Pfizer Inc. has concluded a deal to spin off its generic drugs unit Upjohn to merge with Mylan NV and form a new entity named Viatris Inc.

The news comes a few weeks after the merger was cleared in the U.S. after scoring approval in the EU, Australia and New Zealand.

Structured as an all-stock Reverse Morris Trust, the transaction allowed Upjohn to be spun off to Pfizer's shareholders and combined with Hatfield, U.K.-based Mylan. Pfizer's shareholders received about 0.124079 of a share of Viatris common stock for every one share of Pfizer common stock held as of Nov. 13. The shareholders also retained the same number of Pfizer shares they had immediately before the transaction.

As the deal closes, Pfizer's shareholders own about 57% of the outstanding shares of Viatris, while Mylan's stockholders have about 43%. The new business will trade on the Nasdaq under the VTRS ticker starting Nov. 17.

Pfizer and Mylan previously said they expect Viatris to generate revenues between $19 billion and $20 billion in 2020.

New York-based Pfizer said in a Nov. 16 press release that no update is available to the company's 2020 financial guidance that was provided during third-quarter earnings. In relation to the contribution from the Upjohn deal, the guidance overstates expected total company results.