I bet you can't give a single example: A new generic drug maker - start from scratch and no products (approved) and sold to big pharma for big$ in a couple of years. I can give a ton of examples of small brandname drug makers sold in millions and billions (Sirtris to GSK is just one - VC made a killing there for some crapy technology, but that is a different story).
When Waston started about 30 years ago, I would say that generics can make money. In the U.S (where there is "no" government control in drug pricing, it becomes less and less so. In third countries like India and China, generics can make money. I'm talking about US here.