(https://www.marketwatch.com/story/astrazeneca-tie-up-talks-with-bristol-myers-squibb-are-moving-stocks-analysts-are-puzzled-7ae60fef?mod=mw_rss_topstories) with Bristol-Myers Squibb have analysts confused about why AZN is falling while BMS is popping. The real answer: M&A deals don't fix what's broken. When two large-cap pharmas merge, you're not buying growth—you're buying *market consolidation* because organic innovation pipelines are exhausted.

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