Mylan Inc

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  • Nov. 12, 2015, 10:43 PM
    • With an 8 a.m. deadline looming, Mylan (NASDAQ:MYL) is set to lose in its $26B hostile bid for Perrigo (NYSE:PRGO), with a minority of shareholders tendering their holdings, sources tell The Wall Street Journal.
    • Shares could keep coming in by morning -- but most institutional shareholders had to tender by tonight to be counted by the DTC clearinghouse, so the result may be a foregone (but surprising) conclusion.
    • Mylan needs to hit the 50% threshold to take control.
    • Mylan's been engaged in a pitched seven-month pursuit of the generic-drug maker, full of back-and-forth sniping between boards and execs.
    • Previously: U.S. FTC OKs Mylan's intended takeover of Perrigo (Nov. 03 2015)
    • Previously: Mylan discloses SEC subpoena; Perrigo issues new broadside against bid (Oct. 30 2015)
    | Nov. 12, 2015, 10:43 PM | 12 Comments
  • Nov. 3, 2015, 6:52 PM
    • The U.S. Federal Trade Commission (FTC) clears Mylan's (NASDAQ:MYL) proposed acquisition of Perrigo (NYSE:PRGO) subject to Mylan divesting certain products following the close of the deal. The FTC's action is the final regulatory hurdle needed by Mylan to close the transaction.
    • There is a bit of work remaining, though, since Perrigo has repeatedly stated that Mylan's offer of $75 per share plus 2.3 shares of MYL for each PRGO share is grossly inadequate. It continues to urge its stockholders not to tender shares. The deadline to do so is 8:00 am ET on November 13.
    | Nov. 3, 2015, 6:52 PM | 1 Comment
  • Oct. 30, 2015, 5:19 PM
    • Mylan (MYL -3.7%), down 0.2% after hours, says in its 10-Q filing that on Sept. 10, it got a subpoena from the SEC "seeking documents with regard to certain related party matters."
    • "Mylan is cooperating with the SEC in its investigation, and we are unable to predict the outcome of this matter at this time," the company says of the subpoena.
    • Mylan issued a Friday night document dump related to its hostile Perrigo (PRGO -4.9%) bid.
    • Perrigo reacted predictably to Mylan's latest earnings presentation, again calling the offer "grossly inadequate" and saying the presentation appeared "PRGO)+Comments+on+Mylan+(NASDAQ:MYL)+Presentation%3B+Says+it+Appeared+Unconvincing/11020465.html" target="_blank">unconvincing." Perrigo still strongly recommends its shareholders avoid tendering into Mylan's deal.
    • "Mylan is avoiding the real measures that shareholders look to, such as actual takeover premiums and Perrigo's durable high trading multiple, and instead invents new concepts – such as 'hypothetical' share prices and 'accretion' to target shareholders," Perrigo's statement read.
    • Previously: Perrigo strikes out with NY court in attempt to block Mylan bid (Oct. 30 2015)
    • Previously: Mylan fails to impress analysts on the merits of its bid for Perrigo (Oct. 14 2015)
    | Oct. 30, 2015, 5:19 PM | 5 Comments
  • Oct. 30, 2015, 10:31 AM
    • Mylan (MYL -3.7%) Q3 results: Revenues: $2,695.2M (+29.3%); COGS: $1,379.9M (+28.8%); R&D Expense: $174.8M (+10.5%); SG&A: $537.1M (+28.4%); Operating Income: $601.1M (+21.4%); Net Income: $428.6M (-14.1%); EPS: $0.83 (-34.1%); Quick Assets: $587M (+160.3%).
    • 2015 Guidance: Adjusted EPS expected at the high end of $4.15 - 4.35.
    | Oct. 30, 2015, 10:31 AM
  • Oct. 30, 2015, 8:39 AM
    • The U.S. District Court for the Southern District of New York denies Perrigo's (NYSE:PRGO) motion for a preliminary injunction to block Mylan's (NASDAQ:MYL) hostile takeover bid, ruling that Mylan had provided adequate public disclosures regarding the synergies expected from the combination of two firms. It also ruled that Mylan's disclosures pertaining to its plan to delist Perrigo from the NYSE and TASE as soon as practicable following the merger were appropriate.
    • Mylan's offer is $75 plus 2.3 MYL shares for each PRGO share. Based on yesterday's closing for MYL, the offer is valued at $180.29, less than a 9% premium over PRGO's closing price of $165.81.
    | Oct. 30, 2015, 8:39 AM | 5 Comments
  • Oct. 30, 2015, 7:02 AM
    • Mylan (NASDAQ:MYL): Q3 EPS of $1.43 beats by $0.05.
    • Revenue of $2.71B (+30.3% Y/Y) misses by $70M.
    | Oct. 30, 2015, 7:02 AM | 2 Comments
  • Oct. 29, 2015, 5:30 PM
    | Oct. 29, 2015, 5:30 PM | 19 Comments
  • Oct. 28, 2015, 5:39 PM
    • Sanofi (SNY +1.9%) is recalling all of its U.S. market epinephrine pen injectors, used to treat severe allergic reactions, because the devices may be delivering incorrect amounts of the drug.
    • All Auvi-Q injectors on the U.S. market -- about 490,000 packs, most of which contain two injectors -- are subject to the recall. The company estimates about 200,000 people in the U.S. have its injector.
    • Mylan (MYL +1.8%), maker of the competing EpiPen, is up another 1.8% after hours. Sanofi shares were up 0.4% in late trading.
    | Oct. 28, 2015, 5:39 PM | 5 Comments
  • Oct. 14, 2015, 1:09 PM
    • Mylan (MYL +1.4%) executives did their best to sell the merits of the company's hostile bid for Perrigo (PRGO +1.2%) but some analysts were not inspired.
