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Health Care Sector Rejoices in a $40 Billion Takeover Thursday

Forget Merger Monday. In health care, it's Takeover Thursday. Deals totaling $40 billion were announced while most investors were still sipping their morning coffee.

Thursday's parade of deals seems to answer a question that's been bugging health care investors for most of 2016: why haven't retreating biotech valuations sparked an uptick in M&A activity?

There's no single template for an acquisition, but the Sanofi and AbbVie deals share a common trait. Two large...