Why Mylan Stock Is Jumping Today

Shares of Mylan (NASDAQ: MYL) had jumped 7.5% higher as of 11:26 a.m. EDT on Monday after rising as much as 18.5% earlier in the day. The nice gain came after Mylan and Pfizer (NYSE: PFE) announced plans to combine Pfizer's Upjohn unit with Mylan in an all-stock transaction.

Mylan has struggled for a while with a challenging generic drug market, in the U.S. especially, weighing on its growth. The proposed transaction will combine Mylan with Upjohn, the Pfizer segment that focuses on off-patent branded and generic established medicines, to create a new global pharmaceutical company.

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