Buying Hexal shows Novartis' commitment to generics. The Swiss group also hopes the move will bring more credibility, and better deals, across all of its businesses.

Solvay's acquisition of France's Fournier suggests that there is value within Europe's family-owned, domestically-focused groups, and at good prices. The deal will boost Solvay's earnings until its own pipeline matures, although some question the potential for longer-term synergies.

Cytyc purchased Proxima Therapeutics, a brachytherapy company with a device to treat breast cancer, for $160 million in cash, following on its acquisition last year of Novacept, a manufacturer of a minimally-invasive endometrial ablation device to treat excessive menstrual bleeding. Three years earlier, Cytyc had acquired Pro-Duct Health, developer of a new test to assess the breast cancer risk of an at-risk patient. Cytyc is clearly going in the direction of creating an overall franchise in women's health, integrating diagnostics and therapeutics, both above and below the belt. But investors want to know that deals don't simply represent a piecemeal, opportunistic approach to business development, but that they fit together in a larger context. It's all about leveraging Cytyc's distribution channel in women's health, says CEO Patrick Sullivan.