Mylan Buys Aspen’s European Thrombosis Assets
Under the terms of the deal, Mylan will make an upfront payment of €263.2 million from existing cash upon completion, then expects to use cash generated from operations to make the final deferred payment of €378.7 million on Jun. 25, 2021.
The transaction is expected to close before Dec. 31, 2020, subject to customary conditions and regulatory clearance.
Aspen’s portfolio comprises injectable anticoagulants sold in Europe under the brand names (and their variations) Arixtra, Fraxiparine, Mono-Embolex and Orgaran. The products had combined net sales of approximately €231 million for the year ending Jun. 30, 2020.
The South African company will retain manufacturing and product supply responsibilities and will supply Mylan with finished product. Mylan added that it has retained Aspen France as its distributor in France.
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, but also bolster the company’s existing commercial infrastructure to further expand access to complex injectables, said Mylan’s president Rajiv Malik. “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,“ he added.
Aspen announced in March 2019 that it would undertake a strategic review of its European business, ultimately deciding that a disposal of the region’s thrombosis commercialization rights would support its aim for a greater concentration of its revenue in emerging markets and a more streamlined operation in the region.
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Mylan is to buy the intellectual property and commercialization rights of Aspen Pharmacare’s European thrombosis assets, which include the brand names (and their variations) Arixtra, Fraxiparine, Mono-Emboliex and Orgaran, for €641.9 million. The deal is due to close by year end. (c) Mylan
Europe clears Upjohn merger
Mylan has also announced that European regulators have given their final approval for the merger of its business with Pfizer’s Upjohn. The European Commission had granted conditional approval in April requiring Mylan to divest certain products in Europe.
Australia and New Zealand authorities have also finally cleared the merger. The newly formed entity will be called Viatris, headed by current Mylan executive chairman Robert Coury. All all clearances are in place, pending approval in the US, and the transaction is on track to close in the fourth quarter of this year, Coury said.
Author: Elaine Burridge, Freelance Journalist
