Viatris launches following combination of Mylan, Upjohn
With the combination of Mylan and Pfizer's Upjohn business complete, the new company, Viatris, has launched.
Viatris said that by combining the two companies, it possesses the scientific, manufacturing and distribution expertise with proven regulatory, medical and global commercial capabilities to deliver high-quality medicines to patients in more than 165 countries and territories.
"Today, we celebrate the launch of Viatris, the culmination of more than a decade of strategic, thoughtful work to build a global company with the breadth and depth to provide more efficient access to high-quality medicines to patients and healthcare systems around the world," Viatris executive chairman Robert Coury said. "I am extremely confident about the opportunities ahead for Viatris and the value we expect our company will create for all stakeholders – from our patients and employees, to customers and shareholders."
With a workforce of approximately 45,000 colleagues, Viatris is headquartered in the United States and has global centers in Pittsburgh, Shanghai and Hyderabad, India. Its global portfolio comprises more than 1,400 approved molecules across a wide range of therapeutic areas, spanning both non-communicable and infectious diseases, including globally recognized iconic brands, generic, complex generic and branded medicines, a growing portfolio of biosimilars, and a variety of over-the-counter consumer products.
Viatris CEO Michael Goettler said: "We commence our journey armed with an experienced and diverse management team, a strong financial profile and an enviable global infrastructure. Together, we are building a performance-driven, highly engaging and inclusive culture with colleagues united by a shared purpose in Viatris' mission to help empower people worldwide to live healthier at every stage of life. Our global infrastructure and reach are built for broadening access to medicine for people around the world. Through our Global Healthcare Gateway we offer potential partners ready access to markets, customers and patients worldwide, making Viatris a true Partner of Choice. As we come together to form Viatris, we will begin immediately to ensure the new company is optimally structured and efficiently resourced to deliver sustainable value to patients, shareholders, customers and other stakeholders."
Viatris said it is embarking on a significant global restructuring program in order to achieve synergies of $1 billion and ensure the new company is optimally structured and efficiently resourced to deliver sustainable value to patients, shareholders, customers and other stakeholders.
The company currently is in the process of defining the specific parameters of the program, including workforce actions and other restructuring activities. Further details for this program are expected to be disclosed by the end of this year as plans are finalized. Key activities of the expanded program are expected to reduce the company's cost base through the rationalization of its global manufacturing and supply network, and the optimization of the company's functional and commercial capabilities.
The combination of Mylan and Upjohn was announced on July 29, 2019 and received the final regulatory clearance on Oct. 30, 2020. Viatris will begin regular way trading on Nasdaq, under the ticker symbol VTRS, at the beginning of the trading day on Nov. 17, the first full trading day after closing.