Viatris

Summary

Viatris Inc. is an American global healthcare company headquartered in Canonsburg, Pennsylvania. The company was formed through the merger of Mylan and Upjohn, a division of Pfizer, on November 16, 2020.[2]

Viatris Inc.
TypePublic company
ISINUS92556V1061
IndustryPharmaceuticals
Predecessors
FoundedNovember 16, 2020; 17 months ago (2020-11-16)
Headquarters
Area served
Worldwide
Key people
Products
RevenueIncrease US$11.946 billion (2020)
Increase US$0.670 billion (2020)
Total assetsIncrease US$61.553 billion (2020)
Total equityIncrease US$22.951 billion (2020)
Number of employees
38,000 (September 30, 2021)
Websiteviatris.com
Footnotes / references
[1]

The name of the company comes from the Latin words via, meaning path, and tris, which means three, referring to the path to three main objectives the company set.[3][4]

Viatris ranked 254th on the 2021 Fortune 500 rankings of the largest United States corporations based on its 2020 total revenue.[5]

HistoryEdit

On November 16, 2020, Upjohn merged with Mylan in a Reverse Morris Trust transaction and changed its name to Viatris.[1][2] At that time, Michael Goettler became chief executive officer.[6][3]

Following the combination, the company began trading on the NASDAQ using the ticker symbol VTRS.[2]

In December 2020, the company announced a cost-reducing restructuring plan which would impact up to 20% of its global workforce, or 9,000 jobs at its facilities around the world.[7][8][9]

In 2021, Viatris was ranked 5th by Fortune on its annual "Change the World" list.[10]

In February 2022, Viatris announced an agreement where it will contribute to Biocon Biologics its biosimilars portfolio and related commercial and operational capabilities in exchange for up to $3.335 billion, including a stake of at least 12.9% in Biocon Biologics.[11]

PredecessorsEdit

The following is an illustration of the company's major mergers and acquisitions and historical predecessors:

Viatris Acquisitions

ProductsEdit

The company produces and sells a variety of medicines, with 1,400 approved therapeutic molecules in its portfolio.[12] It owns brands (like Viagra, Xanax, Lipitor),[6][13] generics, including branded and complex generics, biosimilars,[14][15] and over-the-counter (OTC) drugs and active pharmaceutical ingredients. Viatris products cover therapeutic areas including cardiovascular, infectious disease, oncology, immunology, CNS and anesthesia, women's healthcare, diabetes and metabolism, gastroenterology, respiratory and allergy, and dermatology.[15][16]

The following products have been newly launched or received regulatory approvals since Viatris was established:

  • Abevmy (Bevacizumab), a biosimilar, received European Commission approval in April 2021.[17][18]
  • Hulio (Adalimumab), a biosimilar, was launched in Japan[19] and Canada in February 2021.[20]
  • Kixelle (Insulin aspart), a biosimilar, received European Commission approval in February 2021.[21][22]
  • Dolutegravir received US FDA approval in December 2020 to treat children with HIV/AIDS in low to middle income countries. The formulation is strawberry-flavored to make it easier to give to children and was made available at a 75% discount compared to previous treatments.[23][24]
  • Semglee (Insulin glargine-yfgn) received the first interchangeable biosimilar approval from the US FDA in July 2021. The approval allows pharmacists to substitute Semglee for the reference product, Lantus.[25][26] Branded and unbranded versions of the interchangeable biosimilars launched in November 2021.[27][28]
  • Breyna (Budesonide and Formoterol Fumarate Dihydrate Inhalation Aerosol) received approval from the US FDA in March 2022 as the first generic version of Symbicort for the treatment of asthma and COPD.[29][30]

PartnershipsEdit

Following the formation of Viatris, the company became a member of the Biosimilars Forum, a trade organization that advocates for greater biosimilar usage.[14]

Viatris partnered with the American College of Cardiology, the NCD Alliance, and the World Heart Federation to create the NCD Academy, a platform to help fight non-communicable diseases around the world.[31][32]

In December 2020, the company worked with Sesame Workshop to create resources to help children and their caregivers manage their social and emotional needs impacted by the COVID-19 pandemic.[33][34]

In April 2021, the company partnered with Atomo Diagnostics and Unitaid to expand access to HIV self-testing to 135 countries and lower the price of the tests by around 50%.[35][36]

