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Merger-acquisition boom raises question of when it will end

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Photographs by Bloomberg/Kentaro Takahashi

The Takeda Pharmaceutical Co. logo at the company's global headquarters in Tokyo on June 11, 2018.

Multibillion-dollar deals that will reshape the health care and media industries have set 2018 on course to be the biggest year on record for global mergers and acquisitions. Now, after an unprecedented five years of bumper activity, deal-makers are starting to sound a note of caution.

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