Numerous reports indicate that M&A tends to destroys more value than it creates. In this Executive Briefing we discuss some of the specific challenges in Pharma and Biotech M&A. We show how we help our clients determine a suitable price range that takes into account the often significant uncertainties inherent in pipeline potential and market environments. In addition we give examples of how we accompany clients during the critical post–merger portfolio consolidation period. Drawing on principles dating back to the famed value investor Benjamin Graham we believe that Biotech and Pharma M&A is not a “quick fix”, but it can be a powerful strategic lever for value creation.