0 Grace A Posted July 29, 2019 Author Share Posted July 29, 2019 Quote Link to comment Share on other sites More sharing options...
0 Ignatius Bose Posted July 29, 2019 Share Posted July 29, 2019 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. Quote Link to comment Share on other sites More sharing options...
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