Killer Acquisitions

Quoting an author: In our "Killer Acquisitions" paper we document the same effect in pharmaceuticals where dominant incumbents acquire small entrepreneurial startups and then kill the innovation because it would otherwise cannibalize the profits of their own existing drugs.

There are also other papers that show that increasing concentration is terrible for innovation in pharma (https://econpapers.repec.org/article/eeeindorg/v_3a63_3ay_3a...): horizontal mergers not only decrease the innovation intensity of the merging parties, but even the incentive to innovate of other competitors.