Studying acquisitions in the US pharmaceutical industry, we first question how the alignment of acquirers’ innovation trajectories (as path-dependent or path-breaking change through the acquisition of targets with similar or distant innovations) with their own inventors’ pre-acquisition...

This paper studies how firms use acquisitions to achieve long-term business reconfiguration. We base the study in a routine-based perspective on business dynamics. We develop and test hypotheses concerning the relative extent of change by acquiring and non-acquiring businesses, focusing on...