Rival drug maker offers $29B for Perrigo
In a deal that would combine two rival companies that recently left the U.S. for Europe, a generic drug maker said it wants to buy Perrigo for $205 per share, or $28.86 billion.
If they combine, Mylan and Dublin-based Perrigo, which operates its North American base in Allegan, would be one of the world's largest makers of generic and over-the-counter medicines.
Mylan says the combined company would have had $15.3 billion in revenue in 2014 and would be a leader in specialty drugs and nutritional products. It said the combined company would be able to grow even further with additional acquisitions.
Mylan's cash-and-stock offer comes at a premium of 24 percent to the latest closing price for Perrigo shares.
Mylan said it delivered a proposal to Perrigo on Monday. Perrigo did not immediately respond to a request for comment on the offer.
Mylan said it wants the combined company led by Mylan executives, including Chairman Robert Coury and CEO Heather Bresch.
Mylan NV relocated to the Netherlands in March after it paid $5.3 billion to buy a unit of Abbott Laboratories that sells specialty drugs and generic drugs that are marketed under brand names.
Perrigo Co. moved to Ireland in December 2013 after it bought Elan Corp. for $8.6 billion.
The moves slashed both companies' tax bills.
Last month, Perrigo bought Omega Pharma of Belgium for $4.48 billion, including debt. Omega was one of the largest makers of over-the-counter drugs in Europe, and Perrigo said the deal made it one of the five-largest OTC product companies in the world.