Mylan NV (MYL) Gets Abbott Laboratories (ABT)’s Support
Mylan NV (NASDAQ:MYL) has received support from Abbott Laboratories (NYSE:ABT) on its push to block any potential merger with Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA). Abbot fears that any potential merger between Mylan and Teva will affect its prospects in the generics business.
Concerns over Regulatory Approval
Mylan NV (NASDAQ:MYL) has already turned down Teva advances, which would have resulted in a combined entity worth $27 billion in annual sales in the generic business. The pharmaceutical company has also raised concerns that Teva is meddling on its push to acquire Perrigo. Teva on its part has said that Mylan is trying to block the board and shareholders from considering its $40.1 billion offer.
Mylan NV (NASDAQ:MYL) has already said that a merger with Teva would face major hurdles especially in terms of being approved by antitrust regulators. Teva on its part is remaining firm, reiterating that such a deal would win all the necessary approvals. Teva has already said that it remains committed to the deal and would not be backing out anytime soon.
Fight over Generic Business Dominance
Mylan maintains it will be better equipped acquiring Perrigo instead of being acquired by Teva. The company has already tabled a $33 billion bid, which Perrigo has rebuffed. Just like Teva, Mylan NV (NASDAQ:MYL) says it will not be backing out on its push to acquire Perrigo. Mylan and Teva are engaged in a fierce tussle as both look to consolidate their position in the highly competitive and lucrative generic drug business.
Mylan has already received support from Abbott Laboratories (NYSE:ABT) on its push to acquire Perrigo Company plc Ordinary Shares (NYSE:PRGO). Abbott with 14.5% stake in Mylan NV (NASDAQ:MYL) reiterates that such a merger would go a long way to enhance the platform and enhance shareholder value across the two companies.
Mylan NV (NASDAQ:MYL) is seeking to acquire Perrigo to bolster its portfolio on over the counter and prescription drugs. Perrigo would also be a great addition for Mylan having generated $4.06 billion in revenue last year from its high-flying health-care division.
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