Fri, Apr. 24, 9:58 AM
- Under Irish Takeover Rules, Mylan (MYL +1%) issues a Rule 2.4 announcement setting forth its legally-binding commitment to acquire Perrigo (PRGO -1.8%) for $205 in cash and stock. Under the terms of the offer, PRGO shareholders will receive US$60 in cash plus 2.2 ordinary shares of MYL for each PRGO share.
- The cash portion will be financed by a new bridge credit facility arranged by Goldman Sachs.
- Perrigo's Board of Directors rejected Mylan's bid several days ago.
- Previously: Perrigo unanimously rejects Mylan bid (April 21)
- Previously: Mylan preparing new bid for Perrigo (April 22)
Wed, Apr. 22, 9:47 AM
Wed, Apr. 22, 3:01 AM
- Some of the top investors at Mylan (NASDAQ:MYL), including hedge fund Paulson & Co, are encouraging its board of directors to consider a takeover proposal from Teva Pharmaceutical (NYSE:TEVA), Reuters reports.
- Yesterday, Teva unveiled an unsolicited $40B takeover proposal for the Pennsylvania-based company, saying the acquisition would create an entity with more than $30B in annual revenue, add to earnings in the first year and generate $2B in annual savings.
- Previously: Teva proposes to acquire Mylan for $82/share in cash and stock (Apr. 21 2015)
Tue, Apr. 21, 5:53 PM
- In a unified vote, Perrigo's (NYSE:PRGO) Board of Directors rejects Mylan's (NASDAQ:MYL) unsolicited $205/share offer stating that it substantially undervalues the company, its future growth prospects and fails to take full account of the benefits of its recent Omega Pharma acquisition.
- Previously: Mylan makes $205/share bid for Perrigo; Generic firms rally (April 8)
Tue, Apr. 21, 8:48 AM
- 50% stock and 50% cash
- The proposal gives Mylan (NASDAQ:MYL) shareholders a 37.7% premium to the stock price of Mylan on April 7, 2015, the last day of trading prior to Mylan's press release regarding its unsolicited proposal for Perrigo (NYSE:PRGO), and a 48.3% premium to the unaffected stock price of Mylan on March 10, 2015, which is the last day of trading prior to widespread speculation of a transaction between Teva (NYSE:TEVA) and Mylan.
- Expected to be significantly accretive to Teva non-GAAP EPS, starting in the mid-teens in year 1 and approaching 30% by year 3.
- Teva/Mylan product offerings would create a combined pipeline of over 400 pending ANDAs and over 80 first-to-files in the U.S.
- MYL +9.3% premarket to $74.40. TEVA +2.8% premarket.
- Source: Press Release
- Previously: Bloomberg: Teva offer for Mylan could come today (Apr. 21)
- Previously: Mylan says rumored Teva marriage would not makes sense (Apr. 20)
- Related: Why Does Mylan Want To Buy Perrigo? (Apr. 9)
Tue, Apr. 21, 6:17 AM
- Teva (NYSE:TEVA) could make an unsolicited offer for rival Mylan (NASDAQ:MYL) as soon as today, Bloomberg reports, in what could be the drug industry's largest takeover attempt this year. Mylan has a market value of $33.3B.
- Teva has been working with Barclays on the approach and has contacted other banks about financing a potential deal.
- On Friday, Mylan said it's not interested in a sale and doesn't expect a potential combination to clear antitrust hurdles.
- TEVA +3.9%; MYL +12% premarket
- Previously: Mylan says rumored Teva marriage would not makes sense (Apr. 20 2015)
- Previously: Teva reportedly weighing bid for Mylan; shares jump (Apr. 17 2015)
Mon, Apr. 20, 11:20 AM
- Generics firm Mylan (MYL -2.9%) admits that it considered a merger with Teva Pharmaceuticals Industries (TEVA -1.4%) but such a deal would be "without sound industrial logic." CEO Robert Coury says, "We believe that it is unlikely that any such combination could obtain antitrust regulatory clearances. Mylan is fully committed to its stand-alone strategy, including its proposal to acquire Perrigo, and today's speculation has no impact whatsoever on this strategy."
- Many observers believe that Mylan's unsolicited $29B bid for Perrigo (PRGO -0.7%) was a defensive tactic to make itself less attractive to Teva.
- Teva has not disclosed its intentions as of yet.
- Previously: Teva reportedly weighing bid for Mylan; shares jump (April 17)
Fri, Apr. 17, 2:30 PM
- The WSJ and Bloomberg report Teva (TEVA +3.4%) is weighing a bid to acquire fellow generic drug giant Mylan (MYL +5.5%), while adding no decision has been made yet. Shaes of both companies have spiked higher.
- Bloomberg's sources state Teva "hasn't made a formal approach yet," though Mylan is aware of Teva's interest. Many analysts have long expected Teva to go after Mylan, given many perceived top and bottom-line synergies. Teva is currently worth $66.2B, and Mylan $34.3B.
- Perrigo (PRGO -2.8%), which Mylan announced a $28.9B ($205/share) bid for last week, has moved lower on the news.
Wed, Apr. 8, 11:47 AM
- Mylan (MYL +10.4%) submits a non-binding proposal to Perrigo (PRGO +27.6%) to acquire it for $205 per share in a cash-and-stock deal. If consummated, the combined company would generate over $15B in annual sales.
- Generic drug-related tickers: (LCI +3%)(AKRX +4.4%)(MNK +2.8%)(IPXL +2.3%)(TARO +2.3%)(TEVA +3.2%)
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.
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