The world’s most prolific pharmaceutical producer, Pfizer, announced Thursday that it will become part of GlobalPharma, a global pharmaceutical company that it previously controlled.
GlobalPharmaceutical, the joint venture between Pfizer and AstraZeneca, will provide global access to Pfizer’s research, development, and manufacturing capabilities.
The company is currently the largest privately held pharmaceutical company in the world, with revenues of more than $3.2 trillion.
Global Pharma will bring the company’s total assets under management to more than 3.2 billion.
The deal is the largest in Pfizer history and comes as the company faces mounting pressure to change its business model.
In January, the company filed for Chapter 11 bankruptcy protection.
That same month, the European Union and a number of countries began investigating whether the company was breaking EU antitrust rules.
“Pfizer is taking the necessary steps to transition Pfizer from a business that is focused on its core business of providing medicines to the world to one that is a global leader in pharmaceutical innovation,” the company said in a statement.
“We look forward to working with GlobalPharms team and our shareholders to ensure the long-term success of Pfizer.”
GlobalPhysics, a unit of AstraMedica, was founded in 2011 and has grown into a multi-billion-dollar business.
Its CEO is former Genentech CEO Greg Matson, who was named chairman of the board of directors last year.
GlobalPhysysics, along with AstraPharma and other companies, make Pfizer the world leader in medical imaging and drug development.
The companies together produce more than 20,000 drug candidates each year, and together make more than a third of the drugs sold by Pfizer.
“I’m thrilled to be a part of Pfizers world-class pharmaceutical portfolio,” Matson said in the statement.