Coronavirus Puts The Brakes On Mylan-Upjohn Merger
Shareholders Meeting In The Netherlands Also Pushed Back
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.
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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.
Mylan’s full year 2019 earnings report was its last as an independent company, so the focus was on the coming merger with Pfizer’s Upjohn and growth prospects for the new company, Viatris.