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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mylan NV | NASDAQ:MYL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.855 | 15.71 | 15.90 | 0 | 01:00:00 |
By Angela Chen
Mylan NV said it will make a formal offer, worth about $33 billion in cash and stock, to buy generic drug maker Perrigo Co., the latest move in a three-way takeover tussle in the pharmaceutical industry.
Mylan, which had indicated earlier this month that it was considering such a bid, said its offer consists of $60 in cash and 2.2 Mylan shares for each share of Perrigo. Based on Thursday's close, the offer values Perrigo at about $222 a share. Perrigo shares closed Thursday at $201.63 and were off 1.4% in recent trading.
Mylan shares, meanwhile, have surged this month after the company received its own takeover approach from Teva Pharmaceutical Industries Ltd. worth about $40 billion.
Perrigo has thus far rejected Mylan's advance, and Mylan has spurned Teva. A representative for Perrigo declined to comment Friday, and a spokesperson for Teva said the company remains "fully committed" to its offer for Mylan.
The three-way fight underscores the deal-making surge that is under way in an industry grappling with slowing growth. At the heart of the frenzy is a quest for new revenue amid pricing pressure from cash-strapped governments and insurers, and increased competition.
Mylan and Perrigo generally compete in different segments of the generic-drug business. Mylan is best known for selling generic prescription drugs, though its top-selling product is the EpiPen emergency treatment for allergic reactions. Perrigo makes over-the-counter cough-and-cold remedies and infant formula for chains like Wal-Mart Stores Inc. and Walgreens, which sell the products under their own names.
Neither company is a household name, but a combination of Mylan and Perrigo would create one of the world's top sellers of low-price medicines with $15.3 billion in yearly sales.
Mylan said its nonbinding offer is fully financed, cash confirmed and not conditional on due diligence. The company estimated its investors would own about 62% of the combined company's shares, with Perrigo's holders owning the remaining 38%. It added the deal should result in at least $800 million in synergies by the end of the fourth year after the deal closes.
Under takeover rules in Ireland, where Perrigo is based, Mylan is obligated to make a public announcement once it has started the formal process of acquiring another company.
Meanwhile, a merger of Mylan and Teva--an Israeli company that says its medicines account for one out of every eight prescriptions in the U.S.--would create the world's top-selling generic-drug company with more than $30 billion in sales in 145 countries.
Teva, known for its Copaxone multiple-sclerosis drug, has said it is a natural fit with Mylan and the scale of the combined company would help it better manage costs in the low-margin generics business. It added a tie-up would bolster its ability to develop low-price knockoffs of biotech drugs, a new market that offers the potential for significant growth.
Write to Angela Chen at angela.chen@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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