Pfizer has declared that it will be merging its off-patent drug business with Mylan, which is a generic drugmaker, in order to turn into a global leader in low-cost treatment. However, this business is expected to face considerable political pressure in the US. The newly planned brochure will have impotence drug Viagra, the life-saving EpiPen allergy treatment, painkiller Lyrica, and cholesterol pills Lipitor. This news has come right amid the increasing competition in the generic drugs sector. It has been found that this business does not have any barrier to enter the market and commercialize. This new deal is believed to help gather $1 Billion in yearly cost savings by 2023.
The merger can help the companies reach each and every market and continent present on the globe so as occupy a top position on the global platform. Pfizer wants to acquire a number of firms for its revenue gain and popularity. The latest company will have 57% of its shares owned by Pfizer and the rest 43% by Mylan. Mylan is one of the most controversial healthcare companies as it is being questioned for the opioid sales and connection with US antitrust analysis of generic companies. Pfizer focuses on developing new drugs for renal cell carcinoma, eczema, and muscular dystrophy as well as extending its research and development.
Similarly, the company earlier announced about combining its healthcare business with GlaxoSmithKline’s unit and also shelling out $11.4 Billion to acquire Array BioPharma. Recently, there was another news that Upjohn Head Michael Goettler will be the CEO as Mylan CEO Heather Bresch will be resigning from power. The resignation followed right after the company was blamed for the high prices for EpiPen emergency treatment. Though Pfizer financial forecast appears to be low due to these big acquisitions, there are chances that it can surge in the coming years.