New York (CNN Business) Pfizer and Mylan announced they are combining two of their businesses to create a global powerhouse in the low-price drug market.

Pfizer said Monday it's offloading Upjohn, its portfolio of drugs that are no longer protected by patents, including Viagra, Lipitor and Celebrex. It is combining Upjohn with rival Mylan, which makes EpiPens, to create a new company.

Under the terms of the deal, Pfizer shareholders would gain most control of the company with 57% ownership and Mylan shareholders would own the rest.

The new company will have a new, yet-to-be-announced name. The combined company is expected generate annual revenue of $20 billion and will be based in the United States. The Wall Street Journal first reported that talks were happening over the weekend.

The management team will include people from Mylan and Upjohn. Mylan's current chairman, Robert Coury, will be its executive chairman and Upjohn's current president, Michael Goettler, will be the CEO. Mylan's current CEO, Heather Bresch, will retire after the deal closes.

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