Pfizer To Buy Mylan

Credit: AP Photo/Mark Lennihan

Big pharma is about to go through a serious merger as Pfizer buys Mylan.

Pfizer is the largest pharmaceutical company in the US, and it’s now purchasing Canonsburg-based Mylan. The two companies will form an entirely new company that combines Pfizer’s off-branded drug business with a more generic pharmaceutical company. Pfizer’s Upjohn sells one-off hits like Lipitor and Viagra, which have now lost their patent protections. Now, the company will form a new offshoot with Mylan, a company worth about $10 billion. The name of the new company has yet to be released.

This deal is quite complex and serves a specific purpose for Pfizer, and it’s still expected to take a while. The deal is only expected to be finalized and closed in the middle of 2020. The new company will have a completely new name and revenues easily exceeding $19 billion in 2020. The company will be operational in 165 countries.

This deal is quite a big one for the pharmaceutical world, but it’s not incredibly surprising. Pfizer and Mylan have been working together for years. Pfizer manufactures Mylan’s EpiPen, which has caused some controversy due to Mylan raising the price of two EpiPens to $600, making it five times higher and sparking a Congressional hearing on the matter. The strengthening ties between the two companies make them an obvious pairing for each other.

Written by  
5 years ago
Article Tags:
· · · · ·