Pfizer to merge its off-patent drugs business with generic drugmaker Mylan, creating a giant global seller of lower-priced medicines
By Jonathan D. Rockoff and Cara Lombardo Updated July 29, 2019 7:42 am ET Pfizer Inc. PFE 0.98% agreed to merge its off-patent drugs business with generic drugmaker Mylan NV.
Mylan Chief Executive Heather Bresch will retire after the deal closes, which is expected to happen in the middle of 2020, the companies said Monday. The deal brings together two businesses whose sales have slowed since former big sellers lost patent protection and began facing lower-priced competition. For Pfizer, these include Lipitor cholesterol pills and the male-impotence drug Viagra.
Pfizer is in the later stages of developing a number of new products, each of which could surpass $1 billion in yearly sales if approved, accelerating growth.
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