Mylan's planned megamerger with Pfizer's Upjohn generics unit has had a rocky road to approval, with the novel coronavirus pandemic snagging regulatory review. Despite the delay, Mylan isn't twiddling its thumbs: The generics giant is now bolting on a major addition to its EU portfolio as it awaits its merger deadline.
Mylan will shell out $756 million for European rights to a suite of Aspen Pharmacare's sterile injectable anticoagulants that raked in nearly a quarter-billion dollars in the year ending June 30, the generics giant said Tuesday.
Mylan will pay Aspen $310 million in cash upfront with an additional cash payment of $446 million due by June 25, 2021. The deal is expected to close by Dec. 31, roughly in line with the closing date for Mylan's planned merger with Pfizer's Upjohn generics unitAspen will continue to manufacture the anticoagulants included in the deal—sold under the brand names Arixtra, Fraxiparine, Mono-Embolex and Orgaran—given its "fully vertically integrated supply chain" in Europe, Mylan said in a release.
The Aspen acquisition will position Mylan as the second-largest producer of thrombosis products in Europe, Mylan said, and expand its reach in hospitals. Mylan said it would widen its marketing team to accommodate its growing portfolio but didn't specify how many positions it would add.
A Mylan spokeswoman could not be reached for comment by press time.