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The European Commission on Wednesday authorised a merger of US drug big Pfizer’s off-patent enterprise unit with the pharmaceutical firm Mylan to create a worldwide powerhouse for lower-cost medicines.
The merger between Pfizer’s Upjohn unit, primarily based in China, and Netherlands-based Mylan will create a brand new firm promoting common merchandise such Viagra, the anti-cholesterol drug Lipitor and the anti-allergy injector EpiPen.
But it’s conditional on Mylan divesting sure generic medicines, the Commission mentioned in a press release.
Once effected, it will make sure the merger “does not harm competition, thus preserving competitive access to certain genericised medicines for national health services and European citizens,” EU competitors commissioner Margrethe Vestager mentioned.
Mylan and Upjohn overlap in cardiovascular, genito-urinary, musculoskeletal, nervous system, and sensory organ therapies areas, however “no competition concerns arise for the majority of the products” each corporations put out, the Commission mentioned.
There have been considerations just for 36 molecules used of their respective generic medicines in sure nations in Europe, requiring Mylan to dump these actions.
The merger, introduced in July 2019, will see a brand new firm shaped with revenues of round $20 billion, through which Pfizer shareholders will take 57 p.c of the fairness and the Mylan shareholders the remaining.
It took place because the generic medicine sector tailored to elevated competitors from laboratories in India.
Pfizer to mix off-patent drug enterprise with Mylan
© 2020 AFP
EU approves merger of Pfizer off-patent unit and Mylan (2020, April 22)
retrieved 11 May 2020
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