Pfizer's Upjohn spinoff completes merger with Mylan to form new generics giant Viatris

Viatris, a new global healthcare company launched through the merger of Mylan and Upjohn – the legacy division of Pfizer, started trading on Tuesday.

The newly merged entity is forecast to have a market capitalisation of about $24 billion and will include in its portfolio blockbuster products like Pfizer's Viagra and Mylan’s EpiPen. It is now set to overtake the largest player in the global generics market, Teva, which commands more than $18.9 billion worth of global sales, according to European Pharmaceutical Review.

Headquartered in the US, Viatris has global operations based out of Pittsburgh, Shanghai and Hyderabad, India. It has a workforce of approximately 45,000 personnel and its global portfolio comprises more than 1,400 approved molecules across a wide range of therapeutic areas.

Viatris CEO Michael Goettler said: "We commence our journey armed with an experienced and diverse management team, a strong financial profile and an enviable global infrastructure.

"Together, we are building a performance-driven, highly engaging and inclusive culture with colleagues united by a shared purpose in Viatris' mission to help empower people worldwide to live healthier at every stage of life. Our global infrastructure and reach are built for broadening access to medicine for people around the world."

The merger announcement on Monday (Nov 16) came after the US Federal Trade Commission said on Oct 30 that it had approved Mylan's planned purchase of Pfizer's Upjohn, subject to conditions.

To win approval for the deal, the companies agreed to sell assets related to several Upjohn products, including spironolactone HCTZ tablets used to treat high blood pressure and edema as well as Mylan’s eplerenone tablets, another high blood pressure medicine.

Viatris president Rajiv Malik said: "Our unique position to increase access to healthcare and address unmet needs is grounded in our best-in-class scientific, regulatory, manufacturing and supply chain capabilities along with our commercial reach across markets and channels.

"At the heart of our operations is an enduring and steadfast commitment to quality in everything we do, a hallmark characteristic of our legacy companies. We believe our combined commercial capabilities and diverse portfolio across geographies will enable us to strengthen our ability to reach more customers and patients.

"We expect to leverage these enhanced strengths to build strategic partnerships that are critical in helping reduce barriers to access and good health and have the potential to leave a lasting, positive impact on patients, families and communities worldwide."

The European Union has already approved the proposed transaction. Pfizer announced the deal in July as part of a strategy allowing it to focus on its more profitable newer medicines.