Mylan and Pfizer will merge to form the leading genric drug giant company in the market. It has merged to boost its offset drug patent business and eventually the growth of the company. Pfizer Chief Executive Albert Bourla touts its plan to remodel the world’s one of the biggest pharmaceutical companies.
In his eight months of service at the company, it is his biggest move as CEO. He focuses to transform the company to grow on the foundation of the patent-protected business. With his vision to restructure the company, he made smaller deals to boost Pfizer’s pipeline of cancer and other drugs under development.
The 57 years old has plans to combine its division selling Advil vitamins with medicine chest staples of GlaxoSmithKline that will be a big spun off to the company. “A good gardener needs to prune the tree when spring starts,” Mr. Bourla said in an interview. “Pfizer is in the spring of high growth.”
Before his position as CEO, he worked at animal health research and worked at very levels at many organization for almost two decades. Pfizer’s Prevnar pneumonia vaccine has been one of the highest-selling drugs of the company with higher-margins while offset drugs have faced intense competition from its rival for similar low-price prescription drugs.
But it has helped the company to have a flow of billions of dollars over the years. “Our compass is growth, top-line growth,” Mr. Bourla said. Mylan will merge with Pfizer’s Upjohn. The merger will also include Lipitor cholesterol pills and male impotence drug Viagra.
The new company is not named yet but it is expected that it will generate between $18 Billion-$19 Billion in revenue. According to the people close to the matter, the deal is expected to close in the middle of next year. “Companies that stay true to their purpose perform much better,” Mr. Bourla added.
Going forward to the company’s second-quarter results the company’s profit rose 30% to $5.05 billion on revenue while Mylan reported a 2% increase in revenue to $2.85 billion.