Pfizer, Mylan Agreement With FTC Over Upjohn Deal, Clearing Way for November Closing
October 30 2020 - 1:23PM
Dow Jones News
By Maria Armental
Pfizer Inc. and Mylan NV have reached a deal with U.S.
regulators over the spinoff of Pfizer's off-patent drugs business
that requires the sale of several generic drugs to Prasco LLC as
well as Mylan's eplerenone tablets to address competition
concerns.
Under the terms of an agreement with the Federal Trade
Commission, which clears the way for the deal to close next month
creating what would be the largest generic pharmaceutical firm in
the world, the generic drugs divested to Prasco would continue to
be manufactured by Upjohn and Mylan's current suppliers, reducing
the risk of any interruption in supply, the FTC said.
In some cases, Pfizer would serve as Prasco's contract
manufacturer, "allowing Prasco to step into the shoes of
Upjohn/Greenstone," the FTC said. Greenstone LLC is Pfizer's
authorized generic business.
Aside from Mylan's eplerenone, the generic drugs covered by the
agreement are Upjohn's amlodipine besylate/atorvastatin calcium
tablets, phenytoin chewable tablets, prazosin HCl capsules,
spironolactone HCTZ tablets, gatifloxacin ophthalmic solution, and
medroxyprogesterone acetate injectable solution.
The proposed order also requires FTC approval before Upjohn,
Mylan, or Viatris Inc.--the company that would be created from the
merger of Upjohn off-patent drugs business with Mylan--can gain an
"interest in or exercise control over any third party's rights" to
levothyroxine sodium tablets, sucralfate tablets, and varenicline
tartrate tablets.
Commissioners Rohit Chopra and Rebecca Kelly Slaughter voted
against the proposed deal, saying that both companies had been
accused of collusion in the generic drug business and that Rajiv
Malik, who would be Viatris president, is a defendant accused of
antitrust misconduct.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
October 30, 2020 14:08 ET (18:08 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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