Pfizer (PFE) is in talks to merge its off-patent drugs business with Mylan (MYL) and a deal could be announced as soon as Monday, Jonathan Rockoff and Cara Lombardo of Wall Street Journal report, citing people familiar with the matter.

Mylan shareholders would own a little more than 40% of the new entity and Pfizer shareholders the remainder, a source told the Journal. Pfizer would also receive about $12B in proceeds from a new sale of debt, the source added. Michael Goettler, who runs Pfizer's off-patent drugs business, would become CEO of the combined company, and Mylan Chairman Robert Coury would be Executive Chairman, one of the people said.

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