Mylan makes $29B offer for Irish drugmaker Perrigo
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Mylan N.V. said Wednesday that it has made a proposal to acquire Irish drugmaker Perrigo Co. plc for $28.9 billion, that would create a global powerhouse for generic pharmaceuticals.
Myland said in a news release that if approved, the deal would create “a diversified, global pharmaceutical leader with an unmatched commercial and operating platform and a unique, one-of-a-kind profile.”
Mylan, which is based n the Netherlands, but has executive offices in Southpointe, said the combination of the complementary businesses would produce a company with critical mass in specialty brands, generics, over-the-counter and nutritional products.
According to Mylan, the merger would also create “a powerful commercial platform with reach across all customer channels; an exceptional high-quality operating platform; and opportunities to generate enhanced growth and deliver significant immediate and long-term value and benefits for shareholders and the other stakeholders of both companies.”
Under the terms of the non-binding proposal, which was delivered Monday to Perrigo’s Chairman Joseph Papa, Perrigo shareholders would receive $205 in a combination of cash and Mylan stock for each Perrigo share, which represents a greater than 25 percent premium to the Perrigo trading price as of the close of business on Friday.
Mylan’s Executive Chairman Robert J. Coury said the proposal is the culmination of a number of earlier discussions between Mylan and Perrigo “about the compelling strategic and financial logic of this combination.”
Mylan specializes in developing and distrib uting generic drugs.
Its latest acquisition offer follows its February purchase of a portion of Abbott Laboratories’ generic drug business for $5.3 billion in a transaction that was structured as a tax inverstion.
The company also agreed to buy certain women’s health-care businesses from India-based Famy Care Ltd. for $750 million to help it establish a leading position as a provider of contraceptives in emerging markets.
Last year, Perrigo purchased Belgium drugmaker Omega Pharma NV to expand its offerings of over-the-counter drugs and expand its market in Europe.