Behind Scios-J&J: No Groundswell for M&A
Executive Summary
While the investment banking world does its best to sing the virtues and likelihood of biotech consolidation, the industry isn't paying attention. Indeed, perhaps the most interesting aspect of J&J's acquisition of Scios isn't the fact that J&J outbid the competition, but just how little competition it had to outbid for one of the very few clearly successful product-oriented biotechs.