The pharma industry has lost its appetite for deals called “mega-mergers”. Despite their increased size, merged R&D operations have failed to deliver the output expected of them. By attaining number one position, the share price of Pfizer did not climb up. Hence will mega-mergers continue? Perhaps the motives can be put down to pure vanity? But for many companies, the prospect of moving up the pecking order may be too sweet to resist for long.