Its cost base is still completely different, and its structure is still wrong.

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For instance, if the company looks to raise capital in debt or equity markets in the future, the new structure would allow investors to derive different growth and cost of capital assumptions leading to a higher combined valuation.

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Instead, in his prepared remarks, Kindler seems to be emphasizing the drugmaker's ability to wrench big efficiencies out of its enormous structure--a strategy not that different from the cost-cutting going on at rival Merck.

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