Pharmaceuticals manufacturer Aspen’s wholly-owned Mauritius-incorporated subsidiary Aspen Global Incorporated (AGI) has concluded an agreement in terms of which Mylan Ireland will acquire the commercialisation rights and related intellectual property of Aspen’s Thrombosis business in Europe for €641.9-million, plus the cost of the related inventory.
In March 2019, Aspen announced that it would undertake a strategic review in respect of its Europe CIS Commercial business. The review has focused on assessing alternative models for the conduct of the business and on determining the range of available options with a view to enhancing the group’s sustainable returns.
In line with the objectives of the strategic review, Aspen is of the view that the disposal of the commercialisation rights to the thrombosis products, while continuing to manufacture and supply the products, is an attractive option.
Mylan is a global pharmaceutical company, with principal offices in Canonsburg, Pennsylvania, in the US. It has a significant presence in Europe, generating sales of more than $4-billion in 2019.
AGI’s thrombosis products are sold under the brand names, and variations of the brand names, including Arixtra, Fraxiparine, Mono-Embolex and Orgaran, in Europe. Mylan has retained AGI as its distributor of the thrombosis products in France.
The transaction will be conditional upon the fulfilment of customary conditions precedent applicable to transactions of this nature, and the transaction is expected to be concluded before December 31.
In terms of the transaction, the disposal of the assets comprises those relating exclusively to the thrombosis products in Europe, including intellectual property required for their commercialisation, and any related goodwill owned by AGI and its subsidiaries, product registrations and marketing authorisations, and the related inventory.
The proceeds from the transaction will be used to reduce Aspen’s debt.
Further, the transfer to Mylan of employees engaged in the thrombosis business will take place in accordance with European labour law regulations.
Contemporaneously with the transaction, Aspen and Mylan will enter into a manufacturing and supply agreement in terms of which Aspen will supply thrombosis products to Mylan for the territory.