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Mergers & Acquisitions

UK company to acquire Perrigo for $20 billion

The pharmaceutical company’s share price is up 9 percent after the report to TASE

Perrigo John Hendrickson

 

The pharmaceutical company’s share price is up 9.1% on the TASE after reports that an unnamed UK company will acquire it for $20 billion.

Streetinsider.com said yestarday that the US drugmaker is close to being bought by a UK firm for $20 billion. Last night the share price rose 9.2% on the NYSE to $108, its highest price since April, giving a market cap of $15.5 billion.

Perrigo’s share price has fallen 41 percent over the years 2015-2016 after it was subject of a $29 billion hostile takeover bid from Mylan N.V.

Perrigo has been operating in Israel and traded on the TASE since its acquisition of Israeli company Agis Pharmaceuticals 10 years ago. Perrigo has 1, 200 employees and two plants in Israel.

 

Former CEO Joseph Papa, who left his position in April to become CEO at Valeant Pharmaceuticals International Inc. His successor is John Hendrickson.

 

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