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MYLAN NV

(MYL)
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Real-time Quote. Real-time Cboe BZX - 07/29 07:49:17 am
21.3 USD   +15.38%
07:43aPfizer to Merge Off-Patent Drug Business With Mylan
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07:24aPFIZER : to Merge Off-Patent Drug Business With Mylan
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07:18aMYLAN : to combine with Pfizer's off-patent medicines unit
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Mylan : Pfizer in talks to merge off-patent drugs business with Mylan

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07/27/2019 | 12:23pm EDT
FILE PHOTO: Logo of U.S. pharmaceutical corporation Pfizer Inc. is seen in Zurich

(Reuters) - Pfizer Inc is in talks to merge its off-patent drugs business with Mylan NV in a stock deal, according to a source familiar with the matter.

Mylan shareholders would receive a little more than 40% of the newly formed entity, with Pfizer shareholders receiving the remainder, the person said, adding that Pfizer would also get about $12 billion in proceeds from a new sale of debt.

Separation of Pfizer's off-patent business would be a tax-free spin-off, the person added.

Last year, Pfizer said it was planning to reorganize into three units, separating its consumer healthcare business.

The restructuring will allow the company to evaluate its businesses better and could result in selling or spinning off its off-patent drugs, Wall Street analysts earlier said.

The Wall Street Journal first reported about the talks between the companies on Saturday.

Pfizer and Mylan did not immediately respond to requests for comment.

(Reporting by Maria Ponnezhath in Bengaluru and Gregory Roumeliotis in New York; Editing by Mark Potter and Paul Simao)

Stocks mentioned in the article
ChangeLast1st jan.
MYLAN NV 0.11% 18.46 Delayed Quote.-32.63%
PFIZER 0.98% 43.09 Delayed Quote.-1.28%
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Financials (USD)
Sales 2019 11 618 M
EBIT 2019 3 169 M
Net income 2019 851 M
Debt 2019 12 037 M
Yield 2019 -
P/E ratio 2019 10,1x
P/E ratio 2020 8,26x
EV / Sales2019 1,86x
EV / Sales2020 1,64x
Capitalization 9 516 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 26,45  $
Last Close Price 18,46  $
Spread / Highest target 106%
Spread / Average Target 43,3%
Spread / Lowest Target -2,49%
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Managers
NameTitle
Heather M. Bresch Chief Executive Officer & Executive Director
Rajiv Malik President & Executive Director
Robert J. Coury Executive Chairman
Haribabu Bodepudi Chief Operating Officer
Kenneth Scott Parks Chief Financial Officer
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