Coronavirus Puts The Brakes On Mylan-Upjohn Merger
Shareholders Meeting In The Netherlands Also Pushed Back
Mylan and Pfizer’s Upjohn were all set to merge into Viatris by midway through this year, subject to certain approvals, but that will now not happen in that timeframe as the global coronavirus pandemic proves an insurmountable barrier to getting the deal over the line.
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Viatris' 2021 financial guidance was below investor expectations, suggesting a challenging road ahead for the newly formed company.
Viatris’ share price closed the day nearly 15% down after announcing weaker than anticipated revenue, adjusted EBITDA and cash flow guidance for 2021. The market reacted strongly to the company’s expectations and ambitions, with management continuing to stress the strength of the combined Mylan and Upjohn businesses.
Mergers and acquisitions have long been a tool for value creation in the generics and biosimilars space. Even with the entire life sciences sector overwhelmed by the novel coronavirus pandemic, deals big and small continued in 2020.