Mylan N.V. and Pfizer Inc. recently announced that Mylan and Upjohn, Pfizer’s off-patent branded and generic business, will combine to form a new company. According to the press release, each Mylan share would be converted into one share of the new company. Pfizer shareholders will own 57% of the combined new company, and Mylan shareholders would own 43%.
According to the press release, the combined new company is expected to have pro forma 2020 revenues of $19 to $20 billion. The new combined company will be renamed and will be led by current executives of both Mylan and Upjohn, including Mylan’s current Chairman Robert J. Coury, who will serve as Executive Chairman of the new company and Michael Goettler, current Group President of Upjohn, who will serve as Chief Executive Officer.
In addition to the creation of the new company, Heather Bresch, Mylan’s CEO and Board Director, will retire after 27 years at Mylan.