This article is adapted from PharmaVentures' recent report Facts and Trends in Deal Making: A Perspective on the Pharma and Biotech Industries. It examines the deal making preferences of five companies (Pfizer, GlaxoSmithKline, Merck & Co., AstraZeneca and Johnson & Johnson) over the past 8 years (1997-2004), so as to gain insight into their strategies.