Sunday, 18 August, 2019

Pfizer Mylan merger: Pfizer to combine drug units in new generic business

Mylan to combine with Pfizer's off-patent medicines unit Pfizer Mylan merger: Pfizer to combine drug units in new generic business
Anna Jefferson | 30 July, 2019, 19:23

Pfizer, the country's largest drugmaker, is creating a hybrid new drug company by combining its off-patent branded drug business with the generic pharmaceutical company Mylan.

Pfizer shareholders will own 57% of the combined new company and Mylan shareholders will own 43%.

Mylan said CEO Heather Bresch, who took the helm in 2012 and faced regulatory scrutiny for the high price of EpiPen, will retire after the deal closes and Chairman Robert Coury will become the executive chairman of the new company.

Mylan shares were up 23 per cent to US$22.76 in NY trading before the market opened.

Mylan came under fire in 2016 after raising the price of a pair of EpiPens to $600, from $100 in 2008, enraging consumers and putting it in the center of the ongoing USA debate over the high cost of prescription medicines.

Upjohn will issue $12 billion of debt at or prior to separation, with gross debt proceeds kept by Pfizer.

The combined company, which will get a new name, is expected to have 2020 revenue of $19 billion to $20 billion, with free cash flow expected to be more than $4 billion.

The deal with Pfizer/Upjohn will given Mylan better global exposure, Rockoff said. A combination would create the largest specialty-generic drug company.

Pfizer will separate its off-patent drugs unit, Upjohn, in a tax-free spinoff and combine with Mylan.

The new company will be incorporated in DE and run operations in Pittsburgh, Shanghai and Hyderabad, India. Upjohn Group President Michael Goettler will be the chief executive officer and Rajiv Malik, Mylan's president, will assume that same position.

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"We believe that this transaction checks all the boxes", Bourla said, by setting up a new company with an attractive dividend, strong management, and a huge portfolio and network of factories around the world. Pfizer will name three.

Under the terms of the deal, which is to be structured as an all-stock, Reverse Morris Trust transaction, each Mylan share would be converted into one share of the new company. Pfizer is up 12 per cent in the same period and is worth $240 billion.

Bresch, daughter of U.S. Sen.

Earlier, Mylan reported earnings that beat analyst estimates.

Earlier, Mylan reported second-quarter adjusted earnings of $1.03 a share, topping the 95-cent average of Wall Street estimates compiled by Bloomberg.

Upjohn now brings in roughly 23% of Pfizer's total sales, which amounted to $53.6 billion past year. The drugmaker's off-patent business Upjohn saw sales fall 11 per cent year-over-year, to US$2.8 billion from US$3.1 billion.

That has also resulted in problems for consumers as some drugmakers elect to abandon medications that are no longer profitable, leading to shortages and other imbalances in the marketplace.

Sales were led by Lyrica, breast cancer drug Ibrance, the Prevnar 13 vaccine against pneumococcal infections and stroke preventer Eliquis. In recent years, it has spun off the animal-health business and agreed to merge the consumer health arm into a new venture with GlaxoSmithKline Plc.

Aside from producing a wide variety of branded generic pharmaceuticals, Mylan is known for producing the EpiPen. Pfizer manufactures Mylan's EpiPen, an auto-injector used to halt life-threatening allergic reactions. The Meridian business has formed part of the negotiations on the deal, a person familiar with the matter said.

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