Pharmaceutical M&A: Invent it, swap it or buy it – The Economist
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“Few industries have been shaped more by mergers and takeovers than pharmaceuticals. This is because developing drugs is such a high-risk business. Most potential medicines either fail to reach the market, or fail thereafter to recoup the cost of developing them. If a company does not have enough promising drugs in its research pipeline, its most obvious route to growth is to buy another firm. So, many of the world’s biggest drugmakers, such as Pfizer, Merck and GlaxoSmithKline (GSK), have been built through a succession of deals.”
Read more – The Economist