Embattled generic drugmaker Perrigo (PRGO) agreed to buy a portfolio of over-the-counter drugs from GlaxoSmithKline (GSK) Tuesday, in a move some interpreted as helping it fend off the advances of Mylan (MYL). For an undisclosed sum, Perrigo agreed to acquire a variety of products including cold and flu medicines, nicotine patches and cold-sore treatments, whose sales totaled $110 million last year largely in European markets. Glaxo, for its part,
Generic-drug maker Mylan (MYL) raised its offer for drugstore supplier Perrigo on Wednesday, but got rejected again. Mylan offered $75 a share in cash plus 2.3 Mylan shares for each Perrigo (PRGO) share, a significant increase from its April 24 bid of $60 in cash plus 2.2 Mylan shares. Based on Mylan’s share price on April 8, when it first proposed buying Perrigo, this most recent offer comes out to $232.23 per Perrigo share, or $35.6 billion.
Mylan (MYL) rejected a takeover bid from Teva Pharmaceutical (TEVA) on Monday but said it was still was committed to its offer for Perrigo (PRGO). The generic pharmaceutical company said the $40 billion offer undervalued the company and “would require Mylan’s shareholders to accept what we believe are low-quality Teva shares in exchange for their high-quality Mylan shares.” Many analysts believe Teva could and would offer more. But Mylan’s fierce