Sector News

Categories

Borderless Insights

Image
Negotiating Terms with a New Employer
Image
Beyond Flowers and Platitudes: Reclaiming the Essence of International Women’s Day
Image
Visionary or ‘Stuck-in-the-Mud’? Where are you on Workplace Flexibility?

Mylan throws out Teva bid

April 28, 2015
Life sciences
As expected, Mylan’s board has unanimously and vehemently rejected Teva’s takeover offer of around $40 billion, slamming the proposal for “grossly undervaluing” the firm.
 
Following weeks of speculation, Teva finally made an official, unsolicited move on the firm last week offering $82 per Mylan share in a 50/50 cash/stock transaction.
 
The marriage, Teva said, would create a generics powerhouse with pro forma 2014 annual sales of around $30 billion, though Mylan hasn’t seemed sold on the idea from the start.
 
And today Mylan’s board said Teva’s approach contains nothing that would prompt it to depart from a “successful and longstanding standalone strategy”.
 
Lacking logic
“Teva’s proposal grossly undervalues Mylan, and would require Mylan’s shareholders to accept what we believe are low-quality Teva shares in exchange for their high-quality Mylan shares in a transaction that lacks industrial logic and carries significant global antitrust risk,” noted executive chairman Robert Coury.  
 
In a hard-hitting letter to Teva, Coury said Mylan’s board would not even enter into any discussions regarding an offer unless the starting point was “significantly in excess of $100 per share.”
 
“We also believe that the proposal does not address the serious challenges of integrating two fundamentally different and conflicting cultures under a Teva Board and leadership team with a poor record of delivering sustainable shareholder value,” he said. 
 
Teva responded by saying it remains fully committed to completing the merger.
 
By Selina McKee
 
Source: Pharma Times

comments closed

Related News

April 20, 2024

CureVac and MD Anderson Cancer Center partner to develop new cancer vaccines

Life sciences

CureVac and the University of Texas’s MD Anderson Cancer Center have announced a co-development and licensing agreement to develop novel messenger ribonucleic acid (mRNA)-based cancer vaccines. The strategic collaboration will focus on the development of differentiated cancer vaccine candidates in selected haematological and solid tumour indications with high unmet medical needs.

Read more
April 20, 2024

FUJIFILM plans $1.2 billion investment in major US manufacturing facility

Life sciences

FUJIFILM Corporation is planning to invest $1.2 billion to expand the planned FUJIFILM Diosynth Biotechnologies manufacturing facility in Holly Springs, North Carolina, US. This news follows the organisation’s announcement of a $2 billion investment in the facility in March 2021. This additional financial boost totals the investment to over $3.2 billion, FUJIFILM confirmed.

Read more
April 20, 2024

Sanofi cuts staff in Belgium as early-stage research dwindles

Life sciences

Sanofi’s global restructuring and downsizing is now fully underway, with layoffs stretching to the company’s Belgian offices. Belgian newspaper De Tijd reports that 67 employees have been laid off at a site in Ghent and 32 jobs are on the chopping block at Sanofi’s Belgium HQ in Diegem.

Read more
More news

How can we help you?

We're easy to reach