Mylan to launch bid for Perrigo

prescription, pharmacy, drugs, pillsDutch drugmaker, Mylan, says it will launch a $US27.14 billion ($A39.20 billion) offer for Irish generic drug and ingredients maker Perrigo.

Perrigo has already turned down several offers from Mylan, so Mylan says it will take the latest offer directly to the company’s shareholders.

The company said in August it was confident its shareholders would reject Mylan’s overture.

The cash-and-stock bid values Perrigo at $185.52 per share. That’s a premium of about 4 per cent to the Friday closing price of Perrigo Co shares.

The stock added $2.43 to $181.23 in midday trading on Tuesday.

Mylan wants to combine its prescription generic drug business with Perrigo’s business in over-the-counter products like vitamins, nutritional products and infant formula and says the two companies would have about $US15 billion in combined annual revenue.

AP

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