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NEW DELHI : Drug firm Pfizer Ltd on Friday said it has entered into an agreement with Mylan Pharmaceuticals to sell its Upjohn business for 180.48 crore.

The company has entered into a business transfer agreement with Mylan Pharmaceuticals to transfer certain primarily off-patent branded and generic established medicines (Upjohn business) as a going concern to Mylan for a consideration of 180.48 crore, Pfizer Ltd said in a regulatory filing.

The consideration for the transfer is supported by valuation reports issued by two independent valuers, it added.

"The Upjohn Business comprises six brands which include Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin. These along with related business assets and liabilities will transition to Mylan," the filing said.

The rationale for the transaction is that Pfizer Inc, USA on July 29, 2019, announced that it had entered into a definitive agreement to combine its Upjohn business -- which consists of off-patented branded and generic established medicines -- with Mylan N.V., thereby creating a new global pharmaceutical company, Viatris Inc.

The global transaction was closed in November 2020.

Under the global transaction, six brands currently marketed by Pfizer Ltd in India, viz., Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin, will transition to Mylan Pharmaceuticals.

The transaction in India will be closed upon receipt of regulatory approvals, Pfizer Ltd said.

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