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 Goettler, would become CEO of the new entity and Mylan chairman Robert Coury would be appointed executive chairman. It is thought the merger will push growth for the companies, which have recently suffered losses from lost patent protection and competition from India.