Today's news that "Canadian" drug peddler Valeant will take over Bausch and Lomb filled me with ill will.
Why?
Because the opportunists at Warburg Pincus are going to be gloating about their 300% windfall on this deal for the next 100 years.
Have to admit it's one of the rare deals where the market actually gives its seal of approval; Valeant shares took a good jump when word of the B&L deal came out.
Pearson seems to be just the guy to take Valeant to new places. Because he knows nothing about the business, he is not blinded by self-evident truths such as "without a big R&D budget you're dead," or even better, "if you don't have a whack of new product in the pipeline you're dead..."
No, Pearson came aboard with a bold vision; slash research! Shut down the pipeline!
Instead, focus on buying up those struggling companies who have been foolish enough to keep pouring the money into research!
Seems to be working so far.
No comments:
Post a Comment