- Viatris ( NASDAQ: VTRS ) stock rose ~6% on Oct. 11 amid the company's potential plans to sell its consumer-health assets in Europe which could bring in more than €3B, Bloomberg News reported citing people with knowledge of the matter.
- Viatris, which was formed following the merger of Mylan and Pfizer's Upjohn unit, has engaged investment bank Jefferies Financial Group to detect potential buyers, the report added.
- The assets could see interest from private equity firms which have existing over-the-counter businesses or strategic suitors who want to grow their business in the region, the report noted.
- Discussions are ongoing but no final decision has been made.
- Several companies have been going the route of spinning off their over-the-counter, and other assets to focus on specialist areas.
- GSK ( GSK ) spun-of f its consumer healthcare business into a company called Haleon. Sanofi ( SNY ) did the same with its active pharmaceutical ingredients unit , EUROAPI. Meanwhile, Novartis ( NVS ) is planning to spin off its generics and biosimilars division Sandoz.
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Viatris stock rises amid potential plans for €3B sale of European OTC assets