Pfizer... US pharmaceutical company Pfizer is in discussions with generic drugmaker Mylan to merge its off - patent drug division . The deal would see Pfizer shareholders retain just under 60 % of the new business , while Mylan shareholders would hold the rest . Pfizer would also receive $ 12bn after a new sale of debt . The head of its off - patent unit , Michael Smith , would become CEO of the new entity and Mylan chairman Robert Smith would be appointed executive chairman . It is thought the merger will spur growth for the companies , which have recently suffered losses from lost patent protection and competition from competitors .
US pharmaceutical company Pfizer is in discussions with generic drugmaker Mylan to merge its off - patent drug division . The deal would see Pfizer shareholders retain just under 60 % of the new business , while Mylan shareholders would hold the rest . Pfizer would also receive $ 12bn after a new sale of debt . The head of its off - patent unit , Michael Smith , would become CEO of the new entity and Mylan chairman Robert Smith would be appointed executive chairman . It is thought the merger will spur growth for the companies , which have recently suffered losses from lost patent protection and competition from competitors .