Pfizer and Mylan to Sell Assets, Gain Clearance for Deal (1)

The U.S. Federal Trade Commission said Pfizer Inc. and Mylan NV agreed to sell some assets to gain approval for a deal combining Pfizer’s off-patent unit with the generic-drug maker.

The agreement helps pave the way for a proposed deal under which Pfizer will spin off its Upjohn business, which would then be merged with Mylan. Upjohn includes Pfizer’s Greenstone generic-drug division, as well as older blockbuster medicines such as cholesterol therapy Lipitor and anxiety treatment Xanax.

The FTC alleged that the deal would harm current and future competition in 10 generic-drug markets. The commission was particularly concerned about the ...