Watson CEO considers big bang approach; Stryker CEO resigns;

> It's the big bang theory ... or perhaps the big brand theory. Following in the shadow of Teva Pharmaceutical Industries ($TEVA), Bloomberg reports that Paul Bisaro, CEO of generic drug specialist Watson Pharmaceuticals ($WPI) wants to take the $6 billion he expects to have available and make a "transformational" acquisition that will move the company significantly toward a higher-margin branded drug manufacturer. Story

> Stephen MacMillan, CEO of Stryker ($SYK), who oversaw the expansion in recent years of the hip and knee maker, has resigned for family reasons and is being replaced for now by CFO Curt Hartman. Story

> GlaxoSmithKline ($GSK) and AstraZeneca ($AZN), Britain's two biggest drugmakers, represent two diverging trends in drug manufacturing: whether to increase in-house R&D, as GSK has, or do more outsourcing, AstraZeneca's approach. Story

> Pianora, Bologna-based Marchesini is expanding its presence in pharmaceutical and cosmetics packaging with PRB, also an Italian company. Story

> Reuters says President Obama is likely to include in his proposed budget next week a repeat of his proposal to disallow U.S. companies to shelter overseas profits on intangible property, like royalties from a drug patent. The administration says this would raise $23 billion in revenue. Info

> API manufacturer Hikal said its manufacturing facility in Jigani, Bengaluru, India, has successfully completed its third FDA audit. Item

> U.K.-based SCM Pharma will develop and manufacture an injectable neonatal product for Ireland-based BrePco BioPharma to be used in clinical trials researching the treatment of critically ill premature babies suffering from hypotension. Item