PORTAGE, MI (WKZO AM/FM) — Pfizer is announcing a major merger with a generic drug manufacturer.
On Monday the company released a statement explaining their plan to absorb Mylen with Upjohn, their current off-brand and generic medicine manufacturer, to create a new global pharmaceutical company.
The name of the new combined company is not yet known.
According to their website, each Mylan share would be converted into one share of the new company. Pfizer shareholders would own 57% of the combined new company, and Mylan shareholders would own 43%.
Local officials say Pfizer’s manufacturing facility in Portage would not be included in the merger and that the deal would not have any direct impacts on the company’s drug prices
Pfizer’s CEO Dr. Albert Bourla stated, “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. I believe that Mylan’s unique profile and strategy has made it the obvious partner of choice in creating this powerful combination. By bringing Mylan’s growth assets to Upjohn’s growth markets, we will create a financially strong company with true global reach.”
More information on the merger can be found here.
