Derek and I used to disagree on this, but over the last four years, he's come to agree: the Merck Schering-Plough buy-out/bust-up didn't really add a ton of value to Merck's long-suffering investor base.
The latest Bridion® FDA non-approvable letter sent to Whitehouse Station was occasion enough for Derek to restate his case -- one that I will quite immodestly suggest I helped him (ultimately) to accept -- about three years ago, now.
Here is his piece, as it ran today at Seeking Alpha. Do go read it all:
. . . .At any rate, Merck really doesn't seem to have gotten a lot out of the deal, and this latest rejection doesn't make it look any better. Not all of those problems were (or could have been) evident at the time, but enough of them were to make a person wonder. I'm willing to nominate it as "Most Pointless Big Pharma Merger," and would be glad to hear the case for other contenders. . . .
Pungently put -- but probably right.