Generic drugmaker Mylan NV, citing media speculation that Teva Pharmaceutical Industries Ltd might be eyeing it as a takeover target, says it doubts that regulators would approve such a deal and is committed to its current strategy as a stand-alone company.
In a news release on Friday, Mylan said that it has not received an offer and described the idea that Teva might want to buy it as a rumor.
The Dutch company said anti-trust regulators would probably not approve a deal between Mylan and Teva, because their businesses overlap in major ways. It said it would thoroughly examine an offer if it received one.
Teva did not immediately respond to a request for comment.
Shares of Mylan rose US$2.98, or 4.5 percent, to US$69.82. Earlier they spiked up as much as 8.7 percent. Teva Pharmaceutical shares gained US$1.42, or 2.2 percent, to US$64.91.
Earlier this month, Mylan offered to buy generic drug and ingredients maker Perrigo Co for about US$29 billion, or US$205 per share. Perrigo, which is based in Ireland, said it would review Mylan’s offer. Mylan says the companies would have US$15.3 billion in combined revenue this year.
Teva has about US$20 billion in annual revenue, and its executives have spoken recently about their interest in making new acquisitions and consolidating some of the largest companies in the generic drug industry.
“We are ready to take on a transaction,” Teva head of generics business Sigurdur Olafsson said at a healthcare conference last month.
In a research note written earlier this month, Barclays analyst Douglas Tsao said Teva believes that some of the largest generic drug companies should combine their businesses, because they could save a lot of money by merging their manufacturing operations.
He said an acquisition of Mylan would “re-establish Teva as the dominant market leader.”
Teva gets almost half of its revenue from generic drugs. It also makes drugs for central nervous system disorders, respiratory illnesses and cancer, as well as over-the-counter medicines. Its biggest-selling product is the multiple sclerosis drug Copaxone. Last month, it agreed to buy Auspex Pharmaceuticals Inc, which is developing central nervous system disorder treatments, for US$3.2 billion.
Mylan shares are up 17 percent since April 7, the day before it went public with its offer for Perrigo, and are near an all-time high.
UNPRECEDENTED PACE: Micron Technology has announced plans to expand manufacturing capabilities with the acquisition of a new chip plant in Miaoli Micron Technology Inc unveiled a newly acquired chip plant in Miaoli County yesterday, as the company expands capacity to meet growing demand for advanced DRAM chips, including high-bandwidth memory chips amid the artificial intelligence boom. The plant in Miaoli County’s Tongluo Township (銅鑼), which Micron acquired from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion, is expected to make a sizeable capacity contribution to the company from fiscal 2028, the company said in a statement. It would be an extended production site of Micron’s large-scale manufacturing hub in Taichung, the company said. As the global semiconductor industry is racing to reach US$1 trillion
ABOVE LEGAL REQUIREMENT: The Ministry of Economic Affairs is prepared if LNG supply is disrupted, with more than the legal requirement of 11 days of inventory Taiwan has largely secured liquefied natural gas (LNG) supplies through May and arranged about half of June’s supply, Minister of Economic Affairs Kung Ming-hsin (龔明鑫) said yesterday. Since the Middle East conflict began on Feb. 28, Taiwan’s LNG inventories have remained more than 12 days, exceeding the legal requirement of 11 days, indicating no major supply concerns for domestic gas and electricity, Kung said at a meeting of the legislature’s Economics Committee in Taipei. The ministry aims to increase the figure to 14 days by the end of next year, he said. While one or two LNG or crude oil shipments for May
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
RSS