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A Banner Year For Pharma: M&A Tops 2009 Merger Mania

Fourteen deals have been signed so far in 2014 with an up-front value of $1 billion or more. The standout year for pharma M&A is already more valuable than 2009, the year Pfizer bought Wyeth and Merck acquired Schering-Plough.

The year 2014 has been a standout for pharmaceutical M&A – and it’s still far from over. Allergan PLC reinvented itself into a leading specialty player with the acquisition of Forest Laboratories Inc. And Pfizer Inc. surprised industry watchers around the globe by steamrolling into mega-merger territory, this time in pursuit of AstraZeneca PLC. Valeant Pharmaceuticals International Inc. launched a hostile bid for Allergan Inc., taking the unorthodox approach of enlisting the help of an activist investor, and GlaxoSmithKline PLC and Novartis AG set off a potential new trend with a big asset swap.

In most years, those deals alone would satisfy the industry. But two deals signed this summer, AbbVie Inc.’s $53.3...

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