By Angela Chen
Mylan NV said it will launch a formal offer worth about $33
billion in cash and stock to buy generic drug maker Perrigo Co.
Mylan, which had indicated earlier this month that it was
considering such a bid, said its offer consists of $60 in cash and
2.2 Mylan shares for each share of Perrigo. Based on Thursday's
close, the offer values Perrigo at about $222 a share.
Mylan shares have surged this month after the company received
its own takeover approach from Teva Pharmaceutical Industries Ltd.
worth about $40 billion.
Perrigo has thus far rejected Mylan's advance, and Mylan has
spurned Teva.
The three-way tussle underscores the deal-making surge that is
under way in an industry grappling with slowing growth. At the
heart of the frenzy is a quest for new revenue amid pricing
pressure from cash-strapped governments and insurers, and increased
competition. Indeed, both EpiPen and Copaxone could face generic
competition as soon as this year, analysts say.
Write to Angela Chen at angela.chen@dowjones.com
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