Mylan will not be acquiring Perrigo

INICIO/Noticias Farmacéuticas | Posted 20/11/2015 post-comment0 Post your comment

Generics company Mylan has failed in its lengthy multi-billion dollar hostile bid to acquire competing generics company Perrigo.

2014 shutterstock 233120428

The US Federal Trade Commission had earlier called on Mylan to sell the rights and assets related to seven generics before it could acquire Ireland-based Perrigo. Having agreed to do this, Mylan was briefly a step closer to its long-term goal of acquiring its competitor.

However, Mylan still had to convince the majority of Perrigo shareholders to tender their shares into the offer. The offer sent to shareholders offered them US$75 and 2.3 Mylan ordinary shares for each Perrigo ordinary share. This was branded ‘a terrible deal’ for Perrigo shareholders by a spokesperson for Perrigo.

In the end, less than half of Perrigo shareholders, about 40%, tendered their shares. So the deal will not go ahead.

Mylan first announced it wanted to buy Perrigo in April 2015, when it was being pursued by Teva Pharmaceutical Industries [1]. Mylan Executive Chairman, Mr Robert Coury, is now expected to turn his attention to acquiring Teva.

Related article
Teva finally makes bid for Mylan

Reference
1. GaBI Online - Generics and Biosimilars Initiative. Mylan goes after Perrigo [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2015 Nov 20]. Available from: www.gabionline.net/Pharma-News/Mylan-goes-after-Perrigo

Permission granted to reproduce for personal and non-commercial use only. All other reproduction, copy or reprinting of all or part of any ‘Content’ found on this website is strictly prohibited without the prior consent of the publisher. Contact the publisher to obtain permission before redistributing.

Copyright – Unless otherwise stated all contents of this website are © 2015 Pro PharmaCommunications International. All Rights Reserved.

Source: Bloomberg, FTC

comment icon Comments (0)
Post your comment
Most viewed articles
Sobre GaBI
INICIO/Sobre GaBI Posted 06/08/2009
EU guidelines for biosimilars
EMA logo 1 V13C15
INICIO/Directrices Posted 08/10/2010