HERTFORDSHIRE, England,
PITTSBURGH and NEW YORK, Sept. 15,
2020 /PRNewswire/ -- Mylan (NASDAQ: MYL) and
Pfizer Inc. (NYSE: PFE) today announced that the companies have
received final approval from the European Commission (EC) for the
proposed combination of Mylan and Pfizer Inc.'s Upjohn business. As
previously disclosed, the EC issued a conditional approval in
April 2020 that was subject to the
divestiture of certain of Mylan's products in Europe. 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 Pfizer's Upjohn business.
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. We are very excited to launch this new kind of
healthcare company that is positioned to meet patients' evolving
need for medicine at every stage of life."
For more information visit championforglobalhealth.com.
About Mylan
Mylan is a global pharmaceutical company
committed to setting new standards in healthcare. Working together
around the world to provide 7 billion people access to high quality
medicine, we innovate to satisfy unmet needs; make reliability and
service excellence a habit; do what's right, not what's easy; and
impact the future through passionate global leadership. We offer a
portfolio of more than 7,500 marketed products around the world,
including antiretroviral therapies on which approximately 40% of
people being treated for HIV/AIDS globally depend. We market our
products in more than 165 countries and territories. We are one of
the world's largest producers of active pharmaceutical ingredients.
Every member of our approximately 35,000-strong workforce is
dedicated to creating better health for a better world, one person
at a time. Learn more at Mylan.com. We routinely post information
that may be important to investors on our website at
investor.mylan.com.
About Upjohn
With over 130 years of experience in
improving patient lives, Pfizer Upjohn seeks to leverage our
portfolio, global experience and expertise to become the trusted
partner of choice for all stakeholders committed to improving
patient health. We focus on relieving the burden of
non-communicable diseases with trusted, quality medicines for every
patient, everywhere, with the goal of treating 225 million new
patients by 2025. Upjohn brings together 20 of the industry's most
trusted brands — products such as Lipitor®, Norvasc®, Lyrica® and
Viagra® — with world-class medical, manufacturing and commercial
expertise in more than 120 countries. Upjohn's network of
approximately 11,500 colleagues works together to be fast, focused
and flexible to ensure that patients around the world access the
healthcare they need.
Pfizer Inc.: Breakthroughs that change patients'
lives®
At Pfizer, we apply science and our global resources
to bring therapies to people that extend and significantly improve
their lives. We strive to set the standard for quality, safety and
value in the discovery, development and manufacture of health care
products, including innovative medicines and vaccines. Every day,
Pfizer colleagues work across developed and emerging markets to
advance wellness, prevention, treatments and cures that challenge
the most feared diseases of our time. Consistent with our
responsibility as one of the world's premier innovative
biopharmaceutical companies, we collaborate with health care
providers, governments and local communities to support and expand
access to reliable, affordable health care around the world. For
more than 150 years, we have worked to make a difference for all
who rely on us. We routinely post information that may be important
to investors on our website at www.pfizer.com. In addition, to
learn more, please visit us on www.pfizer.com and follow us on
Twitter at @Pfizer and @Pfizer_News, LinkedIn, YouTube and like us
on Facebook at Facebook.com/Pfizer.
