MORGANTOWN, W.Va. – Mylan and Pfizer are merged – an agreement that will see Pfizer split its portfolio of drugs, no longer protected by patents, and combine them with Mylan's generic and name-brand drugs under a new pharmaceutical company.
On the Pfizer list: Viagra, Xanax, Zoloft and Lipitor.
Mylan has EpiPens along with a list of generics.
Pfizer Executive Michael Goettler is set to become CEO and current Mylan CEO Heather Bresch will leave the company.
pave the way for today's historic announcement regarding the combination of Mylan and Upjohn, "said Robert J. Coury, chairman of Mylan.
Bresch's retirement is officially called retirement. She has been with the company for 27 years.
"It's the right time," Bresch said.
The new company will be transformed and renamed, Coury said.
The new company will have global centers in Pittsburgh, Shanghai and India. There were no immediate words about the impact of the merger on Mylan's major facility in Morgantown.
"I welcome both Mylan and Pfizer employees," Goettler said.
"We are creating a new champion for global health – one that was ready to bring world-class medicine to patients in a wide range of therapeutic areas," Dr. Albert Bourla, Pfizer CEO at Mylan Merger.  Wall Street investors showed a resemblance to the move early Monday, with Mylan shares up 25 percent in the pre-market opening.
This is an evolving story and will be updated.