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Pfizer's Expensive Risk-Reduction Strategy: In-License

Executive Summary

One way of diversifying risk is in-licensing, an expensive game in which Pfizer had never been an ambitious bidder. But the price of recent late-stage deals, such as Bristol-Myers Squibb's in licensing of Lipha's Glucophage, has helped convince Pfizer that it's going to have to pay up if it is to become a serious dealmaker.

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