Behind Scios-J&J: No Groundswell for M&A

While the investment banking world does its best to sing the virtues and likelihood of biotech consolidation, the industry isn't paying attention. Indeed, perhaps the most interesting aspect of J&J's acquisition of Scios isn't the fact that J&J outbid the competition, but just how little competition it had to outbid for one of the very few clearly successful product-oriented biotechs.