Business & Tech

Pfizer Buying Canonsburg-Based Mylan

The deal means the Mylan name will soon disappear.

Eric Heyl's profile picture
Eric Heyl, Patch StaffVerified Patch Staff Badge

Canonsburg-based Mylan is being acquired by Pfizer, which will combine with Upjohn, Pfizer's off-patent branded and generic established medicines business. The two companies announced the deal Monday.

The new company will have a new name that has yet to be announced. The combined company is expected generate annual revenue of $20 billion and will be based in Delaware, although it will retain a Pittsburgh-area presence.

“The combination will drive a sustainable, diverse and differentiated portfolio of prescription medicines, complex generics, over-the-counter products and biosimilars supported by commercial and regulatory expertise, established infrastructure, best-in-class R&D
capabilities and high-quality manufacturing and supply chain excellence,” Mylan said in a statement.

Find out what's happening in Petersfor free with the latest updates from Patch.

Both Mylan and Pfizer recently lost exclusive rights to manufacture big money-making drugs. Viagra brought in an estimated $1.4 billion in annual sales for Pfizer before Teva Pharmaceuticals rolled out a generic version of the pill. Meanwhile, the first generic competitor to Mylan's Epipen, used for emergency treatment for allergic reactions, received approval last year from the Food and Drug Administration.

Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

More from Peters