NEW YORK/SAN FRANCISCO — When it comes to deal-making, the healthcare industry defied belief last year, with $605bn in takeovers. While 2016 may be a good year, it is unlikely to beat that record."We entered 2015 with what I would characterise as almost a perfect M&A (mergers and acquisitions) environment: a generally stable economy, lack of volatility in the equity markets, low interest rates, tons of cash on companies’s balance sheets," said Jeff Stute, head of healthcare investment banking at JPMorgan Chase. His firm is hosting its annual conference next week in San Francisco, where healthcare executives flock to hold court with top investors.Some of the most active acquirers, like drug maker Pfizer, are going to be busy digesting purchases instead of hungering for new ones. Pfizer agreed last year to buy Allergan, itself a prolific merger partner, for $160bn. And Valeant Pharmaceuticals International, another major player, is resetting after a scandal in its drug distribution ch...
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