This case looks at the deal-making process between Celgene, a large publicly traded pharmaceutical company, and Agios, an early-stage biotech company. The framework of a potential deal is explored and the potential road-blocks to Agios' profitability are discussed. The relationship between a fledgling biotech company and an established pharmaceutical company as well as the expectations from both sides regarding their deal are examined.

Sym-Bio, an entrepreneurial Chinese diagnostic company with a product line in infectious disease testing, has agreed to be acquired by PerkinElmer, an international corporation with businesses in neonatal testing, life science services, and environmental health. Sym-Bio wants to accelerate its growth and competitive position in China through this strategic move, and PerkinElmer seeks to broaden its access to the Chinese marketplace, leverage the cost advantages of operating in China, and tap into the talent pool of young Chinese scientists. Strategic and operational integration of Sym-Bio into PerkinElmer is explored through the lens of the founder and CEO of Sym-Bio and that of the acquiring company.