15 November 2019 - Deborah Wilkes
The new company formed from the planned combination of Mylan and Pfizer’s Upjohn business will be called Viatris.
Mylan and Pfizer said the name was derived from the Latin for a “path to three”, as the new company would have three goals. It wants to expand access to medicines, lead by innovating to meet patient needs, and be a trusted partner for the healthcare community worldwide.
“We wanted a name that would differentiate our new company and clearly explain how we will be a champion for global health,” said Robert Coury, chairman of Mylan and executive chairman of the new company.
Deal announced in July 2019
Pfizer announced in July 2019 that it planned to merge its off-patent pharmaceutical business Upjohn with generics company Mylan (click here to read the News story).
News of the deal with Pfizer came a year after Mylan announced its board had set up a strategic review committee and was considering a wide range of options.
The two companies said the new company would have a "sustainable, diverse and differentiated portfolio of prescription medicines, complex generics, OTC products and biosimilars". They added that the deal combined "Mylan's sustainable, diverse and differentiated portfolio of medicines with Upjohn's trusted iconic brands".
Viatris, which will be based in the US, is expected to have proforma 2020 sales of between USD19 billion and USD20 billion. OTC products will generate around 6% of sales
Mylan's portfolio includes OTC products with sales in excess of USD1 billion. Upjohn's brands include Celebrex (celecoxib), Lipitor (atorvastatin) and Viagra (sildenafil).
History of Viatris name
Viatris is not a new name for Mylan. The German pharmaceutical company Viatris was acquired in 2005 by Sweden’s Meda which was acquired in 2016 by Mylan.
Following completion of the deal with Mylan, Pfizer expects to generate 2020 sales of around USD40 billion.
On 19 December 2018, Pfizer and GlaxoSmithKline announced that they had agreed to combine their consumer healthcare businesses into a "world-leading" joint venture with combined annual sales of around GBP9.8 billion (USD11.9 billion). The transaction was completed on 1 August 2019 (click here to read the News story).