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The Long Case for Pfizer

Bruce Berkowitz of Fairholme recently made Pfizer a top holding. His rationale is that, aside from the market discounting the company's potential, their size and financial strength will enable them to form partnerships with, or acquire, the smaller companies that are developing breakthrough drugs.

We saw Pfizer attempting to do this by partnering with Nektar to develop and market Exubera, an inhaled insulin. Exubera failed, but it's hurt Nektar a whole lot more than Pfizer.