Fri, Feb. 6, 9:20 AM
- According to some observers, Pfizer's (NYSE:PFE) $17B takeout of Hospira (NYSE:HSP) is only a prelude to a bigger deal(s) considering that it was prepared to spend $120B for AstraZeneca (NYSE:AZN).
- According to Gabelli analyst Kevin Kedra, Actavis Plc (NYSE:ACT) is an attractive target, especially since nabbing Allergan (NYSE:AGN) and its fast-growing drug portfolio. A Pfizer takeover would be big enough to overcome the U.S. Treasury's stricter rules on inversions and lower its tax bill.
- John Boris of SunTrust Banks says GlaxoSmithKline (NYSE:GSK), AbbVie (NYSE:ABBV), Bristol-Myers Squibb (NYSE:BMY) and Mylan (NASDAQ:MYL) may be on the radar as well.
- Pfizer had $33B in cash at the end of September which it will use a portion of plus debt to pay for Hospira.
Wed, Jan. 28, 12:38 PM
- The European Commission clears Mylan's (MYL -0.1%) $5.3B acquisition of Abbott's (ABT +0.7%) non-U.S. Developed Markets Specialty and Branded Generics Business. The EC is concerned that the transaction would potentially reduce competition so its approval is contingent upon the divestment of some of Mylan's businesses in Germany, the U.K., France, Ireland and Italy.
Oct. 22, 2014, 12:24 PM
- In response to the changes in the tax code related to inversions, Abbott (ABT -1.1%) and Mylan (MYL -2.5%) adjust the terms of their $5.3B all-stock deal. The pricing terms related to product manufacturing and supply have been changed in favor of New Mylan and the number of shares of stock to be issued to Abbott have been increased to 110M from 105M.
- Former shareholders of Mylan will own ~78% of New Mylan and Abbott and its affiliates will own ~22%. The transaction is expected to close in Q1 2015.
Sep. 23, 2014, 3:45 AM
- Under Treasury Secretary Jack Lew’s crackdown on inversions, the Treasury Department announced new tax rules late yesterday to deter U.S. companies from moving their domicile to countries with lower tax rates.
- The tax changes make it harder for companies to complete overseas mergers, and should they choose to invert, companies will face a hard time using the cash accumulated abroad.
- The new rules are effective immediately and apply to all deals that have not closed by yesterday.
- Related M&A: MDT, COV, SLXP, MYL, CQB, OTC:FYFFF,BKW, THI
Jul. 31, 2014, 7:27 AM
- Meda AB (OTC:MDABF) agrees to acquire Rottapharm Madaus for 21.2B kronor ($3.1B) adding consumer health products to its portfolio. The deal includes 15.3B kronor in cash, 30M Meda shares and another payment of 2.6B kronor in January 2017.
- The Rovati family, who owns 100% of Rottapharm, will own a 9% stake on Meda. Their company, founded in 1961, generated sales of 536M euros ($718M) in 2013.
- Earlier this year, Meda rejected a takeover bid from Mylan (NASDAQ:MYL).
Jul. 14, 2014, 7:03 AM
- Mylan (NASDAQ:MYL) acquires Abbott Labs' (NYSE:ABT) ex-U.S. specialty and branded generics business for $5.3B in an all-stock transaction. Abbott will receive 105M shares of MYL common stock representing a 21% ownership stake.
- The assets include a portfolio of more than 100 drugs that generate ~$1.9B in annual sales. The deal includes a sales force of ~2,000 representatives in more than 40 non-U.S. markets and two manufacturing facilities. The transaction will be immediately accretive to Mylan adding ~$0.25/share to diluted EPS the first year and increasing thereafter.
Jul. 11, 2014, 7:48 PM
- Reuters reports that generic drug firm Mylan (MYL -1%) is in advanced negotiations with Abbott Laboratories (ABT +0.1%) to purchase a multibillion dollar portfolio of its established off-patent Europe-based drugs. The transaction is a tax inversion deal that will enable Mylan to redomicile in Switzerland.
