The decision by Jefferies to hire almost all of UBS' healthcare bankers a year ago this month has continued to pay off - the US investment bank has landed a role as a joint adviser and finance provider on a $3.8bn (€3.1bn) acquisition in the sector.

Yesterday Valeant Pharmaceuticals International, a US drugs company, said in a statement it had agreed to merge with Canadian rival Biovail to form a new group called Valeant Pharmaceuticals International.