Jump to content
  • 0

Why are Mylan's shares surging on the Nasdaq on Monday?

Grace A


1 answer to this question

Recommended Posts

  • 0
Mylan N.V.’s (NASDAQ:MYL) confirmation that it is merging with Pfizer Inc.’s generic business Upjohn and the company’s better than expected second-quarter results pushed the shares of the generic drugmaker by more than 24% in US premarket on Monday. In a deal expected to close in the middle of next year, the combined company is projected to generate revenues in the $19-20bn range starting from 2020, which also include the $1bn in synergies. In addition to the merger news, Mylan’s Q2 earnings announcement earlier today beat analysts expectations with the firm reporting an EPS growth of $1.03 a share, about 8.5% higher than Zacks consensus estimate of $0.95c a share. While Upjohn would be combined with Mylan through a Reverse Morris Trust, the spin-off from Pfizer includes a $12bn debt which Upjohn will issue to shareholders of its parent as part of the deal. According to the chief executive of Mylan, Robert Coury, the merger would combine the assets of Mylan and the iconic brands of Upjohn to cater to the changing health needs of individuals worldwide while delivering attractive returns to shareholders for years to come.
Link to comment
Share on other sites

Join the conversation

You can post now and register later. To reply to this question, sign in or create a new account.

Reply to this question

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Create New...