Only a year and a half ago, all the major drug companies had quickly set up planning teams to analyze the meaning for their companies of Merck & Co. Inc. ’s acquisition of Medco Containment Services Inc. Over the next year, the answers seemed to come in, as SmithKline Beecham PLC, Pfizer Inc. , and Eli Lilly & Co. all made their moves with PBMs. Only Roche Holdings Ltd.’s acquisition of Syntex Corp., an apparent throwback to old-style consolidation thinking, disturbed the smooth flow of the new industry logic.
Then the tone of the activity changed, and Roche-Syntex no longer seemed like an outlier. American Home Products Corp. attacked...
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