Mylan And Upjohn Put A Price On $11.5bn Viatris Debt
Delayed Combination Of The Two Firms Is Set For Q4
Upjohn is to pay parent company Pfizer $12bn in cash in order to complete its separation and merger with Mylan to form Viatris, a new company set to be unveiled by the end of this year following a delay caused by the COVID-19 pandemic. Details of the debt financing tapped into the by the company have just been announced.
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Mylan and Upjohn are aiming to combine into Viatris by the end of 2020, together ticking off regulatory and financial milestones since the deal was announced in late July last year. Mylan shareholder approval remained a condition for the deal to close – with a previous vote delayed by more than two months due to the COVID-19 pandemic.
In the month ahead, Mylan and Upjohn will at last begin to make final preparations for their proposed combination while second-quarter results are expected from large cap companies including Novartis’ Sandoz, Amgen, Biogen and Pfizer.
Public Company Edition: June has seen 14 initial public offerings by drug developers (and one big biopharma funder) after there were only 15 from January through May – and the month isn’t over yet. Follow-on and other offerings also are hitting the market at a rapid pace.