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Mylan makes US$29 billion offer for Perrigo
Τετάρτη 15 Απρ 2015
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Generics firm Mylan has offered to buy Perrigo in a cash and shares deal worth around US$29 billion. The move comes just days after Perrigo completed the acquisition of Belgian OTC specialist Omega Pharma
Perrigo said it had received an "unsolicited indicative proposal" from Mylan. "The board of Perrigo will meet to discuss the proposal and a further announcement will be made when appropriate," commented the company, adding that "there can be no certainty that any offer will be made".

If the deal goes ahead, Mylan will become a major player in the global OTC market. Joseph Papa – Perrigo's chairman, president and chief executive officer – said recently that acquiring Omega had turned Perrigo into "a top five global OTC healthcare company by revenue" (click here to read the News story).

Commenting on the Omega business, Mylan said: "We envision important roles in the combined company for members of Marc Coucke's Omega Pharma management team."

Generics companies are keen to enter the OTC market, according to the new OTC Deal Trends 2015 Briefing from OTCToolbox, which highlighted Mylan's ambitions. Click here to find out more about the OTCToolbox Briefing.

The OTCToolbox Briefing pointed out that Mylan had made a failed attempt to acquire Sweden's Meda in 2014. The Briefing also noted that the US company said it had gained a "beginning foothold" in the OTC market when it acquired Abbott's non-US developed markets branded generics business. Chief executive officer Heather Bresch said the company would evaluate OTC opportunities in Europe.

Mylan said the proposed Perrigo transaction would produce a "company with critical mass in specialty brands, generics, OTC and nutritional products". The combined company would have pro forma 2014 sales of approximately US$15.3 billion and would have a "powerful commercial platform with reach across all customer channels".

Could flush out competing bids

The proposed takeover could flush out competing bids for Perrigo or Mylan.

Under the terms of Mylan's non-binding proposal, Perrigo's shareholders would receive US$205 in a combination of cash and Mylan stock for each share.

Mylan said this represented a premium of more than 25% compared to the Perrigo trading price at the close of business on 3 April 2015, a premium of greater than 29% compared to Perrigo's sixty-day average share price, and a premium of greater than 28% to Perrigo's ninety-day average share price.

Robert Coury, Mylan's executive chairman, said the proposal was the "culmination of a number of prior discussions between Mylan and Perrigo about the compelling strategic and financial logic of this combination".

Coury offers Papa the role of co-chairman, and is "hopeful" that Perrigo's Judy Brown and Todd Kingma will join the combined company. Under the Mylan proposal, Coury and Bresch would retain their current roles.

Mylan has its headquarters in the Netherlands while Perrigo is based in Ireland.

Πηγή:  OTCToolBox

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