Wed, Apr. 29, 12:03 PM
- Perrigo (PRGO +0.1%) rejects Mylan's (MYL +1.6%) beefed-up offer for the Dublin, Ireland-domiciled firm. The new bid is $75 in cash plus 2.3 shares of MYL stock or ~$244 per PRGO share, based on recent prices. This represents a premium of 28%.
- The company maintains that the offer significantly undervalues the firm, although its rationale that the new offer is mathematically below its first bid of $60 + 2.2 shares of MYL stock is clearly biased since it is based on MYL's price on March 10, before speculators began accumulating shares ($55.31). MYL is trading today at ~$74.
- Previously: Mylan commences formal offer for Perrigo (April 24)
- Related ticker: (TEVA +0.5%)
Tue, Apr. 28, 2:59 PM
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, 7:28 AM
- Perrigo (PRGO -2.7%) FQ3 results: Revenues: $1,049.1M (+4.5%); COGS: $670.3M (-2.7%); Operating Expenses: $178.5M (-7.1%); Operating Income: $199.2M (+92.8%); Net Loss: ($94.9M) (-297.3%); Loss Per Share: ($0.67) (-286.1%); Quick Assets: $3,430.4M (+329.1%).
- 2015 Guidance: Net Sales: $5.4B - 5.7B; Operating cash flow: ~$1.2B; CAPEX: $125M - 155M; Adjusted EPS: $7.50 - $8.00.
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, 4:23 PM
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)
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, 12:46 PM
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%)
Thu, Feb. 5, 10:06 AM
- Perrigo (PRGO +2.5%) FQ2 results: Revenues: $1,071.7M (+9.5%); COGS: $687.9M (+11.3%); R&D Expense: $53.2M (+41.9%); SG&A: $143.8M (-33.3%); Operating Income: $184.4M (+112.9%); Net Income: $70.2M (+181.6%); EPS: $0.51 (+158.6%); Quick Assets: $3,596.1M (+349.8%); CF Ops: $467.7M (+112.3%).
- Fiscal 2015 Guidance: GAAP EPS: $3.66 - 3.86; Adjusted EPS: $7.25 - 7.45; GAAP Net Income: $504.1M - 531.1M; Adjusted Net Income: $978.7M - 1,005.7M.
Thu, Feb. 5, 7:33 AM
Wed, Feb. 4, 5:30 PM
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