CANONSBURG, Pa. (WTRF) – Pfizer — the country’s largest drugmaker — is creating a new hybrid drug company with pharmaceutical company Mylan.
Pfizer’s Upjohn — which sells drugs like Viagra and Lipitor that have lost patent protection — will be spun off and then combined with Mylan.
This major deal is expected to be complete by the middle of next year, and will create a company with revenue expected to be in excess of 19-billion dollars. The two companies have worked together for years.
Mylan and its CEO, Heather Bresch, have been heavily criticized for the massive price increases in EpiPens.
Bresch, the daughter of U.S. Senator Joe Manchin (D-WV) was also involved in the scandal surrounding fraudulent MBA degrees from West Virginia University. Her MBA was rescinded by WVU in 2008.