Pfizer completes sale of Upjohn Business to Mylan for Rs180.48 crore; stock rises

2 Aug 2022 , 12:05 PM

Pfizer Limited informed that Mylan Pharmaceuticals has received the requisite regulatory approvals for purchasing Pfizer’s Upjohn business. It further added that both the parties have completed the conditions precedents set out in the BTA.

The company informed that this is in pursuance of its intimation letter dated October 1, 2021, for the transfer of certain primarily off-patent branded and generic established medicines business (Upjohn Business) as a going concern to Mylan. This transaction was subject to certain conditions, which have been met by both companies now.

Pfizer has received a purchase consideration of Rs180.48 crore from Mylan and transferred its Upjohn Business, which included six brands such as Lyrica, Viagra, Celebrex, Amlogard, Daxid, and others.

Company further put forward that Dilantin, as well as related business assets and liabilities, will be transferred to Mylan on August 1, 2022.

At around 12.08 PM, Pfizer was trading at Rs4,241.95 per piece, up by Rs22.15 or 0.52% from its previous closing of Rs4,219.80 on the BSE. The scrip touched intraday high and low of Rs4,250 and Rs4,220.10 respectively.