Hours after Ken Frazier announced the biggest deal he’s made in three years as Merck & Co.’s leader, he cautioned investors not to expect any quick follow-ups. “We’re not serial mergers and acquirers,” Frazier said in an interview after his Whitehouse Station, New Jersey-based based company announced it had sold its over-the-counter business to Bayer AG (BAYN) for $14.2 billion. During a time when competitor Pfizer Inc. (PFE) has reorganized its company, divested two units about the same size as Merck’s OTC business and announced it was pursuing a $100-billion-plus deal that may be the biggest ever in the industry, Frazier is preaching patience.
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