In what could turn out to be its largest acquisition ever, generic drug giant Mylan on Wednesday went public with a bid for competing Ireland-based drugmaker Perrigo Co. in a deal valued at about $30 billion.
The proposal, offering $205 a share in an unspecified combination of cash and stock, was contained in a letter from Mylan chairman Robert Coury delivered to Perrigo CEO Joseph Papa on Monday. Mylan released the letter Wednesday morning.
Mr. Coury’s letter indicated that joining forces with Perrigo would nearly double Mylan’s revenue, which was $7.7 billion in 2014.
Perrigo, based in Dublin, issued a brief statement Wednesday afternoon acknowledging the “unsolicited” proposal, saying, “The board of Perrigo will meet to discuss the proposal and a further announcement will be made when appropriate.”
Full Content: The New York Times
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