Pros / Cons - IB M&A vs. Industry M&A

1. Global M&A group at a BB i-bank (NOT GS/MS though...)

2. Internal M&A / venture capital at a pharmaceutical company (US$25bn market cap, so not a mega-pharma company, but not a tiny one either)

What do you think are the pros and cons of each one? especially with regard to a PE gig?

Thanks.