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HEALTHCARE: Viatris (VTRS: Baa3 / BBB- neg / BBB): Sale of OTC Business

HEALTHCARE
  • Positive: Viatris has completed the sale of their over-the-counter business to Cooper Consumer Health.
  • No number was given in the press release but $2.17b was previously discussed as a guide.
  • We calculated that this ought to bring leverage down to 3.0x and enable S&P to resolve their Outlook to Stable in line with Moody's.
  • Viatris has €1.5b maturing over the next 6 months but we expect that these will simply mature without replacement.

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