One company makes Xanax and Viagra. The other makes the popular EpiPen drug for people with allergies. Now they are merging.
New York Pfizer and Mylan announced they are combining two of their businesses to create a global powerhouse in the low-price drug market.
Pfizer said Monday it's offloading Upjohn, its portfolio of drugs that are no longer protected by patents, including Viagra, Lipitor and Celebrex. It is combining Upjohn with rival Mylan, which makes EpiPens, to create a new company. Under the terms of the deal, Pfizer shareholders would gain most control of the company with 57% ownership and Mylan shareholders would own the rest. The new company will have a new, yet-to-be-announced name.
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