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...As well as proceeds from its Covid products, Pfizer has also benefited from the spin-off of its Upjohn generics business, which combined with Mylan to form Viatris in late 2020....
...In 2020, Pfizer spun off its generics business Upjohn, combining it with Mylan to form Viatris, while Johnson & Johnson, GSK, Pfizer and Novartis have all shed their consumer health businesses selling over-the-counter...
...The state of Michigan is spending between $160,000 and $210,000 for every job created or retained through GM’s new investments, said Tim Bartik, senior economist at the WE Upjohn Institute for Employment...
...Results and forecasts exclude its Upjohn unit, as Pfizer closed the transaction to merge the generics business with Mylan during the quarter....
...In mid-afternoon trading in New York, shares in Mylan, which is in the process of merging with Pfizer’s generics business Upjohn, were up 2.6 per cent to $22.83....
...GSK and Pfizer are uniting and spinning off their consumer health divisions, which sell over-the-counter products, while Pfizer is in the process of trying to combine its generics business Upjohn with the...
...Upjohn’s revenues are smaller than Mylan’s. However its operating margins of roughly 50 per cent are well ahead of Mylan’s....
...Upjohn will pay Pfizer $12bn as part of the spin-off, leaving the new group with a debt load of almost $25bn....
...Sales of branded drugs at Pfizer outpaced revenues from Upjohn, its off-patent business in the country, climbing 32 per cent year on year in the quarter compared with a 2 per cent increase for the generics...
...Pfizer has been under political pressure, including from US president Donald Trump, about raising drug prices, including for erectile dysfunction treatment Viagra and other drugs in the Upjohn business....
...Last year, Upjohn’s China sales accounted for $2.4bn of global revenues of $12.5bn. The unit’s drugs reach 54m patients worldwide and it is targeting 225m new patients by 2025, Mr Goettler said....
...Pfizer’s biopharmaceuticals unit Upjohn reported 25 per cent growth year-on-year in emerging markets, driven by sales of the statin Lipitor, Norvasc for angina and the arthritis treatment Celebrix in China...
...The academics needed an industrial partner, but Mr Curstedt says that Pharmacia, a Swedish drugs company which has since become part of Pfizer, felt “the sales were too small and the marketing costs too...
...The sale of Meda risks a further hollowing out of Sweden’s pharmaceuticals sector, which in the past two decades has seen Pharmacia bought by Pfizer of the US and Astra merged with Zeneca of the UK....
...to Upjohn of the US and then Pfizer....
...She also believes that Pfizer was less to blame over Pharmacia than some suggest....
...Mr Heldin said foreign takeovers of both Astra and Pharmacia, which was first bought in 1995 by Upjohn of the US, had been “very bad” for Sweden....
...Yet when Kahn filed a patent application in 1974 he found that Upjohn had beaten him to it....
...The company declined to comment on the Pharmacia deal....
...He said the commitments offered by Pfizer “fly in the face of what they have done when they have acquired companies in the past”, pointing to job losses after takeovers of Pharmacia and Warner Lambert....
...It took another decade, a partnership with colleagues working largely in their own time and a takeover of Upjohn by Pfizer before the project came to fruition....
...Mr Borg had earlier criticised Pfizer’s behaviour after taking over Swedish group Pharmacia a decade ago....
...Pfizer has a history of big acquisitions, such as its $68bn takeover of Wyeth in 2009 and its $56bn deal with Pharmacia in 2002....
...“There is its acquisition of Warner-Lambert in 2000 in the US; Pharmacia in Sweden in 2003; and Wyeth in the US in 2000, and that led to deep cuts in the research facilities, it led to intellectual asset-stripping...
...Two years later, Hank McKinnell, Mr Steere’s replacement, launched a $60bn takeover of Pharmacia, securing drugs including Celebrex, then part of a promising class of new painkillers....
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