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Pharmaceutical Industry
Though cheered by Wall Street, most mergers don't work out for buyers
Though cheered by Wall Street, most mergers don't work out for buyers

— Wall Street's big business — helping companies buy other companies — is hotter than it's been in years. When pharmaceuticals giant Actavis said it was buying Allergan Inc. in Irvine and Halliburton said it would take over rival oil-field servicer Baker Hughes, Wall Street rang up a rare $100-billion deal day that pushed the total value of mergers globally to more than $3.2 trillion for the year, according to banking research firm Dealogic. The two merger agreements Nov. 17 arrived amid cheers from Wall Street analysts and triumphal statements by executives. "This acquisition creates the fastest-growing and most dynamic growth pharmaceutical company in...

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