Pfizer to sell its Upjohn business to Mylan Pharma for Rs 180.48

Pfizer to sell its Upjohn business to Mylan Pharma for Rs 180.48

Pharmaceutical company Pfizer Ltd on Friday said it has entered into an agreement with Mylan Pharmaceuticals to sell its Upzone business for Rs 180.48 crore.

Pfizer Ltd said in a regulatory filing that the company has entered into a business transfer agreement with Mylan Pharmaceuticals to transfer certain predominantly off-patent branded and generic established drugs (Upjohn business) to Mylan for Rs 180.48 crore.

The idea for transfer is supported by evaluation reports issued by two independent assessors, it added.

“The Upjohn business comprises six brands including Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin. These will be transferred to Mylan along with associated business assets and liabilities,” the filing said.

The rationale for the transaction is that Pfizer Inc., USA announced on July 29, 2019 that it has entered into a definitive agreement to combine its Upjohn business – which includes off-patent branded and generic established drugs – Mylan N.V. With, thus a new global pharmaceutical company, Viatris Inc.

The global transaction was closed in November 2020.

As part of the global transaction, six brands currently marketed by Pfizer Limited in India, namely, Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin, will convert to Mylan Pharmaceuticals.

Pfizer Limited said that the transaction in India will be closed once regulatory approval is received.

(Only the title and image in this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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