MORGANTOWN, W.Va. — Mylan and Pfizer are merging — a deal that’ll see Pfizer split off its portfolio of drugs, no longer protected by patents, and combine them with Mylan’s generic and name-brand drugs under a new pharmaceutical company.
On the Pfizer list: Viagra, Xanax, Zoloft and Lipitor.
Mylan has EpiPens along with a list of generics.
Pfizer Executive Michael Goettler is set to become CEO and current Mylan CEO Heather Bresch will be exiting the company.
“On behalf of Mylan’s board of directors, I extend my gratitude and respect for Heather Bresch’s years of extraordinary and passionate leadership at Mylan which helped to pave the way for today’s historic announcement regarding the combination of Mylan and Upjohn,” Mylan’s Board chairman Robert J. Coury said.
Bresch’s departure is officially being called a retirement. She’s been with the company for 27 years.
“It’s the right time,” Bresch said.
The new company will be rebranded and renamed, Coury said.
The new company will have global centers in Pittsburgh, Shanghai and in India. There was no immediate word on the impact the merger will have on Mylan’s large plant in Morgantown.
“I would like to welcome both the Mylan and the Pfizer employees,” Goettler said.
“We are creating a new champion for global health–one poised to bring world-class medicines to patients across a wide range of therapeutic areas,” Dr. Albert Bourla, Pfizer CEO on merger with Mylan.
Wall Street investors showed a liking to the move early Monday, Mylan’s stock was up 25 percent in the pre-market opening.
This is a developing story and will be updated.