why are they doing this, damion? >> i think there are two things, the innovation has slowed at big pharmaceutical firms. so they're not really bringing big products to drive the underlying growth of the rate. so they're looking at companies where they can create values, number one, number two there has been a lot of success from other firms, most notably pfizer, and the sale of the nutritional business both of which got strong valuations and probably opened the door for other pharmaceutical firms to follow in the footprints of pfizer. >> so if i read between the lines, you think most of the acquisitions will be shaping and pruning rather than the mega deal if pfizer merges with company, you name it. >> yes, i think that is more what we'll see happening over the remainder part of this year. valuations in the pharmaceutical groups increased, an average pe of 17, that is up from 14, the last time we saw a major round of consolidation of sharing plow. it is harder to create things when things are a little more expensive.