Pfizer to absorb Mylan, USD10 billion pharmaceutical company - report

Pfizer will absorb Mylan, a USD10 billion generic pharmaceutical company that is one of the biggest in the world, according to media organization Fox 5 DC. Pfizer Inc. and Mylan N.V. today announced a definitive agreement to combine Mylan with Upjohn, Pfizer's off-patent branded and generic established medicines business, creating a new global pharmaceutical company.

#BREAKING: Pfizer will absorb Mylan, a $10 billion generic pharmaceutical company that is one of the biggest in the world. (via AP)

— FOX 5 DC (@fox5dc) July 29, 2019

Pfizer shareholders would own 57% of the combined new company, and Mylan shareholders would own 43%. The Boards of Directors of both Mylan and Pfizer have unanimously approved the transaction.

The new company is expected to have pro forma 2020 revenues of $19 to $20 billion. Pro forma 2020 adjusted EBITDA is anticipated to be in the range of $7.5 to $8.0 billion, including phased synergies of approximately $1 billion annually to be realized by 2023. Pro forma free cash flow for 2020 is expected to be more than $4 billion.