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%)
Mon, Apr. 27, 10:40 AM
- As expected, Mylan's (MYL -3.2%) Board of Directors unanimously rejects the $40.1B offer from Teva Pharmaceutical Industries (TEVA -2.4%) saying it grossly undervalues the company and would require Mylan shareholders to accept "low-quality" TEVA shares in exchange for "high-quality" MYL shares.
- TEVA won't give up easily. Look for a revised bid in the near future.
- Previously: Teva proposes to acquire Mylan for $82/share in cash and stock (April 21)
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, 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%)
Mon, Mar. 30, 7:18 AM
- Teva Pharmaceutical Industries (NYSE:TEVA) acquires Auspex Pharmaceuticals (NASDAQ:ASPX) for $101 per share ($3.2B) in an all-cash transaction. The deal will enhance Teva's revenue and earnings growth profile as well as strengthen its central nervous system franchise.
- Auspex's lead product candidate is SD-809, a small molecule inhibitor of vesicular monoamine 2 transporter (VMAT2), that is designed to regulate the levels of dopamine in the brain. It is being investigated for the treatment of various movement disorders.
- Shares are up 42% premarket on average volume.
- Previously: Auspex Pharma completes enrollment in tardive dyskinesia trial (Feb. 3)
- Previously: Auspex chorea treatment candidate successful in Phase 3, shares jump (Dec. 17, 2014)
- Previously: Auspex candidate for TS tagged an Orphan Drug (Jan. 14)
Fri, Mar. 27, 8:46 AM
- Bernstein analyst Ronny Gal lifts his price target 15% for Teva Pharmaceutical Industries (NYSE:TEVA) to $69 (from $60) citing the firm's continued shift to branded drugs, a deeper pipeline and a more global customer base. He also notes that management has a list of 25 preferred acquisition targets, including some in generics (for example, biosimilars) that would yield substantial synergies.
Thu, Feb. 5, 3:23 PM
- The resignation of prominent healthcare investor/entrepreneur Dr. Phillip Frost, M.D., from Teva Pharmaceutical Industries' (TEVA +1.8%) Board of Directors prompts aggressive buying from speculators who think a potential deal is afoot with Opko Health (OPK +4.6%). Teva is up on 50% higher volume while Opko's turnover is 3x average.
Thu, Jan. 15, 7:22 AM
- In an effort to increase its focus on developing new drugs, privately-held Boehringer Ingelheim says that it is considering the sale of Roxane Labs, its U.S.-based generics unit. The company believes it makes more sense for a generics specialist to own the 1,300-employee business.
- The generics industry is fiercely competitive as the number of blockbuster drugs coming off patent has declined from its peak in 2012. The top players are (NYSE:TEVA), Sandoz (NYSE:NVS) and Actavis (NYSE:ACT).
- According to Bloomberg, Roxane could fetch as much as $2.4B. Morgan Stanley is advising.
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.
Jun. 3, 2014, 10:47 AM
- Teva Pharmaceutical Industries (TEVA -0.7%) acquires Labrys Biologics for as much as $825M ($200M upfront and up to $625M in milestone payments). Labrys's lead product is LBR-101, an anti-CGRP mAb for the prevention of chronic and high frequency episodic migraines. Peak sales of the product could hit $2B - 3B. It is currently in a Phase 2b clinical trial.
May. 8, 2014, 7:07 AM
- Bloomberg reports that Teva Pharmaceutical Industries (TEVA) might be courting Indian drug firm Cipla with an offer as high as $6B. The Israeli company made an earlier offer in November. The deal would give it a manufacturing base in India, access to more emerging markets and an incremental slice of the respiratory drugs market.
- The story broke in an Indian newspaper called the Mint. Cipla denies the rumors and calls the news report "baseless" and "speculative."
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