Dealing Drugmakers Gain as Reticent Rivals Lose: Real M&A

Drugmakers on an acquisition spree have created a combined $24 billion for shareholders this month, gains that will encourage even more dealmaking.

Pfizer Inc. and GlaxoSmithKline Plc are among pharmaceutical companies whose shares advanced after announcing $115 billion of acquisition plans since the end of March. In contrast, major drugmakers such as Roche Holding AG and Bristol-Myers Squibb Co. that have largely shunned this month’s takeover frenzy lost a combined $4.1 billion for their shareholders through yesterday, according to data compiled by Bloomberg.