Viatris has signed a definitive agreement to acquire Mylan, the specialty pharmaceutical company. The deal is worth approximately $4 billion and will be completed by April 30. The acquisition targets patients, pharmacies and physicians in order to create a better patient experience through innovative solutions that drive business value for both parties. Mylan’s specialty products include generic drugs and biologic drugs used in specific medical situations. These generics are only available from manufacturers or wholesalers that have been specifically approved by the U.S. Food and Drug Administration (FDA) for distribution of those products under certain conditions. Viatris said it plans to combine Mylan with its specialty operations with access to nearly $12 billion in annual purchasing power. It will also seek regulatory approval for the acquisition in due time so that future products can be produced under the combined entity as quickly as possible, after which it expects to achieve synergies within six months of closing the deal.
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Viatris is a specialty pharmacy benefits manager, which helps employers manage the prescription drug coverage for more than 25 percent of the U.S. workforce. With a focus on specialty drugs, Viatris’ customers include health plans, employers and other organizations that collectively have over 400 million covered lives. Viatris has a unique and valuable asset in Mylan Pharmaceuticals. Mylan operates in the specialty drug space, with particular expertise in the branded generic market and biologics. Viatris is a global market leader in specialty pharmacy benefits, managing more than $12 billion in annual purchasing for more than 10 million lives.
Benefits for Patients
– A single source for all your health needs: drugs, devices, and medical supplies. – More affordable co-pays and deductibles: Less out-of-pocket spending on health care expenses. – Better health outcomes: A healthier population by promoting healthier lifestyles and better access to care. – More predictability: More control over your health care costs.
Benefits for Pharmacies
– A more efficient network of pharmacies: Less time finding a network of pharmacies willing to accept Viatris’ member network. – Easier access to Mylan’s network of contracted pharmacies: No need to work with Mylan’s Viatris network to get access to pharmacists. – More profitable: Increased pharmacy revenue through increased take rates, negotiated prices and volume discounts. – Faster dispensing times: Faster dosing of medications by pharmacists who are trained to handle specialty drugs.
Business Opportunities for Both Companies
– Expanded access for patients: More patients have access to Mylan’s specialty products. – Expanded access for physicians: Mylan’s doctors have access to more patients, who have better health outcomes because of their access to specialty drugs. – Complementary products: Mylan can provide further value by partnering with Viatris to market complementary products such as generic drugs and biologics. – Higher revenue: Increasing the number of Mylan’s existing customers will help expand Viatris’ footprint of customers and provide a more comprehensive offering through the combination of the two companies.