Pfizer stunned Wall Street two weeks ago by announcing a $100 billion-plus bid for Swedish-British drugmaker AstraZeneca. It was especially jaw-dropping since $200 billion in acquisitions by Pfizer PFE +0.01% over the previous decade were accompanied by a sharp decline in its stock price. In fact, Pfizer’s chairman and CEO, Ian Read, appeared to rule out such giant acquisitions just two years ago in favor of cutting costs and returning money to shareholders.
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