Pfizer and Mylan reportedly near merger deal for low-priced drugs

Pharma giants Pfizer and Mylan may be nearing a deal that could create a global powerhouse in the low-price drug market

The Wall Street Journal reported Saturday that pharma giants Pfizer and Mylan are nearing a deal that could create a global powerhouse in the low-price drug market. A formal agreement could be announced as soon as Monday, the paper reported, citing unnamed sources familiar with the discussions. Neither Pfizer nor Mylan responded to requests for comment from CNN Business on Saturday.

The first generic competitor to Mylan's EpiPen, the emergency treatment for allergic reactions, gained FDA approval last year. EpiPens were added to the FDA's drug shortage list two years after Mylan increased the price of the product by more than 400%, leading to public outrage.

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