MORGANTOWN — Mylan and Pfizer have received final approval from the European Commission for the proposed combination of Mylan and Pfizer’s Upjohn business in Viatris, the companies announced Tuesday.
As previously reported, the EC in April issued conditional approval based on Mylan divesting certain generic medicines in 20 countries where Mylan’s and Upjohn’s markets for those products overlap and the merger could stifle competition.
The companies said the EC has approved the proposed divestiture buyers and Mylan has entered into agreements with those buyers on terms that the EC has accepted, which are substantially in line with Mylan’s previously stated expectations.
Additionally, the companies received approval from the Australian Competition and Consumer Commission and the New Zealand Commerce Commission related to the combination of Mylan and Upjohn in Viatris (rhymes with Beatrice).
Future Viatris Executive Chairman and current Mylan Executive Chairman Robert J. Coury said, “With these approvals, we are now nearing the completion of the proposed combination of Mylan and Pfizer’s Upjohn business. We now have all required clearances in place pending only approval in the U.S., and remain on track to close the transaction in the fourth quarter of this year.”
The EC is the executive body of the European Union and reviews proposed mergers that exceed certain financial thresholds to see if they will impede competition among EU member nations.
Upjohn is based in China and handles Pfizer’s off-patent branded and generic products, including Viagra, Xanax and Lipitor, a cholesterol medication. Mylan is headquartered in the Netherlands.
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