Pfizer to combine off-patent drug business with Mylan

NEW YORK, July 29 (AFP): Pfizer announced Monday it will combine its off-patent drug business with the generic drugmaker Mylan to create a global leader in low-cost treatment, as drugmakers face intense political pressure to drive down prices in the United States.

The new entity will be 57 per cent owned by Pfizer shareholders, and 43 per cent owned by Mylan's. Its portfolio includes impotence drug Viagra, cholesterol pills Lipitor, painkiller Lyrica and the emergency allergy treatment EpiPen, according to a statement.

The combined company, to be named after the transaction is complete, will be led by Robert Coury, current chair of Mylan's board, who will serve as executive chairman.

Michael Goettler, head of Pfizer's off-patented drug business Upjohn, will serve as CEO, while Heather Bresch, the current CEO of Mylan, will leave the company.