The merger of Pfizer's (NYSE:PFE) generic drug business, Upjohn, with Mylan (NASDAQ:MYL) will be going through shortly, now that the companies have agreed to a consent order with the U.S. Federal Trade Commission. The companies didn't give any details about what they had agreed to do in order to comply with that consent order.

On Nov. 13, Pfizer will spin off Upjohn, and its shareholders will receive stock in the new company. Upjohn will then immediately merge with Mylan. That deal is expected to close three days later, and the combined company will be renamed Viatris.

Pfizer's shareholders won't have to do anything -- other than remain shareholders -- to get shares of the new company. The exact number of shares of Viatris that they'll get for each Pfizer share will be determined by the number of outstanding shares of Pfizer and Mylan at closing. The ratio used will result in Pfizer's shareholders owning 57% of Viatris, while Mylan's shareholders will own 43%.

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The premise of the merger is that Upjohn's global reach will accelerate the sales growth of Mylan's drugs. In addition to generic drugs, Upjohn will also bring along brand-name pharmaceuticals that have generic competition, such as Lipitor, Celebrex, and Viagra.

The combined company will have a portfolio of more than 1,400 drugs that it will sell in more than 165 countries and territories. When the deal was announced last year, the companies were expecting annual revenue for Viatris would be in the $19 billion to $20 billion range with cash flow expected to exceed $4 billion.