Five companies in big pharma’s top 20 have come through mergers in the past 10 years or so that changed them significantly. As measured by standard financial performance parameters, the processes at Takeda and Teva (and to some extent, at Allergan) seem relatively smooth and productive. Those at Pfizer and Merck don’t. But it depends on how you look at the numbers.

Last year's platform failure and back to the drawing board status of bluebird bio was all forgotten last week as data on a few patients treated with its CAR-T therapy were released. It seems that investors are quick to forget similar failed or problematic products at Arrowhead, uniQure and Juno.

A clinical trial failure at Auris and a revoked patent at Johnson & Johnson that will lead to the emergence of real US biosimilar competition passed virtually unnoticed last week. It's that time of year again.

Allergan’s buyout of MAP Pharma is an unusual case of a deal centered on drug under the shadow of a “complete response” letter, but it’s not the only one. How does it compare to recent precedents.