Aug. 22 (Bloomberg) -- Pfizer Inc., the world’s largest drugmaker, said it will join Mylan Inc., a generic drug manufacturer, to produce, market and distribute generics in Japan.
Pfizer will sell and market the drugs, while Canonsburg, Pennsylvania-based Mylan will run the logistical operations and manufacturing, the companies said today in a statement. The 350 products that are part of the agreement will be sold under Pfizer’s brand, with Mylan’s name also on the packaging. Terms of the deal weren’t disclosed.
Pfizer has been shedding its non-drug businesses such as animal health and nutrition units to focus on developing brand-name medicines. The New York-based drugmaker also has been looking for ways to increase revenue from products that have lost patent protection, expanding in China, Brazil and other emerging markets.
“We are pleased with the opportunity to collaborate with Mylan to meet the ever-growing demand for high-quality generics in Japan,” Albert Bourla, the president of Pfizer’s established products unit, said in the statement.
The deal will give Mylan, the second-largest generics company by sales, more room to grow in Japan. In July, Mylan Chief Executive Officer Heather Bresch called Japan a significant opportunity as the government there pushes the use of generic medicines.
Japan was the third-biggest drug market in the world last year, behind the U.S. and the European Union, according to the research firm IMS Health Inc.
Pfizer also has arrangements with Strides Arcolab Ltd., a generics maker in Bangalore, India, and Brazil’s Laboratorio Teuto Brasileiro SA. Those deals are meant to help expand Pfizer’s portfolio of generics drugs, as well as the company’s ability to sell products in the other drugmakers’ home markets.
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