The Pfizer-Mylan deal is not quite as it appears

The early reaction to the pairing of generic drug maker Mylan Laboratories and Pfizer’s generics unit, Upjohn — officially announced Monday — is that it’s great for Mylan but maybe not so amazing for Pfizer. A close look at the deal may lead to a reassessment on both fronts.

For Pfizer, the deal represents the culmination of nearly a decade-long strategy to sell off or spin off non-core units one by one, including its veterinary business, a baby formula business, its consumer products division, and