When Merck & Co. Inc. moved in 1992 into its gleaming new headquarters, hidden in the woods of rural Whitehouse Station, NJ, it seemed bravely symbolic—the company had never seen itself as part of the hurly-burly of the rest of the pharmaceutical industry. It went its own way, strategically and scientifically, and had rewarded shareholders with years of double-digit returns.
But as Merck's business has fallen on increasingly hard times, the isolation of the Whitehouse Station headquarters now seems more ominously symbolic of a company that didn't see competition coming,...
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