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Category Focus Rewards Biopharma Shareholders

Executive Summary

For decades, biopharma companies have relentlessly pursued growth, counting on pure scale and M&A cost synergies to create value. This strategy is reaching its limits and becoming counterproductive, according to Bain & Co. analysis. Megamergers that don’t produce category leaders also don’t create portfolios that are likely to deliver attractive shareholder returns over time.

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