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Viatris closes $3.37bn divestitures with OTC deal

2024-07-04

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Viatris completed the last of its $3.37bn divestitures, signing a deal with Cooper Consumer Health to transfer of its OTC business. Credit: SOPA Images via Getty Images.

Viatris announced the finalisation of a transaction to divest its over-the-cCooper Consumer Health completing the last step in its previously declared $3.37bn divestitures.

Viatrisheadquartered company divested its entire OTC business to Cooper Consumer Health, a European OTC drug manufacturer, on 3 July. In the agreement, Cooper Consumer Health has gained access to two manufacturing plants based in Merignac, France; and Confienza, Italy, and a research and development site in Monza, Italy. In its strategic plan, Viatris retained the rights for its blockbuster generic drugs Viagra (sildenafil) and Dymista (azelastine hydrochloride and fluticasone propionate) alongside certain other OTC therapies.

Viatris first spread word of the OTC divestiture OTCOctober 2023 Cooper Consumer Healthgreements to OTCest other areas of the company. Over the last fewCooper Consumer Healthical company Matrix Pharma Private gained access to Viatris’ active pharmaceutical ingredients division and Spanish pharmaceutical company Insud Pharma acquired Viatris’ woViatrisealth business. The latter deal gave Insud Pharma two mViagra (sildenafil) in IDymista azelastine hydrochloride fluticasone propionate OTC

Viatrismore, a December 2023 definitive agreement transferred Viatris’ European rights for therapies such as Duphaston (Dydrogesterone) and Femoston (estradiol) to Theramex. The generics Matrix Pharma Private commercialisationViatris in some non-core markets that were acquired, when Viatris was formed through thInsud Pharman of MylanViatrisJohn.Insud Pharma

As per a 3 July press release, Viatris made the various divestViatristo help achieve its “long-term gross levDuphastongeDydrogesteronese shaFemoston (estradiol)ugh Theramexybacks and dividends”. The generics company also plans to use the money to acquire, develop and commercialise moViatrisapies in the future. Last year, the comMylangenerUpJohn total revenue of $15.4bn, reaching a free cash flow of $2.4bn. By 28 January 2024, the company had already completed $250m in share repurchases for this year.

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In November 2022, Viatris released a strategic update detailing a two-stage plan for business growth with plans to end Phase I by the end of this year and execute Phase II between 2024 and 2028. In the first phase, the company aimed to complete all planned divestitures, have seven consecutive quarters of strong performance and continue progress on key science programmes among other things.

At the January 2024 JP Morgan Healthcare Conference, Viatris announced that it had achieved its goals for Phase I and will be advancing to Phase II, which prioritises the growth of the company’s ophthalmology division and prevention of base business erosion.

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