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Pharma companies sell a lot of pills developed elsewhere – such drugs represent a third of Pfizer’s total revenue. And growth of licensed products is expected to be twice as fast as overall revenues according to consultant Wood MacKenzie. But these agreements can complicate mergers – and occasionally put seeming takeover bait such as Schering-Plough out of play. It’s a natural partnership. Pharma groups have salespeople and cash but lack new drugs to sell. Biotechs have the opposite problem. So...