July 29, 2019 / 11:25 AM / 2 months ago

BUZZ-Mylan shares leap on merger with Pfizer unit

(Updates)

** Shares of drugmaker Mylan NV jump 26% to $23.25 premarket; stock top percentage gainer across all exchanges; Pfizer’s shares down nearly 1%

** MYL says it would combine with Pfizer Inc’s off-patent branded and generic established medicines business to form a global generic drugmaker

** Pfizer shareholders would own 57% of the combined new company and Mylan shareholders would own 43% - Mylan

** On Friday, Reuters reported that PFE was in talks to merge its “Upjohn” off-patent drugs business with MYL in a stock deal, citing a source familiar with the matter

** Wall Street Journal first reported the potential deal (on.wsj.com/2OqkkwT)

** PFE reported quarterly results ahead of its scheduled date on Tuesday

** PFE posts 30% rise in quarterly profit, helped by demand for its branded treatments such as Ibrance, Eliquis and Xeljanz

** Shares of generic drug companies rise; Bausch Health up 1.9%, Teva up 7%, Mallinckrodt up 4.3%, Endo International up 4.9%, Amneal up 3%, Perrigo up nearly 1%

** Up to Friday’s close, PFE stock had risen 12.9% over the past year, while MYL stock had in the same time (Reporting by Tamara Mathias in Bengaluru)

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