Top pharmaceuticals face a dilemma in that many blockbuster drugs are losing patent protection and existing pipelines may not compensate for lost revenues. The choice for many is layoffs, office closings, downsizing or to innovate with new products. Most companies will do the former if they must but prefer the latter. Rather than the megamergers that achieve big cost savings through layoffs and factory closings, most drug companies are aiming for transactions that grow their bottom line. In the last few years, this trend has resulted in a complex series of deals and transactions, ranging from complete buyouts to licensing transactions to a variety of collaborative arrangements.