Viatris (VTRS): Mylan has restarted production of hydrox...

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AllGold818

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Tuesday, 05/05/2020 2:57:42 PM

Tuesday, May 05, 2020 2:57:42 PM

Mylan has restarted production of hydroxychloroquine sulfate tablets at its manufacturing facility in the United States to meet the increased demand resulting from the potential effectiveness of the product in treating COVID-19. Earlier, the company announced a merger agreement with Upjohn, Pfizer's PFE off-patent branded and generic established medicines business, to create a new global pharmaceutical company. In November 2019, Mylan and Pfizer announced the name of the new company to be Viatris. Last month, the European Commission approved the combination of Mylan and Upjohn, conditioned upon the completion of the sale of certain products of the former in Europe. The merger is now anticipated to close in the second half of 2020 due to the unprecedented circumstances surrounding the COVID-19 pandemic. Further updates on the same will be keenly awaited.

MYL is expected to beat on earnings when it reports first-quarter 2020 results on May 11.

MYL