Mylan, Pfizer Get US OK for Proposed New Generics CompanyBy
Mylan and Pfizer have received final approval from the US Federal Trade Commission for their proposed combination of Mylan and Upjohn, Pfizer’s off-patent branded and generic established medicines business. The companies had announced the planned combination last year (August 2019) with closure pending regulatory approval and other closing conditions.
The proposed combination is expected to close on November 16, 2020, where the combined company will be renamed Viatris. Pfizer has set the close of business on November 13, 2020 as the record date for the proposed spin-off of Upjohn, which will then be combined with Mylan. Upon closing, Pfizer stockholders will own 57% of the outstanding shares of Viatris common stock and Mylan shareholders 43%.
In September (September 2020), the companies received final approval from the European Commission of their proposed combination Additionally, the companies have received approval from the Australian Competition and Consumer Commission and the New Zealand Commerce Commission. The companies have now obtained all required antitrust clearances for the proposed transaction. The transaction remains subject to other customary closing conditions.