16.Indian generics leader Dr Reddy's acquired the US oral penicillin business and manufacturing plant of GlaxoSmithKline for an undisclosed sum in November 2010, as part of the company's strategy to significantly increase its generics business in the US.

17.US oncology developer Cephalon (now owned by Teva) acquired a 20 percent stake in Australian stem cell company Mesoblast for $220 millionin December 2010, and agreeing to milestones worth up to $1.7 billion, in the largest stem cell deal ever at that time.

18.Japan's Takeda acquired Swiss-based multinational Nycomed for $14 billion in May 2011, in an effort to expand presence in emerging European markets.

19.GlaxoSmithKline acquired the remaining 51 percent equity stake in Chinese joint venture Shenzhen Neptunus Interlong Bio-Technique for $39 millio in June 2011, reiterating its dedication to expanding its vaccines offering in greater China.

20.UK-based AstraZeneca acquired Chinese generic injectables maker Guangdong BeiKang Pharmaceutical for an undisclosed sum in December 2011, in the company's biggest push into China to date.

Looking forward, domestic consolidation and multinational interest in Asian companies are expected to continue at similarly high rates as observed in 2010 and 2011, as the market conditions continue to encourage expansion into the higher growth emerging markets. Significant inward investment in Asia can also be expected. As healthcare reforms take greater effect in China, business operating practices continue to improve in India, government incentives and policies drive growth in South Korea, and falling sales in major markets stress large Japanese firms, these countries will continue to be the primary sources and targets for significant M&A during 2012.