Mylan to buy Aspen Thrombosis Business for EUR 641.9 million in Europe
Upon closing of the transaction, Mylan expects to fund an upfront payment of EUR 263.2 million to Aspen from existing cash.
Hertfordshire and Pittsburgh: Mylan N.V. today announced an agreement to acquire the related intellectual property and commercialization rights of Aspen Pharmacare Holdings Limited's thrombosis business in Europe for EUR 641.9 million, subject to customary closing conditions and European regulatory clearances.
The transaction is expected to be immediately accretive to Mylan upon closing and is anticipated to be accretive to VIATRIS upon the completion of Mylan's previously announced combination with Upjohn that is expected to close in the fourth quarter of 2020.
"Upon closing of the transaction, Mylan expects to fund an upfront payment of EUR 263.2 million to Aspen from existing cash. Also, Mylan expects to utilize cash generated from operations to make the final deferred payment of EUR 378.7 million on June 25, 2021," the release stated
"The closing of the proposed sale is expected to be completed before December 31, 2020. Mylan does not expect the transaction to impact our target of approximately $1 billion of 2020 debt repayments or Viatris' previously announced debt repayment and leverage target commitments," it added.
The portfolio consists of well-established injectable anticoagulants sold in Europe under the brand names, and variations of the brand names, Arixtra, Fraxiparine, Mono-Embolex and Orgaran. These products had combined net sales of approximately EUR 231 million for the 12 months ended June 30, 2020 and are expected to be accretive to Mylan's consolidated adjusted EBITDA margins, as well as the anticipated consolidated adjusted EBITDA margins of Viatris.
Mylan President Rajiv Malik commented: "The acquisition of this thrombosis portfolio is a significant addition to Mylan's European business that will not only make Mylan the second largest supplier of these products to patients in Europe, according to IQVIA, but also bolster our existing commercial infrastructure to further expand access to complex injectables. By adding to our highly experienced sales and marketing team, we will further strengthen our current reach in hospitals and enhance the future growth of our biosimilars franchise in Europe."
Mylan Executive Chairman Robert J. Coury commented: "As we continue toward the launch of Viatris, we remain committed to executing on opportunities that will not only add to Mylan's growth, but that also will be consistent with our vision for Viatris under the Global Healthcare Gateway, which we believe will establish the new company as a true Partner of Choice."
Aspen will retain manufacturing and product supply responsibilities and will supply Mylan with finished product. Aspen has a fully vertically integrated supply chain predominantly located in Europe.