Merck/Serono Bitter pill

When times are tough, pop a pill. That seems to be Merck’s attitude. The German conglomerate tried but failed to buy drugs company Schering earlier this year. Now it has swooped on Swiss pharmaceutical company Serono instead, with a E10.6bn cash offer. Its second choice looks like a second rate deal. True, pharmaceutical companies need scale, and the acquisition will turn Merck’s drugs business from a global tiddler into a bigger fish that can swim more safely with the industry whales. But Sero...