Pfizer to merge generics unit with Mylan; seeks to sharpen cancer focus

Drugmaker Pfizer Inc has agreed to spin off its generic drugs business and combi...

), a move that leaves Pfizer with more profitable innovative drugs, including cancer drug Ibrance and pneumonia vaccine Prevnar.

Pfizer and GlaxoSmithKline Plc said in December they would combine their consumer health businesses. Under new Chief Executive Officer Albert Bourla, Pfizer has also been beefing up its cancer treatment pipeline as some of its older treatments face competition. Mylan said CEO Heather Bresch, who took the helm in 2012 and faced regulatory scrutiny for the high price of EpiPen, will retire after the deal closes and Chairman Robert Coury will become the executive chairman of the new company.“ reduces exposure to the U.S. generics market it brings access to sales and marketing talent from the Upjohn side that Mylan can leverage to market products both in the U.S. and outside,” SVB Leerink analyst Ami Fadia said.

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