Thu, Aug. 13, 7:51 AM
- Via an amendment to its bridge credit agreement, Mylan N.V. (NASDAQ:MYL) formally lowers its acceptance condition for its bid for Perrigo (NYSE:PRGO) to greater than 50% of PRGO ordinary shares from not less than 80% of PRGO ordinary shares. This means that no further consent from Mylan's lenders is needed if at least 50% of the voting rights then exercisable are secured at Perrigo's general meeting of shareholders.
- Mylan Executive Chairman Robert Coury says, "Mylan remains fully committed to completing the acquisition of Perrigo and today's action even further demonstrates this commitment. We intend to launch our offer to acquire Perrigo's ordinary shares after we receive the approval of our shareholders at our upcoming extraordinary general meeting and we look forward to making this combination a reality in the coming months."
Thu, Aug. 6, 1:17 PM
- Mylan (MYL +0.5%) CEO Heather Bresch says that acquiring Perrigo (PRGO -1.8%) is "not a must" and it has other options should Perrigo prevail in fending off its hostile offer. "We've been actively looking at many targets out there" she said in a conference call with analysts.
- Ms. Bresch affirmed that Perrigo remains Mylan's top priority, though. If successful, it would pick up over-the-counter consumer products, generic topical medicines and animal health treatments. Mylan's shareholders will vote on the combination in the next several weeks.
Thu, Aug. 6, 7:09 AM
Mon, Jul. 27, 12:48 PM
Mon, Jul. 27, 9:14 AM
Mon, Jul. 27, 7:09 AM
- Mylan (NASDAQ:MYL) drops 12% premarket on increased volume in response to Teva's (NYSE:TEVA) $40.5B deal for Allergan's (NYSE:AGN) generics business, dashing investors' hopes that it would pursue its hostile bid for Mylan.
- In a statement, Mylan reaffirms its interest in Perrigo. A vote on the combination by Mylan shareholders is expected to happen in the next few weeks.
Mon, Jul. 27, 5:19 AM
- Teva Pharmaceuticals (NYSE:TEVA) has agreed to buy the generic-drug business of Allergan (NYSE:AGN) for about $40.5B in cash and stock, ending its effort to acquire rival Mylan (NASDAQ:MYL).
- Allergan will receive $33.75B in cash and shares in Teva valued at $6.75B, giving it a 10% stake in the enlarged company.
- The acquisition further extends a wave of mergers that has swept over the healthcare industry. Pharmaceutical deals so far this year have topped $180B, on pace to beat the $200B announced in 2014.
- TEVA +12.1% premarket
Sun, Jul. 26, 6:37 AM
- Teva Pharmaceuticals (NYSE:TEVA) is in advanced talks to buy Allergan's (NYSE:AGN) generic drug business following an unsuccessful effort to acquire Mylan (NASDAQ:MYL), WSJ reports.
- A deal for the business, valued at about $45B, could be announced as early as Monday and would extend the recent wave of mergers that has swept over the healthcare industry.
- Previously: Bloomberg: Allergan thinking of selling/spinning off generics business (Jul. 24 2015)
Thu, Jul. 23, 1:06 PM
- An independent Dutch foundation, Stichting Preferred Shares Mylan, exercises its call option allowing it to purchase 50% of Mylan's (MYL -1.4%) shares, giving it temporary control of half the company. The call option (i.e., poison pill), a common feature in Netherlands-based foundations, is a mechanism by which these groups can block unwelcome bids like the one from Teva Pharmaceutical Industries (TEVA). According to Stichting, it is acting to "safeguard Mylan's stakeholder interests." Mylan rejected Teva's $40B offer in April.
- In a statement, Teva said it has the power to challenge to foundation's action in court and that it would "take the necessary actions at the appropriate time."
Thu, Jul. 9, 8:28 AM
- Mylan N.V. (NASDAQ:MYL) launches Bexarotene 75 mg Capsules, its generic version of Valeant Pharmaceuticals' (NYSE:VRX) Targretin Capsules, in the U.S. The product is indicated for the treatment of cutaneous t-cell lymphoma in patients who are refractory to at least one prior systemic therapy.
- According to IMS, Bexarotene 75 mg generated ~$156M in sales in the U.S. for the twelve-month period ending in March.
- Mylan has 270 ANDAs currently under FDA review.
Mon, Jul. 6, 12:25 PM
Wed, Jun. 24, 1:43 PM
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Fri, Jun. 19, 10:42 AM
- Teva Pharmaceutical Industries (TEVA +0.2%) completes its accumulation of a 4.61% stake on Mylan N.V. (MYL -0.3%) which enables Teva to commence proceedings before the Dutch Enterprise Chamber, should it become necessary.
- In addition, Teva commits to limit its stake to less than 5% if Mylan holds its shareholders meeting no later than August 31.
Tue, Jun. 16, 5:30 PM
- Pulmatrix (NASDAQ:PULM) enters into an ex-U.S. development agreement with Mylan N.V. (NASDAQ:MYL) for PUR0200, an investigational bronchodilator for the treatment of chronic obstructive pulmonary disease. The technology underpinning the product candidate is the company's iSPERSE platform, which enables the engineering of small, dense and easily dispersible particles which improves the efficiency of inhaled drugs. Financial terms are not disclosed.
- Separately, the company announces a new drug candidate based on iSPERSE, PUR1900, an inhaled anti-infective for the potential treatment of fungal infections associated with cystic fibrosis. Preclinical data will be presented at a scientific meeting later this year.
Thu, Jun. 11, 6:47 AM
- Teva Pharmaceutical (NYSE:TEVA) has now raised its stake in Mylan (NASDAQ:MYL) to 3%, as part of its effort to acquire its rival, Globes reports.
- Yesterday, Teva bought about 1.3M shares in Mylan for close to $100M and has now paid about $1.1B for a total of 14.9M shares.
- Previously: Reuters: Teva set to raise stake in Mylan (Jun. 03 2015)
Wed, Jun. 10, 2:20 AM
- A Pennsylvania judge has recommended Kirkland & Ellis be prevented from advising Teva Pharmaceutical (NYSE:TEVA) on its attempted takeover of Mylan (NASDAQ:MYL) after the law firm represented Mylan on other matters.
- The report is likely to shake up a bitter, three-way takeover battle. Mylan has rejected Teva's bid in unusually harsh terms and is instead plowing ahead with its own, twice-rejected offer for Perrigo (NYSE:PRGO).
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