Life science behemoths - R.I.P.

OXFORD - It has taken only a year and a half to bury the fantasy of the fully integrated life sciences company model, which postulated ephemeral synergies between drug, agbio, agrichemical and nutriceuticals businesses. Last week's decision by Novartis AG and AstraZeneca plc to spin out and merge their agribusinesses to form Syngenta AG, leaving two stand-alone pharmaceutical companies, will now focus attention on how the two drug companies will survive in a dog-eat-dog world.

Now, according to McKillop, the realization is that while some synergies exist between agribusiness and pharmaceuticals, they are not substantial...