Pfizer plans to combine its business that sells older blockbuster medicines such as Lipitor and Viagra with generic drugmaker Mylan in a deal that would reshape the brand-name and off-patent pharmaceutical industries.
Pfizer Inc. plans to combine its business that sells older blockbuster medicines such as Lipitor and Viagra with generic drugmaker Mylan in a deal that would reshape the brand-name and off-patent pharmaceutical industries.
Pfizer, which had $54 billion in sales in 2018, had previously pondered both industry-shaking mega-deals and a potential breakup. But in recent years it has been slimming itself into a sleek maker of innovative therapies for cancer and other diseases.Mylan, with $11.4 billion in sales last year, has been looking for ways to realign its business in an intensely competitive generic-drug industry that has punished the company’s profits and stock price.
Mylan has struggled in the face of declining prices for generic drugs, manufacturing issues at a key plant and legal questions about the company’s alleged involvement in a price-fixing conspiracy with other drugmakers. Although Pfizer shareholders would end up with a larger slice of the new company’s equity, Mylan would have tighter control of its board. With Coury as executive chairman, Mylan would also get to name eight other board members. Pfizer would name three. Goettler would also get a seat, for a total of 13 members.The venture would also be less reliant on the generic pills that have been a mainstay of Mylan’s business but that have also become a drag as prices fall and competition grows.
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