NEW YORK - 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. The combined company is expected generate annual revenue of $20 billion and will be based in the United States. Other drugs in Pfizer's Upjohn portfolio include anxiety medication Xanax, depression drug Zoloft, and Lipitor, which treats high cholesterol.

The Wall Street Journal reported Saturday that pharma giants Pfizer and Mylan are nearing a deal that could create a global powerhouse in the low-price drug market. Neither Pfizer nor Mylan responded to requests for comment from CNN Business on Saturday. Under the terms reportedly under consideration in the stock deal, Pfizer would spin off its Upjohn business, which runs a portfolio of drugs that are no longer protected by patents, and combine the firm with Mylan, which manufactures generic and name-brand drugs. Other drugs in Pfizer's Upjohn portfolio include anxiety medication Xanax, depression drug Zoloft, and Lipitor, which treats high cholesterol. Pfizer is also launching a joint venture with GlaxoSmithKline that will have an estimated $12.7 billion in annual sales.