Are the dark days over for the pharmaceutical industry? Maybe, but the gloomy period of 2010-2013 has done damage and the wave of restructuring deals in the sector attests more to a change of business model than to an economic upturn. After stagnating since 2009, mergers are resuming in 2014, with transactions worth €104 billion already concluded.
Plans by the American group Pfizer, number one worldwide, to pay €73 billion for Britain's AstraZeneca – the biggest deal of the year…