United States-based Pfizer has agreed to integrate its off-patent branded and generic established medicines business Upjohn with Mylan to set up a new global pharmaceutical company, it was reported yesterday.
Based on an all-stock Reverse Morris Trust transaction, each share of Mylan will be converted into one share of the new company. The transaction enables Pfizer shareholders to own a 57% share in the new company, while Mylan shareholders will own the remaining 43% interest.
The new company is to serve more than 165 markets and will have a diverse portfolio that covers major therapeutic areas such as central nervous system and anaesthesia, infectious disease and cardiovascular. It will have a diverse and differentiated portfolio of prescription medicines, complex generics, over-the-counter products and biosimilars. The new company is expected to have pro forma 2020 revenues between USD19bn and USD20bn and the pro forma adjusted EBITDA between USD7.5bn and USD8bn for the same period. The deal is likely to be completed in mid-2020 subject to approval by Mylan shareholders and customary closing conditions.
Poolbeg PHarma plc receives notice of allowance for POLB 001 patent
RedHill Biopharma secures USPTO Patent for Talicia, extending protection through 2034
Micron Biomedical names new scientific advisor to CEO
Quanterix partners with leading health networks for Alzheimer's diagnosis advancements
Precision BioSciences reports FDA pre-IND feedback for PBGENE-HBV
VBI to sell manufacturing capabilities and enter new license agreement with Brii Biosciences
Ondine Biomedical's Steriwave shows promise in nasal pathogen reduction
BioSenic expands patent coverage for ATO therapeutic platform
PacBio unveils Nanobind PanDNA kit for enhanced DNA extraction solutions
Sequentify receives funding from Israel Innovation Authority
INOVIO plans BLA submission for INO-3107 as RRP treatment
ImmunityBio secures USD320m investment from Oberland Capital
Poolbeg Pharma prioritises promising RSV drug candidates identified through AI-led analysis
GHIT fund invests JPY500m in antimalarial drug clinical trial