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Why Mylan is taking its Perrigo pursuit to Tel Aviv’s stock exchange

Regulator tells Migdal Insurance to rescind giant dividend; Noble Energy posts wider-than-expected loss for the third quarter; Pharma, telecom shares lead Tel Aviv higher.

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

Shares in the U.S. generic drugmaker Mylan will begin trading on the Tel Aviv Stock Exchange Wednesday, the TASE said Monday. The move comes after Mylan last week won an Israeli court ruling rejecting Perrigo’s attempt to block Mylan from listing on TASE.

Dive Brief:

  • In early April, Pennsylvania-based generic and specialty drug manufacturer Mylan made a $29 billion bid to purchase Ireland-based Perrigo. Perrigo has rejected the deal many, many times.
  •  Now, Mylan is taking the offer directly to shareholders. The proposal is: For each share of Perrigo, Mylan will offer $75 in cash, and 2.3 Mylan shares per Perrigo share.
  • Once Mylan is listed on the Tel Aviv stock exchange, Perrigo shareholders in Israel will be able to vote on the buyout offer. This will increase the likelihood that Mylan will get enough votes to go through with the deal.
  • Perrigo was trying to prevent Mylan’s listing on the exchange, arguing that the company likely won’t offer lasting value to investors since it may ditch the exchange several years after completing a Perrigo buyout (if it goes through). But an Israeli court denied Perrigo’s petition, ruling Mylan can list on the bourse.

Read the full story at Biopharmadive, by Nicole Gray

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