Billionaire hedge fund manager Bill Ackman is fundamentally wrong in the arguments that he is making in his efforts to force Botox-maker Allergan to sell itself to Valeant Pharmceuticals. Merck and Novartis, both regarded as paragons of R&D, are actually laggards. And Pfizer and AstraZeneca, far from sad sacks driven into each others arms by an inability to develop new drugs, are actually average.
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