Rarely in the field of pharmaceuticals have so many companies adopted such varied strategies in order to survive the intensifying structural pressures in their industry.

With three large-scale deals unveiled in less than two months totalling about $150bn – casting into obscurity a series of smaller deals such as Gilead’s $1.4bn bid Thursday for CV Therapeutics -– the pace of consolidation is almost unprecedented. But each brings its nuances; and none guarantees long-term success.