Roche/Chugai Blaze a Trail...But Will Anyone Follow?

Roche and Chugai have entered new dealmaking territory. This is the first time a Western company has taken over a Japanese counterpart in one go, and on a friendly basis. The deal grants Chugai enough independence for it to save face, while allowing Roche to leapfrog into the top ten in Japan. As such, the deal should in theory provide a template for others. But in Japan few CEOs are as open-minded as Chugai's leader. Equally, few Western companies can boast Roche's aptitude for arm's-length management.