Well it will be a double edged sword - M&A of a DNA will free up nearly $50 billion in cash that will then find its way back into the smaller names. It will find its way via stock purchases in the open market, as PIPEs to fund companies as well as through VC $$$. That $50b will grease the biotech wheels and indirectly/directly fund companies that are more focused on research rather then drug sales. Genentech was becoming more of a pharma then a biotech.
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