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Bristol's $2.4 billion buyout of Medarex in 2009 yielded value equivalent or greater to that realized in larger M&A transactions signed that year, such as Pfizer/Wyeth, Merck/Schering-Plough and Roche/Genentech. The deal made BMS a leader in immuno-oncology and by most accounts is the highlight of the pharma's "string of pearls" strategy.

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As Sanofi enters a new phase in the insulin race amid heating competition in the country with the highest number of diabetics, it has outlined a new strategy in China, starting from a better understanding of the disease. It is also shifting from simply offering products to providing broader solutions, the firm’s global diabetes head Pierre Chancel says in an interview.

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