Abstract
This article provides an analysis of the NOVARTIS mega‐merger in January 1997, leading to the second biggest pharmaceutical company in the world. A concept of analysis to clarify the crucial aspects of such an outstanding strategic event in a comprehensive way is developed. The intra‐organizational evolutionary perspective demonstrates that fundamental patterns of development in a merger can be explained and predicated based on the analysis of the two candidates' previous patterns. This approach provides deep insights not only for academics, but also for managers and consultants designing and leading a mega‐merger in reality.