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No major pharma deals for Merck KGaA until 2013

Posted on 20 April 2012

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Germany's Merck KGaA, a big pharma company will refrain from major pharma deals until the end of next year to focus on cost cuts and job reduction, its Chief Executive said on Friday.

The maker of cancer drugs and high-tech chemicals for flat panel displays has said it plans to cut costs by an as yet unspecified amount through 2018 with a first phase running until end-2013 after a number of setbacks in its drug development pipeline.

"We do not plan to make any major acquisitions during this first phase of the programme. However, we will continue to strengthen our business through in-licensing or targeted acquisitions if the opportunities arise," CEO Karl-Ludwig Kley said, according to a prepared speech for Merck's annual shareholder meeting.

Read the full story at Reuters



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