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Mylan to acquire Meda in US$9.9 billion deal
Πέμπτη 11 Φεβ 2016
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Generics giant Mylan is set to acquire Sweden's Meda in a cash and shares deal worth SEK83.6 billion (US$9.9 billion), including debt.

Noting that Mylan had been "very clear about its commitment to enter the OTC space", chief executive officer Heather Bresch said the transaction would give the company "an approximately US$1 billion OTC business".

Mylan recently failed to gain a major presence in the OTC market by acquiring Perrigo (click here to read the News story).

The Netherlands-based company also failed in a previous bid to acquire Meda (click here to read the News story).

This time, Meda's Board of Directors has recommended shareholders should accept Mylan's offer. Mylan said Meda's two largest shareholders – representing approximately 30% of Meda's shares – had undertaken to accept the offer.

Mylan said the deal would strengthen its position as a "diversified global pharmaceutical leader with an expansive and growing portfolio of specialty, generic and OTC products and a strong, complementary therapeutic presence".

The combined business would have "critical mass across commercial channels in Europe, a leading US specialty business, and an exciting platform for growth in emerging markets", added the company.

Mylan anticipates annual operational synergies of approximately US$350 million.

Meda's financial results in 2015

The purchase price represents 4.3-times Meda's sales in 2015, which increased by 28% to SEK19.6 billion. The rise was 21% at constant exchange rates.

Meda said sales had fallen by 1% on a pro forma organic basis. It pointed out that Rottapharm, which had been acquired by Meda in October 2014, had contributed sales of SEK4.94 billion.

Mylan noted the offer price of SEK165 per Meda share represented a multiple of approximately 12.9-times Meda's 2015 adjusted Earnings Before Interest Taxes, Depreciation and Amortisation (EBITDA) and 8.9-times the adjusted EBITDA with synergies.

Meda said its EBITDA, excluding non-recurring items, was up by 38% to SEK6.48 billion in 2015.

Meda's Cx/OTC business recorded sales up by 47% at constant exchange rates to SEK7.07 billion in 2015. The Rottapharm acquisition contributed sales of SEK3.47 billion.

Sales dropped by 3% on a pro forma organic basis.

Meda said the acceptance period of the offer was expected to commence on 20 May 2016 and expire on 29 July 2016.

Completion of the offer is conditional upon Mylan gaining 90% of Meda's shares.

Πηγή:  OTC Tool Box

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