A Pfizer (PFE) proposal to acquire Gilead Sciences (GILD) would have been audacious. Expensive? Surely, but merging the largest pharma company with the largest (and hottest) biotech company would have been game changing. Investors would have cheered such a deal.
Instead, Pfizer is sticking with the tired, mega-pharma merger playbook. It wants to acquire AstraZeneca (AZN) in a deal that will likely cost more than $100 billion. AstraZeneca is rebuffing Pfizer’s offer for now, but in the coming weeks, we’re sure to hear much about how a union of Pfizer and AstraZeneca will yield operational synergies and cost savings, thereby delivering shareholder value.
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