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But these fall far short of mergers.
Technology, too, could bring more waves of mergers.
It was formed in 2002 from a series of mergers.
But the nature of mergers was starting to change.
Since then, there has been a rush of mergers.
There has been a slew of mergers and takeovers.
A series of mergers also helped push shares higher.
That string of mergers has supported steady sales growth.
But a wave of mergers instead reduced it.
The pharmaceuticals industry has gone through waves of mergers.
Medicines rarely become unavailable as a result of mergers.
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