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Viatris Inc VTRS

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Mylan Third Quarter Benefits From Market Stabilization and Mix: All Eyes on Merger Close With UpJohn

Soo Romanoff Equity Analyst

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.  

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Company Profile

Business Description

The new entity will largely be led by Pfizer executives and will be registered in Delaware. The new entity is anticipated to leverage the stand-alone Mylan infrastructure consisting of roughly 55 manufacturing and research and development facilities and that were largely acquired, including Matrix Laboratories and the generics business of Germany-based Merck KGaA. The combined portfolio will consist of the mature Upjohn drugs with notably better economics and Mylan's portfolio of more than 7,500 generic, specialty, and over-the-counter active ingredients and medicines, including EpiPen (treatment for anaphylaxis acquired through the Merck KGaA transaction). Unlike its generic peers, the company has made the most progress on the biosimilar front.

1000 Mylan Boulevard
Canonsburg, PA, 15317
T +1 724 514-1800
Sector Healthcare
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 35,000