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...different approaches needed Pfizer’s planned acquisition of Allergan in a US$160 billion stock deal – the largest ever in the pharmaceutical sector, and one which will create the world’s biggest pharma company based on prescription sales – has prompted speculation about another round of major merger and acquisition activity in the drug industry. M&A activity in previous decades changed the face of ‘big pharma’, decimating the number of leading companies so that the top pharmaceutical companies account for almost 50% of global medicine sales. Previous mega deals, such as the merger between Glaxo Wellcome and SmithKline Beecham (themselves the product of previous mega-mergers), Ciba-Geigy a
