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Goldman, Sachs & Co. got in on the Merck & Co. Inc. advisory game early and reaped the rewards April 17 when Merck pharmacy-benefits management subsidiary MedcoHealth Solutions Inc. filed for a $1 billion initial public offering.
In August, Merck hired Goldman to advise the pharmaceutical giant on strategic options including a Medco spinoff - a notable break with tradition, since Merck usually depended on J.P. Morgan Chase & Co. for advice.
J.P. Morgan won co-manager credit on the deal, but the bank, along with Goldman, is not just an underwriter: It is also a beneficiary...