Word: nomura
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...merged with Britain's Beecham ($3 billion); Merrell Dow ($1.3 billion) of Midland, Mich., merged with Marion Labs ($752 million) of Kansas City. "Pharmaceuticals is the one industry in which the U.S. firms are the biggest and growing the fastest," says Jay Silverman, a health-care analyst at the Nomura Research Institute in New York City...
...that generates more than $500 million in sales annually -- could finance a company's investigations for years. But as research becomes more complicated, the patented blockbusters are proving harder to come by. "By 1992 half of the top-ten-selling drugs in the U.S. will be off-patent," says Nomura's Silverman. "By 1995 almost all of them will be off-patent." And that will force less innovative pharmaceutical companies to raise prices on a wide assortment of drugs to make up for their lack of new wonder cures...
Ford has promised Jaguar's officials a large degree of freedom in running the company. Even so, John Lawson, a London-based analyst for Nomura Research Institute, predicts that Ford will have to invest an additional $1.5 billion to improve Jaguar's production, which would bring the total investment to $4 billion. "That is going to be very hard for Ford to recover in the marketplace," Lawson warns. But then, status symbols seldom come cheap...
...Even so, Nomura realizes that progress in the U.S. will be slow. Says a top officer in Tokyo: "The market in New York is very big, and it is going to take us a while before we really get a share. But we can be patient, even take some losses and develop it." Rivals on Wall Street know they cannot afford to be complacent. Says Eugene Atkinson, former head of the Tokyo branch of Manhattan's Goldman, Sachs investment firm: "Despite all our efforts to make long-term plans, we pale in comparison with Nomura's awesome strategic thinking...
...special report on Japan' s Nomura, the world' s largest securities firm, which has stunned Wall Street with a big deal to get into the merger game...