- Mylan has been in the hunt for foreign assets since its failed attempt to buy Swedish drugmaker Meda AB earlier this year. Its two main competitors, (TEVA +0.9%) and Actavis (ACT +0.5%) are domiciled in lower tax countries.
- Abbott will use the proceeds of the sale, rumored to be as high as $5B, to invest in higher growth opportunities.
Apr. 29, 2014, 10:09 AM
- Wockhardt plays down reports that Mylan (MYL) and Pfizer (PFE) are in discussions with the Indian generic drug-maker about acquiring some of its assets.
- Mylan was reported to be in negotiations to buy Wockhardt's India business, which could fetch over $1B, as the latter company is looking to focus on foreign markets.
Apr. 28, 2014, 3:59 AM
- Sweden's Meda (MDABF) has rejected Mylan's (MYL) increased bid of 145 kroner ($22.01) per share, which values the Swedish company at $6.7B.
- Meda explained that Mylan's offer "lacks sufficient support" from its largest shareholder, while its board also has a "strong belief in the continued potential of Meda as a stand-alone company." (PR)
Apr. 25, 2014, 2:15 PM
Apr. 4, 2014, 2:34 AM
- Pharmaceuticals company Mylan (MYL) is reportedly formulating a largely stock offer to acquire Swedish drug maker Meda (MDABF), which has a market cap of $4.5B, although the U.S. company would probably offer a substantial premium.
- A deal could slash Mylan's tax bill if more than 20% of its shares were to be transferred to foreign owners.
- The drugs that Mylan would receive include therapies for rheumatoid arthritis, women's health and respiratory disorders.
Jan. 14, 2014, 3:41 AM
- Valeant (VRX), Actavis (ACT) and Mylan (MYL) are reportedly interested in acquiring Pfizer's (PFE) branded generics business, which generated sales of $7B in the first nine months of 2013.
- However, while Pfizer said last year it could eventually sell the operations, it is not yet ready to do a deal.
- Another problem is that the unit is much larger than any of the three potential suitors. Pfizer could also receive a big tax bill from selling the business.
Jan. 2, 2014, 11:01 AM
- Jazz Pharmaceuticals (JAZZ -0.5%) has been the subject of takeover rumors for quite some time now thanks to its Irish domicile, but the company may have made itself even more attractive with the recent $1B deal for Gentium, Bloomberg notes.
- JAZZ's operating margin and profit margin are "both [in the] top 96% of specialty pharmaceutical companies worldwide that have market values exceeding $1B," Tara Lachapelle says.
- TEVA and Mylan (MYL -0.6%) are listed as "possible suitors."
Dec. 5, 2013, 8:17 AM
- Allegations of "significant violations of current good manufacturing practice," may cost Strides Arcolab a quarter of a billion in its deal with Mylan (MYL).
- MYL's deal for the Bangalore-based company's injectable drugs business is now setup to exclude $250M unless the company can resolve the FDA's concerns.
- Here's the language from MYL: "The final transaction terms have been restructured to include provisions such as a hold back, or contingent consideration, of $250M of the potential $1.75B total purchase price, which will be payable in whole or in part to Strides upon satisfaction of certain regulatory conditions."
- For more on the FDA warning letter, see here
Sep. 27, 2013, 8:34 AM
- "This proposed settlement will ensure that these important generic injectable medications ... remain available at a competitive price," the FTC says, mandating the divestiture of 11 injectable generics by Mylan (MYL) and Aglia Specialties before their $1.6B merger will get the regulator's blessing.
- In its original form, the FTC said the deal would have limited competition in certain markets.
Sep. 3, 2013, 3:40 PMMylan gets the thumbs up from India's Foreign Investment Promotion Board for its acquisition of Agila Injectables
- Mylan (MYL +1.3%) says its proposed acquisition of the Agila injectables businesses from Strides Arcolab has received approval from India's Foreign Investment Promotion Board.
- The deal also received approval from the Cabinet Committee on Economic Affairs.
- The approval comes as a relief for MYL, as India had frozen the deal earlier this year, and was considering a change to its foreign investment laws to protect the country's supply of cheap, lifesaving drugs.
- The transaction is expected to close in Q4.
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