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Alza Takes Independence Road to Acquisition

Alza's acquisition by Abbott reflects, in part, Alza CEO Ernie Mario's belief in the near-impossibility of a mid-sized pharmaceutical company retaining a sustainable growing business. But Mario recognized that to get a high-value acquisition bid, he needed to do everything possible to create an independent, sustainable business. His strategy succeeded.

Asked about his company's acquisition by Abbott Laboratories Inc. , Alza Corp. CEO Ernie Mario [See Deal]: "I was willing to fight P&U [Pharmacia & Upjohn Inc. , his company's nemesis in the incontinence wars]. I was. But given the battle—given that we had 300 reps and they had 1200—was it reasonable to ask our shareholders to continue to be patient?"

As if they'd ever been patient. For the five years of Mario's tenure, Alza shareholders have only grudgingly approved Alza's spending the kind of money it needed to build up...

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