Forward-Looking Statement
This communication contains
"forward-looking statements". Such forward-looking statements may
include, without limitation, statements about the proposed
combination of Upjohn Inc. ("Newco") and Mylan N.V. ("Mylan"),
which will immediately follow the proposed separation of the Upjohn
business (the "Upjohn Business") from Pfizer Inc. ("Pfizer") (the
"proposed transaction"), the expected timetable for completing the
proposed transaction, the benefits and synergies of the proposed
transaction, future opportunities for the combined company and
products and any other statements regarding Pfizer's, Mylan's, the
Upjohn Business's or the combined company's future operations,
financial or operating results, capital allocation, dividend
policy, debt ratio, anticipated business levels, future earnings,
planned activities, anticipated growth, market opportunities,
strategies, competitions, and other expectations and targets for
future periods. Forward-looking statements may often be identified
by the use of words such as "will", "may", "could", "should",
"would", "project", "believe", "anticipate", "expect", "plan",
"estimate", "forecast", "potential", "pipeline", "intend",
"continue", "target", "seek" and variations of these words or
comparable words. Because forward-looking statements inherently
involve risks and uncertainties, actual future results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to: ongoing challenges and
uncertainties posed by the COVID-19 pandemic for businesses and
governments around the world; the parties' ability to meet
expectations regarding the timing, completion and accounting and
tax treatments of the proposed transaction; changes in relevant tax
and other laws; the parties' ability to consummate the proposed
transaction; the conditions to the completion of the proposed
transaction not being satisfied or waived on the anticipated
timeframe or at all; the regulatory approvals required for the
proposed transaction not being obtained on the terms expected or on
the anticipated schedule or at all; inherent uncertainties involved
in the estimates and judgments used in the preparation of financial
statements and the providing of estimates of financial measures, in
accordance with accounting principles generally accepted in
the United States ("U.S. GAAP")
and related standards or on an adjusted basis; the integration of
Mylan and the Upjohn Business being more difficult, time consuming
or costly than expected; Mylan's, the Upjohn Business's and the
combined company's failure to achieve expected or targeted future
financial and operating performance and results; the possibility
that the combined company may be unable to achieve expected
benefits, synergies and operating efficiencies in connection with
the proposed transaction within the expected time frames or at all
or to successfully integrate Mylan and the Upjohn Business;
customer loss and business disruption being greater than expected
following the proposed transaction; the retention of key employees
being more difficult following the proposed transaction; Mylan's,
the Upjohn Business's or the combined company's liquidity, capital
resources and ability to obtain financing; any regulatory, legal or
other impediments to Mylan's, the Upjohn Business's or the combined
company's ability to bring new products to market, including but
not limited to where Mylan, the Upjohn Business or the combined
company uses its business judgment and decides to manufacture,
market and/or sell products, directly or through third parties,
notwithstanding the fact that allegations of patent infringement(s)
have not been finally resolved by the courts (i.e., an "at-risk
launch"); success of clinical trials and Mylan's, the Upjohn
Business's or the combined company's ability to execute on new
product opportunities; any changes in or difficulties with Mylan's,
the Upjohn Business's or the combined company's manufacturing
facilities, including with respect to remediation and restructuring
activities, supply chain or inventory or the ability to meet
anticipated demand; the scope, timing and outcome of any ongoing
legal proceedings, including government investigations, and the
impact of any such proceedings on Mylan's, the Upjohn Business's or
the combined company's consolidated financial condition, results of
operations and/or cash flows; Mylan's, the Upjohn Business's and
the combined company's ability to protect their respective
intellectual property and preserve their respective intellectual
property rights; the effect of any changes in customer and supplier
relationships and customer purchasing patterns; the ability to
attract and retain key personnel; changes in third-party
relationships; actions and decisions of healthcare and
pharmaceutical regulators; the impacts of competition; changes in
the economic and financial conditions of the Upjohn Business or the
business of Mylan or the combined company; the impact of outbreaks,
epidemics or pandemics, such as the COVID-19 pandemic;
uncertainties regarding future demand, pricing and reimbursement
for Mylan's, the Upjohn Business's or the combined company's
products; and uncertainties and matters beyond the control of
management and other factors described under "Risk Factors" in each
of Pfizer's, Newco's and Mylan's Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and other filings with the
Securities and Exchange Commission ("SEC"). These risks, as well as
other risks associated with Mylan, the Upjohn Business, the
combined company and the proposed transaction are also more fully
discussed in the Registration Statement on Form S-4, as amended,
which includes a proxy statement/prospectus (as amended, the "Form
S-4"), which was filed by Newco with the SEC on October 25, 2019 and declared effective by the
SEC on February 13, 2020, the
Registration Statement on Form 10, which includes an information
statement (the "Form 10"), which was filed by Newco with the SEC on
June 12, 2020 and declared effective
by the SEC on June 30, 2020, a final
information statement furnished with the Current Report on Form 8-K
filed by Newco with the SEC on August 6,
2020 (the "Final Information Statement"), a definitive proxy
statement, which was filed by Mylan with the SEC on February 13, 2020 (the "Proxy Statement"), and a
prospectus, which was filed by Newco with the SEC on February 13, 2020 (the "Prospectus"). You can
access Pfizer's, Mylan's and Newco's filings with the SEC through
the SEC website at www.sec.gov or through Pfizer's or Mylan's
website, as applicable, and Pfizer and Mylan strongly encourage you
to do so. Except as required by applicable law, Pfizer, Mylan and
Newco undertake no obligation to update any statements herein for
revisions or changes after this communication is made.
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SOURCE Mylan