Sector News

Perrigo spurns second offer from Mylan

April 27, 2015
Life sciences
The Perrigo-Mylan-Teva takeover saga has taken another turn after Perrigo again spurned Mylan’s advances, rejecting a second bid from the generics giant.
 
Desperate to protect itself from a Teva takover, Mylan has laid a new bid on the table for Perrigo of $60 cash and 2.2 of its share’s for every remaining share in the Dublin, Ireland-based firm. This, it claims, values the deal at around $222 per Perrigo share.
 
However, Perrigo has taken a different stance on Mylan’s new proposal, arguing that, based in its own calculations, which uses Mylan’s lower share price before rumours of Teva’s interest started to grow, the offer actually only equates to $188 a share.
 
This, it notes, falls under the $205 a share proposed by Mylan early last week. As such, Perrigo’s Board “strongly advised” the firm’s shareholders “to take no action in relation to the offer”.
 
Mylan is yet to respond to Teva’s $40-billion takeover bid, but indications are that it seems reluctant to accept.
 
By Selina McKee
 
Source: Pharma Times

comments closed

Related News

January 22, 2023

Sun Pharma to buy Concert Pharmaceuticals for $576m

Life sciences

Sun Pharmaceutical Industries has signed a definitive agreement to buy all outstanding shares of Concert Pharmaceuticals in a deal valued at $576m. Under the deal, the company will buy all shares of Concert common stock through a tender offer for $8.00 per share in cash upfront payment.

January 22, 2023

Novo Nordisk diabetes pill wins FDA approval for first-line use

Life sciences

The Food and Drug Administration on Thursday approved Novo Nordisk’s diabetes pill Rybelsus as an initial treatment to lower blood sugar levels, a label expansion that will allow it to compete more directly with other oral drugs from Merck & Co. and Eli Lilly.

January 22, 2023

Bayer feeling more heat from activist investors, this time from Bluebell

Life sciences

Since making an ill-advised $63 billion buy of Monsanto in 2018, Bayer has faced heaps of pressure from investors that have called for the company to oust its leadership and to restructure. Now comes new pressure from a familiar source. Bluebell Capital Partners has bought an undisclosed stake in the company and is agitating for a breakup, sources told Reuters.

How can we help you?

We're easy to reach