Analyst Note
| Soo Romanoff |With the Federal Trade Commission's recent approval, no-moat Mylan has obtained the necessary antitrust clearances to close its Reverse Morris Trust transaction with Pfizer’s generic UpJohn. The merger is scheduled to close on Nov. 16 and trade under Viatris on the following day. Mylan will provide Pfizer with $12 billion, which was financed earlier this year, for a 43% interest in the combined entity. Viatris will largely be led by professionals from Pfizer, which will bring notable upgraded talent and leverage Mylan’s core operations and emerging biosimilar pipeline along and Pfizer UpJohn’s mature branded portfolio and international commercial infrastructure. Additionally, Mylan quietly reported in-line third-quarter results.