Pfizer-Mylan deal could mean $37M parachute for Mylan CEO

Kenny Tucker
July 31, 2019

The new company will have about $24.5 billion in debt and an investment-grade credit rating, the companies said.

Mylan is the second-largest world generic and specialty prescribed drugs firm on this planet.

This controversy, coupled with falling generic drug prices, have resulted in Mylan's share prices falling steadily over the past four years.

This combined with Upjohn's popular brands like Lipitor and Viagra will give the new company a "diverse and differentiated portfolio of prescription medicines, complex generics, over-the-counter products", according to the press release. I'm also excited about the management team, which combines strong executive talent from both companies, whose commitment to improving global health for patients and to delivering returns to shareholders are great assets for the new company.

With the majority of the board having Mylan ties and the possibility of a growing generic drug market in Asia, Jared Hopkins, with the Wall Street Journal, believes Bloom's optimism about the future of the Morgantown plant is not misplaced.

The discussions are still ongoing and there is no guarantee that a deal will be reached, but the parties are aiming to reach a final decision before the close of the larger Pfizer-Mylan deal in 2020, Pfizer said.

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The new company - which will be renamed and incorporated in the USA - "will drive a sustainable, diverse and differentiated portfolio of prescription medicines, complex generics, over-the-counter products and biosimilars", according to Pfizer and Mylan.

"The combined organization will have a presence across almost every continent and major market, establishing a new leadership position in Asia, and offering products capable of treating all major therapeutic areas", said Mylan Chairman Robert Coury, who will serve as executive chairman of the new company. The company reaffirmed its 2019 forecast of adjusted earnings of $3.80 to $4.80 a share and revenue of $11.5 billion to $12.5 billion.

Earlier, Mylan reported earnings that beat analyst estimates. But it also lowered guidance for the year to $2.76 to $2.86 a share from $2.83 to $2.93, taking into account the formation of a consumer joint-venture with GlaxoSmithKline Plc and the anticipated completion of its acquisition of Array BioPharma Inc. Revenue declined 2% to $13.3 billion, below the mean estimate of $13.4 billion.

Moreover, the merger is a move that leaves Pfizer with more profitable and even more innovative drugs. Pfizer has said that it's trying to increase the pace of its own drug development and has been looking for ways to replenish its pipeline of potential blockbusters.

Now, the planned tie-up will bring together two businesses that have long collaborated on making EpiPens.

Aside from producing a wide variety of branded generic pharmaceuticals, Mylan is known for producing the EpiPen. During her tenure as CEO, Mylan was criticised for raising prices of its EpiPen, fixing drug prices and manufacturing delays.

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