Mylan Gets European Regulator's Approval for Perrigo Deal

By Nathan Becker 

Mylan NV said it has gotten regulatory approval from the European Commission to move ahead with its planned purchase of Perrigo Co., the latest advancement in a saga of recent drug-maker consolidation.

Mylan had proposed in April to buy rival Perrigo for $28.9 billion, as it tried to stay ahead of the frantic dealmaking that has been reshaping the drug industry. A combination of Mylan and Perrigo would create one of the world's top sellers of low-price medicines, with more than $15 billion in yearly sales.

But Teva Pharmaceutical Industries Ltd. emerged in pursuit of Mylan later in April, making a $40 billion offer to swallow the company. A tug of war ensued, but earlier this week, Teva opted to buy the generics business of Allergan PLC for $40.5 billion--leaving Mylan free to move ahead with the Perrigo transaction.

Mylan Executive Chairman Robert Coury said in a statement Wednesday that the approval "serves as further affirmation of the sound industrial logic of this compelling combination." He said he expects the transaction to be completed "in the coming months."

Shares of Mylan and Perrigo were inactive premarket.

Write to Nathan Becker at [e-mail]

Write to Nathan Becker at [e-mail]

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