Mylan, Pfizer’s Upjohn Get EU OK for Proposed New Generics Company
Mylan and Pfizer have received final approval from the European Commission (EC) 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 EC issued a conditional approval in April 2020 that was subject to the divestiture of certain of Mylan’s products in Europe. The EC has approved the proposed divestiture buyers, and Mylan has entered into agreements with those buyers on terms that the EC has accepted, which are substantially in line with Mylan’s previously stated expectations.
Additionally, the companies received approval from the Australian Competition and Consumer Commission and the New Zealand Commerce Commission related to the combination of Mylan and Pfizer’s Upjohn business. Approval from the US Federal Trade Commission is pending.
Mylan says it expects to close its proposed combination with Pfizer’s Upjohn in the fourth quarter of 2020. With the closing of the deal, the new name of the combined company will be Viatris.