Pfizer Limited enters into BTA with Mylan

Pfizer Limited has entered into a business transfer agreement ("BTA") with Mylan Pharmaceuticals Private Limited ("Mylan") to transfer certain primarily off-patent branded and generic established medicines business ("Upjohn Business") as a going concern to Mylan for a consideration of INR 180.48 Crore. The consideration for the transfer of the Upjohn Business is supported by valuation reports issued by two independent valuers. The valuation reports have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company. Completion of the transaction is subject to fulfilment of certain conditions (including regulatory approvals) as set out in the BTA.

The Upjohn Business comprises of six brands which includes Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin. These along with related business assets and liabilities will transition to Mylan.

Pfizer Inc., USA had announced on July 29, 2019, that it had entered into a definitive agreement to combine its Upjohn Business which consists off-patented branded and generic established medicines with Mylan N.V., thereby creating a new global pharmaceutical Company, viz., Viatris Inc. The said global transaction was closed in November 2020.

Pursuant to the aforementioned global transaction six brands currently marketed by Pfizer Limited in India, viz., Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin will transition to Mylan Pharmaceuticals Private Limited. The transaction in India will be closed upon receipt of regulatory approvals.

Shares of Pfizer Ltd., was last trading in BSE at Rs. 5570 as compared to the previous close of Rs. 5580.3. The total number of shares traded during the day was 1473 in over 366 trades.

The stock hit an intraday high of Rs. 5601.3 and intraday low of 5510. The net turnover during the day was Rs. 8145390.

Source : Equity Bulls

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