MORGANTOWN — The coronavirus pandemic has led Mylan and Upjohn to delay their merger into a new company, the companies jointly announced in a Thursday press release.
The companies previously expected the merger into the new Viatris company to occur in mid-2020; now they expect to transaction to be completed sometime during the second half of the year.
“The primary focus of both companies remains the health and safety of their dedicated and valued employees who are working tirelessly towards completion of this transaction while also maintaining their responsibility to meet patient needs during this extraordinary time,” they said.
Among the factors contributing to their decision, they said, are pandemic-associated delays in the regulatory review process.
The merger requires Mylan shareholder approval and that also will be delayed based on increased meeting and other restrictions in the Netherlands, where Mylan is incorporated, they said.
Mylan’s extraordinary general meeting of shareholders to approve certain matters in connection with the transaction has been rescheduled from April 27 to June 30 and will be hosted in conjunction with the company’s annual general meeting of shareholders which is being scheduled for the same day.
The record date for the meetings, they said, in respect of Mylan’s ordinary shares is June 2. The cut-off time for the meetings, which is the time prior to which holders of Mylan ordinary shares can give notice of attendance or vote by internet or telephone or by submitting a proxy card – is 5 p.m. Central European Summer Time on June 29.
They said there are no additional changes to the previously announced terms or plans regarding the transaction.
“The two companies remain highly confident in the benefits of the pending transaction to their respective shareholders and other stakeholders,” they said. “Together the companies continue to progress toward a successful close.”