Pfizer to combine off-patent drug business with Mylan: official

New York (AFP) – Pfizer announced Monday it will combine its off-patent drug business with the generic drugmaker Mylan to create a global leader in low-cost treatment, as drugmakers face intense political pressure to drive down prices in the United States.

The new entity will be 57 percent owned by Pfizer shareholders, and 43 percent owned by Mylan’s. Its portfolio includes Pfizer’s impotence drug Viagra, cholesterol pills Lipitor, painkiller Lyrica and the emergency allergy treatment EpiPen, according to a statement.