Mylan Reforms As It Prepares To Become Viatris
Viatris Chosen As Name For Merged Entity
Mylan is pushing ahead with reforms that include wide-ranging product rationalization in the US, refocusing its commercial resources and cutting development and manufacturing costs. These reforms are intended to run prior to and concurrently with the group’s merger with Pfizer’s Upjohn unit to form Viatris.
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Mylan and Pfizer’s Upjohn were all set to merge into Viatris by midway through this year, subject to certain approvals, but that will now not happen in that timeframe as the global coronavirus pandemic proves an insurmountable barrier to getting the deal over the line.
Revance Therapeutics is evaluating its options for developing a biosimilar version of Allergan’s globally renowned Botox cosmetic brand, as it waits for Mylan to decide whether to press on with the opportunity or opt out, per terms agreed last August.
Mylan says its ‘durable’ business model has helped it to withstand pressures from adverse industry trends in 2019, boosted by $1bn in sales from newly-launched products. However, negative currency effects cut the firm’s sales growth from 3% at constant currencies to 1% as reported.