Pfizer logo The latest move follows Pfizer’s decision in December to separate its consumer-health business in a joint venture with GlaxoSmithKline. (Photo: AP)

Pharmaceutical behemoth Pfizer Inc. has transformed itself under new leadership through a series of spinouts and joint ventures, mitigating risk by placing some units at arm’s length while continuing to reap rewards from them.

Chief Executive Officer Albert Bourla, 57, who took the helm in January after serving as the drugmaker’s operations chief, has rapidly transformed the company through a new deal-making strategy. His next major step is a plan to combine Pfizer’s less-lucrative off-patent drug business with Mylan NV to form a generic-drug giant.

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