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FTC clears proposed combination of Mylan, Upjohn


Mylan and Pfizer are one step closer to the completion of the proposed combination of Mylan and Pfizer's Upjohn business. The two companies announced that the Federal Trade Commission accepted a proposed consent order, which concludes the FTC’s review of the proposed combination. The parties have now obtained all required antitrust clearances for the proposed transaction that will create the new generics firm Viatris.

The combination will be effected through a Reverse Morris Trust transaction, pursuant to which Upjohn will be spun off to Pfizer’s stockholders by way of a pro rata distribution and immediately thereafter combined with Mylan. Pfizer has set the close of business on Nov. 13 as the record date for this proposed spin-off. The combination is expected to close on Nov. 16, at which time the combined company will be renamed Viatris.

Future Viatris executive chairman and current Mylan executive chairman, Robert Coury, said, “Today’s approval represents the final significant milestone towards the creation of Viatris and the realization of Mylan’s and Upjohn’s shared vision for the future of healthcare. We are focused on taking the final steps to close our transaction and look forward to unlocking the true value of our combined company for shareholders, employees, partners, patients and customers around the world. I would like to thank our current and future colleagues, as well as Pfizer’s leadership team, who have worked tirelessly to help pave the way for Viatris’ first day – Nov. 16.”

Pfizer chairman and CEO Albert Bourla said, “We are pleased to have received all necessary regulatory approvals for the proposed combination of Mylan and Upjohn. We expect the new company, Viatris, will deliver value to shareholders and the global healthcare community. For Pfizer, this transaction furthers our sharpened focus on innovative medicines and breakthroughs that change patients’ lives.”

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