Pharma BD Deal Intelligence
A Reverse Morris Trust combination that merged Pfizer's off-patent Upjohn unit (Lipitor, Viagra) with Mylan's generics platform to create Viatris, a ~$19-20B revenue company. The $12B deal aimed to build generics scale, though the newly formed company inherited legacy-brand decline rather than growth.
Mylan and Pfizer's Upjohn division combined in a Reverse Morris Trust transaction to form Viatris, a new company with pro forma revenues of $19-20 billion. The deal combined Mylan's global generics platform with Upjohn's established brands including Lipitor and Viagra.
Mylan and Pfizer Upjohn completed Reverse Morris Trust forming Viatris, world largest generics company.
First full year: $17.9B revenue, up 49.7% YoY, meeting or exceeding all guidance.
Viatris contributed biosimilars portfolio to Biocon Biologics for up to $3.34B, first of several divestitures.
FY2022 revenue fell to $16.3B amid generic pricing pressure. $5.4B debt retired since formation.
FY2023 revenue $15.4B, down 5.1%, reflecting ongoing generic pricing erosion and divestitures.
Combined entity full-year 2024 total revenues of $14,739.3M (vs $15,426.9M FY2023). Divestiture-adjusted operational revenue growth +2%. Reflects post-close divestiture program and base erosion vs the ~$19-20B pro forma at announcement.
Viatris became largest generics company ($17.9B peak) but persistent decline to $15.4B. Core lacks growth catalysts.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Mylan N.V. / Upjohn Inc. (Pfizer) (this deal) | 2019 | $12.0B | 44 |
| Mylan N.V. / Meda AB | 2016 | $9.9B | 53 |
| Mylan N.V. / Renaissance Acquisition Holdings, LLC (topicals business) | 2016 | $1.0B | 40 |
| Mylan N.V. / Novartis AG (TOBI franchise) | 2018 | $463M | 38 |
| Mylan N.V. / Perrigo Company plc | 2015 | $26.0B | — |
| Thermo Fisher Scientific Inc. / Life Technologies Corporation | 2013 | $15.1B | 84 |
| Merck KGaA / Sigma-Aldrich Corporation | 2014 | $17.0B | 80 |
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More: 2019 deals · Mylan N.V. deals · Multiple (undisclosed) deals