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Mylan-Upjohn merger entity Viatris to add 2 Pfizer board members

Pfizer Inc. and Mylan NV said Ian Read and James Kilts will be appointed board members of Viatris, a business combination of generic drugmaker Mylan with Pfizer's off-patent drugs unit Upjohn.

In late July, Pfizer agreed to combine its generics and off-patent drugs unit Upjohn with Canonsburg, Pa.-based Mylan to form a new pharmaceutical company called Viatris.

The board appointments will become effective once the deal closes, the companies said in Dec. 18 press release.

Read is Pfizer's executive chairman and will retire from the company's board Dec. 31. He previously was president and CEO of the New York-based pharmaceutical company.

Kilts has been a director at Pfizer since 2007 and will cease being a member of the company's board upon closing of the all-stock Upjohn deal. Kilts previously was vice chairman of The Procter & Gamble Co.

The merger — which is expected to close in the middle of 2020 — carries a $322 million termination fee, which has to be paid by Mylan if the business combination is terminated.