Teva Proposes $40 Billion to Acquire Mylan

Teva announced a proposal on April 21, 2015 to acquire Mylan for $40 billion, or $82 per share, in cash and stocks. According to a press release, the combined company would focus on complex technologies, more durable and sustainable products, and enhanced capabilities in specialty drug development and commercialization.

“We have long respected Mylan’s business, and we are confident that Mylan’s Board of Directors and stockholders will agree that our proposal represents a significantly more attractive alternative for Mylan and its stockholders than Mylan’s proposed acquisition of Perrigo,” said Erez Vigodman, president and CEO of Teva, in a press release.

This proposal comes a mere two weeks after Mylan proposed $29 billion to acquire Perrigo. The deal could have been a defensive move by Mylan, because Teva was already interested in acquiring Mylan, according to the New York Times. The Times continues by mentioning that Mylan’s executive chairman, Robert J. Coury, was quoted as saying earlier in the month that Mylan is committed to the Perrigo deal and is uninterested in an acquisition by Teva. 

Source: Teva