In January 1999, as big pharma was rocked by several mergers, Pfizer’s CEO William Steere dismissed them, claiming that “mergers in this industry are done out of weakness… We’re not weak”. Later that year, he ate these words, arguing instead that Pfizer should buy Warner-Lambert because this merger was done “out of strength”. Sixteen years later, the colossus built by three mega-mergers is sputtering and keen to consummate yet another tie-up, as it tries to forestall the fallout from the precarious situation in which it has maneuvered itself.

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