion Beam Applications + Institut National des Radioelements) for undisclosed consideration; Karin Dorrepaal said Schering would 'realign our strategy in diagnostic imaging to focus on innovative growth opportunities.' MAP itself was spun out via 2004 management buyout, then acquired by Curium in December 2019 — Schering's radiopharma thesis ultimately failed; Bayer's 2006 €14.6B Schering takeover absorbed only the contrast agents franchise.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Schering AG / MAP Medical Technologies Oy (this deal) | 2002 | — | 26 |
| Schering AG / Collateral Therapeutics Inc. | 2002 | $140M | 9 |
| Novartis AG / Advanced Accelerator Applications S.A. | 2017 | $3.9B | 98 |
| Allergan plc / Merck & Co., Inc. (CGRP receptor antagonist program) | 2015 | $250M | 91 |
| Cephalon Inc. / Laboratoire L. Lafon S.A. (Group Lafon) | 2000 | $450M | 89 |
| Teva Pharmaceutical Industries Ltd. / Auspex Pharmaceuticals | 2015 | $3.5B | 86 |
| Teva Pharmaceutical Industries Ltd. / Biogal Pharmaceutical | 1995 | — | 82 |
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