    • RBC's Randall Stanicky thinks Mylan's rationale "falls short on several points." In particular, he cites Mylan's assertion that Perrigo's "unaffected" stock price is ~$129 (currently exchanging hands at $160) implying a 13x P/E (2017).
    • Jeffries' David Steinberg states that "although some of Mylan's arguments were thoughtfully presented...most failed to resonate...we continue to see lackluster financial/strategic benefits for Perrigo and Mylan's presentation ultimately failed to convince us that tendering would be the right move for fundamentally focused PRGO investors." Adding, "...we believe Mylan's analysis conspicuously overlooks the meager share price premium being offered - particularly since we're not sure we agree with Mylan's calculation of Perrigo's "unaffected" share price."
    • Leerink's Jason Gerberry cites "several deal uncertainties that were not addressed" in the presentation, specifically how Mylan expects to achieve the cost synergy target of $800M and whether Mylan has the support of 80% of Perrigo shareholders considering that merger arbs own as much as 25% of PRGO per recent 13-F filings. He also cites the disagreement between the companies regarding Irish takeover law and the inability of his group to find any statutory provisions that support Mylan's view on the issue.
    • Mylan's most recent bid for Perrigo was $75 per share in cash plus 2.3 shares of MYL for each PRGO share. Based on a recent price for MYL, the value of the offer is $171.60, representing a premium of only 7% for PRGO shareholders.
    | Oct. 14, 2015, 1:09 PM
  • Oct. 13, 2015, 4:39 PM
    • Mylan (NASDAQ:MYL) is slipping on its salesperson shoes today at 5:00 pm ET for a webcast and conference call to review the positives of a marriage with Perrigo (NYSE:PRGO). Chairman Robert Coury, CEO Heather Bresch and CFO John Sheehan will host.
    | Oct. 13, 2015, 4:39 PM | 2 Comments
  • Oct. 13, 2015, 3:49 PM
    • Getting out in front of what should be more bashing of their business models at the Democratic debate tonight, the healthcare names (XLV -1.3%) have about doubled the decline in the S&P 500. Within healthcare, it's the biotechs (IBB -3.1%) and pharmaceuticals (XPH -3.2%) leading the way south.
    • Celgene (CELG -3.3%), Biogen (BIIB -3.6%), Amgen (AMGN -3.5%), Allergan (AGN -4.1%), Mylan (MYL -3.6%)
    • The biotech heavy Russell 2000 (IWM -1.4%) is feeling the pain as well.
    | Oct. 13, 2015, 3:49 PM | 27 Comments
  • Sep. 25, 2015, 3:07 PM
    | Sep. 25, 2015, 3:07 PM | 134 Comments
  • Sep. 24, 2015, 3:50 PM
    • The U.S. Court of Appeals of the Federal Circuit upholds the ruling by the U.S. District Court for the District of New Jersey that 18 claims from four Shire (SHPG +0.5%) patents covering Vyvanse (lisdexamfetamine dimesylate) are valid. The patent claims cover the lisdexamfetamine dimesylate compound and a method of using the compound for the treatment of attention deficit hyperactivity disorder (ADHD).
    • The ruling means that Shire's patents will be valid until 2023 which is, obviously, bad news to the five would-be generic competitors who filed Abbreviated New Drug Applications (ANDAs): Actavis (AGN +1.4%), Amneal Pharmaceuticals, Mylan (MYL +0.7%), Roxane Laboratories and Sandoz (NVS -0.6%).
    | Sep. 24, 2015, 3:50 PM | 1 Comment
  • Sep. 22, 2015, 7:06 PM
    • Drugmaker Mylan (MYL -3.1%) -- in the middle of a contentious hostile pursuit of Perrigo (PRGO -1.6%) -- has countersued Perrigo over "serious misstatements" it's made about the $27B tender.
    • Those statements were in the lawsuit that Perrigo filed last Thursday, which sought to block any tender offer unless Mylan corrected its misleading statements about the merger.
    • Since an April 8 bid, Perrigo stock is down 10.3%; Mylan is down 29.6% over the same period. Shares of both companies are flat in after-hours action.
    | Sep. 22, 2015, 7:06 PM | 5 Comments
  • Sep. 18, 2015, 7:44 AM
    • Mylan (NASDAQ:MYL) launches Fluvastin Sodium Extended-release Tablets, 80 mg, in the U.S. for the treatment of patients with hypercholesterolemia and mixed dyslipidemia. The product is the generic equivalent of Novartis' Lescol XL Tablets.
    • Per IMS Health, Lescol generated almost $38M in U.S. sales in the 12-month period ending June 30.
    | Sep. 18, 2015, 7:44 AM
  • Sep. 17, 2015, 7:05 AM
    • As expected, Perrigo's (NYSE:PRGO) Board of Directors unanimously determines that Mylan's (NASDAQ:MYL) $27.1B bid for the company is inadequate and substantially undervalues the company. In a letter to shareholders, President, CEO & Chairman Joseph Papa urges them not to tender shares.
    • Perrigo will host a conference call this morning at 8:00 am ET to discuss the situation.
    | Sep. 17, 2015, 7:05 AM
Company Description
Mylan NV together with its subsidiaries, is a pharmaceutical company, which develops, licenses, manufactures, markets and distributes generic, branded generic and specialty pharmaceuticals.
Sector: Healthcare
Industry: Drugs - Generic
Country: United States