Remember when Merck (MRK) bought Schering-Plough for a cool $41.1 billion in 2009? Both were behemoths with wide drug menus, so Merck didn’t score any game-changing products. Rather, the two companies mostly sought to team up so they could take on competitors like Pfizer, which had acquired Wyeth earlier in the same year.
Truth be told, it wasn’t a bad deal. But it wasn’t necessarily a good deal either. Both organizations had a strong presence in cardiovascular and respiratory drugs, and decent pipelines.
The biggest value the union brought to the table was operational synergies, which at least somewhat materialized.