A bitter pill


Unattractive valuations and the overshadowing presence of patent pitfalls and litigation risk have combined to make the pharmaceutical sector one of the most interesting movers over the past few months.

Recently,Wyeth (WYE) was able to attract enough interest in a bond transaction to upsize the issue to $3 billion from $2.5 billion. Also, Schering-Plough (SPG) tapped the market for $2.4 billion in spite of ongoing legal issues and loss of patent protection on its Claritin product.

Just a month

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