Pfizer has agreed to merge its off-patent drugs business with generic drugmaker Mylan.
Pfizer shareholders would own 57 percent of the combined new company, and Mylan shareholders would own 43 percent. The new company will be incorporated in Delaware and run operations in Pittsburgh, Shanghai and Hyderabad, India.
According to Pfizer, the deal will allow the new company to meaningfully expand the geographic reach of Mylan’s existing product portfolio and future pipeline – including significant investments that have been made across complex generics and biosimilars – into new growth markets where Pfizer's Upjohn has existing sales infrastructure and local market expertise. Upjohn is best known for Lipitor, Celebrex and Viagra.
The two drugmakers are already working together — Pfizer makes EpiPen injectors for Mylan and the two companies jointly make and sell generic drugs in Japan.
Read the press release