Teva Pharmaceutical Industries has made an unsolicited takeover offer to buy rival Mylan Pharmaceuticals for US$40 billion.
The Jerusalem-based generic drug company is offering US$82 a share in cash and stock for Mylan, a 20.5% premium to Monday’s closing price.
Teva says its offer provides Mylan stockholders with a more attractive alternative to Mylan’s proposed acquisition of Perrigo as well as to Mylan on a standalone basis.
“Our proposal would provide Teva stockholders with very attractive strategic and financial benefits and Mylan stockholders with a substantial premium and immediate value for their shares, as well as the opportunity to participate in the significant upside potential of the combined company—one that would transform the global generics space and leverage it to hold a unique leadership position in the pharmaceutical industry,” says Erez Vigodman, president and CEO of Teva.
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