Now playing
02:20
Pfizer and GSK to merge consumer health businesses (2018)
small business loans
small business loans
Now playing
02:45
Funding delays leave small businesses in limbo
Mandatory Credit: Photo by JUSTIN LANE/EPA-EFE/Shutterstock (11700603g)
Pedestrians walk past a closed store in New York, New York, USA, on 08 January 2021. The United States' Bureau of Labor Statistics released data today showing that the US economy lost 140,000 jobs in December and that the unemployment rate is at 6.7 percent as businesses continue to struggle with the economic impact of the coronavirus pandemic.
Coronavirus Economy Impact, New York, USA - 08 Jan 2021
PHOTO: Justin Lane/EPA-EFE/Shutterstock
Mandatory Credit: Photo by JUSTIN LANE/EPA-EFE/Shutterstock (11700603g) Pedestrians walk past a closed store in New York, New York, USA, on 08 January 2021. The United States' Bureau of Labor Statistics released data today showing that the US economy lost 140,000 jobs in December and that the unemployment rate is at 6.7 percent as businesses continue to struggle with the economic impact of the coronavirus pandemic. Coronavirus Economy Impact, New York, USA - 08 Jan 2021
Now playing
01:30
Another 745,000 Americans filed for first-time unemployment benefits
PHOTO: YouTube/Everyday Astronaut
Now playing
01:19
Watch SpaceX Mars prototype rocket nail landing, explode on pad
Now playing
02:55
Marriott CEO: We want travelers to feel safe
CHICAGO, ILLINOIS - JANUARY 15: Demonstrators participate in a  protest outside of McDonald's corporate headquarters on January 15, 2021 in Chicago, Illinois.  The protest was part of a nationwide effort calling for minimum wage to be raised to $15-per-hour. (Photo by Scott Olson/Getty Images)
PHOTO: Scott Olson/Getty Images
CHICAGO, ILLINOIS - JANUARY 15: Demonstrators participate in a protest outside of McDonald's corporate headquarters on January 15, 2021 in Chicago, Illinois. The protest was part of a nationwide effort calling for minimum wage to be raised to $15-per-hour. (Photo by Scott Olson/Getty Images)
Now playing
03:31
What a $15 minimum wage really looks like
PHOTO: MyHeritage
Now playing
01:01
Watch old photos come to life using AI
Now playing
01:19
Warren proposes wealth tax: 'It's time for them to pay a fair share'
Nigerian former Foreign and Finance Minister Ngozi Okonjo-Iweala smiles during a press conference on July 15, 2020, in Geneva, following her hearing before World Trade Organization 164 member states' representatives, as part of the application process to head the WTO as Director General. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
PHOTO: FABRICE COFFRINI/AFP/Getty Images
Nigerian former Foreign and Finance Minister Ngozi Okonjo-Iweala smiles during a press conference on July 15, 2020, in Geneva, following her hearing before World Trade Organization 164 member states' representatives, as part of the application process to head the WTO as Director General. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
Now playing
04:05
WTO Chief: We need equitable and affordable access to vaccines
Goya Foods President Robert Unanue speaks at a press conference with Carlos Vecchio, the Venezuelan Ambassador who is recognized by the United States on December 21, 2020 in Doral, Florida. The two held the press conference to discuss details of a recent shipment of humanitarian aid to Venezuela, donated by Goya Foods. (Photo by Joe Raedle/Getty Images)
PHOTO: Joe Raedle/Getty Images
Goya Foods President Robert Unanue speaks at a press conference with Carlos Vecchio, the Venezuelan Ambassador who is recognized by the United States on December 21, 2020 in Doral, Florida. The two held the press conference to discuss details of a recent shipment of humanitarian aid to Venezuela, donated by Goya Foods. (Photo by Joe Raedle/Getty Images)
Now playing
03:24
Goya CEO under fire for false Trump election claims
Now playing
01:23
'There should be no threats': Biden's message to union-busters
Misinformation Trump Capitol March rn orig_00004630.png
Misinformation Trump Capitol March rn orig_00004630.png
Now playing
04:08
These Trump supporters are convinced he will be president again on March 4
Now playing
01:36
Michael Bolton wants you to break up with Robinhood
Now playing
01:57
Fed chief downplays inflation concerns
Now playing
04:34
See what has happened to Trump's DC hotel after his loss
Now playing
01:41
Meet the 29-year-old cancer survivor set to make history in space
(CNN Business) —  

SpaceX and Boeing are arch-rivals: They’re both gunning for the glory of returning human spaceflight to US soil for the first time in a decade. They battle it out for lucrative government contracts. The companies’ CEOs have even traded taunts about who will be the first to reach Mars.

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. A formal agreement could be announced as soon as Monday, the paper reported, citing unnamed sources familiar with the discussions.

Neither Pfizer (PFE) nor Mylan (MYL) 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.

Mylan shareholders would own a little over 40% of the new group and Pfizer shareholders the rest, the Journal reported, and Pfizer would net about $12 billion from a new debt sale.

Both drugmakers recently lost exclusive rights to manufacture drugs that were big money makers for the companies. Erectile dysfunction drug Viagra brought in an estimated $1.4 billion in annual sales for Pfizer before Teva Pharmaceuticals introduced a generic version of the pill in 2017 that quickly ate up market share.

The first generic competitor to Mylan’s EpiPen, the emergency treatment for allergic reactions, gained FDA approval last year. EpiPens were added to the FDA’s drug shortage list two years after Mylan increased the price of the product by more than 400%, leading to public outrage.

Other drugs in Pfizer’s Upjohn portfolio include anxiety medication Xanax, depression drug Zoloft, and Lipitor, which treats high cholesterol. Upjohn reported a multimillion drop in sales during the first quarter.

If the merger deal goes through, a Pfizer executive would become CEO of the joint venture, Mylan’s chairman would become executive chairman, but current Mylan CEO Heather Bresch would exit the firm, according to the Journal.

Pfizer, one of the largest drugmakers in world, is separately working to expand its portfolio of name brand drugs, and last month the company agreed to spend $11 billion to buy Array BioPharma, a small venture that is developing potentially lucrative cancer treatment drugs.

Pfizer is also launching a joint venture with GlaxoSmithKline (GLAXF) that will have an estimated $12.7 billion in annual sales. That deal, expected to close in the second half of this year, will bring together Pfizer’s big over-the-counter products like Centrum and Caltrate with GSK’s top brands, including Excedrin and Nicorette.