What will phar­ma's share buy­back shop­ping spree mean for M&A?

A hand­ful of cash-rich phar­ma com­pa­nies have an­nounced bil­lions of dol­lars in share buy­backs in re­cent months, rais­ing ques­tions about their in­ter­est in trans­for­ma­tive deal­mak­ing …

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