While rumours continue to circulate about a possible mega-merger between two giants of the generics industry, Mylan has gone public in saying it does not think a link-up with Teva would be a good match.
Speculation has increased over the last few days that Teva was preparing a multi-billion dollar bid for Mylan. However the latter took the unusual step of issuing a statement saying it does not think a deal is a good idea.
Mylan chairman Robert Coury said “we have studied the potential combination of Mylan and Teva for some time and we believe it is clear that such a combination is without sound industrial logic or cultural fit”. Furthermore, he added that “there would be significant overlap in the companies’ businesses and we believe that it is unlikely that any such combination could obtain anti-trust regulatory clearances”.
Mr Coury concluded by saying that “of course, should any party make an actual offer to acquire Mylan, the board would carefully consider it”. He added that the company “is fully committed to its stand-alone strategy, including its proposal to acquire Perrigo”.
Mylan offered $28 billion for Ireland-domiciled Perrigo earlier this month, although some analysts believe other firms could be lining up bids. Johnson & Johnson, Pfizer, Valeant and Actavis have been mentioned as possible suitors.
Teva to pay $512 million in Provigil settlement
Staying with Teva, it has agreed to pay $512 million to settle a class action lawsuit in the USA concerning claims that Cephalon, which the Israeli firm acquired in 2011, used anticompetitive tactics to delay generic versions of its sleep disorder pill Provigil (modanafil).