Sector News

Perrigo CEO calls on his Israeli investors to block Mylan bid

October 26, 2015
Life sciences

Perrigo has railed repeatedly against Mylan’s hostile takeover bid and introduced massive cost-cuts and streamlining efforts to try to keep its shareholders loyal. Its next step in fending off its unwanted suitor? Heading to Israel.

The Dublin drugmaker’s CEO, Joseph Papa, and CFO Judy Brown are on their way to the country to rally investors there against Mylan’s bid, Bloomberg reports. Israel’s largest institutional investors together hold more than 10% of Perrigo, the news service notes.

Israel, where Perrigo’s shares are listed, has become a battleground over the course of the takeover tussle. Last month, Perrigo sued Mylan in Israeli Court alleging that its pursuer failed to publish a lawful tender offer in Israel on the required date and requesting the court stop Mylan in its tracks. More recently, Mylan–whose CFO, John Sheehan, traveled to Israel this summer to meet with the head of the Tel Aviv Stock Exchange–got a go-ahead to list its shares on the exchange as part of its takeover effort.

One of Perrigo’s influential Israeli investors is already in its camp. In September, local businessman and former company vice chairman Mori Arkin urged his fellow investors to hold off on taking up Mylan’s tender offer, arguing that if they wait a few months, they can “have the same price without the hassle and risk involved in a Mylan deal.”

Meanwhile, Perrigo is working on plenty of initiatives to combat the tie-up outside of Israel, too. Last week, it announced it would whittle its global workforce by 6%–resulting in 800 job cuts; pare down its organizational structure; initiate a sales process for its vitamins, minerals and supplements business; and kick off a $2 billion share buyback program, all moves it hopes will keep shareholders sticking around.

By Carly Helfand

Source: Fierce Pharma

comments closed

Related News

October 2, 2022

GSK names Julie Brown, a 25-year AstraZeneca veteran, its first woman CFO

Life sciences

Five years ago, GSK made headlines when it hired Emma Walmsley to become the first woman to run a major pharmaceutical company. Now the Big Pharma has brought in another woman to control the company’s finances. Julie Brown will be GSK’s next chief financial officer. Brown, currently the chief operating and financial officer at fashion and beauty brand Burberry Group, is set to replace Iain Mackay.

October 2, 2022

Moderna creates new launch preparation role, poaches Novartis exec as manufacturing lead

Life sciences

Moderna created a new role responsible for “building out the company’s organization to support its growing pipeline.” Starting first thing 2023, Juan Andres, Moderna’s manufacturing head, will step into this new role under the title president of strategic partnerships and enterprise expansion, the company said Thursday.

October 2, 2022

Torrent Pharma to acquire Curatio for $245.16m

Life sciences

The latest takeover is anticipated to boost the presence of Torrent in the dermatology segment. Indian company Torrent Pharmaceuticals has signed a definitive agreement for the complete acquisition of Curatio Healthcare for $245.16m (Rs20bn).