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Generic drugmaker Mylan NV has offered concessions to address European Union antitrust concerns about its bid for Pfizer's off-patent branded drugs business Upjohn, a filing on the European Commission site showed on Monday. U.S. drugmaker Pfizer announced the deal in July as part of a strategy allowing it to focus on its more profitable newer medicines. The European Commission set an April 22 deadline for its decision after Mylan put in its offer on March 27.
Due to restrictions on large gatherings, the general meeting of shareholders to approve certain matters for the deal to go through has been postponed to June 30, Mylan said. There were no other changes to previously announced terms or plans pertaining to the deal, previously expected to close in mid-2020, the companies said. The merger, which will bring blockbuster treatments Viagra and Lipitor from Pfizer under one umbrella with Mylan's EpiPen, is part of years-long effort by Pfizer to split into three parts - innovative medicines, lower margin off-patent drugs facing generic competition and consumer healthcare.
Mylan N.V. (Nasdaq: MYL) and Pfizer Inc. (NYSE: PFE) today announced that due to the unprecedented circumstances surrounding the COVID-19 pandemic, including associated delays in the regulatory review process, the proposed transaction involving Mylan and Upjohn, a division of Pfizer, is now anticipated to close in the second half of 2020.
Malaria drug, chloroquine, is being tested for the treatment of patients infected with COVID-19. Generic makers, Mylan and Teva ramp up efforts to contribute to the same.
Mylan's (MYL) merger with Upjohn is in focus as the former looks to revive its business. However, the coronavirus epidemic can hit the company's supply-chain operations.
Mylan (MYL) delivered earnings and revenue surprises of 8.53% and -0.62%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
The outbreak has so far mainly battered China, causing nearly 80,000 infections and more than 2,700 deaths, according to World Health Organization figures. Mylan said it was facing logistical issues, but had not seen problems with production or experienced price increases in active drug ingredients. Although heavily reliant on China, the company said it was better positioned against the impact of the outbreak compared to its peers due to its diversified supply chain.
Investing.com - Mylan (NASDAQ:MYL) reported on Thursday fourth quarter earnings that beat analysts' forecasts and revenue that fell short of expectations.
Mylan N.V. (NASDAQ: MYL) and Pfizer (NYSE: PFE) today announced that Sanjeev Narula, current chief financial officer (CFO) of Upjohn, a division of Pfizer, has been named incoming CFO of Viatris, the new company that will result from the planned combination of Mylan and Upjohn. Upon closing, which is expected in mid-2020, Viatris will be a new champion for global health with a portfolio of approximately 3,000 brands and molecules and a commercial presence in 165 countries.
Mylan N.V. (NASDAQ: MYL) and Pfizer Inc. (NYSE: PFE) today announced the remaining appointees to the inaugural 13-member Board of Directors for Viatris, the new company that will result from the combination of Mylan and Upjohn, a division of Pfizer, which is expected to occur in mid-2020, subject to receipt of regulatory approvals, Mylan shareholder approval, and the satisfaction of other customary closing conditions. In addition to the previously announced Pfizer-designated appointments of Ian Read and Jim Kilts, Pfizer has appointed current Pfizer board member W. Don Cornwell, who will resign from the Pfizer board to serve as a director of Viatris upon the close of the transaction. Additionally, Mylan has appointed eight of its own directors to serve on the Viatris Board of Directors, including JoEllen Lyons Dillon, Neil Dimick, Melina Higgins, Harry A. Korman, Rajiv Malik, Richard A. Mark, Mark W. Parrish and Pauline van der Meer Mohr. As previously announced, the Board of Directors of Viatris will also include Viatris Executive Chairman Robert J. Coury and Viatris CEO Michael Goettler.
The Zacks Analyst Blog Highlights: Johnson & Johnson, Bayer Aktiengesellschaft, Pfizer, Mylan N.V. and Teva Pharmaceutical Industries
The global reliance on China for APIs and drug manufacturing might hit supply chains and production amid the Coronavirus outbreak. Thus, companies independent of China's input are up for grabs now.
Mylan (MYL) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.