Over-the-counter medicines manufacturer Perrigo Co on Tuesday said it is turning down a buyout offer from generic drugmaker Mylan NV that valued the company at US$205 per share, or almost US$29 billion, because it is too low.
The move is the latest in a wave of merger activity in the healthcare sector. Earlier on Tuesday, Teva Pharmaceutical Industries Ltd, the world’s largest generic drug company, offered to buy Mylan for US$82 per share, or US$40.1 billion.
Perrigo said that Mylan’s offer undervalues its business, including its product pipeline and its recent purchase of Belgium’s Omega Pharma NV, one of the largest over-the-counter drug companies in Europe. Mylan offered to buy Perrigo for US$28.86 billion in cash and stock.
Representatives for Mylan were not immediately available to comment on Perrigo’s rejection of its bid.
Perrigo’s products include over-the-counter diabetes products, infant formula, vitamins, dermatology products, men’s and women’s health products and animal health items. It had about US$4 billion in sales in its last fiscal year.
Mylan went public with its offer for Perrigo on April 8, saying that if the companies joined forces, they would have more than US$15 billion in annual sales of generic and nonprescription drugs and nutritional products.
Mylan is based in the Netherlands and Perrigo is headquartered in Ireland. Both companies recently moved to Europe from the US in transactions that reduced their tax obligations.
Teva’s offer for Mylan is contingent on Mylan not buying Perrigo. Mylan did not comment on Teva’s offer on Tuesday, but it said on Friday last week that it doubted regulators would approve the deal. It did say it would review an offer if Teva made one.
While Mylan wants to combine its generic drug business with Perrigo’s over-the-counter product business, Teva thinks some of the leading generic drug companies should consolidate their operations to save money in areas like research and development and manufacturing.
If Israel-based Teva succeeded, the combination with Mylan would dominate the global generic drug market, be a major contender in some other specialty drug categories and have the leverage to try to raise generic drug prices.
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