The Chief Executive Officer of Pfizer, Albert Bourla, has rapidly transformed the company through a new deal-making strategy. On Monday, his next major step is a new plan to combine Pfizer’s off-patent drug business with Mylan N.V. to create a generic drug giant.
Mylan is a global generic and specialty pharmaceuticals company registered in the Netherlands.
Bourla foresees Pfizer as a smaller, nimble company focused on innovative medications and vaccines, unburdening the businesses with little or no innovation potential.
He intends to make Pfizer a stronger competitor for new cancer therapies. In last month, Pfizer agreed to buy Array BioPharma Inc. for oncology drugs and experimental cancer therapies, for more than $11 billion.
The CEO’s new plan would combine Pfizer’s off-patent drug company Upjohn, which makes popular medications such as Lipitor, Viagra and Xanax, with Mylan.
Pfizer is collaborating with Mylan at a significant discount to its heyday.
Michael Goettler, who is the chief of Pfizer’s off-patent drug unit, is expected to become CEO of the combined company, while Mylan Chairman Robert Coury would be executive chairman.
“The combined company will grant the off-patent legacy drugs a larger platform with global reach.”
Bourla said he has been looking to accelerate Pfizer’s growth potential instead of delivering immediate value to shareholders. In January, Bourla said, “Our dogma until a few years back was revenues now or soon when we’re looking at business development opportunities that was our bias. Right now, I think this is not what we will need.”
