"Obviously Pfizer wants to get out of the generic drug business but also recognizing that Mylan is one of the major players and I think the combination of those two will continue to live long", Harper said.
Pfizer said it now expects full-year earnings in the range of $2.76 to $2.86 per share, down 7 cents from its prior forecast, and revenue in the range of $50.5 billion to $52.5 billion, down $1.5 billion from its earlier forecast.
Pfizer Inc. (PFE.N) is combining its business line of older blockbuster medicines such as Lipitor and Viagra with generic drugmaker Mylan NV, in a deal that will reshape the brand-name and off-patent pharmaceutical industries.
"Importantly, the combined organization will have a presence across almost every continent and major market, establishing a new leadership position in Asia, and offering products capable of treating all major therapeutic areas".
Both Pfizer and Mylan have been trying to reshape themselves in the face of a rapidly shifting pharmaceutical market.
The stock jumped 15% to $21.15 in early trading on Monday, while Pfizer slipped almost 2% to $42.34.
Mylan's stock is up almost 25% in premarket trading. The stock has a 52-week high of $39.59 and a 52-week low of $16.63.
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Upjohn, the name of one of the companies Pfizer gobbled up during a spate of acquisitions in the 1990s and 2000s, sells off-patent and generic drugs that include the stars that drove Pfizer's growth: pain killers Celebrex and Lyrica, Norvasc for high blood pressure, Effexor for severe heartburn, Xanax for anxiety and Zoloft for depression.
Pfizer will separate Upjohn in a tax-free spinoff and combine with Mylan. Pfizer was down 0.8 per cent to US$42.76.
Pfizer shareholders would own 57% of the combined new company and Mylan shareholders the rest, the companies said. The new company will have about $24.5 billion in debt and an investment-grade credit rating, the companies said. Mylan's current chairman, Robert Coury, will be its executive chairman and Upjohn's current president, Michael Goettler, will be the CEO. With Coury as executive chairman, Mylan would also get to name eight other board members. Pfizer shares, down from a $46 high late previous year, dipped $1.08, or 2.5%, to $42.01.
Wall Street Journal reporter Jonathan Rockoff said not much has been said about the future of the Morgantown operation but he said significant changes would be surprising. Upjohn reported a multimillion drop in sales during the first quarter.
'(The deal) reduces exposure to the USA generics market (and) it brings access to sales and marketing talent from the Upjohn side that Mylan can leverage to market products both in the USA and outside, ' SVB Leerink analyst Ami Fadia said.
Change could be good for Mylan investors, as the stock is down almost 40 percent from where it was two years ago and 27 percent so far this year, even after an 8 percent boost that came Monday after the deal was announced.