Mylan receives US FTC Clearance to buy Perrigo

Mylan begins trading on the TASE; agrees to sell rights and assets related to seven generic drugs to secure regulatory approval of its hostile takeover of Perrigo.

(L-R) Robert J Coury,   Mylan and Josegh Papa,   Periggo
Under the settlement agreement with the Federal Trade Commission, subject to final approval, Mylan NV has agreed to sell the rights and assets related to seven generic drugs to secure regulatory approval of its hostile takeover of Perrigo Co.

Mylan is offering $75 in cash and 2.3 shares of Mylan for each Perrigo share. This amounts to about $180 per share on Perrigo’s current market price for a total deal of $26.5 billion. Perrigo opposes the deal and recommends shareholders to follow suit. The offer is scheduled to expire on Nov. 13.

WSJ reports that Mylan targets $800 million in savings a year, but Perrigo, which tried to block the offer, has challenged how Mylan would achieve the savings.

Mylan is set to sell the seven generics to New Jersey-based Alvogen Group Inc.

Mylan chairman Robert Coury is currently in Israel in attempts to persuade Perrigo shareholders to support his company’s bid. He said is a statement: “We are delighted to have received FTC clearance, making our offer for Perrigo now unconditional other than the one final step, which now rests solely in the hands of Perrigo shareholders. We are very confident that Perrigo shareholders will support this transaction.”

Globes said that Coury range the opening bell on the Tel Aviv Stock Exchange this morning as Mylan’s share price rose 2.6% during its first session on the Israeli capital market. Mylan has dual-listed on the TASE in its efforts to persuade Israeli investors to support its takeover bid.

 

 

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