Pfizer in talks to merge off-patent drugs business with Mylan

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FILE PHOTO: The logo of U.S. pharmaceutical corporation Pfizer Inc. is seen at a branch in Zurich, Switzerland October 2, 2018. REUTERS/Arnd Wiegmann

(Reuters) – Pfizer Inc (PFE.N) is in talks to merge its off-patent drugs business with Mylan NV (MYL.O) in a stock deal, the Wall Street Journal reported on Saturday, citing people familiar with the matter.

Mylan shareholders would receive a little more than 40% of the newly formed entity, with Pfizer shareholders receiving the remainder, the Journal said, adding Pfizer would also get about $12 billion in proceeds from a new sale of debt.

Pfizer and Mylan did not immediately respond to requests for comment.

Reporting by Maria Ponnezhath in Bengaluru; Editing by Mark Potter

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