Mylan and Upjohn transaction closure delayed by COVID-19
Posted: 27 March 2020 | Hannah Balfour (European Pharmaceutical Review) | No comments yet
Mylan and Upjohn (a Pfizer company) revealed they have delayed the transaction due to meeting restrictions and concerns over staff health and safety during the COVID-19 pandemic.
Mylan and Pfizer have announced that due to COVID-19, the transaction involving Mylan and Upjohn (a division of Pfizer) has been delayed. The deal is now expected to close in the latter half of 2020.
The companies stated the delay was due to them focusing on the health and safety of their employees during the COVID-19 pandemic and that there are no changes to the terms or plans regarding the transaction. The three enterprises said that for the moment they are working on integration planning to ensure day one readiness.
A further complication to the transaction is the meeting and social distancing restrictions levied by the Netherlands, where Mylan is incorporated. As a result, Mylan took the decision to move the extraordinary general meeting of shareholders (EGM), in which the transaction would be discussed and approved, to the same date as their annual general meeting of shareholders (AGM), the 30 June 2020. The EGM was previously heralded for 27 April.
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Big Pharma, Drug Markets, Industry Insight, Mergers & Acquisitions, Viruses
