Lets do a little industry analysis; the numbers here a generally reflective of market conditions in recent years, with minor adjustments, but this exercise should still be considered hypothetical. Suppose annual industry sales are $188.4 billion. In this industry there are six leading companies, several smaller significant competitors, and a number of even smaller niche firms. The top companies and their revenue data are: Company Revenue Pfizer Inc. $ 22.2 billion AbbVie Inc. $ 21.5 billion Johnson & Johnson $ 21.5 billion Merck & Co. Inc. $ 19.4 billion Amgen Inc. $ 18.3 billion Bristol-Myers Squibb $ 13.0 billion Eli Lilly & Co. $ 9.2 billion Sanofi SA $ 9.2 billion GlaxoSmithKline PLC $ 6.4 billion Other smaller firms combined $ 47.7 billion Industry Total $188.4 billion

4. Suppose that Amgen announced it intended to merge with Eli Lilly. What would be the new industry HHI? Given the policies stated in the Horizontal Merger Guidelines as discussed in the text, would the merger most likely be challenged by the DOJ/FTC as anticompetitive?