Netherlands-based Mylan is buying the intellectual property and commercialization rights to Aspen Pharmacare’s thrombosis business in Europe for €641.9 million ($757.25 U.S.). The portfolio is made up of well-established injectable coagulants sold in Europe under various brand names, including Arixtra, Fraxiparine, Mon-Embolex and Orgaran.
Under the terms of the deal, Mylan is paying €263.2 million in cash up front, then, using cash from operations, paying €378.7 million on June 25, 2021. The deal is expected to close before December 25, 2021.
The portfolio Mylan is buying had a combined net sales for the 12 months ending June 30, 2020, of €231 million.
“The acquisition of this thrombosis portfolio is a significant addition to Mylan’s European business that will not only make Mylan the second largest supplier of these products to patients in Europe, according to IQVIA, but also bolster our existing commercial infrastructure to further expand access to complex injectables,” said Rajiv Malik, president of Mylan. “By adding to our highly experienced sales and marketing team, we will further strengthen our current reach in hospitals and enhance the future growth of our biosimilars franchise in Europe.”
Aspen will be responsible for manufacture of the drugs and product supply, delivering the finished product to Mylan. Aspen, the companies indicate, has a fully vertically integrated supply chain mostly located in Europe.
Aspen Pharmacare is headquartered in Durban, South Africa, and is a global specialty and branded multinational pharma company.
Mylan is merging with Pfizer’s generics division Upjohn, to form a new company called Viatris. That merger was announced in July 2019. Upjohn is Pfizer’s off-patent branded and generic established drugs business. It was an all-stock deal, with each Mylan share converted into one share of the new company. Pfizer shareholders will own 57% of the combined new company and Mylan shareholders will own 43%.
Mylan has a portfolio across many geographies and therapeutic areas, including central nervous system and anesthesia, infectious disease and cardiovascular, and a robust pipeline, high-quality manufacturing and supply chain. Upjohn’s brands include Lipitor, Celebrex and Viagra, with strong commercial capabilities, including in China and other emerging markets.
Viatris is expected to have pro forma 2020 revenues of $19 to $20 billion. It is to be led by Mylan’s current chairman Robert J. Coury, who will act as executive chairman. Michael Goettler, current Group President, Upjohn, will serve as chief executive officer, and Rajiv Malik, current Mylan president, will serve as president.
Coury, of today’s announcement, said, “As we continue toward the launch of Viatris, we remain committed to executing on opportunities that will not only add to Mylan’s growth, but that also will be consistent with our vision for Viatris under the Global Healthcare Gateway, which we believe will establish the new company as a true Partner of Choice.”
The Global Healthcare Gateway is part of the new branding and vision for Viatris. Viatris is Latin for “three paths,” and those three paths are apparently access, leadership and partnership.
In a July 9, 2020 statement, Coury said, “Viatris will be focused on creating a more sustainable healthcare journey for patients worldwide while delivering value to all stakeholders for years to come. The Viatris branding reflects our drive to address the world’s emerging healthcare needs with passion and compassion. It also highlights our goal to chart a new course focused on improving patient outcomes by expanding access to medicine, providing leadership through innovative solutions and building best-in-class partnerships. We also will offer all partners ready access to more markets and the ability to reach more patients around the world through the company’s new and unique Global Healthcare Gateway, which leverages Viatris’ unmatched global infrastructure to connect people around the world to the high quality medicines and services they need, making Viatris a true Partner of Choice.”
Sep 08, 2020