Deals
Pfizer to Braid Old Blockbusters Into Mylan, Reshaping Industry
- Pact will focus Pfizer on innovation, beef up struggling Mylan
- Mylan shares, bonds surge as drugmaker’s financial clouds part
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Pfizer Inc. plans to combine its business that sells older blockbuster medicines such as Lipitor and Viagra with generic drugmaker Mylan NV, in a deal that will reshape the brand-name and off-patent pharmaceutical industries.
Under the terms of the all-stock transaction, Mylan investors would get 43% of the new entity and Pfizer investors the rest. The new publicly traded company will have sales of about $19 billion to $20 billion in 2020, the drugmakers said in a statement.