How I can store the output of a linux command in a variable

Is it possible to store the output of an UNIX command in a variable like - $myversion = generate ("/bin/ls -l /usr/lib/jvm|/bin/grep -v lrwxrwxrwx|/usr/bin/tail -1|/bin/awk '{ print $9 }'") If not please advice how we can define dynamic value in a variable.