When do Acquirers Invest in the R&D Assets of Acquired Science-based Firms in Cross-border Acquisitions? The Role of Technology and Capabilities Similarity and Complementarity
通过对英国生物制药企业收购案例的研究，揭示了技术与能力的相似性和互补性如何交互影响收购方对被收购企业研发项目的后续投资。
Drawing on a multiple case study of acquisitions of UK biopharmaceutical firms, we develop an analytical framework that elucidates how key determinants of the knowledge base of science-based firms and their combinations through M&As interact and affect post-acquisition investment in the target’s R&D projects. We show that two factors — the complementarity/similarity of the technology, and the complementarity/similarity of the discovery and development capabilities of the target and acquiring firm — interact to produce different outcomes in terms of investment in the acquired firm’s R&D assets and for the local science and technology system.