ReferencesEdit

  1. ^ a b "Viatris Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c Gough, Paul J. (November 16, 2020). "After nearly 60 years, Mylan makes way for Viatris". American City Business Journals.
  3. ^ a b "Viatris picked as new name for a merged Mylan/Upjohn". Pittsburgh Post-Gazette. November 12, 2019.
  4. ^ Blankenship, Kyle (November 12, 2019). "Pfizer's Upjohn and Mylan will become Viatris. Wait, haven't we heard that name before?". FiercePharma.
  5. ^ "Fortune: Viatris Company Profile, News, Rankings". Fortune.com. Fortune. Retrieved 2 June 2021.
  6. ^ a b Mamula, Kris B. (July 29, 2019). "Mylan merger with Pfizer's Upjohn unit to form new company with $20 billion in revenues". Pittsburgh Post-Gazette.
  7. ^ "Viatris Inc. Announces Additional Details of Previously Disclosed Global Restructuring Initiative" (Press release). PR Newswire. December 11, 2020.
  8. ^ Gough, Paul J. (December 11, 2020). "Viatris to lay off up to 20% of global workforce, with local impacts expected to occur". American City Business Journals.
  9. ^ Kansteiner, Fraiser (December 11, 2020). "Pfizer-Mylan combo Viatris to slash up to 9,000 jobs, shutter manufacturing plants in global cost-cutting drive". FiercePharma.
  10. ^ "Viatris: 2021 Change the World". Fortune. Retrieved 17 October 2021.
  11. ^ Linnane, Clara (28 February 2022). "Viatris to contribute its biosimilars portfolio to Biocon Biologics for up to $3.335 billion, shares jump 4% premarket". MarketWatch. Retrieved 24 March 2022.
  12. ^ Levy, Sandra (16 November 2020). "Viatris launches following combination of Mylan, Upjohn". Drug Store News. Retrieved 6 May 2021.
  13. ^ Liu, Angus (23 April 2021). "Merger of Mylan and Pfizer's Upjohn wins EU nod with product sell-off agreement". FiercePharma. Retrieved 6 May 2021.
  14. ^ a b Hagen, Tony (30 November 2020). "Newly Created Viatris Joins the Biosimilars Forum". Centerforbiosimilars.com. Retrieved 6 May 2021.
  15. ^ a b "Viatris Inc. Joins Biosimilars Forum". Biosimilardevelopment.com. 30 November 2020. Retrieved 6 May 2021.
  16. ^ Burton, Patrick (27 January 2021). "Viatris: Cost-Cutting Needed at New Generics Behemoth". Pharmaboardroom.com. Retrieved 6 May 2021.
  17. ^ "Biocon Biologics, Viatris receive approval for cancer drug". The Economic Times. 26 April 2021. Retrieved 13 June 2021.
  18. ^ "Biocon Biologics, Viatris receive EC nod for biosimilar Bevacizumab". Moneycontrol.com. 26 April 2021. Retrieved 13 June 2021.
  19. ^ Wallace, David (15 February 2021). "Viatris And FKB Introduce First Japanese Adalimumab Biosimilar". Informa Pharma Intelligence. Retrieved 13 June 2021.
  20. ^ "BRIEF-Viatris Launches Hulio In Canada". Reuters. 18 February 2021. Retrieved 13 June 2021.
  21. ^ Rudge, Dean (15 February 2021). "Biocon And Viatris Scoop EU Insulin Aspart Approval". Informa Pharma Intelligence. Retrieved 13 June 2021.
  22. ^ "Biocon Biologics, Viatris gets European Commission nod for co-developed diabetes drug". Business Line. 12 February 2021. Retrieved 13 June 2021.
  23. ^ Giuliani-Hoffman, Francesca (4 December 2020). "HIV medications for children can be bitter to swallow. A strawberry-flavored drug might help". CNN. Retrieved 13 June 2021.
  24. ^ "HIV generic drug for babies to be rolled out in Africa in 2021 - aid agencies". Reuters. 1 December 2020. Retrieved 13 June 2021.
  25. ^ Johnson, Linda A. (28 July 2021). "FDA allows automatic 'generic' swap for brand-name insulin". PBS NewsHour. Retrieved 31 August 2021.
  26. ^ "FDA Approves First Interchangeable Biosimilar Insulin Product for Treatment of Diabetes". Food and Drug Administration. 28 July 2021. Retrieved 31 August 2021.
  27. ^ "Viatris, Biocon Launch Biosimilar Products Interchangeable For LANTUS - Quick Facts". 16 November 2021. Retrieved 24 November 2021.
  28. ^ "Biocon Biologics, Viatris launch biosimilar insulin glargine in US". 16 November 2021. Retrieved 24 November 2021.
  29. ^ Genovese, Meghan (15 March 2022). "FDA Grants Viatris Approval for Generic of Astra's Symbicort". Bloomberg Law.
  30. ^ Hronec, Jordyn (16 March 2022). "Viatris receives FDA approval for generic asthma drug". Pittsburgh Business Times.
  31. ^ "Fighting the Quiet Crisis of Noncommunicable Diseases". Scientific American Custom Media. 27 January 2021. Retrieved 24 May 2021.
  32. ^ "NCD Academy". NCDalliance.org. Retrieved 24 May 2021.
  33. ^ Kiner, Deb (7 December 2020). "Sesame Workshop helps kids manage 'big feelings like stress and fear' with new resources". The Patriot-News. Retrieved 24 May 2021.
  34. ^ "Sesame Workshop launches children's animations about COVID-19 education, resources for families". KGO-TV. 7 December 2020. Retrieved 24 May 2021.
  35. ^ "Access to HIV self-tests significantly expanded and costs halved thanks to Unitaid agreement". Unitaid.org. 28 April 2021. Retrieved 24 May 2021.
  36. ^ "HIV self-test prices to be slashed in half in 135 countries". PANCAP.org. 29 April 2021. Retrieved 24 May 2021.

External linksEdit

  • Official website
  • Business data for Viatris:
    • Google Finance
    • Yahoo! Finance
    • Bloomberg
    • Reuters
    • SEC filings