Oncology Aids Pfizer As Biosimilars Track To $1bn In 2020
Upjohn Separation In Progress Ahead Of Mylan Merger
Pfizer is on course for a major milestone for biosimilars this year, as it continues to make plans for the separation of its off-patent and mature brands unit, Upjohn, ahead of its merger with Mylan.
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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.
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.