Mylan, Pfizer Upjohn merger gets delayed in light on coronavirus
Hertfordshire & Pittsburgh: Mylan N.V. and Pfizer Inc. today announced that due to the unprecedented circumstances surrounding the COVID-19 pandemic, including associated delays in the regulatory review process, the proposed transaction involving Mylan and Upjohn, a division of Pfizer, is now anticipated to close in the second half of 2020.
There are no additional charges to the previously announced terms or plans regarding the transaction. The two companies remain highly confident in the benefits of the pending transaction to their respective shareholders and other stakeholders. Mylan, Pfizer, and Upjohn are working closely on integration planning and are making significant progress toward Day 1 readiness. Together the companies continue to progress toward a successful close.
The primary focus of both companies remains the health and safety of their dedicated and valued employees who are working tirelessly towards completion of this transaction while also maintaining their responsibility to meet patient needs during this extraordinary time.
Also, in light of increased meeting and other restrictions due to COVID-19 developments in the Netherlands, where Mylan is incorporated, Mylan's extraordinary general meeting of shareholders (the "EGM") to approve certain matters in connection with the transaction has been rescheduled from April 27, 2020, to June 30, 2020, and will be hosted in conjunction with the company's annual general meeting of shareholders (the "AGM") which is being scheduled for the same day.
"Accordingly, the record date for the EGM and the AGM in respect of Mylan's ordinary shares is June 2, 2020, and the cut-off time for the EGM and the AGM – which is the time prior to which holders of Mylan ordinary shares can give notice of attendance at the applicable meeting or vote by internet or telephone or by submitting a proxy card - is 5:00 p.m. Central European Summer Time (CEST) on June 29, 2020. Further details about the time and location of the EGM and AGM will be announced once those have been finalized."
Mylan and Pfizer continue to look forward to the proposed combination creating a new champion for global health at the close of this transaction, stated its release