MYL - Date Is Set for Merger Between Mylan and Pfizer's Upjohn Unit
The merger of Pfizer 's (NYSE: PFE) generic drug business, Upjohn, with Mylan (NASDAQ: MYL) will be going through shortly, now that the companies have agreed to a consent order with the U.S. Federal Trade Commission. The companies didn't give any details about what they had agreed to do in order to comply with that consent order.
On Nov. 13, Pfizer will spin off Upjohn, and its shareholders will receive stock in the new company. Upjohn will then immediately merge with Mylan. That deal is expected to close three days later, and the combined company will be renamed Viatris.
Pfizer's shareholders won't have to do anything -- other than remain shareholders -- to get shares of the new company. The exact number of shares of Viatris that they'll get for each Pfizer share will be determined by the number of outstanding shares of Pfizer and Mylan at closing. The ratio used will result in Pfizer's shareholders owning 57% of Viatris, while Mylan's shareholders will own 43%.
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Date Is Set for Merger Between Mylan and Pfizer's Upjohn Unit