European Consolidation: Serious Competition for Big Pharma?

Merck KGAA surprised observers when it announced the €10.6 billion takeover of Europe's biggest biotech, Serono. There was more consolidation to come. That same day, the Danish pharmaceutical group Nycomed Group said it would acquire Altana Pharma for about €4.5 billion in cash. Only a couple days later, UCB SA entered the fray with the acquisition of Schwarz Pharma AG for €4.2 billion in cash and stock. Can these bulked up companies present serious competition for Big Pharma on the licensing front?