Pfizer Reportedly In Talks To Merge Off-patent Assets With Mylan

(RTTNews) - Pfizer (PFE) is in talks to combine its off-patent assets with Mylan's (MYL) generics business in a stock deal, according to media reports. 

The deal, likely to be announced on Monday, would create a large seller of off-patent and generic medicines, reports specified. Mylan shareholders would hold just over 40% of the new entity and Pfizer shareholders the remainder, the report added and Pfizer would also receive about $12 billion in proceeds from a new sale of debt. 

Michael Goettler, who runs Pfizer's off-patent drugs business, would become chief executive of the combined company and Mylan Chairman Robert Coury would be executive chairman, the reports noted. Current Mylan Chief Executive Heather Bresch reportedly would depart and the combined company would be based in the U.S.

Last month AbbVie announced its intention to buy Allergan for $63 billion. Bristol-Myers Squibb is seeking regulatory approval for purchase of biotech Celgene.