Mylan and Pfizer delay Upjohn merger amid coronavirus pandemic

27 March 2020 (Last Updated March 27th, 2020 08:51)

Mylan’s merger with Pfizer’s off-patent branded drugs unit Upjohn is now expected to close in the second half of this year due to the coronavirus pandemic.

Mylan and Pfizer delay Upjohn merger amid coronavirus pandemic
Pfizer’s generic unit Upjohn will be complementary to Mylan’s business. Credit: Norbert Nagel, Mörfelden-Walldorf, Germany.

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Mylan’s merger with Pfizer’s off-patent branded drugs unit Upjohn is now expected to close in the second half of this year due to the coronavirus pandemic.

As a result of restrictions on large gatherings in the Netherlands, Mylan’s extraordinary general meeting of shareholders to approve certain matters for the transaction has been postponed from 27 April to 30 June.

There were no other amendments to previously announced terms or plans related to the merger, previously expected to close in mid-2020, said the companies.

Announcing the delay in the Upjohn transaction, the companies said: “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.”

Mylan and Pfizer signed a definitive agreement for the merger last July. The new company was estimated to generate revenues of up to $20bn this year.