Valeant

For students of perverse incentives created by tax, it is a bonanza week. Apple has raised $12bn in bonds to buy back shares, despite having $130bn sitting in cash overseas, and Pfizer wants to turn itself into a UK-domiciled company by acquiring AstraZeneca for £60bn.

John Gapper

We have been presented this week with two visions for the future of innovation in the pharmaceuticals industry. One is encouraging, the other is not.