Perrigo backs reason to spurn Mylan

(L-R) Robert J Coury,   Mylan and Josegh Papa,   Periggo

When Mylan and Perrigo executives had a “very preliminary” discussion a year ago about possibly merging the two generic drug companies, Perrigo was a different company, according to its CEO Joe Papa.

Back then, the over-the-counter medications specialist was doing business in six countries and looking for a way to dramatically expand its reach. Today, after taking over Belgian-based Omega Pharma Invest in March, Perrigo has expanded to 39 countries.

With the expansion problem resolved, Ireland-based Perrigo is now better equipped to deliver strong growth as an independent company, Mr. Papa told investors at a Deutsche Bank health care conference in Boston on Wednesday.

“We believe we have a business that will grow 5 percent to 10 percent organically, ” Mr. Papa said during a presentation devoted almost entirely to answering questions about the company’s rationale for spurning three unsolicited takeover offers in recent weeks from Mylan…. [READ MORE]

By Patricia Sabatini

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