Mylan CEO says does not 'have to' buy Perrigo, has other options
Reuters
Published Aug 06, 2015 12:44PM ET
Mylan CEO says does not 'have to' buy Perrigo, has other options
By Bill Berkrot
NEW YORK (Reuters) - Generic drugmaker Mylan Inc's (O:MYL) chief executive said on Thursday that acquiring Perrigo Co (N:PRGO) was not a must and that it had other options should Perrigo successfully fend off Mylan's $34 billion hostile offer.
"There are alternatives to Perrigo. We believe Perrigo is the right first step. We like Perrigo, but we don't have to have Perrigo," CEO Heather Bresch said during a conference call with Wall Street analysts to discuss quarterly results
"We've been actively looking at many targets out there," she said.
Bresch made it clear that getting the Perrigo deal done remains the company's top priority, but said there are many ways to grow the business and attain its goal of becoming a leading consolidator in the generic drugs industry.
"Perrigo accelerates that for us," she said. "We believe there's a lot of different assets that can get us there. There are things for sale all over the globe."
Bresch mentioned U.S. products that would increase a drug dosage form or add a therapeutic category, smaller bolt-on acquisitions that could enhance the infrastructure it has in place, assets in Europe that would complement the business it acquired from Abbott Laboratories (NYSE:ABT) that enabled Mylan to reincorporate in the Netherlands, and other lines of over-the-counter products.
Mylan, which since April had been actively fighting a takeover attempt by larger rival Teva Pharmaceutical (ARCA:TEVA) Industries (TA:TEVA), got its wish to remain independent when Teva last week decided instead to buy Allergan's (N:AGN) generics business for $40.5 billion.
By acquiring Ireland-based Perrigo, Mylan would pick up over-the-counter consumer products, a line of generic topical medicines and animal health treatments.
Mylan shares were down 46 cents, or 0.8 percent, at $54.14 on Nasdaq.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.