Teva Wins Allergan, Israel Loses Teva

Israel's Teva paradox: Israelis are cheering the victory their home team won in the M&A wars, but they don't realize the drug company has grown too big for the country that nurtured it.

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It had all the elements of a Greek epic. There was a warrior hero (Teva Pharmaceuticals) in battle with a bitter enemy (Mylan). There were women they were determined to capture (Perrigo and Mylan again, in a...