CLARKSBURG, W.Va. (WBOY) – Mylan shareholders overwhelmingly approved the company’s proposed combination with Upjohn, according to a press release.
The release stated that Mylan N.V (Nasdaq: MYL) announced on Tuesday that its shareholders overwhelming voted to approve the proposed transaction combining Mylan and Upjohn, a division of Pfizer, at the company’s extraordinary general meeting of shareholders. Approximately 99.6% of the votes that were cast were in favor of the combination, according to the release.
Listed below are a series of statements from Mylan Executive Chairman and Future Viatris Executive Chairman Robert J. Coury that were included in the release:
“The near unanimous support we have received from our shareholders with 99.6% of shares voted in favor of this transaction truly validates the extensive analysis and time invested by the board’s strategic review committee, and the full board, in identifying the right opportunity to unlock the true value of our one-of-a-kind platform as well as accelerate Mylan’s next exciting phase of growth. The overwhelming endorsement we received from shareholders only further bolsters our confidence in the value that we believe the new company will deliver, and we are very excited to soon create Viatris, expected in the fourth quarter of this year.”
“Viatris will be launched with a robust new business model, focused on total
shareholder return. With an enhanced balance sheet and financial flexibility, we will be able to implement a more shareholder-friendly capital allocation policy starting with a dividend of at least 25% of our free cash flow following Viatris’ first full quarter after close. We also look forward to introducing Viatris’ new, unique GLOBAL HEALTHCARE GATEWAY™, which will offer partners
ready access to more markets and patients worldwide through the company’s unmatched global infrastructure and expertise, making Viatris a true Partner of Choice™.”
“With this significant milestone behind us and our permanent financing now in place, we look forward to obtaining the remaining regulatory approvals and completing the transaction.”
The release stated that Mylan will file the vote results in a Form 8-K with the U.S. Securities and Exchange Commission. Officials said the transaction is subject to customary closing conditions, including receipt of the remaining required regulatory approvals.