Pfizer (NYSE:PFE) plans to absorb Mylan (NSDQ:MYL) as part of the spinout of its Upjohn off-patent drugs business in an all-stock deal.
The deal, structured to avoid taxes on any gains from the spinout, would see each Mylan share converted into a share of the as-yet-unnamed new company. Pfizer stockholders would then own 57% of the new firm, with Mylan investors owning the remaining 43%, the companies said. The transaction is expected to close in mid-2020.
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