Mylan and Upjohn (a Pfizer company) revealed they have delayed the transaction due to meeting restrictions and concerns over staff health and safety during the COVID-19 pandemic.
The deal is now expected to close in the latter half of 2020.
“Mylan, Pfizer and Upjohn are working closely on integration planning and are making significant progress toward Day 1 readiness,” Mylan said. “Together the companies continue to progress toward a successful close.”
The companies stated the delay was due to them focusing on the health and safety of their employees during the COVID-19 pandemic and that there are no changes to the terms or plans regarding the transaction. The three enterprises stated that for the moment they are working on integration planning to ensure day one readiness.
A further complication to the transaction is the meeting and social distancing restrictions levied by the Netherlands, where Mylan is incorporated. As a result, Mylan took the decision to move the extraordinary general meeting of shareholders (EGM), in which the transaction would be discussed and approved, to the same date as their annual general meeting of shareholders (AGM), the 30 June 30, 2020. The EGM was previously heralded for 27 April 27.
Full Content: European Pharmaceutical Review
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