Carax Alphavalue |The European pharmaceutical sector hit record highs almost two years ago, since when it has had an overall disappointing performance. So far this year, there has been no sign of its defensive qualities, although it continues to pay attractive dividends.
MADRID | The Corner | In one of the best symptoms of economic recovery, companies are leaving risk aversion behind and buying others to grow. In the first six months of the year, M&A operations reached $1.75 trillion worldwide, 75% more than during the same period of 2013. The pharma sector is in pole position, with multiples reaching 21.3x PE globally vs. 16.1x in 2013, and 4 of the 10 largest operations announced for 2014. According to JP Morgan, if we annualize 1S volume, operations could total $3.642 trillions by the end of the year.