Jul 29, 2019 - Health

Pfizer merging off-patent drugs business with Mylan

Pfizer will merge its off-patent drugs business with generic maker Mylan to create a giant global seller of lower-priced drugs, the Wall Street Journal first reported.

Why it matters: The world's largest drug maker's deal with Mylan brings together two businesses that have experienced slowed sales since former big sellers lost patent protection.

Details on the agreement:

  • Pfizer shareholders would own 57% of the new company and Mylan shareholders would own 43%, Mylan confirmed to Reuters Monday.
  • The combined company would be based in the U.S. and current Mylan Chief Executive Heather Bresch would leave.
  • The companies hope for a boost in business on key drugs that lost patent protection: Pfizer has Lipitor cholesterol pills and Viagra, and Mylan has the EpiPen emergency allergy shot.

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Why it matters: Brazil is only the second country to confirm more than 100,000 deaths from the coronavirus. On Sunday morning, it became the second country to surpass 3 million cases, per Johns Hopkins. Only the U.S. has reported more. Bolsonaro has yet to address the milestones. He has previously tested positive for COVID-19 three times, but he's downplayed the impact of the virus, which has crippled Brazil's economy.

Editor's note: This article has been updated with the latest coronavirus case numbers and more context.