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The Role of Related Strategic Alliances Before M&As

Based on M&amp;A deals by companies from the biotechnology and pharmaceutical industry, I analyze the role of different types of prior ties between companies. I distinguish related alliances into direct and indirect alliances. Related alliances provide access to more information and can reduce transaction costs. The reduction of such costs can lead to a more successful target selection and a more efficient transaction process of the M&amp;A deal because the time from announcement to completion can be reduced. This effect can be explained by trust-building, better access to private information, and certification through related alliances. However, in contrast to other studies, I do not find statistically significant evidence that supports the hypothesis that alliances increase the post-M&amp;A performance and that alliances are associated with higher announcement returns.