Jeff Kindler, chief executive, told the Financial Times: “The real goal is to grow revenues . . . We are open to opportunities and constantly looking at those which are big, small and in- between.”

His comments stand in stark contrast to those of his peers, who have increasingly focused on small-scale deals and partnerships while turning against the “mega-mergers” that created the current industry giants including Pfizer, AstraZeneca, GSKand Sanofi-Aventis.

But any large-scale acquisition by Pfizer could drive a fresh round of consolidation in the sector, as other companies await the US group's move before responding with deals of their own. Unlike most other sectors in the current downturn, pharmaceuticals boasts many companies that can still fund deals through substantial cash reserves.