Coury on Mylan merger: 'We're moving the company to something quite different"
The merger is expected by the middle of 2020. He said the new company would have “no direct pharmaceutical peers.”
“The Newco will represent more than just a new name … (there will be) a new strategy, a new operating model, and further differentiated product portfolio compared to Mylan today,” Coury said.
But as such, Coury said, the Upjohn-Mylan combination said the company would need about a two-to-three-year transition period to get up to full steam.
Finally - where is the rightsizing going to happen and to whom?
Mylan NV CEO Heather Bresch, who is leaving with the new company, also praised the combination of Mylan (Nasdaq: MYL) and Upjohn, a division of Pfizer Inc. (NYSE: PFE).
“The combination not only makes good financial sense but will also make a meaningful difference for the patients we serve,” Bresch said.
Mylan, which was in the midst of a strategic review when it announced the merger at the end of July, hasn’t stopped yet working on continuing to whittle costs and improve efficiencies across the business. It said the rightsizing program will continue within Mylan concurrently with the work toward merging with Upjohn