輝瑞和艾爾建的合并原本會(huì)成為有史以來規(guī)模最大的制藥公司并購案。然而，眼看著這筆交易就要黃了。

最近，輝瑞和艾爾建被迫放棄了價(jià)值1600億美元的合并計(jì)劃，艾爾建首席執(zhí)行官布雷特?桑德斯還指責(zé)政府暗地里阻撓此事的行為“不美國”。其實(shí)除了兩家公司之外，一些華爾街精英很可能也受了打擊。

為了完成這項(xiàng)2015年最大的并購案，艾爾建和輝瑞都聘請(qǐng)了顧問。《紐約時(shí)報(bào)》報(bào)道中援引并購和策略管理咨詢公司Freeman and Company稱，顧問方將獲得逾2.30億美元傭金。大部分傭金將在交易完成后支付。

此前把寶押在并購成功上的對(duì)沖基金也蒙受了損失。

這筆大交易告吹后，最受傷的人如下：

輝瑞

輝瑞首席執(zhí)行官晏瑞德的態(tài)度一直都相當(dāng)明確，他相信讓輝瑞擺脫長期低迷狀態(tài)的唯一途徑就是做筆大交易。但這次他又開了倒車。這已是晏瑞德在兩年多里第二筆以失敗告終的大規(guī)模并購。

除了要向艾爾建支付1.50億美元的“分手費(fèi)”，此事必然會(huì)損害輝瑞和晏瑞德在投資者心目中的形象。晏瑞德曾鼓吹本次合并在稅收方面的好處。他還說，跟艾爾建合并可以延伸輝瑞的產(chǎn)品線，而且合并后的公司有可能再拆分成多個(gè)實(shí)體。現(xiàn)在外界擔(dān)心輝瑞會(huì)不會(huì)弱小到承受不了合并失敗造成的打擊。輝瑞表示，2016年會(huì)作出決定。

差不多兩年前，就在收購阿斯利康失敗后不久，輝瑞就表露了進(jìn)行大規(guī)模并購的意愿。從那時(shí)至今，輝瑞的股價(jià)下跌了2%。從去年10月底首次出現(xiàn)輝瑞-艾爾建合并傳聞到今年3月底，輝瑞的股價(jià)滑落了16%。今后，如果晏瑞德再表示要來筆大交易，投資者可能就會(huì)表示“他該下臺(tái)了”。

華爾街

艾爾建的交易顧問是摩根大通和摩根士丹利。外界原以為雙方將分享1.42億美元的傭金。

相關(guān)消息公開至今，高盛、Centerview Partners、Guggenheim和Moelis至少已經(jīng)在輝瑞這邊忙了五個(gè)月，實(shí)際時(shí)間有可能長得多。這幾家公司的傭金總額為9400萬美元。值得注意的是，規(guī)模較小的精品投行，類似Moelis、Centerview和Guggenheim損失要大得多。Moelis在頂尖并購?fù)缎兄械呐琶麖牡?3位跌至第20位，Centerview和Guggenheim的名次也分別從第10和第12名下降到第11和第18名。

對(duì)沖基金 -很多對(duì)沖基金

眾所周知，億萬富翁約翰?保爾森在2005年前后曾趁樓市崩盤大賺。他旗下規(guī)模180億美元的對(duì)沖基金公司Paulson and Company已經(jīng)開始炒并購題材。但在本次合并案上，堅(jiān)持原則沒幫上保爾森。據(jù)路透社報(bào)道，對(duì)沖基金研究網(wǎng)站Symmetric.io的數(shù)據(jù)顯示，本周二艾爾建的股價(jià)也下跌了16%，保爾森的基金及其投資者因此損失了2.58億美元。計(jì)算的依據(jù)是去年12月31日Paulson and Company向監(jiān)管部門提交的例行報(bào)告，不過保爾森后來可能拋售了一些艾爾建股票。

Symmetric.io披露，其他幾家大型對(duì)沖基金本周二也損失不小，安德里斯?哈爾沃森的維京全球投資、丹尼爾?勒布的Third Point和Pentwater Capital Management損失都在2億美元以上。(財(cái)富中文網(wǎng))

譯者：Charlie

審校：夏林

The deal to combine Pfizer and Allergan was set to be the largest drug merger ever. Instead, it will go down as a huge bust.

It’s not just the Pfizerand Allerganexecutives who are reeling from essentially being forced to abandon their $160 billion deal Wednesday—Allergan’s CEO Brett Saunders called the government’s actions to block the deal “unAmerican”—but some of Wall Street’s finest also are probably also feeling a bit down as well.

Allergan and Pfizer had hired advisors to guide them through the biggest deal of 2015—advisors who would’ve received over $230 million in fees, according to Freeman and Company, which was reported by the New York Times. The majority of that figure was likely to be paid after the deal closed.

Hedge funds have also clocked in losses after having bet on the merger’s success.

Here’s who lost the most in the blockbuster breakup.

Pfizer

Pfizer CEO Ian Read has been pretty clear that he believes the only way to get his company out of its long-term funk was to do a big deal. Once again, he’s going to have to back peddle. It’s the second big deal that Read has lost out on in more than two years.

In addition to the cost of the $150 million breakup fee Pfizer will have to pay Allergan, the deal will certainly deal some damage to Pfizer and Read with investors. Read was out there proclaiming the tax benefits of the Allergan deal. But he also sold the deal as a way for Pfizer to expand its drug portfolio and potentially part of a plan to break the combined company up into parts. Now the concern for Pfizer is whether the standalone company will be too small to weather a breakup. Pfizer has reported plans to make a decision by 2016.

Since Pfizer first spelled out its intention to broach a large acquisition nearly two years ago, Pfizer’s stock has fallen 2%. That was shortly after Pfizer’s play for AstraZeneca fell through. Pfizer’s stock also lost 16% through the end of March since the its deal with Allergan was first rumored back in late October. Next time, Read signals he would like to do a big deal, investors may signal it’s time for him to go.

Wall Street

Allergan’s deal advisors, JPMorgan Chaseand Morgan Stanley were expected to split $142 million for their services.

Goldman Sachs, Centerview Partners, Guggenheim, and Moelis had been working on Pfizer’s side of the deal for at least five months since news of the deal become public—and for probably a lot longer than that—and were set to split $94 million. Notably, the loss of the deal was felt much more acutely by smaller boutique firms, Moelis, Centerview, and Guggenheim. Moelis dropped from 20th to 13th place among top dealmakers, Centerview from 10th to 11th, and Guggenheim from 18th to 12th.

Hedge Funds—A Lot of Hedge Funds

Hedge fund Paulson and Company, an $18 billion fund run by billionaire John Paulson, who famously made billions wagering on a housing bust in the mid-2000s, got his start betting on mergers. But at least in this case, sticking to his roots has not paid off for Paulson. According to hedge fund research firm Symmetric.io, the fund and its investors lost $258 million Tuesday when Allergan’s stock also fell 16%, Reuters reported. Granted the calculations are based on Paulson’s regulatory filings as of Dec. 31. Paulson could have sold off parts of his stake since then.

According to Symmetric.io, other major hedge fund investors including Andreas Halvorsen’s Viking Global Investors, Daniel Loeb’s Third Point and Pentwater Capital Management have also lost more than $200 million each on Tuesday.