All the statistics show that the majority of M&A fail to achieve what the participants expect. In this case it won't even get close. What it will do is provide a further delay for Pfizer management to escape the obvious conclusion, that is, they have been consistently unsuccessful in adopting change and remain in dinosaur mode. All they have done is to become a bigger dinosaur.
So that's where the bailout went!
Pfizer's purchase of Wyeth is a strategic blunder. Pfizer's previous mega-acquisition have had no detectable impact on its new drug output. On the other hand, they have taken out perfectly good companies and their own pipeline. Should we wonder why the industry's new drug output is going from bad to worse? Since 2000, Pfizer has spent $52 billion in R&D, for which it got a miserly 8 new drugs, only one of which went on to become a blockbuster (Lyrica). Any moron starting a venture capital fund with that king of funding would do better. The sad truth is that Pfizer does not have a clue about what to do to rekindle innovation. And when companies are clueless, they buy someone else.
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