Pfizer is in talks to merge its off-patent drugs business with Mylan, creating a global giant in lower-priced medicines, people familiar say
By Jonathan D. Rockoff and Cara Lombardo July 27, 2019 7:59 am ET Pfizer Inc. PFE 0.98% is in talks to merge its off-patent drugs business with generic drugmaker Mylan NV, according to people familiar with the matter, in a deal that would create a giant global seller of lower-priced medicines.
Current Mylan Chief Executive Heather Bresch would depart, the person said. The combined company would be based in the U.S. The squeeze has hurt the sales—and shares—of Mylan and other leading generic drugmakers, notably Teva Pharmaceutical Industries Ltd. Mylan stock has dropped by about 75% from its high in the spring of 2015.
Both Pfizer and Mylan, which is incorporated in the Netherlands but run from Pittsburgh, had been seeking ways to bolster their slowing businesses. In May, Mr. Bourla broached the idea of a combination with Mr. Coury, one of the people familiar with the deal said. But their sales have been declining since generic rivals hit the market, weighing on the company as it seeks to rev up growth by launching new branded drugs and vaccines for cancer, heart disease and other conditions.
Mylan’s board, meantime, has been conducting a strategic review as the company tries to revive sales by moving into more complex—and higher-priced—generics and copies of biotech drugs.
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