Mylan will not be acquiring Perrigo

Home/Pharma News | Posted 20/11/2015 post-comment0 Post your comment

Generics company Mylan has failed in its lengthy multi-billion dollar hostile bid to acquire competing generics company Perrigo.

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The US Federal Trade Commission had earlier called on Mylan to sell the rights and assets related to seven generics before it could acquire Ireland-based Perrigo. Having agreed to do this, Mylan was briefly a step closer to its long-term goal of acquiring its competitor.

However, Mylan still had to convince the majority of Perrigo shareholders to tender their shares into the offer. The offer sent to shareholders offered them US$75 and 2.3 Mylan ordinary shares for each Perrigo ordinary share. This was branded ‘a terrible deal’ for Perrigo shareholders by a spokesperson for Perrigo.

In the end, less than half of Perrigo shareholders, about 40%, tendered their shares. So the deal will not go ahead.

Mylan first announced it wanted to buy Perrigo in April 2015, when it was being pursued by Teva Pharmaceutical Industries [1]. Mylan Executive Chairman, Mr Robert Coury, is now expected to turn his attention to acquiring Teva.

Related article
Teva finally makes bid for Mylan

Reference
1. GaBI Online - Generics and Biosimilars Initiative. Mylan goes after Perrigo [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2015 Nov 20]. Available from: www.gabionline.net/Pharma-News/Mylan-goes-after-Perrigo

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Source: Bloomberg, FTC

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