Pfizer (NYSE:PFE) expects common stock for its Viatris spin-off to be available starting Nov. 12, following the U.S. Federal Trade Commission’s approval of the proposed merger of Mylan (NSDQ:MYL) and Pfizer’s biopharmaceutical Upjohn brand.
The company expects the “when-issued” market for Viatris common stock (VTRSV) to be available from Nov. 12 to Nov. 16, when it expects Upjohn to be formally rebranded Viatris.
Pfizer said that its stockholders would automatically receive distributed shares of the Viatris stock. Stockholders who hold Pfizer stock will receive a book-entry account statement recording their Viatris stock ownership. Pfizer stockholders will continue to own Pfizer common stock as well.
During the Nov.12–16 window, stockholders will have the option of selling the right to obtain Viatris shares while retaining Pfizer stock.
Stockholders also will be able to sell shares of Pfizer stock while receiving Viatris stock.
Pfizer’s shares recently slid after its Q3 earnings failed to meet consensus expectations.