COVID Delays Closing of Merger of Pfizer’s Generics Biz and MylanBy
Mylan and Pfizer report that the closing of the pending combination of Mylan and Upjohn, Pfizer’s off-patent branded and generic established medicines business, is expected in the second of half of 2020 due to associated delays in the regulatory review process caused by the novel coronavirus (COVID-19) pandemic.
The companies had announced the planned combination last year (August 2019) and later specified the new name of the company, Viatris, pending closure of the deal, which at that time was expected to occur in mid-2020. At the time of the merger announcement, the new company would have had pro forma 2020 revenues of $19 billion to $20 billion.
“There are no additional changes to the previously announced terms or plans regarding the transaction,” said Pfizer in a March 26, 2020 statement. “…Mylan, Pfizer and Upjohn are working closely on integration planning and are making progress toward Day 1 readiness. Together the companies continue to progress toward a successful close.”
In addition, due to restrictions from COVID-19 developments in the Netherlands, where Mylan is incorporated, Mylan’s extraordinary general meeting of shareholders to approve certain matters in connection with the transaction has been rescheduled from April 27, 2020, to June 30, 2020.