I actually think Merck is a better fit to acquire PFE. Keep the best of the portfolio and pipeline, sell off the rest. Even better opportunity to cut costs as vaccines and oncology fit easily in their existing structure of sales, marketing, medical, legal, etc. same opportunity to pocket PFE retained cash from the covid windfall, and do something more productive than PFE has accomplished.
Merck is back near 10 year highs in stock price, PFE remains near 10 year lows. Merck learned the risks of leadership being overly focused on ESG boondoggles. They would clear the top leadership quickly. Unfortunately due to synergies of portfolios, they could cut throughout.