lER+G EMFL${@F, EMF+@``F\PEMF+"@ @ $@ 0@?!@ @     !" !" !  " !  G" !  GRpArial, p00lj 0H  jI0lw0.hг, pZ  8]Zdv%   TKAA L`Variable   TAA L`Variable   TdAALTOLS T4AA4 L`Bootstrap   Td>)AALTName  T)AA LdDescription   T)AALlStandard Errors      &T)AALlStandard Errors      RpArialK<00lj 0г  jI0lw0.hXK<@% ><dv% Td@>QAA@LTDEEP Tg@QAAg@L|Deepening of Acquirer's      T@QAA@ L`20.6688**  Txg@QAAg@L\22.1343  TgTeAAgTLxPortfolio and Pipeline        Td|>AA|LTBLOC Tg|!AAg|LTarget's blockbuster drugs         T|AA| L`30.35313**  Txg|AAg|L\33.9729  Td>AALTMPAT T gWAAg#LPercent of Acquirer's blockbusters          TAA L`68.67439*!  T|^AA^L\140.4336  T g<AAg Lwith patent expiration < 2 years          Td>AALTPESP TgEAAgLAverage Market valuation (S&P)         TAA L`1.424053**  T|^AA^L\1.598186  Td0=AAA0LTAETB Tg0AAAg0LxEthical Pharma company      T0AAA0 L`12.57954*o  T|^0AAA^0L\10.92419  TgDUAAgDL|acquires Biotech company       Tdl>}AAlLTAGTG Tgl}AAglL|Generic Pharma company      T|l}AAlL\17.62186  T|^l}AA^lL\20.10935  Tg AAgL|acquires Generic company      T|gAAgL\Constant  T|AAL\35.04124  T|^AA^L\38.91161  TgAAgLxNumber of Observations       TXAALP31 TXAALP31 Tg AAg LpAdjusted R-Squared      Tp AA LX0.4776  T<}4~EAA}4(L* significant at 5%; **significant at 1%        % " !%   G'%   &% *6Q*% Ld*P**Q!??% c*6g*% Ldc*f*c*!??% y*6*% Ldy**y*!??% *6*% Ld***!??% ( % " !%   G" F4(EMF+*@$??FEMF+@