Could the global drugs business be on the cusp of another round of consolidation? Earlier this decade, a frenzy of deal-making saw Pfizer gobble up Pharmacia and Warner Lambert, Glaxo Wellcome join hands with SmithKline Beecham and Sanofi merge with Aventis. As the industry digested those deals, each of which was worth more than $50 billion, it seemed as though the acquisition spree might have come to an end. Talk of "diseconomies of scale" put a dampener on the appetite for further deal-making.
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