Posted on over 3 years ago by Laurentina Kennedy
Irish Time News
Pfizer’s Upjohn spin-off completes merger with Mylan to form Viatris
Viatris, formed through the merger of Mylan and the generics business of Pfizer, will start trading on Tuesday
Pfizer completed the spin-off of its Upjohn unit into the new entity on Monday.
The merged entity immediately becomes the largest player in the global generic pharmaceuticals market, with expected sales of more than $19 billion, compared to about $17 billion for the current market leader, Teva.
It is forecast to have a market capitalisation of about $24 billion. Its products will include legacy Pfizer blockbuster brands like Viagra and Lipitor as well as Mylan’s EpiPen.
The spin-off will see Pfizer’s Little Island facility move into the new business.
Under the merger, Pfizer shareholders received just over 0.12 of a share in the new business, or 12 shares in Viatris for every 100 they held in Pfizer. Mylan shareholders received one Viatris share for every Mylan share they held.
Pfizer shareholders will own 57 percent of the combined business