Generic drugmaker Mylan wants to put speculation of a possible merger with Teva Pharmaceuticals to rest. A potential deal, the company said, is “without sound industrial logic” and would have a hard time winning anti-trust clearances.
Mylan’s comments on Friday responded to reports from both Bloomberg and the Wall Street Journal that indicated Teva Pharmaceutical is considering a bid for the company. Speculation of a Teva bid pushed Mylan shares higher by over 4% on Friday, closing trading at a $32 billion market capitalization.
“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,” Mylan executive chairman Robert Coury said in a statement.
“Further, 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,” he added.
Full Content: Forbes
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