Pfizer has reached a deal to spin off its Upjohn unit and combine it with generics drugmaker Mylan to create an off-patent pharmaceutical group with an enterprise valuation of about $50bn.
The all-stock merger announced yesterday will bring under one roof former branded blockbusters such as Lipitor and Viagra with Mylan’s pipeline of new generics and biosimilars, expanding the businesses’ reach into China and other emerging markets.
The companies gave no valuation for the new group.
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