Pfizer Inc. announced that it has completed the transaction to spin off its Upjohn Business and combine it with Mylan N.V. to form Viatris Inc.
Pfizer Chairman and Chief Executive Officer Dr. Albert Bourla said, “We are proud to have completed the combination of Upjohn and Mylan to create Viatris and pleased to have delivered value to our shareholders through this transaction. I want to express my gratitude to our Upjohn colleagues for their dedication in helping us achieve this milestone. Looking ahead at the new Pfizer, we believe our pipeline has never been stronger, and we are energized and inspired to continue developing breakthrough treatments and delivering innovative, life-changing medicines to patients around the world.”
Under the terms of the transaction, which was structured as an all-stock Reverse Morris Trust, Upjohn Inc. was spun off to Pfizer stockholders by way of a pro rata distribution and immediately thereafter combined with Mylan.
Viatris is a new kind of global healthcare company whose mission is to empower people worldwide to live healthier at every stage of life by expanding access to medicines regardless of geography or circumstance; advancing responsible, sustainable operations and targeted innovation to improve patient health; and leveraging its collective expertise to connect more people to more products and services.
With a workforce of approximately 45,000 colleagues, Viatris is headquartered in the U.S. and has global centers in Pittsburgh, Shanghai and Hyderabad, India. Its global portfolio comprises more than 1,400 approved molecules across a wide range of therapeutic areas, spanning both non-communicable and infectious diseases, including globally recognized iconic brands, generic, complex generic and branded medicines, a growing portfolio of biosimilars, and a variety of over-the-counter consumer products.