M&A - Japan's bitter medicine

Japanese pharmaceutical companies have started merging in order to fend off the advances of international firms seeking a larger slice of the domestic market. Fujisawa and Yamanouchi are the first, forming the expansionary Astellas. But as Richard Morrow reports, the creation of Astellas may have merely been a placebo. Rather than doing away with the merger risks it may have made the companies even more vulnerable to foreign acquisition.