Pfizer to combine off-patent drug unit Upjohn with Mylan
Pfizer’s off-patent drug unit Upjohn is combining with Mylan to create a new global pharmaceutical company focused on the low-price drug market.
The boards of both Pfizer and Mylan have unanimously approved the deal, which will see Pfizer shareholders own 57% of the yet-to-be-named firm. Shareholders in EpiPen creator Mylan will own the remaining 43% of the newly formed firm.
Pfizer’s Upjohn brings to the table a portfolio of its drugs that are no longer protected by patents, including Viagra, Lipitor and Celebrex. The new US-based firm is set to generate $20 billion in sales each year.
Shares in Mylan shot up by 20% on announcement of the deal, while shares in Pfizer fell nearly 2% in early trading on Monday.
The deal could sharpen Pfizer’s focus on branded medicines and vaccines as it streamlines its operations amid the folding of its consumer health business into a joint venture with GSK.
The deal could also see Mylan expand its reach as the firm taps into Upjohn’s existing sales infrastructure in China and other emerging markets around the world. Michael Goettler, currently Group President at Upjohn, will serve as the new company’s CEO.
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